Starry-eyed business owners can be guilty of hoping that anyone and everyone will be a customer. But it’s quality, not quantity, that’s the key, and merchants that can attract and retain high-end customers can significantly bolster their bottom line.
So how can you attract high value customers to your business? Customers have increasingly high expectations – it’s essential businesses offer stellar service, a high quality product, and a seamless transaction experience if they want to make high value customers the biggest advocates for their brand.
If you can learn to profile, you’ll be well on the way to developing a loyal and profitable customer base.
Are you offering a high-end product or service?
Be really clear about what your business offers. Accept that you’re not going to attract high value customers unless you’re offering something that appeals to them.
Secondly, for merchants and SMEs to attract customers with a healthier spend ability, look for ways to deliver exceptional customer experience. A shop makeover or rebranding for your online store might be considered.
Frictionless transactions that make purchasing easy is also a critical offering, with businesses increasingly offering services such as Apple Pay.
A loyalty program that delivers access to high value lifestyle experiences, not just discounts, also has the potential to attract good quality customers.
Research your ideal customer
Search for existing segmented customer data, such as Roy Morgan’s customer profiles. Investigate whether one of the numerous Federal Government research reports touches on your area of business.
Next, take a tour around a few social media platforms. For example, Facebook can provide a revealing picture of your customers. Google keywords can also reveal how many people are searching for key words in your field.
Map out your own customer profile
Customer personas give you a structured look at your customers’ goals when they’re considering trying your product or service, and will help you understand the features and messages that appeal most.
Your profiles should read as broad descriptions of your ideal buyers. Use a stock library to give your ideal buyer a face, and give them a name. Write a short paragraph bringing their personality to life explaining what that buyer does and what they care about. For example:
1. You are a boutique gallery owner in Toorak or Mosman
Helen, 42, lives in Melbourne’s southern suburbs and is a partner in an accountant firm. She has a spouse and two children, with a household income of $190,000. She shops at David Jones and Country Road and dines out frequently for business lunches. Helen carries an American Express Card. Research from Roy Morgan shows that American Express Card Members report spending on average 86.1% more than non-American Express Card Members. Helen takes a lot of pride in her house and enjoys entertaining guests.
2. You run an IT store in Surry Hills
Luke, 28, is a single professional who runs his own business as a digital marketing consultant, and has a household income of $80,000. He’s highly active on social media and likes to share his knowledge and experiences about technology. He frequently shops online, where he can get what he wants quickly and easily. He’s a trend-setter and a bargain hunter. Media preferences include Mashable and Esquire.
3. Your business imports hand crafted furniture from Italy
Julie, 65, is a married retiree who has recently downgraded her house size. She reads the local newspaper and travels regularly to learn about other cultures. She’s passionate about cooking and hosting large family events.
In summary, ask questions like what other businesses do they frequent? How does your product or service feature in their life? What are their interests?
Identify some user goals by creating crystal-clear answers for the following questions:
- What language would this customer use to identify their current problem I can solve?
- What is their greatest hesitation in trying out this offering?
- What is the best way to engage with this customer?
American Express is a globally integrated payments company, providing customers with access to products, insights and experiences that enrich lives and build business success. Learn more at americanexpress.com.au and connect with us on www.facebook.com/