Just as your investment professional insists that diversification is essential for consistent financial growth, the same is true for the growth of your business. While having solid relationships with high-end builders and designers is crucial for a healthy bottom line, having multiple revenue streams is just as essential to a healthy and stable growth cadence. But what other sources should you be pursuing and nurturing?
Premium and luxury appliance dealers are serving two audiences. Your builders and designers are your B2B audience. You’re also serving the B2C audience, which is your homeowner customer. And make a note to be specific in talking about that customer. That’s why we use the language of calling them the Affluent Audience. While knowing how to talk to this unique consumer audience when they come into your store is a given, there are hyper-targeted and tactical ways in which to reach this Affluent Buyer. Having a plan in place to do just that is what we call an Affluent Growth Plan.
What is an Affluent Growth Plan?
An Affluent Growth Plan is exactly as it sounds: It’s having a clear and well-thought-out strategy in place to not only reach the Affluent Audience, but accelerate sales with that audience to unprecedented levels of growth. Here are a few statistics that underscore the power of the Affluent Audience and provide further evidence as to why this is a crucial component of your company’s overall health.
When combined, the three segments of the Affluent Audience (the Mass Affluent Consumer, the Highly Affluent Consumer, and the Super-Affluent Consumer) make up 28% of the U.S. population. So we know it’s an incredibly large and high-earning segment of Americans. Additionally, while existing home sales have slowed due in large part to climbing interest rates, Marketplace recently reported that new construction of single-family homes is up 13% over the previous year.
Implementing the Plan
So now that we know the power of the Affluent Audience and the fact that you have what they’re seeking, how will you connect the dots so they purchase their premium and luxury appliances from your business? It all lies in having an effective and deliberate Affluent Growth Plan. When you’re ready to diversify your growth plans, we’re ready to help. If your company is ready to take Affluent Growth to the next level, let’s start a conversation. Learn more from our Affluent growth-minded brains and 15 years of experience at affluentbridge.com.