How To Attract The Affluent Clients
by Amir Pozderac
The affluent clients spend more, send more referrals, and are the LAST and LEAST affected by economic changes.
They also tend to be the best, long-term clients.
Here are 3 simple ways to attract more affluent, high-paying clients so you can make a lot more money while working less.
Before we dive into attracting the affluent clients, let’s cover an important fundamental of building expert positioning and the reputation of an in-demand, top expert in your area.
Most PTs I talk to or mentor tell me that they work with “everyone”.
They can train athletes, elderly, men, women, obese people, bodybuilders, runners…
And the first thing I advise them is to stop all that and become a hard-core “specialist”.
This is counter-intuitive and often makes them anxious. They think that if they narrow down and focus on just one small part of the market delivering one specific outcome/result – that it will cost them money.
Nothing could be further from the truth.
Indeed,if you are to become a busy, in-demand PT with a reputation of being the top expert, you ought to become “a specialist”.
Just think of a simple example from the medical field and compare a general MD to a brain surgeon.
The general MD makes $80K/year, a brain surgeon makes $2 million.
Now why is that?
It’s due to something I call Personal Value Level (PVL).
The higher your PVL is, the more money you will make. And vice versa.
Your PVL as a PT comes down to two factors:
1. How important/valuable the result you deliver is (as perceived by the client)
2. How many PTs/coaches are there that can do what you do?
In the above example of two doctors, their PVLs are vastly different.
A brain surgeon has a much higher PVL which allows him to make more than 20 times the income of the general MD.
Let’s briefly analyze why brain surgeon’s PVL is so much higher:
1. If you need a brain surgery, that’s kind of a big deal:
– If it goes bad, it’s game over.
– If it works out, the doc probably saved your life.
Things are rarely this dramatic when you’re visiting your general doctor.
2. There are far fewer brain surgeons than there are general MDs.
Last but not the least part of this is that brain surgery costs a lot of money. Which means all the brain surgeon’s patients will be spending way more money on that procedure than they would on a visit to a general MD.
As you can see, brain surgeon is a specialist. This allows him to charge more, be in-demand and also be a hero to his patients since he is saving their lives.
An MD is “a generalist”. He/she charges very little, is not in demand (there are probably 20 of them in your close proximity) and they rarely get the praise or gratitude that’s close to the one a brain surgeon gets.
Let’s now take an example of two PTs, with different PVLs.
One PT helps “everyone” to lose weight, get in shape and feel and look better.
The other one specializes exclusively in getting new moms to lose the “baby fat” and fit into that sexy black dress. He/she’s got dozens of testimonials of happy moms who highly recommend this PT, how he/she got them to lose the baby fat quickly, they posted amazing before and after pictures…
From the perspective of a mom who just had a baby, who “feels fat” and can’t wait to get back into shape, which of these two PTs do you think she’s going to find more appealing?
And which of these do you think she is willing to spend more money on?
Obviously, the answer is clear. The specialist wins any day.
This is why you need to become a specialist too.
By specializing in one specific outcome/result you will become much more valuable in the eyes of your ideal clients, who are looking for that specific outcome/result.
And they will naturally be willing to pay a lot more for your service, than they will to pay a general PT who works with “everyone” and solves all “health and fitness problems.”
Ok, with that out of the way, let’s talk about attracting more affluent clients.
In broad terms, the three ways to attract more affluent clients are:
- Be somebody (of interest to the affluent)
- Be somewhere (where the affluent hang out)
- Do something (so the affluent notice you)
Let’s now explore a few ways of putting each of these in action.
1. Be somebody of interest to the affluent
One of the best ways to attract the affluent clients is to build a reputation of being the top, in-demand, busy expert who only works with select clients, thus providing exclusivity.
Think about it this way: what’s the point of being rich if no one knows about it?
The affluent want for that to be shown and seen, that they are indeed – affluent.
And one of the most common ways they display that is by buying things “regular people” cannot buy.
Things like $15,000 designer bags, $400,000 cars, multi-million dollar mentions, Rolex watches… And also by working with the best, exclusive (and expensive) trainers/coaches.
All of these things give them the feeling of significance and make them feel “unique“. They affirm their “higher status”.
So you need to build a reputation of being “THE PT” that is the best of the best, high-class, ultra-exclusive that works with select clients only.
This is where becoming “the specialist” kicks in and automatically differentiates you from all other PTs so you have virtually no competition.
2. Be somewhere where the affluent hang out
This one is simple: you need more direct exposure to the ways the affluent make their buying decisions and purchases.
Or put another way: you gotta get out more.
Seeing how the affluent think and talk about money, and how they spend it is a great way to understand them on a deeper level.
Here are a couple of ideas to get you started.
Go to an exotic car auction. I recently visited one where a classic car (1967 Ford Mustang GT500) sold for $215,000. Funny enough, the original Eleanor (Ford Mustang GT500 Nicolas Cage drove in the movie” Gone in 60 seconds”) sold at an auction for $1 million!
Go to a boat show. Or race horse auction. It will astound you of how much money is spent, I guarantee you.
But the easiest way to start is – go to a nearby mall and watch the people shopping in luxury designer stores like Louis Vuitton, Chanel, Prada etc. Women are spending $6000 on a bag like it’s nothing. You gotta see that.
This will help you relate to the affluent and internalize that there are people who are willing and able to spend sums of money that might be inconceivable to you now.
Yet this is crucial if you are to attract them as your clients.
Because your internal beliefs about money are key to being able to confidently state your fees during your consultations.
UCLA’s psychology professor Albert Mehrabian’s model states that the actual words you say make up for only 7% of communication, while the non-verbal elements (tone of voice and body language) are the biggest ones contributing 38% and 55%, respectively.
As you can see, body language has by far the biggest impact in how well you communicate with your prospects and clients. And thus, how many of them you on-board as paying clients.
And among other factors, your internal beliefs are what impacts your body language.
If you think: “no one would ever spend a $1000/month on personal training/coaching”…
If you yourself are not “sold” on the value and the worthiness of that investment, this will show up in your consultations.
Your affluent clients will feel that – and walk away.
This is why you need to hang out where they do, see and understand why and how they spend money and why they actually buy anything…
And with that -get a deeper understanding of them and realization that these people exist, and that they are able and willing to spend almost any money on your service – if you make it appealing enough.
Which leads us to our next step in attracting the affluent clients…
3. Do something so the affluent notice you
When the affluent notice you (through various media or other sources), you need to position yourself so that what they see is completely different and infinitely better than all the other available alternatives.
As mentioned before, it’s all about providing exclusivity.
You should create a process that makes them feel that by working with you they’re getting the best, and also something that’s unique and exclusive.
Here are three simple ways to do that:
- Become a specialist Have your reputation and marketing speak to, cater to and attract ONLY your IDEAL clients (and NOT everyone)
- Elevate your status (go from a “generalist” to a “specialist”, add expert authority and celebrity positioning)
- Make them qualify to work with you.
This last one – making them qualify to work with you is probably the simplest and easiest one to implement.
And it works every time.
You simply set up a “barrier to entry” meaning that you choose carefully who you want to work with, and reject everyone else.
This alone will make you stand out and increase your value in the eyes of your prospects. This alone will provide exclusivity and uniqueness since you’ll be the only one doing it.
Indeed, they have never heard or seen a trainer or a fitness coach who does not “work with everyone” and is not desperate to “make a buck.”
And guess what?
The more hoops they need to jump over to “get you”, the MORE they will want to work with you, and the more they will be willing to pay for your services too.
It’s all a part of your masterful, deliberate and carefully chosen positioning…
Which has a lot to do with how much you can charge, who your clients are, how much they refer others to you – and ultimately how much money you make.
So with all of this said, I will pose a few questions that will help you get clarity and allow you to attract more affluent clientele:
1.How are you currently differentiating yourself from all the other PTs and coaches in your area? How are you different?
2.Why would an affluent client work with you instead of someone else?
What will your service do/give to them that will make them be irresistibly attracted to you and your business?
3. What other ways can you come up with to understand, build rapport with and relate to the affluent more?
Hope this post and the questions above help you clarify your thinking and attract boat loads of high-paying, affluent, great long-term clients to your PT business.