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Email Marketing to Customers With More (or Less) Money

Email Marketing to Customers With More (or Less) Money

Posted 20/05/2009 by Gareth Cutter

"In a down economy, it is a wise strategy to find potential customers who actually have money." - from, What Do The Rich Look Like Online?

As business statements go, this is hardly a revelation: after all, customer with money = customer likelier to spend money. But although the recession has hit many people hard in the pockets, that doesn't mean buying decisions stop altogether: they change.

Now consumers are more concerned about value. Do they get their money's worth? This is a message your email marketing should be communicating.

If you want to generate more sales from your existing market, you have to remind them about the benefits of using your goods or services. This is in addition to any sales promotions or offers you might have, because a promotion or offer doesn't change the innate feeling about your product or service. If a cash-poor consumer thinks they want, rather than need your solution, they will view it as a luxury and wait for a less 'rainy' day.

If you decide however, that you want to attract some of the more affluent consumers online, what's the best way to attract them? 'Luxury' isn't necessarily it. In the words of Seth Godin, "Luxury Goods are needlessly expensive...the price is not related to performance. The price is related to scarcity, brand and storytelling".

Instead, you should keep focusing on value (don't forget the new 50% income tax rate introduced in the most recent Budget) and market as a premium good or service. We're not just splitting hairs; the distinction between premium and luxury is clear: "Premium goods ... are expensive variants of commodity goods. Pay more, get more" (thanks again to Seth).

If you want to embark on a change in position, reflect it in a more expensive design, or perhaps pay more mention of its premium features - but this must always remain secondary to the main point of the message: what benefit consumers will get from buying a premium good or service. And of course, what better value marketing channel to transmit this message than email? Just remember, HTML finery does not a premium email make: message comes first.

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