Got some killer marketing lessons for you today.
If you market to the affluent... players with money... high-income earners... (or whatever you want to call them) -- and you should -- then pay special attention 'cause this article is filled with strategies that can make you and your clients a LOT of money.
Here's the story:
A couple of weeks ago we had a 'lil weekend away at The Observatory Hotel here in Sydney.
(Great to get away and "unplug" regularly -- even if it's just locally.)
Now, if you're not familiar with The Observatory Hotel, just know it's a little "Ritzy" -- it's not uncommon to see big-wig celebs such as Gwyneth Paltrow, Nicole Kidman, or Sir Richard Branson strutting the halls.
(The managing director once said "this hotel operates very much like a large and sophisticated house party". Ha!)
Kings, sheikhs and presidents
call the hotel home while they
are in Sydney!
Anyway, the holiday was great and I managed to avoid doing any real work, however...
... my marketing "antenna" is always up...
... and I spotted dozens of little marketing strategies used by the hotel to rake in money from their cashed-up clientele.
Some of these strategies are simple and obvious -- like jacking up the price of items in the mini bar. (Because people will pay for convenience and the "experience".)
But others were much more sophisticated... and, I bet...
Much more profitable!
Take for instance the jewelery case in the lobby.
Now, the hotel doesn't sell jewelery. But they do have a splendid jewelery case in the lobby (right next to the concierge desk) with tens of thousands of dollars worth of necklaces, earrings, bracelets and watches on display.
Next to the case is a sign:
"Private viewings available. Car service daily. Inquire at concierge desk."
Do you see everything they're doing here?
Let's break it down:
1. Jewelery (Joint Venture)
First up, they've got a joint venture arrangement with a high-end jewelery store.
It's likely they're getting a commission on any pieces sold. Or perhaps the jewelery store, in turn, is sending their clients to the hotel.
Either way it's like finding money in the street.
And with pieces heading into the tens of thousands of dollars, just one sale could double (or even triple) the profit on any given guest... with little to no work on behalf of the hotel.
This is one of the most powerful (and downright easiest) marketing strategies any business can use.
2. Display Case - (Staging)
Next is the display case the jewelery is in.
It's set into the wall, against a black background, with special lights making each piece shimmer and sparkle.
Not only does it catch your eye and draw attention... but it makes the jewelery look damn fine!
In other words, the stage is set to show the jewelery off in it's most advantageous state.
3. Car Service (Make It Easy)
The car service makes it easy for people to say "yes".
See, many hotel guests don't have a car.
And they're not familiar with the area.
This way you don't need directions. Or a cab. And there's no chance of you going anywhere else instead.
It makes the experience simple and stress-free.
4. Private viewings (Exclusivity)
Finally, they use the power of exclusivity to entice prospective customers.
What wealthy man could resist an offer to take his lady to a private viewing of the best jewelery Australia has to offer?
(Especially if that offer is made right in front of her!)
But that's not all that's going on here...
The private viewing itself generates a level of reciprocity from the prospective customer.
They've taken the time to invite you into the store, without any other customers present, and even driven you there... the least you could do is buy something.
This makes the chances of them buying (and spending BIG money) increase exponentially.
Now, this is just one example of the dozens of powerful marketing strategies I saw in action. In fact, if you keep your marketing antenna up you'll see examples like this all around you.
What's best is these strategies can be applied to almost any business.
The only question is...
How will YOU apply them for you and your clients?