Hi guys,
I wanted to get your thoughts on how to target more ultra-high net worth (UHNW) customers.
For some context: I have a window cleaning based in Los Angeles. Over the past 2 years, I've learned a lot about what types of customers and business models are best. Over time, I have found that ultra-high net worth people make the business WAY better.
A few reasons why I've found UHWN customers to be best:
-Price is the last concern. They value quality and professionalism above all.
-Get windows cleaned very frequently; at least quarterly, if not MONTHLY
-High repeatability makes hiring and operations much easier
-High ticket value
Compared to your average consumer:
-Price is the #1 concern
-Gets service ever 6-24+ months.
-Low repeat of service makes it harder to plan for hiring
-Low ticket value.
As far as LTV, the difference is dramatic as well. I have a handful of monthly UHNW clients, ranging from $500 to $1400 monthly. At just $500 per month, I just need 160 customers to get to $1M per year. At $1400 per month, only 57 customers to get to $1M per year. Compared to low ticket customers, I would need to service 2000+ per year at $500 a pop to get to $1M, with WAY more operational complexity.
The case for UHNW clients is clear. However, I'm not sure how to target them. I think referrals might be the only way, as Ive read that UHNW people use referrals as their primary source for new services, and dont really respond to advertising as much. I think I'll start asking my best customers for referrals to more customer like them(in an appropriate way).
Any ideas on how to target more of this type of client? Would appreciate any advice you guys may have!
I wanted to get your thoughts on how to target more ultra-high net worth (UHNW) customers.
For some context: I have a window cleaning based in Los Angeles. Over the past 2 years, I've learned a lot about what types of customers and business models are best. Over time, I have found that ultra-high net worth people make the business WAY better.
A few reasons why I've found UHWN customers to be best:
-Price is the last concern. They value quality and professionalism above all.
-Get windows cleaned very frequently; at least quarterly, if not MONTHLY
-High repeatability makes hiring and operations much easier
-High ticket value
Compared to your average consumer:
-Price is the #1 concern
-Gets service ever 6-24+ months.
-Low repeat of service makes it harder to plan for hiring
-Low ticket value.
As far as LTV, the difference is dramatic as well. I have a handful of monthly UHNW clients, ranging from $500 to $1400 monthly. At just $500 per month, I just need 160 customers to get to $1M per year. At $1400 per month, only 57 customers to get to $1M per year. Compared to low ticket customers, I would need to service 2000+ per year at $500 a pop to get to $1M, with WAY more operational complexity.
The case for UHNW clients is clear. However, I'm not sure how to target them. I think referrals might be the only way, as Ive read that UHNW people use referrals as their primary source for new services, and dont really respond to advertising as much. I think I'll start asking my best customers for referrals to more customer like them(in an appropriate way).
Any ideas on how to target more of this type of client? Would appreciate any advice you guys may have!
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