How to target more ultra high wealth customers?

[FillyCheez]

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!

 

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[Tiago]

Yeah for sure referrals, but you can also reach out cold to them as well.

So for referrals, what types of services might they already be using that you can partner up with? Landscaping services, cleaning services (that don't do windows), pool services, etc...

Create a great offer, i.e "We'll clean your first windows free. And we're so confident about our services, that if you don't like it, we'll gift you a dinner at X restaurant". You get the gist.

Even if they hire you, I would still gift them something. "Hey, as a thanks for choosing us, here's a dinner with you and the misses on our dime."

It all depends on your LTV and what you can afford to lose at the front, to gain at the end.

And for the referral partners make it super sweet as well.

But you can also target them cold. Use Google Maps, TruePeopleSearch and Regrid to find out their phone numbers.

If you have a great cold call script and a great offer, you'd be surprised at how many people take you up on it.

I've done over 30.000 calls in the last few months, and you can definitely get customers that way.

 

[empiricalwriter]

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!

Sit down, think of 10 spots where such Calibre of clients would always converge, and write those spots down.

These may include gyms, membership clubs, sports bar, parties, golf courses, sports arenas (boxing, tennis matches, etc), and other spots that may hit your head.

Find a way to smartly find yourself in those places.

Network intelligently with a few you'd come across. While networking with them, lookup on their businesses online and find what they may be lacking.

Pick that problem (s), and proffer a solution. The secret is that whenever you're with them, always talk solutions.

They'd naturally start becoming interested in you, and would want to patronize what you do. That's the moment you can take out time to break down what you do to them. They'd either patronize you, or recommend you to some folks who'd need your services.

But, don't make the mistake of throwing your business to your faces from the onset, else they'd see you as a pest, and rich folks don't like people who are pests to them, they love solution providers.

I hope I made sense.

I wish you great success.

 

[heavy_industry]

A few reasons why I've found UHWN customers to be best:

I would also add to the list of benefits the fact that wealthy people are generally more educated and have better communication skills and manners than the average person.

And this happens because high quality people end up living high quality lives.

On the other end of the spectrum you have the opposite:
A customer base full of angry screaming cheapskates that request a refund and threaten to sue you for any small thing that they don't like.

 

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[Robdavis]

Comment removed.

 

[Skroob]

Maybe I'm missing the point here, and correct me if I'm wrong, but don't UHNW individuals tend to live in neighbourhoods full of other UNHW individuals? If so, is it not just a case of once you have finished the windows on one house, just knocking on the doors of the neighbours houses? And then walking across the street and knocking on the door of the house opposite and their immediate neighbours? If someone is in, then talk to them and if no-one is in then leave a leaflet explaining your service, that you already have customers in the area and asking them to call you for more information. If you explain that you are already employed on that nearby house (the one you just cleaned) then that should act as a reference to raise the potential customer's opinion of you. Have you tried this already?

So I can't speak for UHNW neighborhoods (yet), but I do live in a gated community in Florida, and when companies do exactly this, people get pissed. Explosive threads on nextdoor and the Facebook groups, "I'll never use these people again!", that kind of stuff. You're probably better off getting your customer to recommend you to their neighbors.