So if hospitals, which cater to the masses, can elevate their brands by creating different, more luxurious experiences for the wealthy, your brand probably can too.
And you don’t necessarily have to build a new wing or make some multi-million dollar investment. Just take a look at what ski mountains have been offering for years: pay a little extra, get first tracks. Skiers who are willing to wake up a little early eat it up, and will pay the extra price. It’s a nice revenue generator that requires little effort to put in motion.
Southwest Airlines is a great example of a brand that recently built a revenue generator requiring minimal investment, but is sure to bring in tons of extra cash and attract an aspiring affluent audience who can’t afford the royal airline treatment. Yet.
I know what you’re probably thinking. “But what about the economy?”
And I would answer, “Yes, exactly.”
If we’ve learned anything about the spending habits of both the lower income affluent audience and the wealthy this year, it’s that while they’ve scaled back on home goods and bling, they’re still willing to pay for experiences. Whether you’re a mass brand or a luxury brand, you need to figure out a way to tap into that willingness.
The brands that think of the most original and worthy ways to capitalize on this will rise to the forefront in the minds of the affluent.
If your brand is an airline, you might want to jump on the fact that one third of the British say they’d pay extra to take a flight with no children on it.
If not, you might want to have a little brainstorming session. Need one? We’d love to help.