« Bags Make Great Gift Basket Containers | Home | Seek Accounts With Hospitals That Pamper As Well As Heal »
By Flora Morris Brown, Ph.D. | July 31, 2008
Most gift basket designers begin with great enthusiasm and hope. They create a business plan, gather inventory, set up a studio, create beautiful designs and maybe even start a website. Soon they’re ready for business.
Sadly, the majority of these startups go out of business within the first year. There are many reasons that businesses fail, but one key reason is not earning enough money to realize a profit.
Business owners can sabotage their own money-making efforts by pricing their products and service too low, and marketing to customers who don’t have the means to use their service. If you want your business to thrive don’t fish in an empty pond. Consider marketing to the affluent.
There are several good reasons to do this.
1. The wealthy can afford your products and service. When famous bank robber, Willie Sutton, was asked why he robbed banks, he said “Because that’s where the money is.”
2. Many affluent are not sunbathing on a beach, but often work hard long hours and can be reached before and after business hours more easily than the 9 to 5’er.
3. The truly rich have worked hard for their money and don’t just throw it away, but they appreciate good service, convenience and quality.
Learn more about marketing to the rich from Thomas J. Stanley. He wrote the book.
(This article was originally published 11-21-05
If you like the information you get from this blog and want to show your appreciation, buy me a cup of coffee. Thank you.
Topics: gift basket business, selling to the affluent |
Leave a Reply