A question I'm often asked is, "What are the TV shows, cable networks and radio formats that rich people prefer?" Unfortunately, that's a question that has no answer. The simple truth is that mass media reaches the masses far better than it targets the rich.
Few advertisers realize the degree to which wealthy people are insulated from the marketing efforts that target them. Who do you suppose is most likely to own a TiVo device that allows them to fast-forward through TV commercials? Who is most likely to have a satellite radio in their car, along with a state-of-the-art CD player and a vast collection of commercial-free CDs? Who do you think has a secretary to screen their incoming calls and open their mail and throw away all the solicitations?
You guessed it: the rich.
Time and money are interchangeable. You can always save one by spending more of the other. The rich have always had more money than time. And now they've accumulated these new technologies that allow them to better hide from unwanted intrusions.
To be able to reach the rich, you must learn to pull instead of push. Here's how to do it:
1. Hang out in their hangouts. Familiarity is the product of repetitious proximity. In 1924, young and destitute Aristotle Onassis found the investment capital he needed after becoming a regular in an exclusive bar. The clothing he purchased and the drinks he bought to fit in took all the money he had, but his bizarre gamble paid off. Backed by the cash of his new pals, Onassis became the Bill Gates of his generation.
2. Become useful to them.
If you can't be where the rich and famous are, be in a position to do them favors. America knows the name Harry Winston because of the spectacular diamond necklaces he loans to young starlets to wear at the Academy Awards. The hugely expensive necklaces always get media attention. The canny result is that his jewelry store gets far more effective exposure each year than he might have purchased with $10 million dollars in advertising.
3. Put your product where they can see it. In a May 29, 2005, story in The New York Times, Jennifer Steinhauer quotes Juliet B. Schor, a professor of sociology at Boston College:
"In the last 30 years or so, as people have become increasingly isolated from their neighbors, a barrage of magazines and television shows celebrating the toys and totems of the rich has fostered a whole new level of desire across class groups..."
The fastest growing category in the world of marketing is called "product placement." For a price, your product can be written into the script of a TV show or major motion picture. Do you remember the year James Bond began driving a new BMW convertible? Or the Seinfeld episode where George buys a cashmere sweater in a trendy boutique? These things don't happen by accident. And when your product is in the show instead of in an ad, you're immune from TiVo fast-forwarding.
4. Target through copy. In your product category, what are the phrases the rich will likely type into a search engine? Have you seeded these phrases throughout your website? Pre-purchase research is increasingly being done online instead of in the store. So think of your site as a half step between the homes of the rich and your front door. How strong is the magnetism of your site?
5. Pull, don't push. Wealthy people are constantly assaulted by hype and overstatement from advertisers who get anxious and nervous, thinking, "Now's my big chance." But patience is the key to success with this group. Do you have what it takes?
Now that I've told you how to reach the rich, let me tell you why it isn't necessary. In that New York Times story mentioned earlier, Jennifer Steinhauer goes on to say that "Social class, once so easily assessed by the car in the driveway or the purse on the arm, has become harder to see in the things Americans buy. Rising incomes, flattening prices and easily available credit have given so many Americans access to such a wide array of high-end goods that traditional markers of status have lost much of their meaning."
According to Professor Schor, "A 'horizontal desire,' coveting a neighbor's goods, has been replaced by a 'vertical desire,' coveting the goods of the rich and the powerful seen on television. The old system was keeping up with the Joneses. The new system is keeping up with the Gateses."
Today a middle-income office manager may save her money to buy a single luxury item, like a Chanel jacket, the same one worn by a wealthy woman who has a dozen others like it in her $2.5 million house. While it may feel good to have the truly rich woman as a customer, you don't want to lose sight of the fact that for every one of her, there are at least 250 of those middle-income managers anxious to buy that same Chanel jacket.
Will you sell to the classes and live with the masses? Or will you sell to the masses and live with the classes? It's your decision.
Thursday, May 26, 2011
How to make money from your blog: 5 tips
Many people who write blogs today simply want to share their opinion on something. But then there are the business-minded folks, who have found a way to use blogs, or Web logs, to bring in a little extra cash too.
If you're interested in taking it further — blogging for bucks, if you will — here are five strategies that could turn your blog into a moneymaker.
1. Sell advertising. This is likely the most common means of leveraging a blog to generate income. If yours happens to become a well-known blog, or one that is well-received in a particular niche, it's always possible to sell ad space on your own. For Bing Blogs and services such as Google's AdSense or BlogAds, bloggers can establish ad programs. AdSense's — which lets you select several ads that are consistent with the content of your blog — pays you based on how many readers click on the ads for further information. Even better, it's free. BlogAds, on the other hand, hooks bloggers up with would-be advertisers and levies a commission in return for any ad placements that result. "The nice thing, too, is that the ads are relatively unobtrusive," says Scott Allen, co-author of The Virtual Handshake: Opening Doors and Closing Deals Online .
2. Help sell others' products. Here is another click-through opportunity. Affiliate programs enable your blog to serve as a conduit between readers and online sites offering various goods and services. One popular choice is Amazon.com. If, for instance, you offer book reviews or even just mention a book in passing in your blog, an affiliate program provides a means for your readers to click directly from your blog to Amazon to obtain further information about the book.
If they break out the checkbook or charge card, you get paid as well.
3. Solicit contributions. Not every blog-related income opportunity involves hawking goods or services. As Blanche DuBois said in A Streetcar Named Desire, consider relying on the kindness of strangers. Ask for contributions. If, for instance, your small-business blog supports a cause or issue in some fashion — say you repeatedly mention tax reform, health care or some other topic — you can always ask or reader support. Even if you've attracted a group of regular followers who simply enjoy reading what you have to say, they may be willing to underwrite their loyalty with a little financial help. Programs such as PayPal make it easy to establish a simple on-site contribution collection button. "There are lots of worthy 'cause' blogs that would qualify for donations from grateful members of the blog community," says Las Vegas communications consultant Ned Barnett.
4. Market your services in your blog. Many people associate blogs exclusively with a cyberspace-based soapbox — a place to shout your opinions and little more than that. Granted, blogs are an ideal venue to share your thoughts with others, but don't overlook their capacity to generate new business as well. When appropriate, work in references to what you do and, in turn, what you may be able to offer any would-be client or customer who may be reading your blog. That can spread your opinion and your business moxie at the same time."Instead of short commentaries that begin a dialogue with readers, as many blogs do, I write the equivalent of journal articles that demonstrate my abilities, strategies and perspectives on specific issues," Barnett says. "When it resonates, it means money. Since starting this approach, I have generated three new paying clients and brought in about $10,000 on revenue — directly attributable to specific blogs."
5. Use a blog to deepen your existing customer relations.
Nor does any marketing material inserted in blog content have to be limited to bringing in completely new business. By using a blog to regularly communicate with existing clients as well as other readers, you can take advantage of the opportunity to fully inform them about everything your business does. That may expand your readers' understanding of the full scope of your products or services."My blog has helped existing clients determine the range of my skills and services," says Ted Demopoulos of Demopoulos Associates, a Durham, N.H. consulting and training concern. "One client who had only used me for training in the past was surprised at my range of expertise and is now using me for a consulting project. Another who only used me on technical projects is now considering me for a more business-oriented project."
Source: Microsoft
If you're interested in taking it further — blogging for bucks, if you will — here are five strategies that could turn your blog into a moneymaker.
1. Sell advertising. This is likely the most common means of leveraging a blog to generate income. If yours happens to become a well-known blog, or one that is well-received in a particular niche, it's always possible to sell ad space on your own. For Bing Blogs and services such as Google's AdSense or BlogAds, bloggers can establish ad programs. AdSense's — which lets you select several ads that are consistent with the content of your blog — pays you based on how many readers click on the ads for further information. Even better, it's free. BlogAds, on the other hand, hooks bloggers up with would-be advertisers and levies a commission in return for any ad placements that result. "The nice thing, too, is that the ads are relatively unobtrusive," says Scott Allen, co-author of The Virtual Handshake: Opening Doors and Closing Deals Online .
2. Help sell others' products. Here is another click-through opportunity. Affiliate programs enable your blog to serve as a conduit between readers and online sites offering various goods and services. One popular choice is Amazon.com. If, for instance, you offer book reviews or even just mention a book in passing in your blog, an affiliate program provides a means for your readers to click directly from your blog to Amazon to obtain further information about the book.
If they break out the checkbook or charge card, you get paid as well.
3. Solicit contributions. Not every blog-related income opportunity involves hawking goods or services. As Blanche DuBois said in A Streetcar Named Desire, consider relying on the kindness of strangers. Ask for contributions. If, for instance, your small-business blog supports a cause or issue in some fashion — say you repeatedly mention tax reform, health care or some other topic — you can always ask or reader support. Even if you've attracted a group of regular followers who simply enjoy reading what you have to say, they may be willing to underwrite their loyalty with a little financial help. Programs such as PayPal make it easy to establish a simple on-site contribution collection button. "There are lots of worthy 'cause' blogs that would qualify for donations from grateful members of the blog community," says Las Vegas communications consultant Ned Barnett.
4. Market your services in your blog. Many people associate blogs exclusively with a cyberspace-based soapbox — a place to shout your opinions and little more than that. Granted, blogs are an ideal venue to share your thoughts with others, but don't overlook their capacity to generate new business as well. When appropriate, work in references to what you do and, in turn, what you may be able to offer any would-be client or customer who may be reading your blog. That can spread your opinion and your business moxie at the same time."Instead of short commentaries that begin a dialogue with readers, as many blogs do, I write the equivalent of journal articles that demonstrate my abilities, strategies and perspectives on specific issues," Barnett says. "When it resonates, it means money. Since starting this approach, I have generated three new paying clients and brought in about $10,000 on revenue — directly attributable to specific blogs."
5. Use a blog to deepen your existing customer relations.
Nor does any marketing material inserted in blog content have to be limited to bringing in completely new business. By using a blog to regularly communicate with existing clients as well as other readers, you can take advantage of the opportunity to fully inform them about everything your business does. That may expand your readers' understanding of the full scope of your products or services."My blog has helped existing clients determine the range of my skills and services," says Ted Demopoulos of Demopoulos Associates, a Durham, N.H. consulting and training concern. "One client who had only used me for training in the past was surprised at my range of expertise and is now using me for a consulting project. Another who only used me on technical projects is now considering me for a more business-oriented project."
Source: Microsoft
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