Quote:
Originally Posted by GordonJ
Could you maybe define the "high end" market? Is it the same as the affluent? Or even higher than that?
250k is the magic number tossed around and those people earning more than 250k a year are in the top 4% of Americans.
However, the wealthy, are less than .025 %, which your multi-millionaire would be in.
Also, what are some of the types of products these people buy?
And probably most importantly, what insights do you now have which may help us to begin to tap into this, apparently, very lucrative market? What can we, as 98%ers for the most part, do or offer to those UNbroke people? Any ideas?
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Hi Gordon,
I think it's relative...
For example, let's say you want to make and sell goat milk soap...
You can make and sell something like "Caprina" brand (5 ounces) for around $6 per bar from Amazon, including shipping...
https://www.amazon.com/Canus-Goats-M...ef=sr_1_1_a_it
Or you can make and sell something like Hope's Relief Goat Milk Soap (125 g, which is 4.4 ounces), for around $55 from Amazon, including shipping...
https://www.amazon.com/Hopes-Relief-...f=sr_1_36_a_it
One is almost 10 times the price of the other one! (Notice it comes in a fancier package, with a lot more information...)
Some people prefer to buy the more expensive product... Maybe because of prestige, or that it's more unattainable, or because it's perceived to be better quality, or maybe they expect they'll get better service...
The marketer I spoke to would rather be making and selling the $55 goat milk soap, than the $6 goat milk soap...
Best wishes,
Dien