Even Your Wealthy BMW-Owner Customers Price Shop on the Internet: Windsor

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luxury car owner
Photo via Carbeen.com

Letter from Ray Windsor of German Maestro and Leadership Systems Consulting to Retailers:

 

Brick & mortar specialty retailers should read the article at this link…http://www.mediapost.com/publications/article/163072/wealthy-americansredefining-
luxury.html

It is called “Wealthy Americans Redefine Luxury.” As you might imagine the
article informs us that the affluent Americans ($100K plus income) view luxury
and a luxury purchase a little bit differently than just a few years ago.
I perceive the most relevant information for brick & mortar specialty retailers is
the following quote found in paragraph 8 of this one page, easy to read article…
“…90% of affluents admitted to going out of their way to find the best
price.”
I feel compelled to share this information with brick & mortar specialty retailers
because of the significant amount of denial I find when engaged in business
discussions with these retailers. Specifically I often hear the following statement
from brick & mortar specialty retailers; “Not my customers. They come to me
for my installation expertise. They are affluent and do not have or take time
to check the Internet.”
Friends, I am here to tell you THEY DO. I do not suggest that one take
information from a single article and deem it absolute gospel. Take a moment
and review your own purchase habits and decisions, ask your kids how they
make and execute purchase decisions, ask specialty retailers in other business
categories how their consumers make and execute purchase decisions. You will
find that the Internet is a significant source of information on performance,
specifications, where to buy and what is the BEST PRICE.
If the products your business provides are available on the Internet, YOUR
AFFLUENT CONSUMER KNOWS IT.
Be aware of that fact. Take actions to defend yourself against the surprises your
consumers find about your stuff on the Internet. Prepare to have productive
(resulting in profitable sales) discussions with your consumers.
At your service,
Ray Windsor

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