PERKONOMICS = perks and privileges

When time is scarce and consumers long for exclusive access, it’s all about perks and privileges. The perks should be about status, convenience and/or saving time. Examples: Exclusive box seats for Fashion Week for American Express Platinum Card customers (status); or parking spaces close to the entrance of an IKEA store that are reserved for owners of hybrid vehicles (convenience, and a little bit of status, too); hiring an interior designer (status and saving time).

Recommendation: think of ways you can tailor your service offerings to include exclusive access to shopping, events, or something that you might take for granted and that your client doesn’t. When was the last time you took a client to High Point? Paris? Host a dinner for your clients at an exclusive restaurant or obtain hard to get tickets and make them available to your top clients. Seek out co-branding opportunities with major brands who would value 1:1 exposure with the clients who you influence and arrange unique in-store opportunities just for them!

At the end of the day, people are willing to pay services and product that make them feel special. You just need to find the right people who can afford what you have to offer!

In case you still need convincing about how the rich are different, check out the article The Rich Are Different: They Buy More And Better Stuff, by Karl Greenberg.

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