my parents own a small business, and i'm an only child (20 y/o). I'm working on my finance degree atm, but for a number of reasons i think i want to help grow my family's business instead of pursuing a career in banking.
basically, the company sells luxury furniture and interior design services. to offer some perspective, a single customer may spend $500,000-$1,500,000 furnishing a house. no other companies provide this level of quality and style, so there is definitely a niche market to take advantage of.
the issue is that a lot of our target clients simply don't know we exist. currently, my parents only have one store, and while we advertise in select magazines, it hasn't really reached our target audience.
ultimately, my question is: how can i target wealthy people? i'm putting together a little booklet/mini catalog to mail out, but i'm at a loss for ways to obtain the addresses of wealthy individuals
>>1331217
Advertise in rich people platforms online. Forbes, WSJ, the new yorker, etc.
>>1331217
>he thinks offering furniture to wealthy individuals is a niche market
>>1331217
Start a new company to sell luxury items to the poor and autistics, i dont even know a brand of furniture that is considered expensive, but i have seen a lot of expensive furniture, but i do know handbags, clothes, cars, watches etc, and poor people buys this shit at some extent, people on food stamps spend 1,000 on a new iphone, now make poor people, or middle class at least to spend 1000-10000 on a sofa as status symbol
>>1331217
Hi, I work in a very very similar industry. I.e. a subset of yours.
Best methods of advertising are doing quality work such that your clients will refer you to their friends. You can increase the likelihood by doing a number of things.
I like to hand out 5-10 business cards to clients so that they can let their friends know. Also, I offer free maintenance on work I have done. I take care of scratches, respond to clients concerns, and ask to take photos such that I can present our work to potential clients. A lot of the time I will get additional work for the client or for their friends when I visit. I make sure to stay transparent and make sure my clients don't have to wait for me to answer the phone.
You'd be suprised how long good service and follow-up can go. In the end, sales drive your entire business.
>>1331217
If you haven't already, decide on a target audience based on annual household income, look up neighborhoods by annual household income, then send the booklets to houses that match your target household.
If you want to target middle class, like>>1331245 was saying, I would recommend making social media pages on fb, Twitter, Instagram, tumblr etc and get a following going.
>>1331236
>forbes did an article on us and it was great for publicity. the problem is paying for ads is ridiculously expensive ($50,000+), but maybe it's worth it to just bite the bullet and jump in.
If ten thousand people potential customers see your add, and 0.1% (ten people) end up spending an average of $50,000 on your products, then that ad earns you $500,000.
