Founder of Unity Marketing, USA
Speaker, author, and market researcher is internationally recognized for her expertise on the world’s most influential consumers: the American Affluent.
Pam received the Global Luxury Award for top luxury industry achievers presented at the Global Luxury Forum in 2007. She was named to Luxury Daily’s Luxury Women to Watch in 2013.
Among her many television appearances and interviews, she has appeared on NBC’s Today Show, CBS, CNN, Fox News, and CNN In the Money and others.
She is frequently called upon by the Wall Street Journal, New York Times, Forbes, USA Today, Associated Press, Los Angeles Times, Chicago Tribune, and other consumer publications for analysis.
Muyiwa Osifuye: An aspiring home-based entrepreneur-mum, desires to retail a luxury product or service to the affluent; what are the minimum resources that she must put in place to achieve success?
Pam Danziger: The key to success in any business endeavor is understanding the needs and desires of the customer.
To sell successfully to the affluent an entrepreneur needs to understand that nobody NEEDs their product or service. Rather the purchase is totally discretionary.
That means marketing that builds desire. In marketing, perception is reality.
Muyiwa Osifuye: What are the common buying-triggers amongst the rich that a small-business must take into consideration?
Pam Danziger: First and foremost, you need to recognize that nobody gets rich by spending all their money.
The wealthy and affluent are keen money managers and aren’t about to buy something that doesn’t represent a good value.
They are in a constant search for value, not necessarily value as a discount or sale, but value that means the purchase is really worth the price. Too many luxury brands today ignore this.
Muyiwa Osifuye: Across the economic strata, everybody buys. What are the common factors irrespective of our station in life?
Pam Danziger: In today’s economy success at retail is less about WHAT you sell and more about HOW you sell it.
Make sure that your marketing messages and selling strategies encompass a luxury experience for the customer, regardless of how much what you are selling costs or how rare or exclusive the thing might be.
Muyiwa Osifuye: Surprisingly, a few consumers at the lower rung of the economic ladder, do go for expensive goods or services, what could be responsible for this?
Pam Danziger: Luxury is a mindset, not a brand or a price point. Everybody wants and desires a luxury experience, no matter how much money they have in their wallet.
Make sure you deliver that luxury experience, not something fancy or elitist, but an indulgence that makes them feel special.
Muyiwa Osifuye: For a small-business owner - with little funds - who desires to validate a nagging business idea, what is the simplest fact-finding technique that he can deploy for accurate feedback?
Pam Danziger: As a market researcher, one of the problems I frequently find with entrepreneurs and small business owners is a do-it-yourself approach to market research.
But too often that ‘research’ turns into a selling opportunity, not a research one.
Entrepreneurs are passionate about their business and don’t have the objectivity that makes for good research findings.
The best way to test your marketing concept is to work with a trained, independent market researcher who can deliver the real truth about the business opportunity.
A little money invested at the early stages of a business plan can avoid costly mistakes later on.