Something I’ve regularly read over the years is Gary Halbert’s bit on:

“The Halbert Index”

It is all about what he called “Players with money.”

There are many reasons to cater to them and those with their traits.

Like, for instance:

* They don’t usually shop on price unless it’s to use a high price as a low value filter.

* They aren’t pain in the asses to deal with.

* They aren’t flakes.

* They are decisive.

* When satisfied they tell all their other PWM friends about your business (excellent word of mouth), and the list goes on.

Another trait they have:

They are likely to use a high price as a way to decide.

They don’t want cheap.

And, in fact, if no time to research (as they value time MORE than money, which, ironically, is why they have money…), they will often reflexively take the higher price, just assuming it’s going to be higher quality. And, even better, they are more likely to use a service or buy a product that only other PWM use or buy, for no other reason than they don’t want to be around normies or be associated with them, even if they virtue signal otherwise.

Higher pricing is like a litmus test for them.

Anyway, not every business lends themselves to marketing to them.

Walmart, for example.

Or any business that competes on price, caters to price shoppers, etc.

And PWM still like a good bargain.

But only a bargain for something that is already high priced and high quality. Discounting something from $1 to .33 cents ain’t the same as discounting something from $500 to $400. I say this for anyone reading who can’t grasp nuance & context:

“Ben then why do you discount your books sometimes lol!”

Anyone asking that is not a PWM.

And that, in and of itself, is telling…

One last thing about having a PWM list:

The secret to growing such an email list is not the tool you use.

It’s the approach and psychology behind how you go about it.

It’s way too much to go into here. But the important thing is how you begin to think about it anyway. Go for quality, not quantity. Be a four quarters not a 100 pennies kind a guy.

That is, if you want a business you enjoy.

With customers you enjoy.

And, yes, with profits you enjoy.

The book I give to new Email Players subscribers talks a bit about list-building. More than enough to get a business started.

All right, more next time..

Ben Settle