We recently received an email from one of our readers asking us for help. As always, Career Ramblings tries to help in any way possible. This was Patricia’s email:
I am planning to sell extremely high end merchandise. My marketing materials will be designed to appeal to the “elite affluent market”…These individuals are not strangers to the most expensive hotels, private jet flight, and extremely high end concierge services. There are no “mailing lists for these individuals”. How do I place my marketing materials in the luxury hotels, in the private jets, gated communities, polo clubs, private clubs ? How do i get access to “the premium clients?” Your help in this matter would greatly be appreciated…I would be greatful for any info that your can provide.”
Ask and you shall receive! This isn’t a rare question. There are many advertisers or marketers looking to sell products and services to wealthy people.
But the question that keeps coming up is, “How do I get access to the rich?” Unfortunately, that’s a question that has no direct answer. But creativity leads to sales. Traditional methods of reaching this population will not work. The simple truth is that mass media reaches the masses far better than it targets the rich.
Few advertisers realize the degree to which wealthy people are insulated from the marketing efforts that target them. Who do you suppose is most likely to own a TiVo that allows them to fast-forward through TV commercials? Who is most likely to have a satellite radio and world class GPS in their car, along with state-of-the-art entertainment systems and a vast collection of commercial-free CDs? Who do you think has a secretary to screen their incoming calls and open their mail and throw away all the solicitation letters and invitations?
Having access to the “elite” is a tricky process. It takes thinking “outside the box”. To be able to reach the rich, you must learn to pull instead of push. Here’s how to do it:
1. Find the local hangouts. Familiarity is the product of repetitious proximity. Find out where the stars meet and go there often.
2. Become useful to them. If you can’t be where the rich and famous are, be in a position to do them favors.
3. Make your product or service visible to them. Sponsor local events put on by wealthy business people or better yet, try to speak at the events. If you want to place ads in print, be sure you target local newspapers in wealthy areas such as Beverly Hills or Malibu.
4. Use your web site to get accessability to the rich and famous. The importance of keywords in your product category can not be stressed enough. Find which phrases the rich will likely type into a search engine such as Google. Have you seeded these phrases throughout your web site (some call this process search engine optimization or SEO)? Think of your web site as a half step between the homes of the rich and your front door. How strong is the magnetism of your web site?
5. Pull, but don’t push. Wealthy people are constantly bombarded by advertisers who get anxious and nervous, thinking, “Now’s my big chance to make the sell.” Before you wet your pants trying to make the sell, patience is a virtue with this group. Come off confident, articulate your product or service efficiently and effectively. This only happens with practice. Practice your pitch in front of a mirror, friends or to an empty room. Working with this population isn’t easy, so you have to ask yourself if you are willing to do what it takes to persevere. It is often times just as much effort to sell to a wealthy individual as a middle class person, so why not focus your time on those with a higher spending budget.
Will you sell to the classes and live with the masses? Or will you sell to the masses and live with the classes? Being an entrepreneur requires you to be flexible and creative. If you have your own business and you want to reach the wealthy, keep these steps in mind to come out on top.
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16 thoughts on “5 Ways To Sell To The Wealthy”
The last but not least: Niche Pitch â€“ Ok itâ€™s time to stop pretending that your blog has what it takes to compete with the big boys & girls and find your niche. Instead of spending all your time competing with the extensive margin start targeting in on what you can offer. Now take that niche and use it to your advantage.
So I’m guessing this is the blog!…nice you haven’t been blogging that long according to your archives not bad at all….I’m going to go read some content now!
Your mistaken, list for these folks do exist.
Where can one get a listing ????
Access is huge. The other really important thing is to remember that what you’re selling is:
1) 5 star service,
2) An affinity brand with a world class reputation, or
3) Something that can make more money.
It’s about what your demographic wants, and how they want it.
exactly at number 5. they experience that everyday so one way to make them attracted is by being unique.
yep number 5 is a really good tip. patience always pays off well with those kind of people.
Quality is always a way to get the interest of a Rich person. If its a service offer more than your competition. If its a product offer more warranty, professional installation or something that your competition doesn’t add to their product.
A friend of mine does installations of home theaters, tvs, stereos, satellites and anything else. He gets to pick his work because he only does quality installations, hiding the cables, tuning in all the channels, adjusting the surround sound systems so the client is satisfied, everyone else plugs it in and gets out of their he puts the batteries in the remotes, brings spare batteries with him as well in case. Other companies are lucky to charge $25 an hour my friend charges $80 an hour + parts and has more work than he can handle. All of his installers must wear a suit and tie, they have to ask permission to take their jackets off from the home owner, they all have to turn there mobiles off during an install.
You are probably thinking there is no way I would pay 80 per hour for some guy to install my equipment but people do and they recommend him to their friends. If you want to be noticed by the rich you have to do stuff completely different.
Maybe somebody should make a search engine specifically suited to wealthy people where nothing but high priced websites show up.
you can call it givemeyourmoney.com
That’s all I do is sell to the “Rich” and “Wealthy.”
Reasons why –
1) They are easier to close
2) I get paid in full everytime
3) They don’t typically (sometimes they do) balk at the price(s)
4) Less headaches
5) Consistent business
6) Great source of refferals.
Become an expert on the type of product you are selling. For instance, who would they buy a Mercedes from, a kid out of high school or someone who won the Mercedes Benz product knowledge contest.
A lot of rich people love to have the best of everything. The best wine, the best stereo, the best car, the best cell phone. If you have the information that convinces them that they are getting the best, you get the deal.
How to create that aura? public speaking, radio interviews, newspaper articles, web presence.
My sister deals quite successfully with the wealthy of Washington, DC in the interior design business. She managed to get featurerd in Washingtonian Magazine and on the local ABC news affiliate. After that it was word of mouth, one rich person to another.
One thing the rich like is exclusivity. If your sale gives the impression of exclusivity you are more likely to close the sale.
“Tom we are accepting 20 people to participate in the investment. You were selected as an individual that recognizes unique opportunities.”
You are appealing to their ego as well as presenting exclusivity. Have integrity and be honest. Rich people will use you time and time again if you have integrity, are honest, and deliver to meet a need consistantly.
The best way, I reckon, is to find and befriend someone already in that business. I used to work at a very prestigious hotel in Bangkok and from working there I’ve networked myself and have been invited to numerous gatherings simply because I smile when I talk and appear genuine.
Fantastic Article! I thought about it but you have got it down in words.
I thought of marketing to to rich but not to the super rich yet. It is an eye opener to me. I am sure the profit margin will be very good.
I prefer to market to the rich and live with the masses.
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Good post about reaching the rich.