How to Sell to the Rich - Part 2
I received some interesting comments about my last post.
It seems there are a few readers out there who are not marketers, either of the online or offline kind.
And they didn’t agree with my contention that money brings happiness (and that more money brings more happiness).
And, that if you are ever to become a successful direct marketer - specifically, one who markets to the rich - you must first, as a priori, want with all your might - to be rich!
One reader went so far as to imply that I was a moron (ouch!)
Okay, so these dissenters probably either scanned the post or didn’t fully understand it - and saw only what they wanted to see - an opportunity to disagree.
I mean, after all, how could anyone in their right mind ever disagree with anything I say? Sheesh!
And yet, for those who found wisdom, encouragement and entertainment in my audacious thoughts - you folks are obviously intuitive, brilliant, kind, generous and destined to become wildly rich and successful marketers!
As for the others, well, you’re still welcome to continue to comment, disparage, disagree, and talk among yourselves.
Now let’s move on… and sell to the rich.
To begin, let me ask you a few questions…
Would you go to your local supermarket to shop for a car? No, you wouldn’t.
Would you enter an assisted-living facility to find a date (if you’re young, single and not perverted)? No, you wouldn’t.
Would you look to buy a country estate in an inner city ghetto? No, you wouldn’t.
Would you expect to find wealthy buyers at a thrift store? Yes, absolutely! But would that be the first place you’d go to find them. No, it wouldn’t.
Where do you find the rich?
Here’s an old saying (how old, I don’t know): to hunt elephants - you gotta go where the elephants are.
Similarly, if you’re looking to sell to the rich-you gotta go where the rich are.
So get yourself invited to a black-tie soiree in the Hamptons, Bel-Aire, Aspen, Monte Carlo or any other venue where the rich congregate and indulge, and clink martinis.
Can’t swing that? Okay then, settle down, and start doing some heavy-duty market research.
Placing the rich under a marketing microscope.
Your mission Mr. Phelps, if you chose to accept it, is to figure out what makes the rich tick - what makes them different from the other socio-economic classes.
Because of their “privilege”, the rich will inevitably look at life differently, think differently and act differently than, well, you or me (provided you’re as poor as me).
And know this, too, that among the rich there are different classes of rich.
There are the trust fund babies, the silver spoon elite, the old/new money immigrants, the nouveau rich, the fight and claw entrepreneurs who came up from poverty, and the $52 million red-neck lottery winners, etc., etc.
And within each class there are those with a distinct personality type: some are type A, others are type B, others are RH negative, and still others have a 1.0 alcohol level.
Important Note: You need to do this autopsy/exercise with any socio-economic group you choose to market to. Why? Because each group (read: your target market) will have a distinct modus operandi, life-outlook and preferred handshake.
And, most importantly, from a marketer’s perspective, your target market will have a favored or preferred way of being approached and communicated with - one that will hopefully grease the slide (ease them into responding to your offer to buy).
And in that respect, the rich are no different from K-Mart shoppers.
And so the best marketing microscope for the job…
…Is you.
Huh? Okay, this goes back to what I said in the previous post…
You gotta want to become filthy rich to sell to the filthy rich.
Why? Because there is no better way to understand a rich man (read: target market) than to walk a mile in his Gucci’s.
You’ve got to feel what he feels, think what he thinks, and do, as best you can, what he does. Why? So he will know and believe that you are just like him, and therefore can be trusted. Because you have the same sensibilities, problems and the same size alimony payments.
But do you really need to be rich to sell to the rich? No (though you will undoubtedly become rich if you successfully sell to the rich).
And yet, what you absolutely must do, if you are ever to successfully market to the rich - is love and admire them.
Why? Well, generally speaking, when you love and admire someone you will typically aspire to become more like them or, at the very least, emulate their behavior and share their values. And that is the ultimate proof of your commitment to their well-being.
And why is that so important?
Answer me this: how long do you think you would be in business, and how successful could you become, if you don’t, love and care about your customers - if you look at them just as a mark to be exploited, as a dollar sign with legs?
More to follow…
–Barry
www.WritingWithPersonality.com
Popularity: 59% [?]
April 24th, 2008 at 9:59 am
Been reading for a while now. Just wanted to say good job.
Chris Tackett
April 24th, 2008 at 11:14 am
Thanks Chris!
Welcome Aboard!
–Barry
April 25th, 2008 at 5:17 am
Cracking article. I loved this man. My new phrase for the week “Because there is no better way to understand a rich man than to walk a mile in his Gucci’s.”
Looking forward to part 3 and I can’t criticise you one bit man.
April 25th, 2008 at 11:29 am
Well, certainly proved my point about not being willing to listen or learn more.
1. Never implied or called you a moron — you’re logic is moronic on this concept of money making people happy.
2. Did read the whole post, but it simply doesn’t matter for this purpose, and you’ll never know what I could have really offered you.
3. Was successful in marketing, having my own business flourishing before the unforseen hit. Even if I had been bright enough (even I think moronically at times, and yet, also not a moron) to have the proper insurance, the business couldn’t survive.
At least now, you’re getting some more substance in. To give some concrete ideas on finding the rich:
As you said, they do come in different varieties, so it really depends on which part of the rich society you want to enter. One thing works for all groups though, reading and using Dale Carnegie’s “How to Win Friends and Influence People.”
Upperly mobile — leave them alone. They’re trying to acheive the same thing you are, and they really aren’t rich enough.
Leave a 7 figure or more inheritence to the kids rich? Learn to play golf and/or tennis well, playing bridge well helps, too, keep up with their social scene in your area, and go - looking the same way they will all be looking. Buy mailing/telephone lists for high-end jaguar owners. Get to know them before talking business, however have your 10 words or less description of what you do, if asked. Also, get to know who they use for financial advice, and then, get to know those people. (Doesn’t matter if you plan to be a financial advicer yourself, since you can learn much by your potential competition.)
Ubber rich - again, social page is important, as is golf, tennis, bridge, and/or polo (with horses, not water. Watching it is as acceptable as actually playing it, though.) Buy mailing lists for the 6+ figure cars and get to know the limosine business. No, they will not be renting limos, however, those business owners can give you some inside scoop on where limo drivers, maids, butlers, and in-house staff are hired, when not hired through friends. Also learn the high-end charity scene in your area and join in. Get to know them before talking business, however have your 10 words or less description of what you do, if asked. Also, get to know who they use for financial advice, and then, get to know those people.
Lottery winners? Unknown. Never met anyone, who won anything past a few thousand a year. I do know that many of them end up losing it all.
Hopefully those hints will help those wanting to learn how to reach the rich - give them something to work on, as you keep going.
As for me — already happy here, so I’ll leave you as you work your way to your own happiness. Who knows?! Maybe you’ll look back one day and realize that those of us “against” (as if anyone can be against money) thinking money IS happiness, actually did have something to offer, besides merely money.
April 29th, 2008 at 2:47 pm
The internet is constantly changing and making life difficult for online businesses.
May 1st, 2008 at 9:34 pm
What you think about you bring about……
Where ever you are there will always be naysayer, doom sayers and moronic people - so while I do listen to them - their words are like the wind to me.
That being said - I GET what you are saying and I applaud your bravery saying it!!
I recently read an e-mail that was sent to me that made perfect sense. I am going to paraphrase and direct quote…….
“Money gives you the freedom, options, and power to have a large and positive impact on society through charity, education, and reform.”
“Because they are consciously aware (unlike the majority of society), that thoughts, ideas, and attitudes are real things, and that they are contagious.
You will adopt the ideas, beliefs, and mindset of the people you spend the most time with (including the people found on TV, in books, or on tape), which will lead you to make similar decisions, which will lead you to assume a similar life and lifestyle.
Rich people know this, and they know that a person’s mindset is fluid. It’s always changing with the ideas and interactions it comes into contact with on a daily basis.
This is why rich people protect themselves from everything associated with struggle and poverty.
Ever wonder why they live together in walled communities closed off from the rest of society with massive gates? Ever wonder why they shop at expensive boutiques, fly first-class, stay at $500/night hotels?
Ever wonder why most of them belong to “members only” country clubs?
Is it because they want to enjoy the finer things in life? Well sure. But that’s not the only reason.
They want to protect their minds from the thoughts of poverty and struggle that are held by the rest of common society because they know that all thoughts are contagious, and they have a burning desire to live un-common lives.
The rich get richer because they only invite and interact with other prosperous people.
The common man sees this behavior as “stuck-up” and “snobby”. The rich simple see it as an unfortunate necessity, as I do.”
It makes sense!!!!
Thank you again for sharing your thoughts and I am looking forward to hearing more!!