published: April 24th, 2008

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

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