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Get rich by selling to the rich
Nov 12, 2009 07:23 AM
Categories: Marketing
Yes this is a tough economy, and a lot of people are hurting. But not everyone. There are still rich people who have a lot of money to spend. For some small businesses, there is a market.
One way of capturing that market is to develop a luxury brand. It's possible. Branding Strategy Insider has a great series of posts on The Anti-Laws of Luxury Branding.
They are up to 17 laws. Each tackles an insight on how to get people to pay a lot for products and services. These anti-laws are a bit counterintuitive, like Make it difficult for clients to buy. (It's about offering something exclusive.)
These laws are being excerpted from the book The Luxury Strategy: Break The Rules of Marketing to Build Luxury Brands, by Jean-Noel Kapferer and Vincent Bastien.
On a more practical level, Entrepreneur.com contributor Bill Bartmann has five tips for pitching rich people. Here are his rules with my takeaways:
Respect his time: Rich people don't hire maids and servants because they're lazy. They have better things to do like make a lot of money. The time you take up is costing them money. Make sure you don't waste their time.
Don't tell him his business: Even if you are an expert and understand your prospect's challenges, let him believe no one knows it like he does. You're not selling your expertise. You're selling your time. Go back to the first rule.
Give him the facts: Be ready to explain why you're better than the competition. Humility will be interpreted as ignorance. You're going to look like you aren't prepared. Thus a waste of time. Again, the first rule.
Take notes: It's a strong sign of respect. You don't want to forget anything he has to say. This also ensures you don't have to ask him to repeat information. There's the respect for time again.
Anticipate his needs: Make sure you have a hard copy of your presentation. Your prospect doesn't need to take notes. If he hands it off to someone else, they need to know everything he knows. Plus make sure your branding is all over the materials.
A lot of this relates to time. Which gives you a major clue to the problem that successful people need solved: "I don't have enough time to make more money."
This market doesn't have a lot of customers so make sure your margins are high.
One way of capturing that market is to develop a luxury brand. It's possible. Branding Strategy Insider has a great series of posts on The Anti-Laws of Luxury Branding.
They are up to 17 laws. Each tackles an insight on how to get people to pay a lot for products and services. These anti-laws are a bit counterintuitive, like Make it difficult for clients to buy. (It's about offering something exclusive.)
These laws are being excerpted from the book The Luxury Strategy: Break The Rules of Marketing to Build Luxury Brands, by Jean-Noel Kapferer and Vincent Bastien.
On a more practical level, Entrepreneur.com contributor Bill Bartmann has five tips for pitching rich people. Here are his rules with my takeaways:
Respect his time: Rich people don't hire maids and servants because they're lazy. They have better things to do like make a lot of money. The time you take up is costing them money. Make sure you don't waste their time.
Don't tell him his business: Even if you are an expert and understand your prospect's challenges, let him believe no one knows it like he does. You're not selling your expertise. You're selling your time. Go back to the first rule.
Give him the facts: Be ready to explain why you're better than the competition. Humility will be interpreted as ignorance. You're going to look like you aren't prepared. Thus a waste of time. Again, the first rule.
Take notes: It's a strong sign of respect. You don't want to forget anything he has to say. This also ensures you don't have to ask him to repeat information. There's the respect for time again.
Anticipate his needs: Make sure you have a hard copy of your presentation. Your prospect doesn't need to take notes. If he hands it off to someone else, they need to know everything he knows. Plus make sure your branding is all over the materials.
A lot of this relates to time. Which gives you a major clue to the problem that successful people need solved: "I don't have enough time to make more money."
This market doesn't have a lot of customers so make sure your margins are high.
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