Selling to The New Elite: Discover the Secret to Winning Over Your Wealthiest Prospects

Overview

Revelatory and surprising, based on unprecedented research, The New Elite took a behind-the-scenes look at America’s rich that shattered the prevailing myths about how the “other half” lives. Now, in this practical—and equally fascinating—follow-up, Selling to the New Elite, the authors reveal what the truly rich want from brands, what they expect from the marketplace, and how the Great Recession has reshaped their purchasing patterns.

Based on studies of elite companies such as...

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Selling to The New Elite: Discover the Secret to Winning Over Your Wealthiest Prospects

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Overview

Revelatory and surprising, based on unprecedented research, The New Elite took a behind-the-scenes look at America’s rich that shattered the prevailing myths about how the “other half” lives. Now, in this practical—and equally fascinating—follow-up, Selling to the New Elite, the authors reveal what the truly rich want from brands, what they expect from the marketplace, and how the Great Recession has reshaped their purchasing patterns.

Based on studies of elite companies such as Lexus, Chanel, Neiman Marcus, Four Seasons, Cartier, and Louis Vuitton, as well as interviews with top sales professionals and marketers, the book shows you how to better target qualified prospects, convert prospects to customers, nurture one-time customers into raving fans, help raving fans spread the word, and win back disaffected customers.

The book examines the nature of luxury, what affluent buyers care most about when making a purchasing decision, and how their values and interests can provide a way into forging the spirit of trust and enthusiasm so necessary when selling or marketing to them. Packed with insight, examples, eye-opening stories, and exercises, Selling to the New Elite contains the practical strategies you need to successfully sell to those with the power to buy.

Praise for The New Elite:

“Great reading, even better inspiration for millionaires-to-be.”— ALA Booklist (starred review)

“[T]ake heed, luxury providers: if you pay more attention to the elite customer’s history and disposition, you are more likely to strike gold.”Time magazine

“If you are interested [in] marketing to the super-wealthy . . . try this fascinating book to tell you who they are, where they are, and what they do.”Life Insurance Selling

“. . . a must-read for consumer marketers and interesting reading for the rest of us.”— Graziadio Business Report

“Want to get inside the minds of the truly wealthy? The New Elite offers exclusive access to the ‘new financial elite’ and some surprising answers as to how they achieved their economic status.” — QRCA Reviews

“Charts and graphs throughout distill key data into easy-to-grasp nuggets, lending clarity to this book whose fresh take on the habits of the American economic elite will be indispensable to marketers.” — Publishers Weekly

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Editorial Reviews

From the Publisher

"…ideas are presented clearly, without frills or filler…backed up with scientific research…Every employee in your business should read this book." --New Age Retailer

“…impassioned guidebook…enriched with illuminating examples of techniques highly successful salespeople use…with wealthy customers.”--Fort Worth Star-Telegram

“These guys are good and, better yet, they are thinkers…it merits your serious attention…You’ll get lots of nuggets in this excellent book.” --Life Insurance Selling magazine

“…authors have been surveying the buying habits of the affluent over the last five years …that would be enough to purchase this book but there is much more.”--Knights on the Road

“Packed with insight, examples, eye-opening stories, and exercises…contains the practical strategies you need to successfully sell to those with the power to buy.” --ForeWord this Week

“While mainly aimed at those selling luxury goods, it offers many valuable lessons for wealth managers, financial advisors and estate planners.” --Accounting Today

“An easy read…the book provides a good foundation to help professionals understand the marketing/sales basics when selling elite product to elite prospects.” --Choice magazine

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Product Details

  • ISBN-13: 9780814416532
  • Publisher: AMACOM
  • Publication date: 2/9/2011
  • Pages: 272
  • Product dimensions: 6.10 (w) x 9.00 (h) x 1.10 (d)

Meet the Author

STEPHEN KRAUS is vice president of Harrison Group, where he provides senior leadership to the company’s wealth consultancy.

JIM TAYLOR is vice chairman of Harrison Group, one of the country’s most respected marketing firms, and a widely recognized marketing expert. His clients include American Express, Chanel, UBS Private Wealth Management, and Neiman Marcus.

DOUG HARRISON founded Harrison Group in 1996 and has developed branding strategies for Coca-Cola, Microsoft, Louis Vuitton, Four Seasons, Bank of America, and other impressive companies. Taylor and Harrison are the authors of The New Elite.

CHIP BESIO is director of marketing for Sewell, a high-profile chain of car dealerships in Texas.

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Read an Excerpt

INTRODUCTION

We have focused much of our work in the past five years on

understanding wealthy individuals and luxury markets. We

have worked with companies such as Mercedes-Benz,

American Express, Cartier, Neiman Marcus, and many others.

In other words, we have worked with companies for

which luxury is not a preoccupation, but a passion. The same

search for extraordinary quality also defines our clients who

are not “luxury” providers, but are still exemplars of excellence

in their categories—companies such as Microsoft,

Coca-Cola, and Vitamix.

It is in passion, and with passion, that we find the

greatest opportunity to sell.

We know how hard the last four years have been. Many

have called it the Great Recession, with good reason, as it has

already been far longer and more severe than any economic

downturn since the Great Depression. Government economists

tell us it began in December 2007, but our research

identified spending cutbacks and an “emotional recession” as

early as mid-2006. As of the writing of this book in

September 2010, our research still suggests challenging times

ahead for sales professionals. Despite the government’s assertion

that the recession ended in June 2009, over 90 percent of

the affluent believe the recession still continues today, and

over 60 percent expect it to continue for more than a year—

attitudes that can easily become self-fulfilling prophecies.

Most have reduced their spending. “I’ll buy whatever I want”

has been replaced with “Let’s buy only what we need.” The

process has made them feel smart, not deprived, and most

expect to continue their newfound frugality and valueorientation

when and if the economy improves. The unfortunate

bottom line: Today’s economic challenges are unlikely to

resolve themselves easily, deeply, or soon.

We know it has been hard to make your numbers.

Challenge, as always, creates opportunities. The desire to

acquire runs deep in the human species, and despite their

heightened value-orientation, the affluent continue to shop,

particularly in categories they are passionate about.

Moreover, excellence is still valued. Despite the economy,

the affluent have been reluctant to trade down—their expecta-

tions about and desires for quality, craftsmanship, and service

have not diminished. Meanwhile, their expectations that

purchases be thoughtful and meaningful have risen.

This is a book about how to sell,

in these tough times, the very best things.

We wrote this book primarily for those engaged in faceto-

face selling of high-end products and services to financially

successful individuals. But it is also of interest to those

more tangentially related to that core mission, such as:

• Those who sell to the 90 percent who aren’t affluent.

• Those who sell nonluxury products.

• Sales managers whose charge is to hire, grow, and

retain top sales professionals.

• Advertising, marketing, and branding executives who

try to build customer relationships “from afar”—

through traditional and social media, through the

products they create, through the brands they develop,

through the retail experiences they design, through

the corporate culture they build, and through the sales

approach they instill directly and indirectly via hundreds

of management decisions daily.

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Table of Contents

CONTENTS

List of Figures xi

List of Tables xiii

Acknowledgments xv

Introduction 1

CHAPTER ONE The Desire to Acquire 5

CHAPTER TWO The Passion of the Salesperson 31

CHAPTER THREE The Passion of the Prospect 73

CHAPTER FOUR The Passion of the Product 117

CHAPTER FIVE Theory into Practice: Thirteen Expressions of Passion in Selling 137

CHAPTER SIX From Passion to Execution 183

APPENDIX Our Methodologies for Studying the Affluent and Wealthy 201

Notes 231

Index 239

About the Authors 249

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