This week on the Scottsdale, Arizona based John Adam Show (www.thejohnadamshow.com), we’re talking about marketing and sales to the wealthy. Like any targeted group, you should consider their needs and how your offering matches those needs – and build a message and marketing campaign around it.
According to the Spectrem Group there are 107 million households in the US and 3.7 million of them have assets that they can invest of over $1 million dollars. That’s 3.5% on average. The percentage increases in hot spots like Scottsdale and parts of Phoenix.
We can segment the wealthy into two groups.
The first group – who are often the entrepreneurs and business owners we work with at Growth Nation – are relatively humble business owners who don’t consider themselves rich. They are usually middle-aged to older males with a stable family, are hard-working, drive relatively modest cars and are reasonably approachable.
You can market to this first group with seminars or direct mail with similar techniques as for middle incomers. For direct mail marketing, pull lists from InfoUSA or similar on small business owners with employees less than 100. Network at mid to higher-level events and connect to them through your business owner friends. Find franchise owners. These are all typically easier to approach than the second group.
The second group is affluent, and they know it! They maintain a good distance between themselves and the common man. They’ll want an introduction through very good friends in their business or social circle. This group includes the generational rich, and those who are multi-multi millionaires.
To find this second group you may wish to sharpen your tennis game at an exclusive country club in your targeted geography. The big name charity and art organizations should also be on your radar screen – volunteer today on the Board of the Ballet, and hope they let you in. Give and you shall receive – but be patient.
For wealth advisors there is good news. According to Investor Magazine, 73% of wealthier Americans are open to talking with a new financial advisor. When asked to rank their greatest needs, #1 was preserving their wealth – and 33% of the affluent felt that they had not done enough to do so. Their #2 need was avoiding unnecessary taxes – and so there will always be an opportunity for information tax seminars.
We don’t do any of that at Growth Nation, but we do help business owners in Arizona increase the value of their business to obtain funding or to sell - by helping them GROW.
I’m anxious to hear Matt Oechsli, author of The Art of Selling to the Affluent. He’ll be on at 12:17pm on February 3rd, and the show is available for download if you miss it: http://www.thejohnadamshow.com/podcast/.
Have a great week, and happy marketing!
All the best, Doug
Doug Bruhnke
Growth Nation
Scottsdale, AZ USA
