Wouldn’t it be nice to make over your business so that you are attracting wealthy clients who willingly pay your fees, refer you to other wealthy clients and sing your praises to friends and associates? Here are nine strategies for attracting and building stronger relationships with high net worth customers.
Be an absolute expert at what you do
The wealthy don’t want to waste money on inexperience. Certifications and credentials are a plus. Be an expert at travel. An expert at financial planning and investment management. An expert at saving clients’ money through tax planning. An expert in selling luxury homes. An expert in the latest ways to present home design. An expert in wine knowledge. An expert in the latest dental procedures. Own your expertise and don’t be afraid to say it.
Listen more. Talk Less.
Perhaps the quickest way to turn off customers is talking too much or talking when you should be listening. When listening, try to understand what lies beneath the customer’s surface request. The more you demonstrate that you understand your customer’s unexpressed and eventual needs, the more you will be seen as a trusted advisor. If you want to attract wealthy clients, you have to polish your communication skills and eliminate the ambiguities that characterize most marketers’ conversations. The rich do not have all time to listen or read through your brochures. They want a summary of what you can offer. It is hence important that you can package your introduction letters into a summative form and mention all the important things in the first paragraph.
Offer a money-back guarantee
Contrary to the popular view that the wealthy are spendthrifts, they are not, at least most of them aren’t. They could not have reached where they are if they are not frugal with their money. If you are looking for an opportunity to con, this might not be the right crowd to approach. Most wealthy people are very keen on where every of their coin is headed and before they buy into your idea, they must have a guarantee that it is worthwhile. They want assurances that you offer the best product or service for the money. They don’t want to be taken advantage of. Most will not take advantage of the money-back guarantee but will need to feel assurance from the offer.
Go where they are
Cold calls, direct mail, and online marketing are all proven ways to build a phenomenal book of business. But when it comes to high network customers, these marketing methods may not work so well. After all, high net worth investors aren’t farmed. They are hunted. That is why you have to go where they are. As you go to more events and meet more people, you will begin to see the key players. Attend all the balls, charity events and corporate dinners that you can and muster the courage to chat with those present. This is one way of gaining acceptance and credibility in these circles. To get rich clients, networking is the key.
Focus on your referral process
Finding wealthy customers on your own is difficult, but once you’ve found a few, you have a gateway to quality introductions. This is because wealthy individuals tend to hang out with other wealthy individuals. They live in the same communities, vacation in similar venues, and attend similar social events. Every happy client you have is a gold mine of future business. A referral from these individuals will be worth more because their peers will look to them for advice. With this level of clientele, you should make referrals a big deal. Thank your referring clients and be willing to spend more (both time and money) to show them that you appreciate them.
Wealthy customers demand quality. This means you should be developing a brand that is well-designed and highly-positioned. Start thinking about different high-quality brands and how you can immediately (both consciously and unconsciously) tell the difference. Your prospects can tell the difference just like you can so invest in quality marketing materials to attract them. Speaking of quality, it is worth mentioning that wealthy clients are willing to pay for the greatest value.
Be willing to play the long game
You will not attract wealthy customers overnight. The tips all take time but the effort and money invested will be more than repaid once you get one or two clients. In 1970, Dr Banfield wanted to find out how and why some people became financially independent over the course of their working lifetimes. He found that family background, education, intelligence, connections, and so on didn’t matter nearly as much as one thing: “Long time perspective.” That’s what Dr Banfield called the attitude that was the single largest determinant of success. The people who became the most successful in life were the people who took the future into consideration while planning and making decisions.
Be willing to spend more to attract quality clients
Wealthy clients didn’t become wealthy by taking short cuts in business. Know the value of being open to market and advertise where you will reach quality clients. You may need to invest time and money in branding, marketing, materials, events, reports, technology, and lastly your personal image. You have to look the part, both personally and professionally. Dress immaculately to rub off that insecure and deprived look. Everything that can add to your confidence should be embraced.
Be willing to do the work
There is no easy answer. There is no magic bullet. If you want to play with the big boys, you must be willing to do the work. There is work to do. If a successful business was easy to achieve, everyone would be in business for themselves.
Interestingly, dealing with high net worth clients is the same as dealing with any other customer. Everyone–including you and your team members–deserves respect and attention.