How to sell to the rich and affluent …continued

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In my last post about selling to the rich and affluent, I started out talking about my fear of approaching the wealthy because I grew up with my fair share of financial challenges.

My family wasn’t poverty poor, but I remember enough to tell you what government cheese tastes like.

I read somewhere else that this is called a “scarcity mindset”. Fortunately, you can overcome that mindset because…

Selling to the rich has so much less to do with where you are financially and so much more to do with where you’re affluent prospect wants to be.

Break Out of Your World

Listen, I understand that it is sometimes difficult to focus on anything outside of what you are currently experiencing as a result of your financial limitations. That is your world. You are consumed by what impacts you.

You catch yourself constantly wondering, “Where am I going to get the money to cover all my expenses?”

In the same way, your rich prospect also finds it difficult to focus on anything outside of what they are currently experiencing as a result of the financial position they are in. That is their world.

They are consumed with thoughts of, “How do I keep what I have worked so hard to enjoy? How can I enjoy it more without losing what I have?”

Nugget of Truth

“You are the one who is concerned about your station in life… your prospect spends very little time worrying about your position.”

The answer to the following story may seem very cynical, but I want you to read this parable and then consider what the answer may be. If you aren’t able to come up with the answer, I’ll reveal it in a later post.

Okay, read this story now…

A wealthy man finds himself walking down the street of a major metropolitan city. He is “forced to walk” because he’s unwilling to pay a cab driver a few measly bucks to drive him to the convention center – three blocks away.

The sky is blue, the birds are singing. He has a prosperous day planned and is focused on closing a big deal later that morning.

While walking, he looks ahead to see a homeless man sitting among his dirty possessions while holding a cardboard sign that reads, “Hungry – Please help!”.

He momentarily considers crossing the street, but instead reaches into his right-hand, front pocket feeling for any change he may have salvaged from last night’s run to the hotel convenience store.

In that moment, he makes his buying decision… he quickly drops a few coins into the lap of our hungry beggar as he scurries past the stench.

Here’s the million dollar question – WHY?

If you can understand why our rich, affluent, prosperous, wealthy lead character would stop and give this smelly, dirty beggar his left-over change, you can understand how to sell the rich and affluent.

Here’s Your Hint

“You’re the one focused on your limitations… your prospects are focused on your possibilities.”


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10 thoughts on “How to sell to the rich and affluent …continued

  1. Mike Post author

    @naveen – You make a good point. It sounds like you’re like me – I’ve been exposed to the wealthy in places and times when they’ve felt comfortable enough to let their guard down. That’s when you get to know them personally.

  2. Mike Post author

    @Jason – I want to wish you the very best in your meeting. Good Luck and let me know how things go for you.

  3. Mike Post author

    Here’s a great quote I picked up from a comment on YouTube by FreeAgain2:

    The truth; we send money to the poor to cure our own sense of guilt. We feel better afterwards, and it is easy – a twisted way to buy our own happiness.
    But it does not work for the poor – it is not what the poor need. The poor need our TIME not just money. And that is something we don’t want to give – Ourselves.

  4. Shawn

    Good post and interesting question, Mike.

    The beggar is selling empathy. He has nothing to give in return for money.

    By the same token, the rich man has nothing to gain by giving money… with the exception of maybe feeling better about himself.

    I’m not sure what you’re getting at with the ‘potential’ hint — does the rich man think that he may be in a similar situation one day… and that maybe this same beggar will be there to give him money?

    Maybe he was once like the beggar and somebody gave him some change and he said, “I will never have less than this 35 cents again so long as I live,” And he kept to his word and he ensures his fortunate life by giving change to every beggar he sees.

  5. MW

    He buys a free pass from the homeless guy not to hurt him as he walks buy. He is scared that he may do something crazy if he doesn’t give him money. He is buying security quickly rather than crossing the street wasting his time. He wishes he took the cab at that moment.

  6. BMW

    The rich man gave the homeless person some change to lessen the guilt of just walking by. Remember…his first inclination was to cross the street and avoid the situation all together.

  7. Steve

    I loved the excerpt about the roofing jobs. That made perfect sense to me – sure, gigantic houses still need roofs and the bigger the roof the more maintenance and care it needs. Good article Mike!

  8. the Q

    He’s selling convenience… he provides the problem and the solution in this case. the only reason the guy considered crossing the street was b/c of the beggar before him. instead of crossing the street, he decided it was more convenient to reach into his pocket and throw change than to cross the street. this is assuming his destination or path does not require to cross the street. convenience (in this case) can = allay of guilt, sense of safety, handling social pressure/obligation, etc.

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