Selling To The Wealthy
October 26, 2016 Leave a comment
For mass-market businesses, it’s easier to rely on the “numbers game”: hire enough people to make enough phone calls, with the right message, and a certain percentage will come good. Even here, good hiring, strong team motivation and high-quality engagement is necessary.
But for prestige organisations, which are typically seeking out much smaller numbers of much higher-spending customers, the challenge is far greater. Just a handful of additional new clients can make the difference between meeting and exceeding targets or missing them. Conversely, mass or generic marketing approaches will always be viewed as such, and result in zero return.
Here are some golden rules and best practices for organisations that are seeking to grow their client base within the ultra-high net worth sector. These individuals may choose to spend US$1 million or more with a luxury brand in a single purchase or make a donation on this level with a non-profit. Or they may give a wealth manager US$10 million or more to look after. Such new clients are therefore highly valuable, if not transformative, for many organisations if they are successfully prospected.
So how to go about selling to the wealthy ? Read more of this post
Credit Suisse had offered Tatas a financing package that helped it aggressively outbid its Brazilian rival for Corus Steel in the UK. Once the deal was done, two other MNC banks approached the company’s top brass with a more comfortable funding plan involving cost savings of about $400 million. As Tata Steel weighed in favour of the new funding option, Credit Suisse fetched up with a letter from the Tatas showing its commitment to $120 million in fees whether or not the financing was availed from it.Bombay House top brass was left fuming that a bank had the temerity to place a demand on them. But when the matter was taken up to the then group chairman Ratan Tata, his decision was simple: There was a commitment made to Credit Suisse which must be honoured. Having paid the European bank, Tata Steel went ahead with the cheaper financing option.
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