The Art of Selling to the Affluent
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The Art of Selling to the Affluent

How to Attract, Service, and Retain Wealthy Customers & Clients for Life

Matt Oechsli
Wiley, 2004
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Recommendation

So you want to sell your products or services to wealthy individuals, but you aren’t exactly sure how to do it? Don’t worry. In many ways, selling to the rich is the same as selling to anyone else you want to convert into a loyal customer, but with a few important twists that might take a little practice. Sure, the wealthy can be more demanding, but the potential return more than justifies the extra effort. Before he distills his techniques down to seven straightforward selling rules that might apply in other circumstances as well, author Matt Oechsli provides survey-generated facts about the wealthy. This book overflows with axioms, "commandments," checklists, fill-in-the-blanks, calendar schedule pages, diagrams for business cards and numbered lists. All the sidebars suggest that there is science as well as "art" in selling to affluent buyers. getAbstract.com recommends this book for its useful insights into the high-stakes business of luxury sales.

Summary

Who Are the Affluent?

Face it: if you are in sales, your greatest opportunities reside in selling to the affluent market. But who are the people in this market and what makes affluent consumers special?

The affluent can be broken down according to their investable assets and household income. Depending on who is doing the research, millionaires can be described as people who have $1 million or more in investable assets, excluding their homes, 401(k) accounts and other liquid assets. According to NFO Worldwide, the number of well-to-do people in the U.S. increased to 3.8 million in 2003 - 500,000 more than in 2002. The number indicates the highest tally of affluent people since the company began conducting this research two decades ago.

Yet, while this seems like a lot of millionaires, it still represents only 3.4% of U.S. households. Another segment of affluent people includes those with investable assets of $100,000 to $1 million, a group that is projected to expand at a rate of 10% to 14% a year through 2005, according to a 2002 Cap Gemini Ernst & Young research report. This is even faster than the 6% growth rate projected for people with more than $1 million...

About the Author

Matt Oechsli is the founder and president of the Oechsli Institute, a consulting and research firm. Its clients include credit card firms, major accounting firms, banks and investment firms. He speaks frequently on how to attract, serve and retain affluent clients and customers.

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