Selling Things To Wealthy People
I am two months into the Voitures Extravert project, and I am excited that we are starting to see some wins. When I was writing the marketing plan, I laid out several hypotheses about how to launch a luxury car brand in the US and wanted to prove them about marketing to HNW individuals.
Here is what I have come up with….and guess what?
Wealthy people are just like us!
…for people who love lists, here are the ten things you need to do.
1. Understand Their Needs:
Ultra-wealthy individuals are not just buying a product but buying into a lifestyle. Emphasize the unique story behind your product, highlighting its craftsmanship, heritage, and exclusivity. For example, when selling on our Voitures extravert electric 911s, we showcase the meticulous engineering and design process that sets your vehicles apart from mass-produced models. Still, our main selling point is around the personalization of each vehicle.
2. Networking:
The affluent market often relies on personal connections and recommendations. We are launching a 2-month “car”ovan (get it?), where we will be hosting and attending exclusive events and building relationships with key influencers and decision-makers. A referral from a trusted source can significantly impact their purchasing decisions.
3. Personalization:
Wealthy clients value uniqueness and exclusivity. We mentioned this above but each car is an expression of its owner through their customization choices. Leathers, fabrics, colors, each car is a unique work of art. This personal touch enhances the perceived value of the product and creates a deeper connection with the client.
4. Discretion and Privacy:
As a marketing person, one of the first things you always do is share a slew of testimonials from happy customers. The thing is that High-net-worth individuals value their privacy. We have sold cars to 7 of the top 111 richest people, and none will let me tell you their names or appear on camera. I'm not complaining; I'm just stating the truth, and this is sacred. Like with any product or company, you don’t violate your customer trust.
5. After-sales Service:
When it comes to luxury brands, the sale is just the beginning of the relationship. You have to look at your brand as a circle of exclusive members, not people who bought something once. Clubs offer perks and value; otherwise, people don’t beam with pride to be included. We have a lot of perks, and the biggest is that we are planning a 2025 get-together with our owners, where we will drive our cars from Germany through the Swiss Alps and Belgium and end at our offices in the Netherlands. It will be a time to get to know each other and give each a look at our operation.
6. Build Trust Through Expertise:
Wealthy clients seek more than just a product; they want a trusted advisor. Share insights and knowledge that resonate with them on a personal level. Show that you understand their unique needs and aspirations, positioning yourself as a subject matter expert in your field.
7. Offer Exclusivity:
We can only produce 60 cars a year worldwide, and our exclusivity appeals to the wealthy's desire for status and recognition. This sense of exclusivity makes the purchase more meaningful and reinforces their status among their peers.
8. Personalize the Experience:
The founders are hand-delivering a vehicle in a few weeks. You may be thinking, well, of course, they would, but this particular car is being delivered on another continent (almost 5000 miles) from the Voitures Extravert HQ. This happens because we understand each client's preferences, values, and lifestyle. If you want to create a deep impression and an experience, make it a real 1:1 experience. This level of personalization fosters a deeper connection and loyalty to your brand.
9. Foster Relationships:
I read a long time ago in a book that if you want to be friends with successful people, you need to be the person who doesn't want anything from them. Building relationships with wealthy clients requires a genuine, non-transactional approach. Show a genuine interest in their well-being and success beyond just selling them a product. Regular, meaningful communication can help nurture these relationships and lead to repeat business and referrals. Also, it is key actually to care.
10. Heritage Talks:
If you want people to pay a premium for something, it better be worth it. There is a famous quote from Aldo Gucci where he said, “Quality is remembered long after the price is forgotten.” Showcase the craftsmanship and tradition behind your brand, highlighting the legacy that distinguishes your products from others. This historical narrative can resonate with wealthy clients who appreciate the artistry and tradition behind luxury goods.
Am I missing anything? If so, drop it in the comments.