Last night my go-to designer asked me how I bring in so many wealthy clients. Over the past 3 months I’ve sent him a few dozen leads that have turned into large accounts for him. Unlike most of his other referring partners, nearly every single lead I’ve sent him has millions of dollars at their disposal.
Why did all of my leads convert to accounts? Simple, they listened to my advice.
So then how is it that I was able to catch their ear – something that is not easy to do with wealthy people? Afterall, it’s the rich that are the most cynical of all human beings…That is until you make it into their inner-circle of trust. Once you find yourself on the inside, wealthy people are quick to open their purses up.
1. Spend Time Developing Rapport, But Know When to Jump Into Action.
Last year I sponsored DKs Think Tank with a web designer friend of mine. My goal was right in line with my designer friend, to make new contacts and engage in business. Our strategies were much different though.
On day 2, my designer friend started pitching packages to the attendees of this event. Apparently he wasn’t following Sun Tsu’s philosophy of “know yourself and know your opponents.” By pitching these guys without establishing rapport, he effectively turned them off. The Think Tank attendees are wealthy internet marketers. Unless they trust you they won’t engage in business with you.
During the event I had fun and got to know the big names that attended: Jon Volk, Zac Johnson, Ian Fernando, Eric Enge, etc. When the trip was over we exchanged numbers/emails and promised to keep in touch.
A few weeks later I started dropping emails to say hi and thanked them for such a great time. Slowly over the course of the year we started bouncing ideas off each other…Letting things happen more naturally, I now have multiple projects underway a lot of these guys.
The idea is to establish genuine rapport with smart, wealthy people PRIOR to doing business with them. Once you have a good relationship then, and only then, should you consider taking things to the next level.
It’s sad but my designer friend is really losing a ton of business to our new go-to designer, who has landed well over 6 figures in business from us in the past few months. Wealthy people only do business with people they trust. Establish that trust and new doors of opportunity will open up to you.
2. Never sell. Make Recommendations Based On Logic Instead.
Wealthy people don’t like to be sold. They like to receive help and guidance.
When I recommend a product/service to one of my wealthy clients, I do so furtively. The Soft-Sell always trumps the Hard-Sell with the rich. And make sure you back your recommendation with sound reasoning. Wealthy businessmen tend to act more on calculation than impulse, hence their wealthy.
3. Make Their Lives Easy. Do the Grunt Work For Them.
Wealthy people are extremely busy. Moreover they’re used to people doing the grunt work for them. Your job is to make doing business with you EASYYYYYY.
Yesterday I boarded the biggest affiliate in the world directly with one of my capital intensive clients. We expect to run close to 4 million dollars in traffic during our first month. To make the whole process seamless I:
– created the affiliate account for the affiliate. I manually plugged in his name, email, address, etc.
– took the compliant presale page for our client and loaded the propietary affiliate links for my guy.
– I sent the presale page to his lawyers to review along with the testimonial affidavits, clinical trial studies, and other materials that we anticipated would get tested.
– we ran a pixel test and confirmed it fired.
– we loaded his wire information on the account that we have on file.
Essentially, I am making this affiliate’s life super easy. In return when it’s time for him to set my client’s offer to live, all he’ll have to do is turn the traffic on. Voila! Everybody makes money.
4. Persistence, Persistence, Persistence – Without Crossing The Line To Annoyance.
Ok, continuing the story above. The advertiser client in this case spends over $30 million a month on media. They are extemely litigious and nearly impossible to work with.
For the past 5 months I have worked extremely hard on their online business model. I’ve worked with their lawyers, managers, and even owners in various facets. Through these relationships an opportunity arose to start taking over areas of their online marketing. They needed full transparency and full compliance with all regulations – at their size they can’t afford to play games.
I worked directly with their lawyers on a staunch agreement where I’d introduce them diretly to the top 2 largest affiliates in the world: 1 does display the other does email. After a dozen rounds of changes to the contracts, I finally had a rock solid contract with strong non-circumvention/exclusivity language. Game is now on and I intend to run thousands of leads a day to their business.
99.99999% of people in this world would not have spent the time I did on this account. I had an end goal in mind and wanted to prove to this group that I aggressively pursue my clients best interests. My client is now in an AWESOME position and is 100% satisified with the level of transparency I’ve provided them. We are now gearing up to hit a few thousand leads a day at a massive CPA. Our margins per lead are humble, however we plan to make the majority of our profit on the volume.
5. Leverage Associations To Reduce Risk.
Capital intensive businesses are not interested in working with new companies. They want proven solutions that add real value.
The most powerful form of advertising via B2B is through positive associations. Connect yourself with the who’s who in the industry. It takes time to develop relationships, and even if you’re not doing business with someone, still develop a connection.
I develop connections by discovering ways that I can add value to other’s businesses. With large players, I offer free services to get my foot in the door. That’s right, we’ll offer assistance for free just to add value. The fact of the matter is that the more value you add to others, the more others feel obliged to add value back to you.
Once you’ve created a solid network, leverage it everyway possible. i.e. The other day we were talking to a new client who mentioned another person we know in the industry. We quickly added that we’ve done a lot of work with that person. What did the new client do? As soon as we got off the phone they called to verify the work we did. Once verified, they called us up and we won the contract.
The person that we work with that got the call ended up reaching out to us. He noted that the new client called him to verify that we were the real deal. “Of course we told him that you guys rock!” In return he thanked us for saying such great things about his group. See how it works 😉
6. Only Discuss Costs If Asked. Then, Bluntly State The Cost As If It Is Nothing To Them. If Costs Are Not Brought Up, Send An Invoice For Work Performed.
The rich have a nose for people that are only seeking their company for the sake of money. When discussing business deals, act as if money is a non-factor. Since you are offering a service that is greater than the present value of their money, they’re more than willing to pay you. If you start bringing up money as an issue, a red flag will fly up.
One of my business partners called me today wondering whether $6,250 was too much to charge one of our clients. He was wondering whether he should ask for $4,000 instead.
I quickly corrected his thinking – the client that we’re working with made over $100 million dollars last year. I asked my partner why he was thinking so small! In his defense he didn’t know how much money the client made last year – which then brings up the point that he should have done his due diligence. Ugh, I’ll stop there.
7. Shoot High. Wealthy People Are More Apt To Pay Large Invoices Vs. Small Invoices.
Movers and shakers don’t have time to deal in wasteful activities. Big businesses need to make big moves. By the same token, they like to make the most bang for their buck.
If you have a service that will create them real value, then don’t be afraid to sell them a huge package. You’re creating value for them. In return they’ll gladly pay a large invoice.
This month I had a more difficult time getting a $1500 invoice paid for then I did on getting a 7 figure spend greenlighted. UNREAL!
P.S. Wealthy people love to talk about their success and about themselves. When you converse with them, focus everything around their “exciting” lives. They won’t be able to get enough of you and subsequently you’ll win their business!