Be Interesting, Be Relevant

Posted by:

Henry Kravis, founder of private equity firm KKR, was asked once how to to succeed in an increasingly commoditized Wall Street environment. His advice is relevant to anyone who is seeking to carve out a niche for themselves and appeal to an elite segment of clients.

Kravis responded, “Be interesting, be relevant.”

Good advice, but how do we put that into action?

A couple of thoughts.

We find those who have a perspective, interesting. Rather than telling me that you would “love to explore ...

Continue Reading →
0

Top Advisors To The Wealthy Share Their Secrets

Posted by:

I had the opportunity to spend some time last week with one of the top luxury real estate producers in California, and an elite money manager in Chicago. Both of them focus on a small segment of the overall market with very impressive results.

Although the realtor closed only 12 sales last year, they were for a combined total of $61 million in transaction value. The wealth manager has $135 million in assets under management from just 18 clients.

Even if you’re ...

Continue Reading →
0

A neat trick for getting the affluent to pay attention to you

Posted by:

Andrew Sacks, founder of The Affluence Collaborative, which helps brands target affluent consumers, says marketers need to learn to dissect the wealthy, correctly breaking them down into subgroups, each with their own unique characteristics.

“To try and appeal to the wealthy as a group is not a winning strategy,” he says.

Whether it’s products or services, the key is to craft a message that resonates with a very specific audience.

A what makes a good message?

A great story.

Case in point.

One of the great joys that comes ...

Continue Reading →
0

How To Attract The $4 Million Client

Posted by:

So my friend Saul, just inherited $4 million. Very cool for him.

Now, Saul’s done pretty well for himself over the years-owns a PR firm and has been making some good coin for the past decade.

But this is a real nice windfall.

The challenge is that while Saul’s a smart guy, he’s not an investment expert, so he decided to get some assistance.

Interesting lesson for anyone who’s in the financial space, or anyone who wants to work with affluent clients.

As you might ...

Continue Reading →
0

The Rich Are Snobs

Posted by:

The rich are snobs.

But not in quite the way you would think.

It’s not so much that they look down on other people, as much as it is that they want others to recognize their place on the monetary pecking order.

Which is important if you want to do business with them.

I know you’ve heard endlessly about niche marketing strategies, and about how by appealing to a smaller segment of the market, you’ll actually do better than if you try to appeal ...

Continue Reading →
0

“Movie Trailer” marketing to the affluent

Posted by:

The newest approach for marketing to the affluent is what’s becoming known as Movie Trailer Video Marketing. Although the early adopters are in the luxury real estate field, don’t be surprised to see this approach take hold among other consultants, advisors and experts who are seeking to gain a foothold with the ultra-affluent.

As I’ve mentioned repeatedly, good marketing is all about telling a good story, and Movie Trailer Video marketing takes this to the next level.

There’s a great post about ...

Continue Reading →
0

Using Video Stories To Sell To The Affluent

Posted by:

Ultimately, it comes down to the story you tell.

That’s how you differentiate yourself from others.

That’s how you get the attention of the very hard to reach.

In the world of luxury real estate marketing, no one does a better job of telling the unique story of a house with humor, warmth and emotion than Ruhm.

Check out these videos.

Whether you have the budget for this type of marketing or not, the important point is that whatever you offer, you need to communicate ...

Continue Reading →
0

The importance of affluent niche marketing

Posted by:

The Wall Street Journal makes an interesting observation about the importance of niche marketing, especially if one is marketing to the highly affluent.

Case in point, Kayne Anderson Real Estate advisors, a private equity firm just completed its fourth real estate fund in a record amount of time.

What was the secret to attracting accredited investors?

There are two lessons to be learned.

First, the fund focused on a highly niche segment of real estate investing-medical office building and student housing. As the WSJ ...

Continue Reading →
0

What Affluent Clients Value In Their Advisors

Posted by:

Interesting results from a joint study done by Hartford Funds and MIT, on the factors most important to affluent clients when hiring advisors.

Although technical competence is important, it’s also a given, and in-and-of-itself, doesn’t differentiate one advisor from another.

The key point of differentiation? What the study refers to as personalization. 

What this refers to is that clients desperately want solutions that are custom tailored their needs, wants and desires. Thus, advisors who enter into conversations with a pre-packaged “solution” are at a ...

Continue Reading →
0

Stop Asking For Referrals-Do This Instead

Posted by:

Let’s face it-asking for referrals is uncomfortable for most of us. This is particularly true if you’re trying to connect with extremely affluent prospects or key corporate decision makers. The problem with asking with referrals is that it’s usually uncomfortable for all the parties involved.

Asking makes one feel a bit like a beggar. It certainly positions one as not being part of the circle to which they aspire. (If you were a part of the circle-you wouldn’t need referrals.) In ...

Continue Reading →
0
Page 1 of 3 123