3 Secrets to Doing Business with Wealthy Friends

What You Need to Know

Offer low prices or a unique service.
Quietly see what specific problems the wealthy friends have.
Offer solutions only when you see a real need for what you offer.

So far, so good.

You are doing all the right things when it comes to social prospecting. You have joined several community organizations. You met people with the potential to be great clients.

They know what you do. They aren’t doing business yet. What are some of the obstacles?

1. Rich people form relationships first.

Wealthy people have plenty of needs. They also have plenty of people calling or approaching to sell them something. If you want to get the wealthy as clients and have immediate results, there is a simple solution: Be cheaper than everyone else. It works for Wal-Mart.

If you want them to pay full price, then you need a different approach.

Strategy: Get close to them. As you get to know them really well, you’ll learn their needs. Ideally, the more specific or specialized the need, the better. Approach them for business in the context of that need.

Conversation example: ”From our previous conversations, I’ve realized that there’s something bothering you. You have a problem.” (Give details.) “I’ve thought long and hard about this, and I think I may have a solution.” Stop talking.

2. Their timetable, not yours.

You want new clients right now, not sometime down the road. You cannot pressure them to conform to your timetable. You might have informal conversations where they ask the right questions, but don’t take the next step. You can’t say: “Are you going to do business or not?”

Strategy: You need to have many, many prospects. I have heard this described as similar to a griddle cook in a diner. You have lots of orders on the grill at once. Something is always ready to come off. Ideally, you can make it timely.