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Selling to The New Elite: Discover the Secret to Winning Over Your Wealthiest Prospects Hardcover – February 9, 2011


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Product Details

  • Hardcover: 272 pages
  • Publisher: AMACOM; First Printing edition (February 9, 2011)
  • Language: English
  • ISBN-10: 0814416535
  • ISBN-13: 978-0814416532
  • Product Dimensions: 1.1 x 6.3 x 9 inches
  • Shipping Weight: 1.2 pounds
  • Average Customer Review: 4.6 out of 5 stars  See all reviews (8 customer reviews)
  • Amazon Best Sellers Rank: #828,155 in Books (See Top 100 in Books)

Editorial Reviews

Review

"…ideas are presented clearly, without frills or filler…backed up with scientific research…Every employee in your business should read this book." --New Age Retailer



“…impassioned guidebook…enriched with illuminating examples of techniques highly successful salespeople use…with wealthy customers.” --Fort Worth Star-Telegram



“These guys are good and, better yet, they are thinkers…it merits your serious attention…You’ll get lots of nuggets in this excellent book.” --Life Insurance Selling magazine



“…authors have been surveying the buying habits of the affluent over the last five years …that would be enough to purchase this book but there is much more.” --Knights on the Road



“Packed with insight, examples, eye-opening stories, and exercises…contains the practical strategies you need to successfully sell to those with the power to buy.” --ForeWord this Week



“While mainly aimed at those selling luxury goods, it offers many valuable lessons for wealth managers, financial advisors and estate planners.” --Accounting Today



“An easy read…the book provides a good foundation to help professionals understand the marketing/sales basics when selling elite product to elite prospects.” --Choice magazine

Book Description

Based on unprecedented research, The New Elite took a behind-the-scenes look at America’s most powerful and influential class—what motivates them, how they think, where they shop, and how they really spend their money. In this practical and fascinating follow-up, the authors reveal how salespeople and marketers can hone in on this wealthy class, pique their interest, and convert them into loyal customers.

Presenting the best practices behind hundreds of mutually satisfying interactions between salespeople and buyers—based on studies of elite companies such as Lexus, Chanel, Neiman Marcus, Four Seasons, Cartier, and Louis Vuitton—Selling to the New Elite reveals what the truly rich want from brands, what they expect from the marketplace, and how the Great Recession has reshaped their purchasing patterns.

Loaded with insight and indispensable techniques, this one-of-a-kind guide shows readers everywhere how they can win over the wealthiest customers…and become rich themselves.


More About the Author

Stephen Kraus is author of three books on affluence and success in America.

He currently serves as Chief Research & Insights Officer of Ipsos Mendelsohn, and oversees the Mendelsohn Affluent Survey, a 35-year tracking study of the lives, lifestyles, spending patterns and media habits of affluent Americans. He previously directed the Yankelovich Monitor, an industry-leading study of American values and generational change. His articles have appeared in Ad Age, AdWeek, BrandWeek, MediaPost's Engage: Affluent, and a variety of scientific and trade journals.

Steve received his Ph.D. in social psychology from Harvard University, and twice won Harvard's award for teaching excellence. He lives in San Francisco with his wife and son.

Customer Reviews

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See all 8 customer reviews
It's truly quick and easy to read 2.)
Stepheny L
This is an easy-to-read and helpful guide for anyone in the luxury industry.
Jordan Phillips
There is a wealth of specific information presented from the surveys.
John Chancellor

Most Helpful Customer Reviews

Format: Hardcover
When I was young, I sold Lincoln automobiles at a local dealership. One day a weary woman walked in. She was shabby-looking, middle aged and all the male salesmen figured she was sure no prospect for our expensive cars. No one got up to wait on her. I did. Turns out she was one of the richest women in the country. She bought a Lincoln Town Car from me right off the floor. Moreover, she sent her son and her husband in to buy exclusively from me. I sold three cars off the floor in two days because of taking one bold step that no one else would take. That lesson is in this book.

I learned early that the affluent don't generally flaunt their wealth. They're understated. Oh, there are those who live large. But they are in the minority.

This book talks about the affluent. You'll discover who they are, how they think and live and, above all, what's important to them. As a professional copywriter, I was especially interested in the words that appeal to them and the words that turn them off. Know what? Most of the top Internet gurus use all the words that turn them off!

The bottom line is this: you need to read this book. Everyone in any business is a salesperson. It doesn't matter if you sell a product or a service. What's more, you don't make money from poor people unless you're a pawn broker or have a pay day loan shop. You make money from people who can afford your services or product.

If you position yourself as a premium provider, like I do, you must know how to deal with people who have money. There are lots of people who would love to have the services of a top copywriter. But many of them can't even come close to affording it. Just like most people can't afford six-figure automobiles.
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5 of 5 people found the following review helpful By Daniel B. Beaulieu on July 29, 2011
Format: Hardcover
Extremely interesting and helpful

I started reading this book out of sheer interest and interest only. Being in business to business sales of electronic components I really did not think that except for entertainment I would get anything I could use from this book. Man was I wrong!
Sure this book is all about selling to the rich, people who have at least a hundred thousand dollars a year of discretionary that's discretionary income. But I found plenty of very useful information that can apply to all forms of selling, selling to just about anyone or any entity.
I liked the idea of using the three passions to achieve sales success:
* The passion of the sales person: Sales success comes to people who have a true passion for selling, a true love for the "game of selling" They eat, drink and sleep sales, always trying to better themselves.
* The passion of the prospect: Most people who become wealthy do so because of a passion for what they do. They did not inherit their wealth they earned it. Over 90 percent of wealthy people started off in the middle class and worked their way to success. They identify with a sales person who loves what he does, a sales women who is passionate about what she does. Rich people pay for passion.
* The passion of the product: Sales people have to love what they sell. They have to be passionate about their products. They have to believe that they are selling the best product on the market. The feel that it is their privilege to be selling their product. That kind of passion comes across.
There is no doubt that this kind of passion will apply to all sales efforts. The fun part of the book is in the examples that the authors use to get their points across, stories from companies like Chanel, Microsoft, Apple and many others.
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3 of 3 people found the following review helpful By John Chancellor TOP 500 REVIEWERVINE VOICE on April 27, 2011
Format: Hardcover
This book is specifically targeted to those selling to the affluent. However I found that the insights and lessons in the book can be beneficial to anyone selling any product or service.

First the authors explore many of the changes which have occurred in the behavior of the consuming public. The age of conspicuous consumption appears to be over. The affluent are still buying and their consumption was not impacted nearly as much as the less affluent. However there has been two huge shifts which sales people must be aware of: The affluent are now more focused on value. They are much more conscious of getting value for their money. They have also stopped listening to salespeople. More and more they are going to the Internet to gather information, and where possible, make their purchases. According to the authors, "Most people would rather avoid interacting with the salesperson completely."

To be successful in this new environment, the salesperson needs to fully understand the three passions for sales success: The passion of the salesperson, the passion of the prospect and the passion of the product.

For a salesperson to be successful and standout from the crowd, he/she must be passionate about what they are doing. They need to have a keen interest in human behavior and sincerely care about people. "Building relationships is the essence of successful sales."

The authors state that "most sales training efforts have been unsuccessful because they have focused on molding the individual to fit the system."

To be successful, the salesperson must be passionate about the prospect and the product. The salesperson must understand what drives the prospect - what their values are.
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