How to Find Wealthy Prospects | Sales Prospecting Training
Texans call people who live the life of the rich and famous, without real wealth, “big hat, no cattle.” Take notice of the people with whom you are networking. Do they have the re- sources to pay your fees and grow with you or are they “big hat no cattle?”
In The Millionaire Next Door, authors Thomas J. Stanley and William D. Danko assert that the typical millionaire has a boring business and can be met in a trade association. Most millionaires do not flash their wealth. Rather, the authors found, “People who look like they are living the good life may not have much wealth.”
Finding Wealthy Prospects
The book points out that very often those who supply the wealthy become wealthy themselves. The authors state, “There are significant opportunities for those who target the affluent, the children of the affluent, and the widows and widowers of the affluent.” They estimate hundreds of billions of tax dollars will be paid to the federal government during the next 10 years. Professionals advising families and serving estates will earn huge fees to help conserve as much wealth as possible.
The science of qualifying starts with the segment of the market you select for networking and communicating.
Segmenting your market into least likely, possible, and most likely categories will assist you in deciding where to invest your networking time. Prospecting a target-rich segment of the market just makes good sense.
Stanley and Danko’s research is comforting news for professionals who are networking in trade associations. They sent out 3,000 questionnaires to affluent communities and conducted about 100 in-person interviews. Their findings build on some of Stanley’s earlier research, published in his book Marketing to the Affluent. About two thirds of working millionaires are self-employed and own mundane businesses like scrap metal, welding, highway construction, and dry cleaning.
The wealthy list their CPAs and attorneys as their trusted business advisors. The millionaires list tax shelters, disciplined investing, and extreme thriftiness as keys to their amassing real wealth.
Conclusion
First, make one of your priorities to aggressively network with your affluent clients and acquaintances. If necessary, give up time you are spending with less-promising clients.
Second, pay attention to the next generation of owners of your clients’ businesses. When the business ownership and management changes, you don’t want them changing professionals.
Third, become involved in an industry trade association. Most affluent business owners value their trade associations above all other organizations. Fourth, become an advocate of the wealthy. Write your senators and legislators on matters that can help your clients. (Send a copy of letters to your affluent prospects and clients with a note saying, “This is an issue that probably affects you.”)
