9780814416532

Summary

Revelatory and surprising, based on unprecedented research, The New Elite took a behind-the-scenes look at America's rich that shattered the prevailing myths about how the "other half" lives. Now, in this practical-and equally fascinating-follow-up, Selling to the New Elite, the authors reveal what the truly rich want from brands, what they expect from the marketplace, and how the Great Recession has reshaped their purchasing patterns.

Author Biography

STEPHEN KRAUS is vice president of Harrison Group, where he provides senior leadership to the company’s wealth consultancy.

JIM TAYLOR is vice chairman of Harrison Group, one of the country’s most respected marketing firms, and a widely recognized marketing expert. His clients include American Express, Chanel, UBS Private Wealth Management, and Neiman Marcus.

DOUG HARRISON founded Harrison Group in 1996 and has developed branding strategies for Coca-Cola, Microsoft, Louis Vuitton, Four Seasons, Bank of America, and other impressive companies. Taylor and Harrison are the authors of The New Elite.

CHIP BESIO is director of marketing for Sewell, a high-profile chain of car dealerships in Texas.

List of Figures	p. xi
List of Tables	p. xiii
Acknowledgments	p. xv
Introduction	p. 1
The Desire to Acquire	p. 5
The Essence of Selling: Channeling vs. Creating the Desire to Acquire
The Desire to Acquire ... Something Nice
So What's the Problem? The Biggest Challenge in Sales Today
Using the Three Passions to Achieve Sales Success
The Passion of the Salesperson	p. 31
A Passion for Sales
Case Study: Top Sales Performers on Fifth Avenue
Case Study: Top Sales Performers in a Dallas Luxury Auto Dealership
A Passion for Relationships
The Long History of Passion-Based Selling
Lifestyles of Successful Salespeople
Discover Your Passion and Mold Your Environment
The Next Step
The Passion of the Prospect	p. 73
The Biggest Myth About the Affluent
The Passion for Family and the "We Need" Economy
Money, Culture, and the Niche Passions
The Arc of Maturation and the Evolution of Passions
The Arc of Maturation and Selling Financial Services
Passion as the Missing Ingredient in Sales
Summing Up
The Next Step
The Passion of the Product	p. 117
Discovering the Essence of Luxury
The Five Dimensions of Transcendence
The Topography of Excellence
Reports of Luxury's Death Are Greatly Exaggerated
The Next Step
Theory into Practice: Thirteen Expressions of Passion in Selling	p. 137
Express the Love of Your Job
Tell Detail-Rich Stories
Discover a Shared Pursuit
Give the Docent's Tour
Understand Their Ultimate Passion: Family
Satisfy the Passion du Jour: Value
Use the Language of Passion
Understand That Reliability Is "The New Trust"
Create a Ritual of Celebration
Communicate a Compelling Brand Promise
Hone a Compelling Elevator Pitch
Ask Passion-Based Questions
Sell to Happiness
The Next Step
From Passion to Execution	p. 183
Why Most Sales Programs Fail
Compare Weight Loss to Sales Performance
Seven Principles for Making It Happen
A Final Thought
Appendix: Our Methodologies for Studying the Affluent and Wealthy	p. 201
The Survey of Affluence and Wealth in America
Optimism Continues Its Cautious Return
A Fragile Optimism, Weakened by Stock Market Concerns
Spending Cutbacks Still Prevalent
Finding Strength and Happiness Amid Economic Uncertainty
Key Take-Aways and the Outlook for the Future
The Survey of Affluent Attitudes Toward Salespeople
The Survey of American Attitudes Toward the Wealthy
Notes	p. 231
Index	p. 239
About the Authors	p. 249
Table of Contents provided by Ingram. All Rights Reserved.

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Excerpts

<html><head></head><body>INTRODUCTION We have focused much of our work in the past five years on understanding wealthy individuals and luxury markets. We have worked with companies such as Mercedes-Benz, American Express, Cartier, Neiman Marcus, and many others. In other words, we have worked with companies for which luxury is not a preoccupation, but a passion. The same search for extraordinary quality also defines our clients who are not “luxury” providers, but are still exemplars of excellence in their categories—companies such as Microsoft, Coca-Cola, and Vitamix. It is in passion, and with passion, that we find the greatest opportunity to sell. We know how hard the last four years have been. Many have called it the Great Recession, with good reason, as it has already been far longer and more severe than any economic downturn since the Great Depression. Government economists tell us it began in December 2007, but our research identified spending cutbacks and an “emotional recession” as early as mid-2006. As of the writing of this book in September 2010, our research still suggests challenging times ahead for sales professionals. Despite the government’s assertion that the recession ended in June 2009, over 90 percent of the affluent believe the recession still continues today, and over 60 percent expect it to continue for more than a year— attitudes that can easily become self-fulfilling prophecies. Most have reduced their spending. “I’ll buy whatever I want” has been replaced with “Let’s buy only what we need.” The process has made them feel smart, not deprived, and most expect to continue their newfound frugality and valueorientation when and if the economy improves. The unfortunate bottom line: Today’s economic challenges are unlikely to resolve themselves easily, deeply, or soon. We know it has been hard to make your numbers. Challenge, as always, creates opportunities. The desire to acquire runs deep in the human species, and despite their heightened value-orientation, the affluent continue to shop, particularly in categories they are passionate about. Moreover, excellence is still valued. Despite the economy, the affluent have been reluctant to trade down—their expecta- tions about and desires for quality, craftsmanship, and service have not diminished. Meanwhile, their expectations that purchases be thoughtful and meaningful have risen. This is a book about how to sell, in these tough times, the very best things. We wrote this book primarily for those engaged in faceto- face selling of high-end products and services to financially successful individuals. But it is also of interest to those more tangentially related to that core mission, such as: • Those who sell to the 90 percent who aren’t affluent. • Those who sell nonluxury products. • Sales managers whose charge is to hire, grow, and retain top sales professionals. • Advertising, marketing, and branding executives who try to build customer relationships “from afar”— through traditional and social media, through the products they create, through the brands they develop, through the retail experiences they design, through the corporate culture they build, and through the sales approach they instill directly and indirectly via hundreds of management decisions daily. </body></html>

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Selling to the New Elite

0814416535

Supplemental Materials

Summary

Author Biography

Table of Contents

Supplemental Materials

Excerpts

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