Winning Hearts, Minds & Wallets of High Net Worth Individuals
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Part 1 of a 5-part session on selling and developing relationships with the affluent. Primarily oriented toward real estate
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Winning Hearts, Minds & Wallets of High Net Worth Individuals
- 1. WINNING HEARTS, MINDS & WALLETS OF HIGH NET WORTH INDIVIDUALS Selling and developing relationships with the affluent Real estate module (Session 1 of 5) A 5-part program By Nick Wreden, MA, MS [email_address]
- 13. Customer Product Knowledge “ You/your requirements” “ Us/our product” Emphasis “ Helping to buy” Selling Key skill Consultative selling Product description & order-taking Methodology Acquisition + relationship Acquisition Sales goal Value Price, price, price Money Buyer’s market Seller’s market Environment More assertive, knowledgeable about alternatives, conscious of their value Eager to buy Customers Prospect requirements for value Product features Focus Today Yesterday SALES: YESTERDAY VS. TODAY
- 15. IOI HNWI SALES * Adapted from Forrester Research ** Not including primary residence AFFLUENT: WHO ARE THEY* RM35,000,000 + UHNW (Ultra High Net Worth) RM5,000,000 + Penta-millionaires RM1,500,00 - RM5,000,000 HNWI (High Net Worth Individuals) RM250,000 - RM1,500,000 “ Mass” or “emerging” affluent Investable** assets
- 19. AFFLUENT: WHO ARE THEY? “ Top performance, lightning speed and impeccable service” “ Safety, comfort, respect” Requirements for value “ The more you have, the more you think you need to have” “ More than today/ ability to spend without worry” “ What is rich?” Connoisseurs, sensualists, trend setters/followers Varied Types Status Security Concerns Job + investments + family Mainly job Income sources Home + investment Home Ownership goal Quicker Cautious Decision-making Moderate to high (depending on age) Low Tolerance for risk Affluent Low/middle class
- 21. Mass Affluent
- 31. IOI HNWI SALES “ Can I find other opportunities?” Why take action now? “ I’m richer and smarter than you. What can you deliver better than me?” Can you solve my problem? “ I’ve heard every sales pitch in the world.” Do you understand my problem? “ Everybody wants to make money off me.” Why should I trust you or your company? “ I can buy from anybody, and everybody wants my business.” Why should I listen to you? What they feel What they think SALES TO AFFLUENT: CHALLENGES
- 51. IOI HNWI SALES SMART LISTENING: Body language Body language: Facial expression, eye contact, hand movement, posture, physical distance, dressing etc. Tone of voice: Volume, pitch, clarity, pace, etc. Words: Fluency, choice of words, etc. 15% 38% Tone of voice 53% 7% Words 32% 55% Body language Business setting Social setting IMPACT OF BODY LANGUAGE
Notas do Editor
- NEED SALES GRADE FORM -- 2 COPIES, ONE FOR SESSION 5
- PRINT OUT COPIES OF THE SALES SKILLS RATING FOR EACH COPY OF ATTENDEE WORKBOOK. SEE NICK FOR THIS!! PRINT OUT ONE COPY OF THIS BELOW FOR INSTRUCTOR You are a young Internet entrepreneur (30 years old) who has made his fortune with an Asian eBay. You are single, smart and aggressive. You know exactly what you want. You drive the latest Porshe and wear a Rolex with diamonds, even with your jeans. You don’t have a driver because you like to drive fast. You work hard and play hard, with lots of girl friends. You spend more time at the office than at the house. You prefer to read technology magazines, not investment publications. You plan to put all your money back into your company. This is your first house; until now you have been living with your parents. You want as little maintenance as possible. Your office is in downtown KL, and your company has about 70 employees. You are a computer expert, and never graduated from university. You have no investment objectives; your company has already made you rich. You are 70 years old, and your health is getting worse. Your knees hurt, and you don’t like climbing stairs. You have to go to the hospital or doctor often. You have a lot of expensive artwork that you want to hang on the walls. Your wife is getting old too, and can’t do any cooking or housework. Your children never visit, and you miss your grandchildren. You are the retired CEO of a GLC. Your favorite activity is getting together with old friends and talking about the old days. You have a driver, and your car is an 5-year old Mercedes. You never travel, and don’t watch TV or movies much. You have two dogs that you love very very much. You are very concerned about having enough money to pay all your medical bills, and to ensure that your wife can always live comfortably no matter what. Almost all your money is in cash or cash equivalents. You like to pay bills yourself because you can know where all the money is going. The comfort of you and your family is key. You are 45 years old, and the CEO of a GLC. You and your wife do a lot of entertaining. You travel a lot, too. You have 3 children, who are all living at home. You have a maid, cook and driver. You are looking for your main residence. You love to play golf, and have an 5 handicap. You collect expensive artwork, which you like to hang on the walls. You are very successful, and like to be seen that way. You also have an expensive wine collection, and your wife’s jewelry collection is expensive too. Your company pays most of your bills. You are very vain, and want people to consider you to be handsome. You like to meet other CEOs and high government officials. You were educated in the best UK schools. Your suits are tailored. You are egotistical, and feel that you are almost never wrong. You expect your commands to be obeyed. You love it when you get your name in the newspaper. You have been interviewed on business TV programs before, which you also liked. It is important who your neighbors are. You are a Chinese investor from Singapore. You have investments in stocks, bonds, gold, and hedge funds. You want to expand your investments into real estate. You are also looking at investments in Iskandar, Hong Kong and Phuket. Your #1 priority is rate of return. You are worried that the current financial crisis will soon affect real estate prices in Asia. You are numbers-driven. You don’t care what a place looks like as long as it makes you money. You are 50 years old. Although you are the main decision-maker you don’t make decisions without consulting your advisors in Singapore. You have lost money in real estate before from a developer who went broke, and so the financial stability of the property developer is very important. 7. You are an Australian retired airline pilot who is interested in the Malaysia, My Second Home program. You like Malaysia because of low cost of living and the climate. However, there is a lot of paperwork with the My Second Home program that you need help with. You are looking for a nice, open air, modern home that offers casual living. Your wife likes to work in the garden. Your children are all grown and living overseas. You like going to the symphony and other cultural events. Your hobby is studying aviation history. You are a bit worried about the rising crime rate, so security is a top concern. After a lifetime around noisy airports, you are very interested in quiet and serenity You are the husband (or wife) of newly married couple. You are wealthy, mainly because your parents are wealthy. You are interested in starting a family as soon as possible. You work for your father’s company, and one day you will be CEO too. You have lived the good life your entire life. You are well educated, and want your children to be well educated too. Your wife likes to shop, and wear the latest fashions. You want a home that you can show off to all your friends. Your wife is really looking forward to decorating the home just the way she wants, and then have it highlighted in a Malaysian design magazine. She enjoys gardening. You are just married, so you want to give your wife everything she wants. You are an executive that lives in Singapore with your family, but your biggest subsidiary is in KL. You travel to KL frequently on business. You are tired of staying at the Ritz-Carlton, and so you are looking to buy a second home here. Since it will be empty most of the time, you want it well taken care of. You also want it serviced while you are here (change sheets, towels, etc.). While you are in town you leave early and leave late, so commuting is rarely an issue. You sometimes take fellow CEOs to golf and do business. Your wife may also use the second home several times a year when she comes here for shopping. Since this home is for convenience only, price will be a major factor.
- The questions ONLY go into the attendee workbooks. The questions and answer go into instructors handbook. Exercise #2 -- Sales essentials Answer the true/false questions in your workbook. Do not discuss with others while answering. 1 . In sales, it is better to give information than to seek it. True ______ False _________ 2. Investigating a buyer’s needs is the most important part of a sale. True ______ False _________ 3. When first meeting a prospect, it is important to completely describe your product so he knows exactly what you’re offering. True ______ False _________ 4. The more features you describe, the more likely you will make the sale. True ______ False _________ 5. The sooner you can tell him about discounts, the faster you will make the sale. True ______ False _________ 6. In a successful sales call, the seller does most talking. True ______ False _________ 1. False 2. True 3. False 4 . False A. You don’t know buyers problems B. Starts prospect thinking about price early before understanding value C. Telling is a poor way to infuence peoples 5. False 6. False 7. Price is a feature. 8. Sales margin is more important than sales volume. 9. Buyers can lie to you. 10. All customers are created equal. 11. People will buy from someone they don’t like. 12. Competition only comes from other vendors. 13. Product knowledge is more important than customer knowledge. 7. True 8. True 9. False 10 . False 11. Generally false 12. .False. Competition also comes from internal resources, other projects, and the option to do nothing. 13. False
- Persuade, not hard sell
- The point is that the best way to benefit yourself with faster and more valuable sales is to benefit the customer. Consulatative selling also means the end of the lone-ranger approach to selling. Involvement of the entire organization means both the entire organization helps sell, but also leads, etc. are passed to rest of organization. WHY DO WE WANT TO INVOLVE THE CUSTOMER LIKE THIS? Easier sale because customer feels like they get what they need Easier sale because will TELL YOU HOW THEY WANT TO BE SOLD Easier sale because qualification is easier and faster. Long-term benefits (referrals, etc.)
- Exercise #3 -- Challenges of sales to affluent Based on your experience, list the issues, concerns, and obstacles associated to the affluent. Be prepared to discuss them, including how to deal with them. Challenges How to deal with them
- TOP IS FOR ATTENDEES, BOTTOM IS FOR INSTRUCTOR MANUAL Exercise #4: Dealing with procrastination Write down 2-3 delaying tactics used by your customers, and write down stateme. Let mnts to “agree, clarify & legitimize.” [[NOTE TO JULIANA: COPY BOX ABOVE]] COPY PAGES 52-53 OF BOOK “QUESTIONS THAT SELL” FOR INSTRUCTORS MANUAL ONLY “ Can I get back to you on this?” “ My wife really makes all the decisions about housing.” “ I’ll look at it for next year’s budget.” “ It’s not me that makes the decision. It’s the management committee.” “ My father will be in town in 2 months. I want him to see the property first.” “ The market looks pretty uncertain now. I’ll wait until things settle down.” “ Can you give me the name of others who have bought. I want to talk to them. That’s not exactly what I had in mind I’d like to check with some other developers first That’s more than I had intended to pay I want to think about it for a while
- People like people who are like them.
- THE NEXT KEY SKILL IS SUMMARIZING 1 shows prospect you are interested in them 2 develops relationship 3 helps lay the foundations for your consultative sale
- So here’s 2 WAYS to show you’re listening - theatre LEAN OVER DESK ETC FOR INSTRUCTOR MANUAL ONLY Reflect these statements: “ I love the outdoors. It lets me feel free and open. I want to feel the wind on my face and hear the birds siging.” “ Criminals always want to hurt people and damage property. They can destroy lives. Robbery can take away everything that people have worked for.” “ I want my children to learn. They must be educated to get a good job. A teacher must teach kids how to study well to pass hard tests.” “ My wife enjoys shopping for style and fashion. She always wears the latest outfits. She reads fashion magazines, and likes to see what celebrities are wearing. When clothes are out of style, she throws them away.” “ Music is hot. It’s got a beat you can dance to. My body just wants to get up and move with a good song. I listen in the car, and often sing along with the music.” “ Football is my favorite sport. When they kick the ball down the field until they score, I watch carefully as the players control the ball. Nothing wants to make me cheer like when they drive the ball into the net.”
- TOP PART IS FOR ATTENDEE MANUAL, BOTTOM FOR INSTRUCTOR Exercise #5 -- Listening Test - Part A Did you listen? Write the 3 most important sales skills. Listening Test - Part B Summarise what you’ve learned so far in 3-4 bullet points. FOR INSTRUCTOR MANUAL Listening Questioning Silence Slow-talking banker concerned about investment security and return Fast-talking salesman concerned about showing that he has made it; cioncerned about neighbors and staus Young entrepreneur who wants singles lifestyle President of engineering firm very, very interested in detail. Not only show listening, but actually listen! Summarize : “Higher bus costs should be accompanied by improved services, such as better bus conditions, shorter waiting times & shorter traveling times. Though most buses are in reasonable condition, the complaints are usually about poor air-conditioning. For outstation travel, we expect better ticketing, TV/video and roomy seating. Shorter waiting time would lead to less overcrowding of buses. And what we need is a re-look at the routing.”
- THIS IS 3RD SKILL OTHER 2 ARE? LISTENING QUESTIONING Time them on watch…. But don’t let them look at watches. It is really hard to wait 30 seconds… most will speak after 10-15 seconds. In short class drill, have them wait 30 seconds before answering….? Possible questions: Who is Malaysia PM? What is largest country in Asia? What is population of Malaysia? What is the date of Malaysian independence? Remember: The prospect should always speak more than the sales person!!!
- Relate to customer/establish rapport --Don’t sell, help to buy Understand customer goals or constraints Solve their problems and issues Close Follow service and help --Follow-up
- Aspirations Agree, Clarify, Legitimize
- FOR INSTRUCTOR AND ATTENDEE WORKBOOKS: Print out the following: http://www. businessweek .com/lifestyle/content/apr2008/bw20080410_941624. htm http://www.realestatejournal.com/buysell/agentsandbrokers/20040722-hodges.html