Working With & Selling To
High Net Worth Individuals
Monday 25th October 6pm (UK BST)
A completely different expectation
It does not matter what you sell, whether it is luxury cars, luxury properties or a luxury service, working with high net worth individuals (HNWIs) is a completely different ballgame than working with the mid-market.
HNWI’s are highly skilled, digitally savvy and spend a lot of time online, they’re well-read and extremely selective on which brands they share their personal information with, whether that is sharing on social media or online in general.
This informative training will give you insights and actionable steps you can take to build relationships, engage with and sell to High Net Worth Individuals.
Understanding the behaviour of HNWI's
The key to working with High Net Worth Individuals (HNWIs) is in understanding their behaviour as consumers.
A good starting point is to look at the brands they currently buy from e.g. Apple, Aston Martin, Mercedes, Rolls Royce, Mont Blanc, Rolex etc.
Studying these brands will give you valuable insights into what these individuals expect from their buying experiences and how you should match these experiences.
HNWI's can be contradictory.
The buying behaviours of affluent individuals can be confusing and seem contradictory at times.
For instance, they enjoy high-end products but also every-day items. They will spend thousands on one thing but negotiate over £10.
They like traditional values, meeting in person and are very loyal to a brand that has given them a great service. This is where common misconceptions produce ineffective communications.
Week 01 & Week 02
Understanding the history of luxury going back to ancient Egypt and Ancient Rome and how it has eveolved to the present day.
Taking a look at different categories of luxury. Is affordable luxury really a category or is it mid-market brands trying to elevate their product?
Every wealthy individual falls into a distinct wealth category and whilst we tend to lump them all together and call them High Net Worth, this is technically correct.
We will look at the different categories of wealth and how expectations change with each one.
Week 03 & Week 04
Luxury has a language just like any other profession. Speaking it makes you more credible. Imagine going to a lawyer who used surfer language or meeting a surfer who spoke like a lawyer! There would be a disconnect that made you do a double take.
Psycholinguistics is understanding the use of language. Can your choice of words really influence peoples behaviour? Yes, they absolutely can.
The wealthy love to negotiate, it’s a game to them. A game they’re very very good at. It’s also a game that every luxury professional needs to learn how to play.
The key to being successful with wealthy clients is building long-term, lasting relationships with them. We’ll discuss how to do that in the final class of the programme.