In today's video, we're going to talk about how to sell to rich people. The top 1% are earning more than ever because they're using software and technology to scale their businesses faster than ever. And it's really important to have an offering that sells to rich people.
Here's why. A rich person has all the same problems that a normal person has, but at a much bigger scale. They might have problems with their family, with their fitness, with their business, and all of those problems are compounded by the fact that they're operating at scale.
The big difference between a normal person and a rich person is that a rich person has way more money to solve their problems. A typical wealthy person might have a personal staff of four or five people. They might have an executive team of 15 people.
They might have an extended team of 150 people and all of that creates complexity and it creates problems and it creates opportunities for you to be able to offer something that solves some of those problems. One rich person has 15 times the budget of the average person. The top 9% of people have 45% of the total budget to spend.
Which means 60% of the available capital in your industry is in the top 10% of people who are buying. You want to tap into the top 10% who have 60% to spend. The mass market is 90% of people who only have 40% of the budget and that's coming down not going up.
So we want to be in this top 10% here. We want to sell to the luxury market or we want to sell to the affluent niche market. Let me give you two examples.
Example number one is a health and safety consultant that I know called Ray. Ray was talking to anyone and everyone who had an office or a normal work environment or a sports center about health and safety. He was running health and safety workshops.
He was doing health and safety posters, health and safety best practices, all of those sorts of things. His day rate was about $2,000 a day. Now, what he did is he applied some of the strategies I'm going to talk about in this video in order to move into the top end of his market.
He identified that the top end of his market was a particular type of food processing. [music] They had big budgets to spend because they had a very dangerous work environment and they had a big problem that needed solving. He ran a little workshop with someone from a very well-known company.
They gave everyone some amazing books and materials. They put people into that workshop. As a result of running one of those workshops every 90 days, they were able to move the day rate from 2 grand a day to 20 grand a day.
The typical client went from spending $20,000 to $400,000 and the business exploded as a result. And all he did is he figured out how to move himself from the mass market to the top of the tree. I'll give you one more example.
One of our clients in Sydney was a property sourcing specialist. What he would do is find property investments and he would source property investments for anyone who wanted to buy an investment property but didn't have the time or energy or expertise to find a good deal. So his business was deal sourcing.
Now what he did is he made a shift in his business that changed everything. He made himself exclusively and only for people who worked for the big four accounting firms at a director level or above. He got rid of all of his case studies and testimonials other than the ones who were working at the big four accounting firms.
And he started running introduction workshops at the cafes and restaurants across the road from the big four in Sydney. He applied the principles I'm about to share with you in this video. and he was able to set a rule that he would only work with these exclusive clientele if they committed to a three-year journey to buy at least six investment properties.
And as soon as he made those shifts to move into the top end of town and to have bigger deals and bigger commitments, he was able to massively transform his business by working with people who've got money to spend. Now, the truth is that your product or service could be 10 times more valuable to the right person if only you could get in front of them. So, let's go through three principles that put you in front of the right people.
Principle number one is about having a really powerful pitch. You cannot show up in these environments if you don't know what it is that you're selling, if you don't know what it is that you're doing, or if you can't communicate the value of what you're doing. So, we're going to talk about pitching.
Principle number two is called contextual adjacency. You need to show up in the right way. You need to show up with the right brands around you, with the right people who introduced you.
You've got to have the right context in order to move in these circles. And principle number three is called land and expand. This is where we start small and we end up with big deals.
By being generous at the start, we end up being well paid at the end. So let's go through these three principles. How do we have a really powerful pitch?
A powerful pitch, we call it a social pitch or a hook pitch. And it has six elements. Name, same, fame, pain, aim, game.
I know that sounds like a big mouthful, but you can actually get all of this done in under 40 seconds. So your name is what is your name and your business name? or what is your name and your product or service name?
That's one of the first things. Wealthy, rich people, they meet a 100red people a month. You need to remind people of who you are and where you're from.
Same is a simple, easy to understand definition of what you do so that they're not confused to begin with and they kind of just understand directionally correct what it is that you do. You might say something like, "I'm Daniel Priestley. I run a software company called scoreapp.
com. We do AI generated marketing campaigns for small businesses. " The next one is fame.
Fame is what sets you apart. What makes you different? Or who do we have in common that makes me instantly more trusted?
So, I might say something like, "We've got 9,000 customers in 150 different countries. " I might say, "I've met you through mutual contact at Coots [music] Bank. " I might say, "We've won awards.
" I might say that we've recently raised an investment round. I might say that one of our investors is a person that you've heard of. Right?
All of that could be part of the fame. So I want you to think about anything at all that gives you a little bit of extra credibility, little bit of extra fame that you can put into your default social pitch. So the next part is pain.
This is where you describe the frustration or the pain that you first noticed in the world. So I might say most small businesses really struggle to generate leads. They massively struggle to run performance marketing campaigns and if they could do that, their business would benefit massively.
The next part is AIM. This is what you do. We've created a platform that allows small businesses to set up a hyperargeted marketing campaign, a performance marketing campaign in under 30 minutes.
And the big game is what is the big picture of what you're doing? I might say something like, "For me personally, I really care about entrepreneurs. I want to see entrepreneurs standing out, scaling up, and solving big meaningful problems in the world.
" So all of that fits into about 45 seconds. Name, same, fame, pain, aim, and game. That is my pitch.
In my experience, rich people really respect people who've got a wellthought through pitch. They love it. Now, I've had the opportunity to meet dozens of billionaires.
I've met senior decision makers. I've met executives and CEOs and big investors who write big checks. All of them love a wellthought through pitch.
But the way that I deliver my pitch is I always ask permission first. I'll say something like, "I know a lot about you cuz I've done my research. Would it be okay if I share 30 seconds to a minute about what I'm up to in the world at the moment?
" Or I might say, "I know you get pitched a lot and I don't want to be that guy who gives you a pitch. Would it be okay if I share a 30-cond version of my pitch so you know what I do? " And by asking permission, it normally gets a smile.
It gets a positive reaction and it cuts straight to the point. And I tell you what, rich people value their time and they love people who get to the point. Okay, so the next thing I'm going to share with you is a big deal.
And most rich people don't even have the words to describe what this is, but they all use it and it's like 80% of the battle. What I'm about to share with you is the key to showing up powerfully in a rich person environment. The technical term for what I'm going to share with you is called contextual adjacency.
Now, what this means is that people judge you by what they see going on around you. They judge you based on the people that are around you, the brands that are around you, the physical locations that you meet them in. All of that stuff actually provides a lot of weight to what you're saying.
See, you could have the exact same words, but said in one context it means nothing, and in another context it means everything. Context really matters. So contextual adjacency is the three, four, or five markers that are going on around you that tell people a lot about who you are.
Now, I've got a story that really illustrates this point. Imagine that you're going to hire one of two business coaches. Business coach number one wants to meet you in the cafe at Equinox Gym.
When they arrive, they're dressed head to toe in Gym Shark athletic wear. They're wearing an Apple fitness tracking watch, and they bring you a gift of a book of Jim Collins's Good to Great. Now, before they've even opened their mouth, you know that this person is very performanceorientated.
This person is datadriven and this person really cares about [music] big outcomes. Now, the second business coach says they want to meet you in a crystal cafe. They're wearing [music] Buddhist beads around their wrist.
They've got flowy roby clothing on. They bring you a gift of a book called The Secret and How to Manifest Your Drams. And you notice that they have an Android mobile phone that has a big crack through the screen.
Now, before they've even opened their mouth, you already know that this person is a little bit different to the first business coach. They're much more spiritual. They're much more into the metaphysical.
Neither of these coaches needs to even open their mouth. You've already made a decision based on whether you're interested in the spiritual and metaphysical approach or whether you're into the data and performancedriven approach, right? You've already kind of made up your mind based on the context of how you met that coach.
So, what I demonstrated there is how much contextual adjacency actually matters. People place huge amounts of weight based on a few different things. Now, let me give you some things that you could go with.
Number one is the books, thought leaders or courses that you're currently engaged in. So if you were to show up with a book or if you've recently taken a course and you discussed it or if you met someone at a course or if you share a common thought leader that you both follow, that's a great contextual marker. Educational institutions that you've studied under would be another contextual marker.
Third one would be the locations that you meet. In every city, there are locations that rich people are meeting in and there are locations that they never go into. So in a big city like London, you'll find that Marabone, Mayfair and Chelsea are the places that they typically meet and they meet in beautiful hotels, certain restaurants and cafes and definitely members clubs.
So there are those locations that provide context. The fourth thing is the brands that are surrounding you. There is a difference between having an Apple iPhone and a cracked Android.
There is a difference between showing up in a crisp Apollo Ralph Lauren shirt or in a scrappy old t-shirt from your favorite band of the '90s. If you're in a place like Dubai, big flashy brands like Rolex and Ferrari, they carry a lot of weight. In other circles, those brands would devalue you or make you seem too flashy.
But the key here is to put thought into the brands that are around you. The fifth one is the suppliers that you share. Now, rich people bank at rich people banks.
They go to rich people consultants. They go to rich people accountants and lawyers. All of those suppliers, they have a fast track for upand cominging entrepreneurs.
They have monthly events that they run to attract new people in. And if you get on their mailing list, you will figure out how they get people together. I tell you what, if you meet someone through a private bank or a really wellrespected consulting firm at one of those events that they run, that immediately says a lot about who you are.
And then the final one, of course, is mutual contacts. If you have mutual friends, mutual contacts, if you know family members or trusted members of their inner circle, that is a powerful strategy for having a really strong level of context before you've even opened your mouth. Now, an amazing hack for this is that on LinkedIn or Instagram, you can already see the people that you have in common.
You can see the thought leaders that both of you are following. You can see the mutual contacts on LinkedIn that both of you know. Do some digging to see if you've got those mutual contacts and mutual brands in common.
The key here is that you need three, four, or five of these contextual markers to say something about you before you've even opened your mouth. Put some thought into this. Do you know the one thing I've noticed is that entry-level entrepreneurs almost never think about the context and setting the right scene.
And yet, the wealthy and the rich people that I know, they put a lot of thought into this stuff. Principle number three for selling to rich people is the concept called land and expand. The way that you sell to rich people is by doing something upfront.
that is free, that creates proof, then reviewing it and then expanding and then reviewing it and expanding. You don't get to do big deals before you've proven yourself on small deals. You prove that you're trustworthy in a small way and then you get invited to do big stuff in a big way.
But there's a little technique that really changes everything. Let me explain. Okay, so with the land and expand framework, the first thing you need to do is generate proof.
You've got to prove that you're valuable. The best way to do proof is through education or research. Education is where you go in and you share insights that are very very valuable that the rich person didn't know existed.
Research is where you go in collect data or information that the rich person didn't have access to. You consolidate that and you share with them some key insights. So in this proof phase, we're going to do some research.
We're going to find some insights and we're going to share that totally freely. The other thing that you could do is a short little sprint, some sort of small project where you're building chemistry just by getting started. So, for example, let's say you're a fitness trainer and you meet a rich person who says that they want to lose some weight.
You might say, "Let's just go for a run together. Let's just get out there and do something together. Let me take you to the gym and let's go and do a workout together.
" Now, what you're doing is you're saying, "Let's just build some chemistry. Let's build some proof. Let's see if we work well together.
" You're not going to put any barriers in the way. You're not going to say, "Let's have a contract. Let's pay some money just yet.
We're going to park all of that to the side and just start doing something together. " The key here is start the ball rolling with as minimal amount of friction as possible to create some proof. Now, once you've created proof, I want you to be the one to suggest a review process.
I want you to figure out how to present your data, your research, or your insights in a written format. Now, what I want you to do is figure out how to put it on a spreadsheet, how to put it on a slide deck, and I want you to print it out and give it to the rich person. I want you to say, "Here's what we discovered.
Here's what we found. Here's what we did. Here's what we should do next.
" But the key here is it's got to be written and printed. I want you to have a printed out document. The big mistake that many of you make is thinking that people have amazing memories or that they have a lot of head space.
A rich person does not have a lot of head space. It needs to be printed out. It needs to be visual.
Did you know that 50% of the human brain is dedicated to visual processing? If you don't make it visual, there's 50% chance people won't take it in. The other reason you got to make it visual is rich people make decisions with other people in mind.
A rich person has an executive assistant who needs to see what's going on. A rich person might have a financial adviser. A rich person might have another key decision maker, maybe a spouse who gets involved in their decisions.
You need to give them something that they can then share with those other decision makers to make making that decision a complete no-brainer. Put the thought in and create something visual that can be that review process that they can share. Okay.
If you do this correctly, they are going to say, "Let's propose a deal. " And what you might do is say, "I'd love to work with you. What do you think the deal should look like?
" Now, here's the cool thing. Rich people are really good at constructing deals. And it's very, very cool to let them suggest the deal.
You can even say, "I've got an idea as to what a deal might look like, but I'd love to know if we work together, what do you want that to look like? Or have you got an idea as to how it would look like? Is there a preferred way you would want to work with someone like myself?
" The reason this works so well is half the time they're going to suggest something that is way bigger than you had in mind and the other half of the time they're going to suggest something smaller. But if that's what they're comfortable with at this phase, that's where you need to go next. Now, if you're lucky, they're going to explain a big deal.
They're going to say, "Hey, let's work on this. Let's work on these parameters. " You might even ask them the question, "What's the price point?
What's the budget that you feel comfortable with? " You might say, "If I was to work with someone like yourself, we would typically budget around X or Y. Is that the typical scenario that would work with you?
The power of putting it into their court is that they have a lot more experience in their world than you do, obviously. And they're going to have price points that they have in mind. They're going to have budgets that they typically work with.
They're going to have performance targets that they might typically feel comfortable with. And if you put the ball in their court, it's often the case that the deal that they suggest is way better than the deal that you would come up with. You should always have a fullback position.
You should always have a deal that you've put thought into that you can suggest on the spot. So if they say, "I'm not sure. How do you think it should look?
" You say, "Well, here's what I'm thinking. " Right? And you can present that and once again present it in a written document that is printed out that is ready to share.
Now, here's the little secret. The one thing that rich people like to do is constantly test to see if you're trustworthy and whether you deliver results. So, you've done something for free and that created proof.
Excellent. Now, you're going to do something, let's call it 10 grand, 20 grand, 100 grand, and that's going to deliver even more proof. Once again, you're going to do a review process.
And here is the absolutely most powerful tactical thing that you can do at this point. Once you've delivered the second great result that you got paid for, this is where you can say the truth is that I'm getting busy. I'm oversubscribed.
My focus is getting split between other projects. You can actually name a constraint. And at this point, you can say, I'm not sure, do you think I should double down working with you, or do you think it's time that we part ways?
So, the powerful technique here is that after you've delivered two powerful proof projects, you can say, "I'm getting busy. I've got other things going on. Do you think it's time that we double down and work on some bigger things together, or do you think it's time that we pull it a day and part ways on really good terms?
" Now, most rich people will say, "What are you talking about part ways? I want to do way bigger stuff with you. I really want to expand what we can do.
" So, you can now suggest, "Here's some big projects that we could work together. " During the process of doing a few things together, you've already started to understand this person's world better. You understand where they travel, where their interests are, and this is where you can suggest some big [music] deals.
This is where you could say, "What I'd love to do is I'd love to do some bigger deals with you. The reason I've been working closely with you up until this point is to build trust with you so that we can do some bigger deals together. Do you have anything in mind?
" Right? And this is where you're going to try and open up to the really big deals because the truth is that the big deals is where you make the big money with a rich person. The small deals are just building proof and trust.
So the purpose of getting to this point was to get to the big deal. Now here's another interesting thing. Rich people love to make recommendations to other rich people.
And at this point you may say, "Do you know of any big deals that are going on in your network that I should be pitching for that I should be putting myself forward for? " Now, that's a powerful question because at this particular moment, your current person that you're working with may not have a big deal, but they might know three or four people who do have a big deal. And that's really powerful as well.
The big deal that you get access to may not be the same person. It might be someone that they can introduce you to. But the key insight here is that we're going through a process of land and expand through the process of creating proof and then reviewing it in a written document, creating more proof, reviewing it in a written document, and then suggesting that big deal.
Okay, so we've covered three things here. And those three things are how you work with rich people. I hope you found that really, really interesting.
I don't want you to click onto the next piece of content. I want you to think about how are you going to improve your pitch. How are you going to improve the context of how you show up in the world and how are you going to build a journey where you land and expand so that you can work on bigger and bigger deals.
There is so much money out there. The world is just full of money. There's more money on the planet than ever before.
It's just in the hands of small group of people and you need to know how to sell to those people. So, make it a goal in the year ahead that you're going to start selling to people who've got more money to spend. Okay, I hope you enjoyed that video.
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