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Book recommendations and other resources for marketing & salesmanship to HNWIs

Posted on 4/16/14 at 12:17 pm
Posted by Doc Fenton
New York, NY
Member since Feb 2007
52698 posts
Posted on 4/16/14 at 12:17 pm
Okay, so I used to make fun of people who started threads asking for book recommendations, because I have always been a terrible book snob who prided myself on being able to go to Amazon and quickly find the very best books on whatever subject I wanted to learn extremely efficiently.... but now I've finally come to a subject where I think I may need a little bit of help.

I am very good at learning general abstract knowledge about economics, mathematics, science, philosophy, theology, etc., but I've always been pretty bad at stuff like coaching, managing others, wielding authority, mentoring, relationship-building, negotiation situations, sales, marketing, etc. I've taught before, and I sucked at keeping discipline in the classroom, and I've coached baseball and football before, and I didn't really have the personality temperament for it--just never got excited about trying to urge other people to do something. I've gotten a lot better at things like interviews, but I would hate to ever have to make a sale.

Nonetheless, I know that I'm going to have to get better at that stuff at some point, especially because I want to eventually have some business or fund that caters to HNWIs (high net worth individuals) and/or UHNWIs (ultra high net worth individuals). It might be a hedge fund, or it might be a prep school, or it might be something completely different, but I'm almost sure that this is the direction my life will eventually move toward.

I've interned at a start-up hedge fund in NYC before, and the guy was nothing special or good at picking stocks with his long-short financial focus, but he simply knew folks from back in his home country of Turkey who wanted to invest with him. Make that 2% & 20%, lever up to hide the fact that you aren't that special at picking stocks, and you've got a golden career, am I right?

And last year I did a lot of research for this business that catered to UHNWIs around the world, particularly from the Middle East & Russia, who might want to come to a special luxury facility to recuperate from their problems. shite man, if you can cater to just a few dozen clients per year, and market to them effectively, then you don't really have to be that special or different at what you're doing, so long as you keep your reputation good and build a network of people who trust you. It seems like a great way to run a business with about 10 employees while making around 50% profit margins and raking in millions of dollars per year.

Anyway, I've noticed some pretty good sales/negotiation-related threads on this board in the recent past:

" OFFICIAL: Sales Professionals Strategy and Discussion Thread" (Aug. 23, 2013)

" Sales Advice: When Is The Best Time to Ask for the Money?" (Jan. 13, 2014)

" Sales Guys...need some advice here." (Nov. 12, 2013)

" Paging Will Cover: I'm in the market for a new car" (Feb. 25, 2012)

" Bought a car today using the "Will Cover" method." (Sept. 2, 2013)


I was just wondering if maybe we could get a book recommendation thread going on how to market a firm to HNWIs, or hell, maybe just for marketing in general. I pretty much skipped taking all those classes, so I don't know shite here.
Posted by LSURussian
Member since Feb 2005
126962 posts
Posted on 4/16/14 at 1:26 pm to
Getting to Yes: How To Negotiate Agreement Without Giving In by Roger Fisher

Swim with the Sharks Without Being Eaten Alive: Outsell, Outmanage, Outmotivate, and Outnegotiate Your Competition by Harvey Mackay

And learn the DISC personality profile identification system. It was a paradigm shift in my career and family life when I studied, learned and implemented that process.

DISC personality types
Posted by Doc Fenton
New York, NY
Member since Feb 2007
52698 posts
Posted on 4/16/14 at 3:28 pm to
Thanks, Russian.

I remember you bringing up that negotiation book in another thread, and I brought it with me to Houston. I had bought it for a class years back and never actually read it, but now I'm all the way to Chapter 1.
Posted by Doc Fenton
New York, NY
Member since Feb 2007
52698 posts
Posted on 4/16/14 at 3:29 pm to
I should probably also mention the 2 books GoldenSombrero recommended in August:

"The Challenger Sale"

"The New Solution Selling"
Posted by ForeLSU
The Corner of Sanity and Madness
Member since Sep 2003
41525 posts
Posted on 4/16/14 at 4:40 pm to
quote:

business or fund that caters to HNWIs (high net worth individuals) and/or UHNWIs (ultra high net worth individuals).


Building a solid referral network is the key. I've had very little luck with traditional sales and marketing tactics selling to these folks. When I've come in as a referral from someone they already trust, it's almost automatic that I end up doing business with them. Of course you have to live up to the referral, if you were introduced as "the best", you better by the best. Most of these folks won't give you a second chance.

As far as sales books go, I still really like "SPIN Selling". "Selling to VITO" was popular for selling to the c-suite. I read it years ago but found it a tad shallow, iirc.

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