Who Is The Millionaire Next Door?

I remember years ago, my cousin wanted to set me up with this guy who drove a Camaro (that’s dating me!) The reason why I didn’t go out with the guy- his money was tied up in a car- and the car does not make the man.

As you know, many People are caught up in the trappings of wealth, designer clothes, cars, big houses and other material goods. When the book  ‘The Millionaire Next Door’ by Stanley and Danko came out, it was eye awakening. It basically teaches you never to pre-judge people. Never assume people don’t have money by the way they dress, the cars they drive, the houses they live in.

Take Warren Buffet- one of the richest men in the world, and you would never recognize him. From what I heard, he wears the rattiest clothes and will let anyone pick up the check! This man is a billionaire. So who are the millionaires?

  • “Many of the types of businesses we are in could be classified as dull-normal. We are welding contractors, auctioneers, rice farmers, owners of mobile-home parks, pest controllers, coin and stamp dealers, and paving contractors.”
  • “We live well below our means. We wear inexpensive suits and drive American-made cars. Only a minority of us drive the current-model-year automobile. Only a minority ever lease our motor vehicles”

Pretty amazing, the true millionaires are non- conspicuous consumers. The question is: Do you judge the customer by how they look and dress? It is a very normal and human thing to do – but very annoying if you are the one being judged. Think about it- how many times have you gone out to the store in your ‘Saturday, loaf around the house, cleaning clothes’ gone into a store to buy something- and been treated rudely? It happens a lot. I didn’t buy a car from a guy, because on a whim, on a Saturday after a day digging the yard, I decided to buy a car.

That said- luxury goods are still selling, but the consumer wants to know what they are buying.

6 Keys to Selling Higher End

1.) Be the Expert

•    The customer looks to you for advice and guidance
•    Take control
•    Ask Questions about their needs, wants and lifestyle.

2.) Show the Best to Everyone First
•    Never prejudge. Assume everyone is rich.
•    Start high and go down
•    Studies show most people buy the first frame they put on.

3.) Show Color and Talk Lifestyle
•    Use shoes as an example
•    Fashion Accessory

4.) Wear it Yourself
•    Four C’s: Colorful, Costly, Current and Coordinated
•    If you wear it, you will sell it

5.) Understand about Price Resistance
•    Quote prices with confidence
•    Know the verbiage in up selling managed care patients
•    Never, never look at a patient’s pocketbook.
•    Know about your product


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