How To Reach ‘Low Profile’ Millionaires
Want to tap into the millionaire market?
Forget about scouting neighborhoods with big fancy houses, dealerships with luxury automobiles and exclusive jewelry boutiques with high-end designs. Instead, try checking out the affinity groups to which millionaires belong and then “be there,” suggested William Danko, PhD, author of The Millionaire Next Door and other titles, and associate professor of marketing in the School of Business at State University of New York in Albany.
In a speech here at the annual meeting of the National Association of Independent Life Brokerage Agencies, Danko dispelled the conventional view of all millionaires being big spenders with a penchant for a flashy lifestyle or socially prominent individuals.
Only about 20% of true millionaires in the United States fall into the “beautiful people” category, he said. Beautiful people are those who went to college, live in the “right” neighborhoods and have white-collar professional jobs, he said.
About 80% of true millionaires are classified as blue-collar professionals, he said.
Many such millionaires are not big consumers of fancy houses, cars and jewelry, he continued. They keep a low profile. The way to reach them is to go where they aretheir affinity groups.
“Low profile” millionaires that Danko said are the “true millionaires” include podiatrists and chiropractors.
Their occupations may be “less prestigious than that of other physicians,” Danko said, but they have entrepreneurial zeal and will to win and thats what matters.
Other examples he cited include mobile home park owners and auctioneers.