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December 09, 2021 at 01:26 AM
What You Need to Know
- Affluent people may already belong to a golf club.
- They might not belong to your club.
- Even when they can easily afford to join your club, they might enjoy playing there for free.
Wealthy people value their privacy. They retreat to places where strangers won’t be hitting them up for business. The Chamber of Commerce has always been a giant networking group. Prospecting is expected. The country club is not a giant networking group. When the real estate agents wearing matching jackets arrive, the prospects scatter. But how can you entertain prospects and get them interested?
This ties into another characteristic of wealthy people: They enjoy doing certain things. If they can do them without paying out of their own pocket, you can get their attention. Let’s look at a few examples.
1. Golf at Your Country Club
When an insurance broker set up shop in a new town, he was advised to do two things: Buy a new Cadillac and join the most exclusive (and expensive) country club.
The broker would play golf a few times a week. He would invite fellow Chamber members or his accountant and a couple of their clients.
The only requirement was that the guests must be business owners. After playing a round, he would buy lunch.
During the meal he would ask, “Can I call next week and set up an appointment? I have some ideas I would like to share. I think I can save you some money.”
Why it works: The guests might belong to a private club but not the best club. They get to play the best course. They get lunch, too. This has created an informal obligation to the host. When the host asks for an appointment, that’s a difficult request to refuse.
2. Tickets to a Sporting Event
When I was an advisor, the firm would have tickets available for the U.S. Open. Your firm might have a skybox at the stadium. This is an opportunity to invite a couple of prospects to enjoy the game with you. You will need to understand any compliance rules regarding business entertaining.
Why it works: Serious sports fans want to see every game their team plays. Watching from great seats or a skybox has appeal.
3. The Museum Exhibition Opening
Many firms sponsor shows at their town museum. Some cities have blockbuster exhibitions that make the news. Museums have both business and individual memberships. These include guest passes. Invite a prospect or two.
Why it works: There’s an exclusivity to opening night. The press takes pictures. They are the first in their social group to see the show. This confers bragging rights.
