“Go big or go home.” “It takes money to make money.” You’ve heard the sayings about big money deals. Unfortunately, like most proverbs, there is some truth in them: business deals, and especially big deals, are not charity events and a client won’t give money to someone who they don’t believe will meet their ROI expectations.
In the 2014 eBook “The Psychological Science of Money,” it is suggested that the proper use of wealth symbols creates positive interpersonal relationships. Now it’s just a matter of educating yourself about the “proper use” and, then, knowing how to pull it off.
Go Where The Money Is
Short of Howard Hughes-like anomalies, you are not going to find a millionaire hanging out with the Santa Monica homeless, or in your local chamber of commerce or networking group. Wealthy people work hard but they also play hard. Private golf courses and upscale fitness gym are the places that you will find businesspeople with money to spend. Closing the big deals means making connections with the people who can financially help you meet your goals.
Look at your target demographic and see what kind of things they like to do. Once you have made a relationship with one person, have him introduce you to others of his network.
You don’t close multimillion-dollar deals at a diner. If you are going to impress a client, use the trapping of wealth. Take your prospect out on a boat. Psychologists at the University of British Columbia found that humans associate certain symbols with wealth; among them is owning a yacht or private boat. This cue of wealth sends a message of prosperity and dominance, so if you’re the guy who takes potential clients for a spin in a brand new sailboat, you’re more likely to close high profile deals. Of course, if you don’t own a boat, you can rent one for the day. But beware: make sure that you have a boating license and know the local boating regulations; otherwise, your perceived dominance is going overboard with the deal.
Contrary to popular belief, money is not the root of all evil. The wealthy are not, by their very nature, selfish and immoral. In fact, statistics on charitable giving show the opposite: over a lifetime, people who earn more than $100,000 annually give more of their income to charity (about 10 percent compared to three percent for the next-lowest salary range), so the wealthy have an eye on generosity. Talk to your clients about their charities and invite them to be part of yours. This establishes you as trustworthy and will go a long way in closing future transactions.
Add Your Own Money
Another way of showing your trustworthiness is to put your own money into the deal. If you are asking for investment funds, it will go a long way to closing the deal if you have some of your money at risk as well. If you do not have the funds, get a commitment from a bank.
Give Them What They Want
Just because a person has more disposable income than most does not mean they are willing to throw money away. In a Huffington Post article about the behaviors of the wealthy, we learn that the affluent shop around before buying. To close the big deals, understand that your product needs to be the best on the market. Let your client shop around, then finish the transaction with confidence that yours is the best investment opportunity.
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