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In episode #569, Eric and Neil explain different ways that you can market your business to the wealthy. Tune in to hear tips on gaining traction with wealthy business people.
TIME-STAMPED SHOW NOTES:
- [00:27] Today’s Topic: How to Market to the Wealthy
- [00:35] Any kind of podcast can be marketing to the wealthy.
- [00:40] At least 15% of people who listen to this podcast make over six figures a year and listen to four or five hours of podcasts in general.
- [01:06] You can either create your own podcast or advertise during one.
- [01:20] Using Frank Kern’s method: Create a letter where you ask for five minutes of someone’s time and then send an envelope full of cash.
- [01:40] Tell them they can keep the money even if they don’t give you the five minutes.
- [02:18] Eric looked into attended/speaking at TED or Summit.
- [02:30] Some of the highest quality of people are at these large conferences.
- [02:50] Basic approaches also work: go on interviews, go on podcasts, reach out to bloggers with large audiences.
- [03:42] Try to get published on TechCrunch, Mashable, etc.
- [04:00] Networking is helpful and important.
- [04:18] When writing SEO content about super-technical aspects of your business, you’re more likely to reach the wealthy.
- [04:40] Eric and Neil have a live event that was successful, because a lot of people from different organizations showed up.
- [05:04] Join business organizations.
- [05:11] To be in EO, you have to make at least $1 million per year.
- [05:15] You can join EO Accelerator with under $1 million per year, as this is for younger people or startup businesses.
- [05:41] Without EO, Eric wouldn’t have been able to save his business.
- [05:56] Eric has DM’d billionaires on Instagram and has made successful connections that way.
- [06:15] That’s all for today!
- [05:17] Go to Singlegrain.com/Giveway for a special marketing tool giveaway!
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Full Transcript of The Episode
Eric Siu: Welcome to another episode of Marketing School. I'm Eric Siu.
Neil Patel: I'm Neil Patel.
Eric Siu: Today, we are going to talk about how to market to the wealthy. Guess what? This podcast that we're doing right now, any kind of podcast, we are marketing to the wealthy. To kick things off, some statistics, at least 15% of people that listen to a podcast, they make over six figures a year, and they listen for how many hours, Neil?
Neil Patel: I think it's four or five.
Eric Siu: Four or five hours. That's crazy. You're listening to these people talking. You're building a relationship with them. Really affluent people are listening to podcasts. That's one way to just get in front of them.
Neil Patel: It's an amazing strategy. It works. You could either create your own podcast. You can do advertising on a podcast. Either one ends up helping you reach that audience. Another strategy that's interesting, and I learned this one from Frank Kern, he ended up creating a letter, and this letter, it was either him or someone else, but he was telling me the story, what you do is you create a letter telling people how you just want five minutes of their time, and you send them an envelope full of cash. Let's say you're trying to reach out to family offices or really wealthy people worth a billion dollars. When they get an envelope full of cash of a grand or five grand, yes, that may not be a lot of money for them, but they're like, "Who the heck is this," and you're saying, "You can keep the money. All I want is 30 minutes of your time. You won't regret it." They're going to be like, "You're crazy." They're going to jump on the phone. I've always wanted to test this out. I haven't yet, but maybe in 2018, that'll be one of my goals.
Eric Siu: Maybe that'll be a good episode. The other thing is, think about ... I look at events. Recently, I just ... You have to freaking apply to attend the Tech Conference in Vancouver. I'm not sure if it's just some kind of marketing thing, but it did take three months to go through, and that conference, to attend, it does cost $10,000, and when I look at events like Summit at Sea, or not it's just Summit, which is one of the best events I've been to ... I looked into TED, and I talked to a bunch of people that attended, and they said best event ever. Well, there's a reason, because, first of all, people have to go through an application process. Same thing with Summit. You're paying a high dollar value. You're committing a lot of time.
These are probably going to be really good people that you're meeting with. Summit, I met the best quality people I've ever met with, just amazing people. There's Tony Hsieh. There's the founder of The Points Guy, all these different people, and I think that's a great way to, well, talk to these people first, build a relationship, and that's how you can market to these people because they also know other people, as well.
Neil Patel: You can also do basic approaches, too, such as going on interviews, going on podcasts, reaching out to bloggers that already have the audience and try to get press. A good example of this is people have their own podcasts, we heard a guy named Tom something. He's based out of the boonies, somewhere in Denver or something like that. He would end up reaching out to people who had podcasts and be like, "Neil, I'll get you interviews," and I think it was 1,500 a month or three grand a month or somewhere around there, and his only job was to get me on podcasts. It was a really effective approach, and this was a long time ago when not as many people knew me. You can do this. By getting on the audience, you're going to get introduced to people. You'll be seen as authority, so that way, when people are listening, they're like, "Oh, here's Eric or here's Neil. We gotta follow these people."
You can do the same thing with press. There's a lot of PR companies, like Inbound Junction, that can help you get on places like TechCrunch or Mashable or Business Insider. When you get on these sites, what will end up happening is you'll get way more people reaching out to you that are in the "wealthy audience" and they'll start signing up for your products and services, but a lot of it comes down to networking, getting on podcast spots or creating your own. You can do a lot of marketing, as well. What I found is the more complicated or the more ... Not necessarily complicated, but the more savvy your content is when you're doing inbound marketing, the higher caliber or net worth of a person that you're going to attract, such as when you're writing a ton of content around SEO and you're getting into super technical aspects, such as how to grow your eCommerce business from 10 million to 100 million, and you [inaudible 00:04:29] content like that, you're much more likely to reach rich people, assuming that's who you're trying to sell to.
Eric Siu: I really like events. I've talked about throwing dinners. I've talked about throwing ... Neil and I had our own Marketing School live event. This is all a good way to get really smart people. Our live event, we had some people from Entrepreneurs Organization, some people from Young Presidents Organization or YPO. These are all people that are millionaires in their own right. Basically, throwing your own events, not that hard. Go ahead, Neil.
Neil Patel: When Eric's talking about that, when we did our event, there's people from YPO, EO. You should also join those organizations, as well. I believe you're an EO. Have you ever generated any customers from EO?
Eric Siu: I have.
Neil Patel: To be an EO, everyone has to be making-
Eric Siu: At least a million.
Neil Patel: Or a younger entrepreneur. There's two [crosstalk 00:05:17].
Eric Siu: There's one called Accelerator. That's for people that are under a million. That's usually for the younger ones.
Neil Patel: By joining these groups, and EO's pretty affordable, correct?
Eric Siu: Well, that ends up costing me 10 grand a year.
Neil Patel: How 10 grand? I thought it was 5 grand.
Eric Siu: Because there's a retreat we end up paying for. There's LA dues. There's worldwide dues and all that. It ends up costing all in 10 grand.
Neil Patel: That sucks. Nonetheless, you've made more than the 10 grand a year-
Eric Siu: Oh, without EO, I wouldn't have even been able to save this business.
Neil Patel: You think it's that valuable?
Eric Siu: Yes.
Neil Patel: On top of that, you generated customers from it, as well.
Eric Siu: Correct.
Neil Patel: There you go. You can always check out these groups. All the wealthy people are in them. It's a great way to market to them.
Eric Siu: Final thing I'll add is I've actually DMed billionaires before just using Instagram, so if you want to get in front of them, if you think they're using Instagram, just DM them. These people are checking this stuff all the time. Again, I've talked about how these social networks, they are vying for your attention. They're just basically buying your attention, so they're probably hanging out there because these networks are doing a good job, but, anyway, before we go, we have a special giveaway. Well, special giveaway with a lot of giveaway stuff. Basically, they're marketing goodies. Just go to SingleGrain.com/giveaway to learn more, and we'll see you tomorrow.
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