According to our 2004 APD Research, when affluent clients are
involved with a major purchase decision, finding the lowest price
is not the dominant criterion that impacts the final choice. And as
much as people talk about price, it ranks significantly lower
than offering the right set of features and finding the best possible option
through careful evaluation and comparison.

Only 39.8 percent rated finding a discounted or sale price as very important,
compared to 83.3 percent for the right features and 75.8 percent
for careful evaluation and comparison (see Table 3.1).

The growing affluent opportunity is making it possible for
many to rise above the rat race of price competition, but it requires
the creation of a dramatically different sales environment. Instead
of selling television sets, you must switch to selling entertainment.
Get the picture?

If you do get the picture, you have mentally transitioned from
selling a commodity to selling a concept. Instead of stressing function
and price, you help your prospective customer achieve his or
her dreams by promoting ideas, beauty, pride, and a level of personal
attention that leads to a long-term relationship.

Concept selling is the heart and soul of an affluent sales environment.
It is being used successfully with every type of product
and service imaginable, and it capitalizes on the fact that people
will always pay more for ideas than for products.

TABLE 3.1 Criteria ranked very important for
major purchase decisions.

Criteria Percentage

Offers the right features 83.3
Careful evaluation and comparison 75.8
Discounted or sale price 39.8
Responsiveness of sales and service people 37.5
Reviews and testimonials 37.0
Opinions of immediate family 23.0
Opinions of trusted friend 14.8

Source: APD Research Findings, June 2004 research project, How the Affluent
Make Purchasing Decisions, commissioned by The Oechsli Institute.

Concept selling begins by learning about your prospective customer’s
goals and aspirations within the context of your product
and service category. The crucial mistake made by my former dentist’s
office was not knowing their customer (patient)—me. They
should have perused my file, reviewed my past x-rays, and had a
better understanding of me, my teeth, and my dental goals.

When you can sell someone on the concept of a high-tech entertainment
center, the exact functional features and pricing become
less important. You must become a consultant who understands
how to create different types of entertainment environments, even
if it involves products you do not sell. Then your knowledge becomes
part of the value that your customer buys, and you have established
an ongoing relationship.