Thursday, March 29, 2007

What the Rich REALLY Want

Remember when Volkwagen bought the car division of Rolls Royce, only to discover that the license to make and sell Rolls Royces actually belonged to BMW?

Poor VW was left with naught but the Bentley name to work with. So they did, and Robert Frank, in this post to his WSJ Wealth blog, cites their success as a lesson in how actually to market to the rich:
1. Create an amazing product and service experience that no other car maker offers.

2. Price that amazing product high.

3. Watch the profits roll in.
How strange, Frank observes, that the rich are endlessly surveyed. Why does their craving for quality and service seem as mysterious as the pronouncements of the Federal Reserve? His good advice:
Spend less time trying to divine the mysterious workings of the millionaire mind and more time creating the best product [or service] in the world.

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