Earlier this year I had the opportunity to read Prince and Schiff’s The Middle-Class Millionaire, courtesy of the Fulton County Public Library system. Subsequently I find myself referring this book to clients and friends left and right, each time returning to Amazon to search for a hardback book published in 2008 that had millionaire in the title. Imagine how tough that is? Finally I decided it was time to add this to my must-read this and found that the book is now available in paperback, just under a different name. The new name is the Influence of Affluence and saves you about $5 on Amazon over the hard cover.
The book makes a very sound point about how those millionaires with a net worth in the $1-5 million range are so influential in their purchasing decisions that they could rightfully be the key to many business/products success. Why you ask? Because they are so keyed into the idea of giving and seeking referrals. They routinely ask their friends and associates for input on purchasing decisions and readily share their opinions with others — more so than any of the other demographic segments surveyed by the authors.
Now I will warn you, this is a rather technical read but if you’re committed to target marketing, it is a great one. If you’re still not sure, check out these key concepts courtesy of the authors.