Index
accumulation of wealth, taxes and, 209
achievement, 54–55
acquisition, 8
channeling vs., 12–17
something nice, 17–24
adaptive selling behavior (ASB), 69
affective manifestations of passion, 65
affective trust, 170
affiliation, 54
affirmative responses, 179
affluent
Americans’ views of, 229
as collectors/connoisseurs, 96–97, 102–105
comparisons, 225
income and assets for, 207
journey in their own words, 82–83
key take-aways, 114–115
outlooks on Great Recession, 219
passionate interests of, 92–93
spending pattern changes, 89–91, 226
survey of attitudes toward salespeople, 228–229
views of, 76
views of money, 84
views of salespeople, 26, 108, 112, 113
Affluent Attitudes Toward Salespeople survey, 25, 108, 112
Ambady, Nalini, 66
Ambassadors Network, 229
American Attitudes Toward the Wealthy, 76
American Express Publishing, 25, 57, 204
Americans, wealthy described by, 76–78
Amiel, Henri Frédéric, 75
anomalous human consumptive behavior, 11
“Apprentices” at living with affluence, 99–100, 107
approach to investing and financial services, 106–108
as collectors/connoisseurs, 102–105
do’s and don’ts of selling to, 109
arc of maturation, 95, 99–101, 106–108
archetypes, 36
Aristotle, 119
The Art of Selling to the Affluent (Oechsli), 44
artisans, 22
assets, concentration in U.S., 208–212
authenticity, in expressing love of job, 144
automobile dealers, 15, 155–157
avoidance goals, 70
Baccarat, 133
Bacon, Francis, 178
Banks, Russell, 145
beauty, 17
behavioral economics, 11
behavioral manifestations of passion, 65
Bernanke, Ben, 217
Berra, Yogi, 139
Bible societies, 43
BlessingWhite, 56
blueprint for top sales performance, 186–187
Boiler Room (movie), 13
boldness, 193
brand extensions, 125
brand loyalty, 131–132
brand promise, communicating, 173–175
Buddha, 158
business travel, 61
Cahan, Abraham, The Rise of David Levinsky, 43–44
Canfield, Jack, Chicken Soup for the Soul, 68
Cartier, 120
case studies
Chanel, 127–129
Hermès, 128–129
Louis Vuitton, 124–127
top sales performers in luxury auto dealership, 40–41
top sales performers on Fifth Avenue, 37–40
Cato the Elder, 20
celebration of closing sale, 172–173
Censor, office of, 20
challenging goals, 197–198
Chanel, Gabrielle Bonheur “Coco,” 127–129
channeling, 12–17
character, language of, 168
charities, percentage of affluent contributing to, 98
Chicken Soup for the Soul (Hansen and Canfield), 68
children’s work ethic, 159
chimpanzees, 7–8
class divide, between customer and salesperson, 143
closing the sale
celebration of, 172–173
timing of, 13–14
clothing, English laws on appropriate, 20–21
Coates, Clive, 122
Cocteau, Jean, 128–129
cognitive ability, 55
cognitive manifestations of passion, 65
cognitive trust, 170
Colbert, Stephen, 36
cold-calling environment, and optimism, 54
collectors, as percentage of affluent, 96–97, 102–105
college students, and endowment effect, 9
communication strategies, 168
elevator pitch, 176–178
complaints, avoiding, 141–143
complexity, avoiding language of, 169
confidence, 34
Confucius, 141
conscientiousness, 51–52
subdimensions, 54–55
conspicuous consumption, 79
consumer spending, 220–221
cutbacks, 88
consumption, channeling, and market share, 16
correlation in research findings, 48
Costco, 164
costs of hiring, 39
coupons, 163
credibility, 171
Cribs, 94
curiosity, 194–195
customers
mental map for, 154
salespeople avoidance, 24–25
satisfying interactions with salespeople, 27
Dark Ages, 21
demographics of financial elite, 212, 213
Denver, Colorado, real estate prices, 237n4
dependability, 54
desire to acquire, 8
destroying unsold merchandise, 130
detail-rich stories, 145–148
determination, 34
discounted prices, 88–89, 126, 130, 167
discretionary income, 205
discretionary spending, 88
distinctiveness, of brand promise, 175
distractions, 189
docent’s tour, 152–157
Domaine Romanée-Conti, 122–123
Dweck, Carol, 66
economic challenges, 2
economic downturn and family strength, 86–90
see also Great Recession
economic theory, 9
economic uncertainty, finding strengths and happiness, 224–226
Edison, Thomas, 68
effectiveness, learning, 66–67
Einstein, Albert, 69
Electronic Data Systems (EDS), 35
elevator pitch, 176–178
Emerson, Ralph Waldo, 139
emotional stability, 51
employee engagement, as performance predictor, 56
employee turnover, 53
endowment effect, 8
English laws, on appropriate clothing, 20–21
enthusiasm, 142
Erikson, Erik, 236n1
Euripides, 167
excellence, 27
topography of, 131–133
exquisite excellence, 120
subdimensions, 54
failure, reasons for, 188–190
family, 158–161
financial decision making, 90–91
passion for, 85–91
Federal Reserve, Surveys of Consumer Finances, 210
female head of household, and family financial decision making, 90–91
financial inequality, Great Recession and, 210
financial resources, breakdown for elite households, 205
financial service providers, 159–160
arc of maturation and sales, 106–108
firing, responsibility for, 39–40
first impressions, 195–196
Flaubert, Gustave, 146
Forbes 400 List, 210
free enterprise, 22
free trial, 11
French Revolution, 23
Gallup, research on sales effectiveness, 55–56
General Motors, 35
Goethe, Johann Wolfgang von, 178
Great Recession, 2, 16, 134, 217
affluent outlooks on, 219
and financial inequality, 210
U.S. population impacted by, 225–226
The Greatest Salesman in the World (Mandingo), 44
Greeks, 19
guiding, 196
Haliburton, Thomas Chandler, 7
Hannaford, Ebeneezer, Success in Canvassing, 43
Hansen, Mark Victor, Chicken Soup for the Soul, 68
happiness, 198
in economic uncertainty, 224–226
selling to, 180–182
hardworking, passion and, 67–68
Hegel, George Wilhelm Friedrich, on passion, 33
Hermès, Thierry, 128–129
The Hermès Scarf: History & Mystique, 130
higher-income households
income and assets for, 207
see also affluent
Hill, Napoleon, on desire, 33
hiring, responsibility for, 39–40
history, of passion-based selling, 43–44
hours of work, 40
housing market, stability concerns, 87
Hoyt, Charles Wilson, Scientific Sales Management, 45
human behavior, irrationality of, 11
“I want” economy, 87
imminence effect, 198
improvement, 188
income, levels, 2008 to 2010, 211
income inequality, 210
industrial revolution, 22
interdepartmental tour, 154
interest in sales, 55
Internet
for shopping, 25
social media sites, 160–161
interviews, with successful salespeople, 38–39
investment-grade quality, 166
“Journeymen” at living with affluence, 100
approach to investing and financial services, 106–108
as collectors/connoisseurs, 102–105
do’s and don’ts of selling to, 110
identifying, 108
Juvenal (Roman poet), 19
keepall bags, 125
“Kelly bag,” 129
Kierkegaard, Søren, 75
language of passion, 167–169
Lauren, Ralph, 173
learning, effectiveness, 66–67
learning process of affluent, 99
Lehman Brothers, bankruptcy, 88
Lifestyles of the Rich and Famous, 94
Limoges, 133
loss aversion, 10
Louis Vuitton, 124–127
Louis XIV of France (Sun King), 23
love of job, 141–144
expressing, 176
loyalty to dealership, 16
luck, 193–194
luggage, 124–127
luxury products, 119–120
advertising copy for, 168
essence of, 121–123
meaning of acquiring, 17–18
purchase of, 7
retail store salespeople case study, 37–40
Romans’ view of negative effect, 19
spending indicators, 134–135
survival of providers, 133–135
Mageau, Geneviève, 63–64
magnetism, 66
Mandela, Nelson, on passion, 33
Mandingo, Og, The Greatest Salesman in the World, 44
Marechal, Malletier Monsieur, 124
Marie Antoinette, 23
market segments, growth, 227
market share, channeling consumption and, 16
“Masters” at living with affluence, 101
approach to investing and financial services, 106–108
as collectors/connoisseurs, 102–105
do’s and don’ts of selling to, 111
identifying, 108
maturation, arc of, 95, 99–101
and financial services sales, 106–108
meaningful, brand promise as, 175
meta-analysis of research studies, 48, 51, 54
methodologies for research, 203–229
Metropolitan Life Insurance Company, 53
middle-class, growth, 209
middle-class background of affluent, 78, 82
molding the individual as training focus, 63
“mom-ocracy,” 90
money, affluent views of, 84
motivation, from goals, 198
mythology, 36
Nabokov, Vladimir, 146
National Bureau of Economic Research, 88, 162–163, 217
National Cash Register, 46
National Weight Control Registry, 190
near-term goals, 198
net-worth concentration, 209
“New American Matriarchy,” 90
The New Elite: Inside the Minds of the Truly Wealthy, 210
niche passions, 91–95
Nietzsche, Friedrich, 149
“Noe,” 125
Oechsli, Matt, The Art of Selling to the Affluent, 44
online shopping, 88
openness to experience, 51
opportunities, seizing, 195
optimism
and passion, 52–57
return of, 214–215
and stock market, 217–219
opulence, Smith on, 22
order takers, salespeople as, 25
ownership, 10
and value, 8
Palling, Bruce, 122
“Papillion” bag, 126
passion
expressions of, 187
foundations, 186
labels and expressions, 64
language of, 167–169
leveraging in sales, 140–141
niche, 91–95
and optimism, 52–57
of product, 29–30
of the prospect, 29
as question basis, 178–180
for relationships, 41–43
for sales, 34–36
and sales success, 27–30
of salespeople, 28–29
passion-based selling, history, 43–44
Pasteur, Louis, 194
Patterson, John, 46–47
peddlers, 13–14
personal objects, early art and craftsmanship, 17
personal sales success, discoveries to achieve, 61–71
personality traits, research on, 51
persuasion techniques, 47
philanthropic efforts of affluent, 95
Plato, 18
Popeil, Ron, The Salesman of the Century, 44
positive psychology, 53
potency, 54
Powell, John, 176–178
risks in lowering, 167
prices, complaints about, 141
primal nature of endowment effect, 10
The Principles of Scientific Management (Taylor), 45
product, passion of, 29–30
proportion of variance accounted for, 48–49
prospect, passion of, 29
Psychomachia, 21
Publilius Syrus, 170
punctuality, 171
quality, 3
investment-grade, 166
questions, passion-based, 178–180
rapport building, 149
rational actor model of human behavior, 9
real estate, 134
Denver, Colorado prices, 237n4
recessions
major in U.S., 218
see also Great Recession
reciprocity, 150–151
relationships, 41–43
reliability, 170–171
reliability coefficients, 49
religious people, and happiness, 59
Renaissance, 22
Rendell, Ruth, 146
repeat customer, 42
research
methodologies, 203–229
on sales, 47–52
on success in retail sales, 37–38
resilience, 67–68
retail prices, discounts, 88–89
retirement, 83
Ries, Al, 173
The Rise of David Levinsky (Cahan), 43–44
risks, 82
ritual of celebration, 172–173
Romans, 19
Rome, decline, 21
sales
biggest challenge, 24–25
passion for, 34–36
sales boot camp, 189
sales performance, weight loss compared to, 190–192
The Salesman of the Century (Popeil), 44
salespeople
affluent views of, 26, 108, 112, 113, 227, 228–229
blueprint for top performance, 186–187
customers’ avoidance of, 24–25
employee turnover among, 53
lifestyles of successful, 57–61
myths about, 12
passion of, 28–29
principles for success, 192–198
reliance on, 25
responsibility for hiring and firing, 39–40
satisfying interactions with customers, 27
top performers on Fifth Avenue, 37–40
training, 63
trust in, 14–15
see also successful salespeople
sampling plan, for survey, 205
scientific management, 44–47
Scientific Sales Management (Hoyt), 45
self-disclosure, 150
self-fulfilling prophecies, and recession, 2
self-reliance, 227
Seligman, Martin, 53
seven deadly sins, 21
shared pursuit, discovering, 149–151
Singer Manufacturing Company, 62
Smith, Adam, The Wealth of Nations, 22–23
snake oil salesmen, 43
social media sites, 160–161
social norms, 209
Socrates, 18
specific goals, 197–198
spending pattern, projected changes, 226
spending patterns
changes, 89–91
cutbacks, 220–221
projected changes, 222–223
projected changes, 2008–2010, 224
spiritual focus, 59
sports, 59
stealth wealth, 143
steamer bags, 125
Stern, Remy, 44
stock market, and optimism, 217–219
stories, details in telling, 145–148
strategies, fine-tuning, 69
strengths
in economic uncertainty, 224–226
and top sales performance, 55
Success in Canvassing (Hannaford), 43
success in sales, predicting, 47–52
successful salespeople
discoveries to achieve, 60–71
key take-aways, 114–115
lifestyles of, 57–61
Survey of Affluence and Wealth in America, 4, 57
2007 results, 25
methodologies, 204–214
survey of affluent attitudes toward salespeople, 228–229
Tacitus, 19–20
taxes
and accumulation of wealth, 209
on luxuries, 20
Taylor, Frederick, The Principles of Scientific Management, 45
telephone, for marketing, 160
theory and practice, 139
Thoreau, Henry David, 185
timeliness, 171
Tomazin, Ryan, 237n4
“total walk,” 154
traditional luxury shoppers, 214
training, 188–189
transaction-focused environment, 15
transcendence, dimensions of, 124–131
traveling merchant, 14
trust, 170
in institutions, 227
in salespeople, 14–15
truth, in brand promise, 174–175
truthiness, 36
United States
asset concentration, 208–212
major recessions, 218
views of the wealthy, 229
urban legends, 197
retention, 134
Vuitton, Gaston-Louis, 126
Vuitton, George, 125–126
Vuitton, Louis, 124–127
Wall Street (movie), 209
Wal-Mart, 164
Walton, Sam, 82
wealth, taxes and accumulation of, 209
The Wealth of Nations (Smith), 22–23
wealthy
income and assets for, 207
see also affluent
weight loss, compared to sales performance, 190–192
wine enthusiast, 122–123
Winfrey, Oprah, 83
Wiseman, Richard, 194
Wolff, Edward, 210
women, and family financial decision making, 90–91
Wooden, John, 145
work ethic of children, 159
“Yale Study of Goals,” 196–197
Yeats, William Butler, 167