I’ve been following the case of convicted swindler Bernie Madoff with some interest.

The amounts involved are quite mind-boggling…

…he’s reckoned to have defrauded his victims of over US$65 BILLION (around A$100 billion!).

Now, many (if not all) great swindles rely on a shrewd understanding of human nature…

…and so can provide marketers with some useful insights.

In the case of Bernie Madoff, what caught my eye was…

…how he marketed his funds.

You see, part of the man’s evil genius was to make very effective use of the trigger of exclusivity and “takeaway selling”.

Because Bernie didn’t accept money from just anybody.

Oh, no.

You had to be invited.

Now, that on it’s own wouldn’t have been enough to lure people in.

But Bernie fabricated a very plausible story about his supposed investment skill and success.

And, importantly, he appeared to be reputable and have the right credentials.

So, the lure of greed (of course) PLUS the air of exclusivity proved to be a very potent combination.

And the victims of the swindle were not unsophisticated.

They included many wealthy individuals, international banks and foundations.

So, on the one hand a cautionary tale…

…but also one with some useful marketing lessons.

“Exclusivity” is a very powerful buying trigger…

…just make sure that you’re delivering real value and service to your clients, of course!