Gulf Craft, one of the world’s leading superyacht shipyards, recently addressed the key factors that they believe are necessary to thrive in today’s competitive luxury industry.
Speaking at the Arab Luxury World conference in Dubai this week, Erwin Bamps, CEO of Gulf Craft commented, “Ultra high net worth individuals (UHNWIs), representatives from luxury brands become consultants, and to do so, they must first gain the trust of customers through authenticity, and a genuine interest in the welfare of the customers.
“We have often seen that our customers’ requirements change through time as they become more seasoned yacht owners. At Gulf Craft, we play the role of advisors from an early stage to ensure that our customers are satisfied with their acquisitions many years after their investments.”
A brand can build a strong relationship based on respect with customers through continuously exceeding expectations. Bamps expresses that this is not necessarily achievable only through offering additional products or features, but more importantly, through over-delivering in the area of customer service.
Bamps continued, “Traditional technology and customer relationship management (CRM) tools are not sufficient in the luxury segment. It is important to develop strong personal relationships with customers; however, care must be taken not to cross the fine barrier between understanding customers, and invading their privacy.”
When growing a customer base, Bamps said there is nothing more genuine than satisfied customers as they can validate any sales efforts and become brand ambassadors. He further added that customer acquirement in the luxury industry is about being at the right place, at the right time, and creating conversations about the company’s offerings.
Bamps concluded, “While one school of thought is to target those with high spending power, at Gulf Craft, we believe everyone is a potential customer, and we grow when our customers grow.”
For more information, visit Gulf Craft.