In the latest instalment of The Superyacht Group's Digital Dialogues series, Rory Jackson is joined by Mark Duncan, director of marketing and business development at Fraser, to discuss the rapidly evolving brokerage market and the equally transformative messaging that will be needed to support this change.
“Maybe I'm being naive or optimistic, but I think there's a number of factors which will mean that yachting will not go back to where it was; it will be able to carry on progressing. In the last year, about 20 or 30 per cent of our clients who purchase yachts were openly sharing with our brokers: 'You know what? We got to that point where we realised if it's not now, then when?'"
To keep up this momentum, Duncan also highlighted the need for the industry to define its messaging, as the traditional model may not be as effective for the next generation of clients “If your messaging doesn't touch in some way your potential client, your potential customer, then they're not going to engage with you because it doesn't make any sense”. As mentioned by Duncan, simply relying on the yachts to tell their own stories is not necessarily enough. “Previously, this industry was very much messaging along the lines of, ‘look at this great yacht; It was built by this great yard and with this great designer’ which is not really messaging. That's simply ‘take a look at this product’”.
“The messaging of our industry is going through a seismic shift”
“The messaging of our industry is going through a seismic shift,” Duncan concluded. As the industry continues to evolve and expand, Duncan also highlighted the need for leadership. The changing regulations and elevated expectations of environmental compliance, both mandated and via client opinion, will require engagement at all levels within the industry. Duncan sees the brokerage sector as having a vital part to play in a sustainable future. “We need to educate not only our own teams around the world, but we needed to start educating owners, especially charter boat owners; aside from it being great for the environment, there's also an economic factor. IMO tier 3 and other regulations are going to affect how owners use their boats, how they build their boats and where they are used."
Duncan also calls upon the superyacht industry to increase cooperation and confidence to thrive as it looks ahead, “the industry doesn't think of itself as an industry and therefore isn't thinking, in any great way, grander schemes or blue skies ideas like; how can we present our industry as an eminently investable sector?”
To watch the full interview, please click here.
The One to One series is a collective campaign for change and industry improvement, and we welcome participants from all sectors. If you would like to take part or contribute your thoughts, please contact Eleanor Shepherd.
If you like reading our Editors' premium quality journalism on SuperyachtNews.com, you'll love their amazing and insightful opinions and comments in The Superyacht Report. If you’ve never read it, click here to request a sample copy - it's 'A Report Worth Reading'. If you know how good it is, click here to subscribe - it's 'A Report Worth Paying For'.