In the latest instalment of The Superyacht Group’s Digital Dialogues, Martin Redmayne is joined by Patrick Coote, chief marketing officer and head of Northrop & Johnson Europe, to discuss the future of the yacht broker.
Coote is a strategic market expert with more than 25 years of experience in the superyacht sector. His background spans a wide variety of prominent marine businesses that encompass publishing, boat shows, design, construction, sales, charter, management, refits, crew and finance. His various roles have provided Coote with a unique perspective of the superyacht market.
“What frustrates me [about the superyacht market] also delights me. What frustrates me is that a lot of the people and companies are stuck in the past, stuck in traditional ways of doing things, traditional ways of marketing and selling, which gives those that are a bit more forward-thinking a prime opportunity to stand out without too much difficult,” starts Coote.
Over the last 12 pandemic-affected months, the brokerage market has performed incredibly well. In fact, according to various reports, 2020 was the best year for brokerage since 2009, with over 490 24m-plus yachts having been sold. While the isolation felt by many as a result of lockdown measures and travel restrictions no doubt inspired some clients to commit to superyacht purchases for which they may otherwise have stood on the fence about, credit must also be given to the brokerage community for adapting to its new environment.
Speaking on the brokerage market’s strong year, Coote explains: “I think it is a multitude of factors. In no particular order, I think yacht marketing has been given a massive kick up the backside and launched forward about 10 years over the last 12 months. We have all had to embrace, far quicker than anyone had ever anticipated, new technology, online marketing and digital marketing at the expense of the traditional channels, such as print, events and boat shows, and we have all found that it is fantastic and it produces an amazing return on investment. It is less expensive, it is easier to track, it has been a steep learning curve for us all, but it has been fantastic.”
Elsewhere within the interview, Coote discusses the changing perspectives of superyacht clients, how the role of the contemporary superyacht broker is evolving, the process for selecting a top broker, the importance of branding and much more.
To watch the full interview, click here.
Patrick Coote, chief marketing officer and head of Northrop & Johnson Europe
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.
You can view the ever-growing archive of Digital Dialogues here.
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'.