DUBAI, 4 June 2015: Engaging and selling successfully to ultra-high net worth individuals (UHNWIs) is not possible without first taking time to understand their needs and desires, and then to establish a trusting, consultative relationship, says a top regional CEO.
Gulf Craft, one of the world’s leading superyacht shipyards, addressed the key factors necessary to thrive in today’s competitive luxury industry, during the Arab Luxury World Conference that was held in Dubai this week.
“When dealing with 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,” said Erwin Bamps, CEO of Gulf Craft.
“We have often seen that our customers’ requirements change through time as they become more seasoned yacht owners,” added Bamps. “At Gulf Craft, we play the role of advisers from an early stage to ensure that our customers are satisfied with their acquisitions many years after their investments.”
Erwin Bamps, Gulf Craft CEO, speaker at the Arab Luxury World Conference 2015
A brand can build on a strong relationship based on respect with customers through continuously exceeding their expectations. Bamps expresses that this is not necessarily only achievable through offering additional products or features, but more importantly, through over-delivering in the area of customer services.
“Traditional technology and Customer Relationship Management (CRM) tools are not sufficient in the luxury segment,” Bamps added. “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. “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,” concluded Bamps.
WATCH these video interviews of Erwin Bamps about the Arab Luxury World conference by Aficionado: