This week, the MSc in Luxury Management students presented their research about the importance of “Luxury Codes” in the Yachting Industry.
Based upon over 200 observations from 48 companies taken during the 2019 Monaco Yacht Show, our Master students presented the application of luxury codes for both shipyards and brokers. Their analysis highlighted how potential clients perceive the marketing and communication efforts and how these will influence their perceptions of brokers and shipyards. The emphasis was on how this communication and marketing efforts can be improved to engage potential clients better and more effectively.
They analyzed 48 companies focusing on the two most essential luxury codes: History & Heritage, and Superior Customer Experience.
History & Heritage refers to a brand’s DNA. It is essential because it creates and enhances piece-of-mind, confidence, reliability, and trust in consumers. This is achieved by communicating a brand’s expertise, knowledge, and identity. This communication can only be effective if delivered consistent and coherent.
Superior Customer experience is the most critical luxury code as it is the #1 driver of your clients’ purchasing behavior. Superior Customer Experience leads to positive word-of-mouth and loyalty by building an emotional connection with your brand.
Their presentation demonstrates not only the importance of the luxury codes for the companies but highlights how actionable solutions on how you can take advantage of the opportunities.
The jury was composed of key players of the Yachting industry: Y.CO, Rossi Navi, Fraser Yachts, Burgess, Monaco Yacht Show, ICON Yacht, Worth Avenue Yachts, BWA, McFarlane ShipDesign, Swisspath Yachting. They were impressed by the thorough approach and diligence of the research conducted by the students. It will certainly lead to further cooperation between these yachting companies and our students. Stay Tuned!
Congratulations to Christopher, Giorgia, Atlanta, Cecilia, Elisabetta, Ghita, Virginia, Matteo, Filiberto, and Angela!
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