Previously we launched an article series focusing on the Top 5 mistakes we repeatedly see from foreign brands coming to Monaco. The articles also offer advices and solutions how to avoid these mistakes and how to build up fruitful relationships with Monegasque companies and Monaco residents.
To ensure you some role examples we have also asked some of the Top experts from Monaco as well as from the UHNWI fields to share their personal views, experiences and to offer their advices in order to fulfil your goals.
If you have missed the previous articles you can always catch up:
So let’s see Mistake #2 and some thoughts from our experts in order to avoid it.
Mistake #2: Never underestimate the value of Monaco’s small and niche community
In a country where there are approximately 37,800 people only, people talk. It is a friendly and closed community whereby 120 nationalities came together creating a platform to unite diverse interests.
“When a company contacts me and asks how many subscribers… I know immediately I am dealing with someone that is not experienced in the elite end of the luxury sector! In Luxury Marketing it is about WHO, not How MANY. One person that can afford your product or service is more valuable than a million that cannot.” – says Lorre White, the Luxury Guru
In this unique business society with high profile people one of the biggest mistake that brands coming to Monaco do is aiming to expect to get everything “discounted”. For instance working for commission is a typical request we receive every day, which gives us the following impression:
- the brand has no sufficient funds to live and breath in the Monaco market
- the brand has no understanding about dealing with the luxury clientele
Being cheap in mentality but trying to sell for ultrahigh amounts is one of the worse thing you can do in this community. Trust is a very important factor in reaching Monaco’s UHNWI and many years of hard work to gain that trust comes with a price tag.
“If an event, just like any brand, disappoints the expectations of the consumer, the brand decreases in value. Not only does that consumer not return, they will prevent others in their sphere of influence from attending either. If the brand deflates, the event can’t get the quality sponsors, thus they can’t raise as much money to continue to innovate and expand. Thus they can’t attract the VIP attendees, and without the wealthy attending to purchase, they lose the quality level in art shown because of the lack of buyers.” – says Lorre White, the The Luxury Guru
The luxury market is expensive. It is. If you do not have the funds to bear its costs then do not come. If you the right amount of funds, then think about this: One person who can afford your product or service is more valuable than a million who cannot.
“It costs a lot more money to land a whale than it does a minnow.” – says Lorre White, the The Luxury Guru
As we started the article series:
“Capitalization of our personal and business potential highly depends on our willingness to learn and improve.” – says Zsolt Szemerszky, Revenue specialist & Author
This was the second most common mistake of foreign brands coming to Monaco, so let’s see Mistake #3.
If you have missed the previous article you can always catch up:
Quoted experts in alphabetical order:
Bradley Mitton . Founder of Club Vivanova
Europe’s culinary and preeminent gourmet wine expert Bradley Mitton offers his unique insight on the fine dining scene of the Principality of Monaco. Providing gourmet wines to many of the finest restaurants in Monaco and the French Riviera and bringing people together through his lifestyle and gourmet club Club Vivanova, Bradley is a respected and established member of the fine dining scene of the Principality.
Cindy Hoddeson . Director, North America Monaco Government Tourist Office
All staff at the Monaco Tourist Office speak English. The role of the Monaco Government Tourist Office North America is to drive more business (meaning leisure and business tourism) to the Principality. In doing so, we they to drive more business to our hotels, restaurants, agencies.
Dodo Newman . Artist, Innovator and Author
Whenever Dodo Newman finds time she likes to share her thoughts and experiences with her audience. She is not just an internationally published author, but she also publishes various articles on LinkedIn. Her favourite topics are acceptance of art in the modern society, including appreciation, motivation and admiration. In 2013 Dodo published her International University of Monaco lecture notes, called “Out of the Box Innovation”.
Lorre White . The Luxury Guru
Lorre White is founder president/CEO of White Light Consulting, a luxury marketing consultancy focused on the ultra-high-net-worth market and a top international luxury influencer. Lorre is the only internationally recognized luxury media personality appearing on TV, radio, web and all forms of social media. NetBase 2015 luxury industry report ranks her blog #1 globally for reaching the UHNW consumer, and #3 of all luxury blogs including professional luxury industry blogs.
Zsolt Szemerszky . Revenue specialist & Author
Zsolt Szemerszky is a revenue specialist and the author of multiple internationally published books as well as a passionate admirer of the Principality of Monaco. Since 2010 he has managed the unbiased relocation itinerary Monaco Wealth Management and he is the author of „Living in Monaco“. Both of these accomplishments are dedicated to those who are looking to relocate to the Principality of Monaco offering them reliable information and trusted service providers.