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Top 5 mistakes in Monaco & How to avoid them (pt 3/5)

Monaco

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 #3 and some thoughts from our experts in order to avoid it.

Mistake #3: Lack of time to build up relationships

It often happen in Monaco that people stay only for a few days and try to do as many meetings as they can. Managing as many meetings as possible during a few days of stay usually causes frustration and pressure.

“Time and trust are the two most important factors in reaching the wealthy. The uber riche have the unique opportunity to experience everything at the best level – not pick and choose what they can afford – and saving time has even a larger incentive. There are two aspects of time: quality and quantity.” – says Lorre White, the Luxury Guru

The concept of “let’s have a coffee and then we close the deal via e-mail” usually never works out with Monaco residents. It is also a kind of disrespectful message that you only need their money.

“If you are not willing to pay for quality in luxury marketing and branding, do not expect others to be willing to pay the premium for your products and services.” – says Lorre White, the Luxury Guru

Suggestion:

It is very important to be prepared and focused in a meeting. Respect your companion with a treat that their level of influence requires. Do not invite someone for a quick coffee between three other meetings, instead invite them out for a lunch or a dinner and take the time to make a proper impression of you and your business.

“Club Vivanova offers member partners the chance to break into the local market and promote and market to a selected group of individuals that can help to grow and build brands through targeted marketing and well-planned launches. We have contracts with restaurants, clubs and hotels where we can professionally manage events to provide success in how brands want to showcase themselves in and around the Principality. It all stems from hard work, knowing the right people and building experience and we have a proven track record, we succeed in this.” – says Bradley Mitton, founder of Club Vivanova

Monaco is a very small place and a good impression creates a positive buzz, shortening the road to achieve your personal or business goals.

We also highly recommend for companies and business professionals to contact the Monaco Government Tourist Office before they arrive to the Principality since their role is to drive more business (meaning leisure and business tourism) to the Principality. 

“The Monaco Government Tourist Office can introduce businesses to the most appropriate local vendors in Monaco who can help them execute their program.” – says Cindy Hoddeson, Monaco Government Tourist Office

The Monaco Government Tourist Office is not there to represent your product or to raise funds for you, however they can help you to identify the right partners, agencies, hotels, restaurants and meeting locations. They can offer an invaluable help for you to impress your targets and guests in the Principality of Monaco.

We also suggest you to discover for your UHNWI meetings the most iconic restaurants of the Principality by reading the Signature Dishes of the Principality of Monaco book. (Amazon.com: https://www.amazon.com/Signature-Dishes-Principality-Monaco-Pairing/dp/1537484516)

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 third most common mistake of foreign brands coming to Monaco, so let’s see Mistake #4.

If you have missed the previous articles you can always catch up:


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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.

http://www.ClubVivanova.com

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.

http://www.VisitMonaco.com/us 

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”.

http://www.DodoNewman.com

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.

http://www.WhiteLightConsulting.net

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.

http://www.ZsoltSzemerszky.com

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