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Top 5 mistakes in Monaco & How to avoid them (pt 4/5)

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

Mistake #4: Dealing with the wrong partners

Monaco is a wonderful environment, which is already the base of high quality and glamour. Therefore we always suggest a little bit of background check to avoid “expensive” experiences.

It seems everybody lives in Monaco (but actually most of them live in France). It is amazing to see how Monaco attracts the desire of people. The glamour, the extraordinary lifestyle, the wealth and all the related benefits evoke the emotions in people and everyone wants to be part of the luxurious World offered by the Principality of Monaco.

It is important to be a little cautious because in Monaco “everyone knows the Prince” and one of the most used sentence is “the Prince is my best friend”. Obviously… The experienced people in Monaco know that there are big differences between event and event.

“Companies considering the Principality of Monaco as a locale for a product launch, board of directors meeting, user conference or motivational trip will find the Monaco Government Tourist Office to be an invaluable source of information.” – says Cindy Hoddeson, Monaco Government Tourist Office

Also there are many similarities between the French and the Monegasque legal systems and a SARL company formation is not necessarily a Monegasque company.

“In the luxury sector, marketing is much more crucial than in the mass market. Luxury startups need substantially larger marketing budgets than mass-market brands. A luxury brand will never be higher than where they launch. That takes more initial capital to enter the luxury market. It is harder to break into the luxury sector than it is the mass market. Everything is more expensive, from the talent to accomplish it, to the media sources that reach this niche. The luxury market is far less forgiving than the mass market that allows failed products relaunch as “new and improved” and slowly work their way toward the top of the mass sector. When I see business plans for startup luxury companies, they almost always have insufficient marketing budgets, because the person who wrote their business plan was used to working with mass-market companies.” – says Lorre White, the The Luxury Guru

April and May are two very interesting months in the Principality because the so-called seasonal advisors start to appear. Many fortune hunters come to Monaco during these months to advice on events, locations, investments and all other money related topics. We call them seasonal advisors because they leave Monaco after a few months.

“It takes more than just pretty pictures to reach the wealthiest demographic. It takes bringing them information that is relative to them by someone that they trust and that is why media sources hire me.” – says Lorre White, the Luxury Guru

Many seasonal advisors are in Monaco in the hope of fast money. They work for extra high fees, sometimes charging even ten times higher than any local business. Since these seasonal folks are pushing their messages in an extremely aggressive way in all kinds of social platforms they are able to catch some small fish.

Suggestion:

It is always good to make a little background check whether a business partner really exists or not in the Principality of Monaco. For this you can use sources such as the Chambre de Développement Économique de MonacoDirection Expansion Economique or Monaco Wealth Management.

To avoid surprises we also recommend you to read the “Living in Monaco” book by Zsolt Szemerszky, it will be your greatest asset to understand Monaco and its daily breathing. (Amazon.com: https://www.amazon.com/Living-Monaco-Zsolt-Szemerszky/dp/1329847040/)

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 forth most common mistake of foreign brands coming to Monaco, so let’s see Mistake #5.

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