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

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

Mistake #5: Not involving the local partners

You can find amazing local partners in Monaco to achieve your aims. No matter whether you are seeking for PR, marketing, sales, event organisation, etc. help there are multiple accomplished companies who can be at your service.

“Our role is to help drive tourism to the Principality and to those companies rendering services in this sector therefore we only promote Monegasque companies in this area.” – says Cindy Hoddeson, Monaco Government Tourist Office

Many people believe that they can do the work themselves however they underestimate the value of a local partner. This is a huge and costly mistake.

“In any location, if you’re going to develop business, you have to have a local contact or connections into the market and you need to work with someone or a company that knows how things work. Monaco is like any other location around the world, if not sometimes more special and Monaco is an established hub of international business and. It is impossible just to arrive and set-up shop as so many think they can and they simply fail.” – says Bradley Mitton, founder of Club Vivanova

Local businesses have a rich knowledge of possibilities, often better and discounted prices and more importantly the social capital.

“The attitude “I will spend money on marketing after I have made money,” just will not fly in the true luxury market.” – quote by Lorre White, the Luxury Guru

Yes, the social capital is the highest importance when you come to Monaco, because you need to target the right people. This is why our event partner’s first question is always “Who will invite the guests”?

Suggestion:

Having the right local partner next to you can be really costly for the first sight, however it is never as expensive as doing things in an amateur way.

Let’s put it this way: Working with a Monaco based PR or marketing partner is costly because it brings you the requested result.

“Everything that brings you result can not be considered expensive. The only thing that you can call expensive are those things that do not bring you any result, like a simple coffee without business order at the end.” – says Zsolt Szemerszky, Revenue specialist & Author

When you are aiming to plan something in Monaco look for result oriented solutions instead of cheap ones.

“Club Vivanova ensures that the right people attend the events we host, bringing international business leaders and local business owners together to build relationships for the member partners we promote whether they be wine brands, financial houses, yacht brokers, marketing and advertising agents, interior designers, art dealers and in fact any business from any sector as we work on bringing the target clientele in that is required. The location and the invited guests are key, the branding of the events are important and most of all the execution of the marketing plan. It all stems down to one maxim that our club lives by; there are two ways of doing something in life, the hard way or the easy way and the hard way is always the right way.” – says Bradley Mitton, founder of Club Vivanova

There are many people who can help you starting from the Monaco Welcome Office to the Monaco Government Tourist Office.

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 fifth most common mistake of foreign brands coming to Monaco.

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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