Lexden Luxe’s research on the world of Nautica: Time is the new luxury for yacht owners.
In this Forbes article, Filippo Ceragioli, yachting expert and guest speaker at the International University of Monaco, shines a light on the journey yacht owners go through.
Building on the M.E.P.A. framework developed by our co-founder, Prof. Dr. Phil Klaus, he emphasises that time is one of the most crucial elements in the decision-making process of UHNWIs. But why is time the ultimate luxury currency?
Mapping the Yacht Owner’s Client Journey
In this insightful Forbes article, Filippo Ceragioli delves into the purchasing behaviors of UHNWIs within the luxury yacht market. The article introduces M.E.P.A., a model designed to help luxury brands understand and map the UHNWI customer journey.
The M.E.P.A. framework is based on four critical components that drive UHNWI purchasing decisions:
Mismanaging expectations. One of the leading causes of dissatisfaction is poor expectation management. Luxury brands often promise to exceed client expectations, but without truly understanding what those expectations are, they risk falling short.
Extraordinary experiences. The focus should be on creating exceptional, memorable experiences, not simply showcasing luxury products. For UHNWI clients, the private enjoyment derived from their luxury purchase is far more important than the product itself.
Post-purchase care. Contrary to common belief, it’s not just the product that counts, but the experience that unfolds once it’s in the hands of the client. For luxury brands, this means prioritising the post-purchase journey and ensuring clients feel valued long after the transaction.
Achieving time savings. Time is the most valuable commodity for UHNWIs. The article highlights how brands must emphasise convenience and efficiency, leveraging technology to provide seamless experiences that save their clients time.
Ceragioli stresses the importance of understanding the client’s true needs and desires through exploratory research rather than relying on confirmatory surveys. Shifting focus to these four key areas will help luxury brands better serve UHNWIs and foster long-term loyalty.