For businesses focusing on high-end clientele, the ‘unforgiving’ nature of these clients means the focus should be firmly on customer experience rather than relying on the products, according to one business operator.
Cameron Bray, founder of Bray Management – which offers management and charter services for luxury superyachts – told My Business that for high-end clients, the service and experience they receive is far more important than the products for which they are paying.
“I think once you're dealing at that luxury end, the products sell themselves – the products are what they are,” he said.
“We all know how luxurious superyachts are, whether it's watches, whether it's cars, whether it's handbags; whatever it is, I believe the product is what it is. What differentiates it is the service that the clients receive. Our ethos has just always been about the experience.
“There is a level of expectation – a huge level of expectation. You really need to make sure that you deliver on every single opportunity that you do get, because you just don't know who knows who or who you're dealing with, and whilst it might be a small transaction, they might know somebody who is looking to do something on a much larger scale.”
According to Mr Bray, the expectations of high-end clients are also considerably higher than the general public, meaning standards must be meticulously maintained in order to achieve success and deliver repeat business.
“You probably just have a lot less margin for error, because we are dealing with clients that I suppose are probably quite unforgiving, and so you can't afford to have that one bad experience,” he says.
“You have to ensure you really focus on every single one. So whilst what we sell or what we do is lower volume higher yield, you've got to make sure that every one of those ones counts.”
This dedication to its customer experience helped the business secure a merger with international brokerage Northrop & Johnson, which will result in Bray Management becoming its dedicated Australian office.
“It's a huge thing for us and a massive thing for our industry,” Mr Bray said.
Adam Zuchetti is the editor of My Business, and has steered the publication’s editorial direction since early 2016.