It’s estimated that more than $68 trillion is expected to pass down from baby boomers to millennials and Gen Z in the next 10-15 years, making this cohort the richest generation in history.
Coupled with the dramatic rise in wealth over the past ten years, with the number of billionaires nearly doubling in that timeframe, it marks an important moment for luxury brands to assess their marketing activity to ensure they not only remain competitive but indeed, seize the opportunity to increase market share.
For example, the superyacht industry has provided much needed privacy and isolation for the ultra wealthy, layered within unfathomable luxury. But the next generation might want something more overt.
The case still stands that UHNW individuals and billionaires seek exclusivity, unique experiences, flexibility, and accessibility, but what additional needs and desires do these new entrants to the wealth market look to satisfy?
Superyacht digital marketing: challenges and approaches
From a marketing perspective, we have lots of rich territory to engage with, elevating brands to enable them to connect with this evolving wealth segment in a way that drives long-term benefits. So what are the key areas to consider?
Superyacht buyers are a very wealthy and sophisticated group of people with high expectations. It is important to understand their needs and wants in order to create marketing campaigns that resonate with them. This includes understanding their lifestyle, interests, and values.
From a yachting perspective, as people get older, their needs and requirements change. Younger enthusiasts might want something fast and more conspicuous, while retirees are more inclined to prioritise accessibility and the ability to bring the wider family with them on their travels.
2. Position your brand as luxury
Superyacht buyers want luxury brands that mirror the unique and exclusive experiences they seek.
Your marketing campaigns must therefore position your brand effectively in this luxury sphere – for both new and existing wealth audiences – across each and every touchpoint. From your website to your CRM programme, through to the publications and social media platforms your brand is represented by. A considered, cohesive approach is key.
3. Highlight benefits over features
Owning a superyacht is more than just a luxury purchase. It’s a way of life that offers a number of benefits: the ability to travel the world in style, to entertain friends and family, and create unique, lasting memories.
Rather than focusing on the features of the superyacht, your marketing campaigns should highlight the benefits of this investment to demonstrate your understanding of your audiences’ needs.
Of course, there are both tax and investment opportunities with this type of purchase that can be carefully crafted through your communications.
4. Showcase high-quality visuals
Superyacht buyers are accustomed to engaging with brands that reflect their values. As such, your marketing campaigns must use high-quality visuals and videos that showcase the fundamental beauty, luxury, and story behind owning a superyacht, layered with the values that resonate with your target demographic.
More than this, the content can be carefully created to serve multiple purposes in a unified manner across the digital landscape. Done the right way, this content can be lucrative across campaigns, websites, social media, and more.
5. Tell a story
The super wealthy are drawn to exclusivity, uniqueness, and personalised experiences and are much more likely to form deeper connections and build greater trust with brands that have a story to tell.
Again, it’s crucial to understand the behaviour, needs, wants, and values of your audience and curate stories that allows this to shine in your marketing campaigns.
Indeed, the journey of owning a boat is exciting. Just as an art enthusiast might wish to learn more about the collection of a particular master oil painter over time, owning a superyacht is a journey, from the building or buying, to your trusted partners and brokers, to the staff and support crew, and the experiences and memories this facilitates.
At Giant Leap, we specialise in digital marketing for luxury brands. We understand the luxury market and the nuances of wealth audiences, including their needs, behaviours, and values, and thus how to connect with them in an authentic way.
Using robust data and research and expertise from across the digital spectrum, we’re well-equipped to help luxury brands target these lucrative audiences, to secure a competitive edge and drive long-term benefits. If this is of interest then please get in touch today.