In a statement released earlier today, the Monaco Yacht Show referred to the new format as a response to the challenges facing the superyacht market. Off the back of a turbulent year not just for yachting but the wider travel and hospitality industries, this year’s MYS will seek to attract a new market sector into the industry.
The ‘failings’ of superyacht marketing in this degree are not a new discussion. For as long as the industry has existed, only a fraction of the UHNWIs who could afford to purchase a yacht will end up taking the plunge. The imperative of yachting marketeers to address these challenges is heightened however in light of the last year. Here’s what the MYS is planning to do about it.
A Steering Committee has been established, made up of influential decision-makers within the yachting industry. The Committee will play an advisory role to supporting the MYS development strategy from this year onwards. Informa will also be providing financial support, matching the annual amounts invested by the industry in its marketing action plan to promote the superyacht lifestyle.
More than ever before, this year’s Monaco Yacht Show will have the needs of its superyacht clientele as its very foundation. This has been actioned by various measures, including:
New Badge System for Visitors
There will be three categories of visitor to the Monaco Yacht Show, including the ‘Discover’ badge for superyacht clients, ‘Advise’ badge for advisors and consultants and ‘Connect’ badge for trade visitors. This further distinction of the ‘Visitor’ status is done in the aim of more effective networking and connecting the right people with the right services.
Superyacht and Tender Exhibition in the Dockside Area
Another advantage of the new badge system will make it easier for private visitors to board the superyachts and tenders, easing congestion along the quaysides. On Wednesday 22 September the Dockside Area will be open to ‘Discover’ and ‘Advise’ badges only, allowing for a more intimate and personalised environment for clients to meet with shipyards, brokers and designers. The Dockside Area will be open to all from Thursday 23 onwards.
Premium Services for Superyacht Clients
The MYS official VIP visit programme ‘The Sapphire Experience’ features a range of new activities in the show and the wider Monaco area for owners, charterers and future clients. Two new first-class VIP entrances have been added near the Upper Deck Lounge and close to the Yacht Club de Monaco. Whole new sections have been dedicated to innovative projects and trends in sailing, design and exploration - the beginning of a programme set to increase over coming years with the aim of illustrating life onboard a superyacht to potential new clients. The MYS will also rename its various exhibition areas with clear and distinct themes to make it easier to navigate around the show.
As the largest yacht show in the world, the MYS needs to make a concerted effort to make it easier for the right visitors to find the right exhibitors. The MYS is the definitive networking event in the yachting calendar, and this year it will be even easier for buyers to meet with designers and builders for example, or for captains to meet with the relevant equipment manufacturers. The new badge system will make effective networking more accessible than ever before, and the MYS will also be offering digital solutions to foster interactions between visitors and exhibitors.
The Monaco Yacht Show will be looking to penetrate new audiences from other luxury spheres outside the realms of yachting, building on a marketing strategy which has been gradually deployed over recent years.
This year's show is set to take place between the 22nd and 25th September. We look forward to bringing our readers more updates on the details of the MYS as they come in.