Calling all sales brokers
We want to know how readily brokers sell into hybrid propulsion? Is hybrid an attractive proposition for superyacht owners?
Depending on who you ask, hybrid propulsion technology is considered to be the past, the present or the future. For some, it is old technology that has only managed to establish a foothold in the yachting market shortly before it becomes redundant; for others, it is the best option currently available to the owners of large motoryachts; and for others, it is the technology of the foreseeable future. As part of our ongoing and far-reaching research project into the viability of hybrid propulsion adoption among superyacht clients we have been trying to engage the market in an initial survey phase. However, despite their intrinsic importance to the sales process, we have found it difficult to enlist the help of the brokerage community - in enlightening us on the attitude of today’s clients towards hybrid propulsion and whether or not they have an appetite for it.
In fact, the research has, to date, revealed that the technical factions of the superyacht market believe that there is a significant knowledge gap within the brokerage community, where it comes to hybrid propulsion. Indeed, even a number of the brokers that have taken part in our project have admitted to feeling unqualified to advise superyacht owners on whether or not a hybrid solution is the right course of action for them.
“If I was sitting in front of a client I probably wouldn’t feel comfortable with my knowledge of hybrid technology because I haven’t been involved in any projects where it has been used,” comments one broker.
“It all depends on who you talk to, but there is definitely a lack of knowledge in certain fields. Educating everyone in the ecosystems, crew, owners’ representatives and brokers would be [incredibly useful],” comments one shipyard representative.
The simple fact of the matter is that the brokerage community has a great deal of influence on buying decisions, and with good reason. In many ways, brokers are the engines that keep this market moving. Indeed, good brokers are worth their weight in gold because of the additional value that they bring to transactions and the overall ownership lifecycle.
However, with the market trying to move in an increasingly sustainable direction, it is vital that the brokerage community is sufficiently educated on both the pros and cons of hybrid propulsion systems in order to guide owners to the right projects, rather than relying on selling into the models of propulsion that they are most comfortable with.
It may be that the opinions expressed above are incorrect. We often hear about the gulf in quality and knowledge between the top brokers and the rest of the market, and perhaps the comments above are yet another indication of how large that gap realistically is. We are, therefore, asking brokers to engage in this process in order to better understand why the adoption of hybrid propulsion in the superyacht market has been slower than expected, and we would warmly extend this invitation to all key stakeholders within the client advisory sphere.
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