Our client entering port of Pasaia in Basque Country
Recently, our colleagues at an agency in the superyacht concierge business in Spain proudly posted on LinkedIn that they attend to over 400 yachts per year in Spain. With a rough estimation of the market cap, they might hold 25-30% of the market share. This revelation made me, as the owner of a boutique concierge agency, feel small. And, ha-ha, you might expect me to say something akin to feeling unimportant. Yes, by the pure logic of market economics, that might seem accurate. But, I must declare, no: this made me and my team feel powerful and strong.
Their statement reminded me of one of the most popular jokes from Soviet times (yes, I was born in the Soviet Union), when I was around 10 years old. At that time, there was a mythical car model, the Moskvitch 401.
A man playfully asks his fiancée, "Can I call you Eve?" Puzzled, she inquires, "Why Eve?" He responds, "Because you're my first true love." She smiles and says, "Sure, and can I call you Moskvitch?" Now it's his turn to be confused, "Why Moskvitch?" She answers with a twinkle in her eye, "Because you're my number 401."
As entrepreneurs starting our own businesses, often as sole proprietors, we initially feel disadvantaged because we are small. We mistakenly believe that being small means delivering less value and that customers prefer those large well-established businesses. This desperation for more customers can even lead us to think that pricing our services or products lower than the "big boys" will attract more clientele. We aim to play by the "big boys'" rules, aspiring to become like them.
But what if being small wasn't a disadvantage at all? There's one crucial difference we often overlook. Even if we have only one client, they are our "Eve." Our attention can be entirely focused on serving their needs—a luxury long lost to the "big boys." Trust me, customers appreciate our care and attention. I still remember that handshake and “thank you” from the owner of the yacht at the entrance of the “7 Portes” restaurant in Barcelona. He was one of our first clients at Iberian Yacht Solutions, and I had just done the queue at the entrance of this overcrowded restaurant, just to make sure that he and his family could enter right as they arrived. The truth is most AWE moments with our clients come from small daily actions done with care.
Despite having those AWE moments right in front of my eyes, it still took me time to really appreciate the value of being small. What I hadn't realized at the time was how much my customers, fellow captains, valued our dedication to service. To resolve any issue and go above and beyond to get things done in a personal and tailored manner. It was only when one of the captains told me he chose to work with us specifically because he knew we would go to great lengths to complete the work. Yes, and a comment from another captain, who asked me to add extra agency fees to our bill just to ensure we charge accordingly to the value we deliver, helped me to solve the pricing issue.
We operate in the unique market of serving ultra-high-net-worth individuals visiting Spain and the Balearic Islands to enjoy precious time with their families. Providing unique and tailored experiences to ultra-wealthy individuals is not something you can scale easily. Although our direct customers are the captains and senior crew members, the personal touch in our work is crucial for building trust.
On average, we attend to forty to fifty yachts per year, more than half of which are repeat customers—captains who have previously worked with us. Being a small team is our greatest advantage. Our customers enjoy the luxury of having one dedicated team member who takes full responsibility for addressing all their needs. Ultimately, it's all about making life easier for captains and senior crew members so they can focus entirely on bringing smiles to their guests' faces, leaving all shoreside concerns to someone they trust.
Planning to visit a Spanish port this season? Reach out to us Iberian Yacht Solutions - Locally Excellent Superyacht Experience at info@iberianyachtsolutions.com to experience how dedicated assistance from a boutique agency can elevate your and your guests' experience. After nearly a decade in the business, it’s too late to be our 'Eve,' but one thing is for sure: you will never be just 'number 401' to us.
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