By Patrick Knowles
Imagine a time of consistent and identifiable customers who kept your order books, and the shipyards, filled to maximum capacity. An industry where business flows in as steadily as the tides. This was the state of the U.S. marine industry three decades ago upon my entry as an American yacht designer. The client base was well-grounded, stable and secure.
As is the case in all industries, customer base and market share are subject to shift. So it should come as no surprise that there have been a few variations over the years. However, there is an even greater shift underway now, one that will soon be a game changer for all in our industry, particularly here in the U.S.
There was a time when an individual would commission for himself a yacht, based upon tradition and etiquette, in a pursuit of immortalizing his success and achievements in a way that no other material possession could. Yachting was the crowning jewel, reflecting one’s personal achievements. A legacy piece to be passed down generation to generation.
To a certain degree, the success of the U.S. marine industry was supported by this predictable cycle in a seemingly endless parade of each new generation. This fueled an industry based on trust and personal relationships by previous generations and galvanized brand loyalty for many builders throughout the years.
Today’s world is different. The new generation no longer falls back on tradition or looks to its predecessors for cues on how to proceed. They are pushing forward full speed ahead as they cut their own path based upon the greatest tutor currently known to man: technology.
Through technology comes the exposure to thoughts and aspirations that influence their path unlike anything before. Our future clients are driven by peer influence, and it has become increasingly clear that what we once depended on as a guarantee—the generational flow of those who looked to their predecessors for guidance on the purchase and acquisitions of vessels—will in time evaporate.
WE ARE FACING A COMPLETELY NEW ERA AND ARENA OF CONSUMERS
The advent of social media alone has shown that international brands across all sectors can be instantly elevated at rocketing speeds from the depths of obscurity while at the same time well-heeled familiar brands can be thrown into peril by effortless taps on a keyboard.
Complacency in the analog age took years if not decades to erode the customer base of monumental brands, brands that readers of this article can readily recall. Today, smaller, downsized versions of once behemoth brands serve as vestiges of their once powerful brand strength and stability. Without brand loyalty in the new generation, we will have to wait and see if some of the industry’s most iconic brands will continue to stay afloat in this new digital age.
What is the solution then? What will drive the market back to the states and fuel the success of global luxury brands in the industry and beyond?
AESTHETICS
The currency driving the tides of change in this global game is the equal weight of design and aesthetics with the function and purpose of the vessel. The automotive industry is an example of such a reality. At first glance the cab of today’s four-door work truck can easily be mistaken for the cabin in a luxury four-door Sedan.
This isn’t unique to a singular brand, this is the new norm, and it is a wake-up call to the fact that aesthetics is now in the driver’s seat. Every space must be termed valuable not only in usage, but also in visual design.
As sportfishing embodies a truly American passion, it is here I see the biggest opportunity for a collective stronghold. It is more historic and become more popular in the U.S. than anywhere else on the planet.
I think we can agree with confidence that we own this game. We can maintain that status by looking at the state of the U.S. motoryacht industry and heed the lessons learned there. After almost 30 years of mostly superyacht design work, in the past four years, I’ve had the privilege of designing five very interesting sportfish projects, which is a relatively new sector for me. With the exception of two, all were American clients. Of all five vessels, the driving factor was, you guessed it, aesthetics.
Please allow me to state the very obvious before I proceed. All of these vessels are fighting machines and each and every one of these owners are avid sportfishermen. It goes without saying that the specifications and appointments that make a boat a sportfishing boat were indeed an integral part of their build/re-fit program.
That being said, an emerging driving factor is that today’s new and ever-younger owner is looking for a boat to function, perform and operate as a fighting machine. Yet it is still expected to have the aesthetics of everything else in their life.
Now more than ever, thanks in part to the advancement in technology, the details and nuances of one’s personal brand extends to, and is incorporated in, every aspect of their world and in all of their environments.
Movement between their residences, their airplanes, their yachts, and now their sportfishing boats, has become a seamless transition where all environments are familiar and symbiotic and thus continuity is achieved.
Not only is this becoming the number one ambition for the new generation of yacht owners, but an opportunity for all of us in the industry. We now become problem solvers creating a way to bring consistency into an ever-changing world Aesthetics is the whistle and, the louder the blow, the greater the following. Armed with this perspective, one can see how quickly our clients can and will disappear to follow the designer with the most visibly appealing, buzz-worthy projects at the time.
So as not to appear sanctimonious, as an American yacht designer I include myself in the following statement: as an industry, we have fallen asleep at the wheel when it comes to keeping up with the times. Collectively, as an industry we can recognize and acknowledge who our clients are by clocking into the DNA of a somewhat foreign mindset.
There needs to be a general open-mindedness about the new generation. Die-hard yards that insist on remaining stubborn to tradition need to offer clients modern aesthetic options to bring in new owners while servicing and retaining their traditional clients. This is the only way to keep American yards alive and open for years to come as foreign builders take buyers away one boat at a time.
There are many positives to this shift. Though this new generation thinks differently than the traditionalists, there is something to be learned from both sides. Those entering the market with newly amassed wealth and an interest in sportfishing without the weight of what “should be done” will bring new creative ideas to the industry, while those who have lead the way in the American sportfishing market will have the opportunity to teach the proper traditions, care and maintenance to a new generation.
IT IS TIME TO ACCEPT AND EMBRACE THIS CHANGE
As global stewards leading the way in the sportfishing sector, we risk being beaten at our own game. Global brands may already be eating our meals, perhaps already on the second course, but there is still meat on the table. It’s time for the U.S. Marine Industry to reclaim its seat at the dinner table.
Wake up! Our new client is here!
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