The Myth of Training Priorities in Luxury Businesses.

𝗧𝗵𝗲 𝗠𝘆𝘁𝗵 𝗼𝗳 𝗧𝗿𝗮𝗶𝗻𝗶𝗻𝗴 𝗣𝗿𝗶𝗼𝗿𝗶𝘁𝗶𝗲𝘀 𝗜𝗻 𝗟𝘂𝘅𝘂𝗿𝘆 𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀𝗲𝘀

I recently had a coffee meeting with a luxury senior executive. Our conversation focused on the training priorities of the client-facing team. From the executive's perspective, investing in offering luxury lifestyle exposure to the retail team, such as Michelin-starred restaurant dining and wine-tasting experiences, is how client advisors learn about building rapport with customers.

𝗧𝗵𝗲 𝗺𝘆𝘁𝗵 𝗶𝘀 𝘁𝗵𝗮𝘁 𝗹𝘂𝘅𝘂𝗿𝘆 𝗰𝘂𝘀𝘁𝗼𝗺𝗲𝗿𝘀 𝗹𝗼𝗼𝗸 𝗳𝗼𝗿 𝗖𝗹𝗶𝗲𝗻𝘁 𝗔𝗱𝘃𝗶𝘀𝗼𝗿𝘀 𝘄𝗶𝘁𝗵 𝘀𝗶𝗺𝗶𝗹𝗮𝗿 𝗹𝗶𝗳𝗲𝘀𝘁𝘆𝗹𝗲 𝗲𝘅𝗽𝗼𝘀𝘂𝗿𝗲𝘀. I have served many HNWIs and asked their opinions on this topic. Are you ready to hear their answers?

It is a bonus if the Client Advisors have interesting exposure and knowledge of luxury lifestyles. However, 𝘁𝗵𝗲 𝗺𝗼𝘀𝘁 𝗲𝘀𝘀𝗲𝗻𝘁𝗶𝗮𝗹 𝘁𝗿𝗮𝗶𝘁𝘀 𝗹𝘂𝘅𝘂𝗿𝘆 𝗰𝘂𝘀𝘁𝗼𝗺𝗲𝗿𝘀 𝗹𝗼𝗼𝗸 𝗳𝗼𝗿 𝗮𝗿𝗲 𝘀𝘂𝗺𝗺𝗮𝗿𝗶𝘀𝗲𝗱 𝗶𝗻 𝗮𝗻 "𝗦𝗣𝗖𝗩" 𝗺𝗼𝗱𝗲𝗹:

𝗦 - 𝗦𝗶𝗻𝗰𝗲𝗿𝗶𝘁𝘆 refers to honesty, openness, and genuineness in one's interactions. Clients in the luxury market seek genuine connections and want to feel valued as individuals, not just as sources of revenue.

𝗣 - 𝗣𝗿𝗲𝘀𝗲𝗻𝗰𝗲: This involves being fully engaged and attentive at the moment, actively listening to the customers, showing genuine interest in their thoughts, unique needs and preferences, and making customers feel seen.

𝗖 - 𝗖𝘂𝗿𝗶𝗼𝘀𝗶𝘁𝘆: It refers to the genuine desire to learn more about the customers, such as their interests, aspirations, and lifestyle preferences, with the intention of providing personalised and relevant product recommendations.

𝗩 - 𝗩𝗲𝗿𝘀𝗮𝘁𝗶𝗹𝗶𝘁𝘆: It involves adapting one's communication style and approach to different clients, situations, and contexts. In the luxury industry, versatility is crucial, as clients have varying expectations and preferences in their luxury purchases—some look for speed and efficiency, others seek recognition and companionship, just to name a few.

Once the Client-Facing team thrive in delivering the "𝗦𝗣𝗖𝗩" model, then it is time to add the 🍒 on the cake - their luxury lifestyle exposure.