Yacht Broker Referral Program Created and Implemented

We've developed and implemented a comprehensive referral program to incentivise global yacht brokers and those with access to high net worth clients, to collaborate with Lomond Yachts, expanding our network and reach in the superyacht industry.

Contents

• Designed referral program structure and incentives

• Developed broker onboarding process

• Created marketing materials for program promotion

• Established tracking and reward distribution system

• Outlined program evaluation and optimisation strategy

Referral Program Structure and Incentives

To create an effective yacht broker referral program, we've designed a tiered structure that rewards brokers based on the value of successful referrals. This approach aligns with Lomond Yachts' focus on high-value transactions in the €10,000,000 to €100,000,000 range.

The program structure is as follows:

1. Bronze Tier: 5% of net fee for referrals resulting in sales up to €20,000,000

2. Silver Tier: 10% of net fee for referrals resulting in sales between €20,000,001 and €50,000,000

3. Gold Tier: 15% of net fee for referrals resulting in sales over €50,000,000

Additionally, we'll offer non-monetary incentives to foster long-term relationships:

• Exclusive access to Lomond Yachts' network and content

• Priority listings for referred brokers' yacht inventory

• Co-branding opportunities in marketing materials

This structure incentivises brokers to refer high-value clients while also encouraging consistent participation in the program.

Broker Onboarding Process

To ensure smooth integration of new brokers into our referral network, we've developed a streamlined onboarding process:

1. Application: Brokers submit an online application detailing their experience, specialties, and current network.

2. Verification: Our team verifies the broker's credentials and industry standing.

3. Agreement: Upon approval, brokers sign a detailed referral agreement outlining terms and conditions.

4. Training: Brokers receive a comprehensive information package about Lomond Yachts' offerings and unique value propositions.

5. Portal Access: Approved brokers gain access to a dedicated referral portal for submitting leads and tracking progress.

This process ensures we maintain the high standards of Lomond Yachts while expanding our network efficiently.

Marketing Materials for Program Promotion

To effectively promote the referral program, we've created a suite of marketing materials:

1. Digital Brochure: A visually appealing PDF highlighting program benefits, success stories, and registration process.

2. Email Campaign: A series of targeted emails introducing the program to potential broker partners.

3. LinkedIn Content: Professional posts and articles showcasing the benefits of partnering with Lomond Yachts.

4. Video Presentation: A short, engaging video explaining the program and featuring testimonials from successful referral partners.

5. Landing Page: A dedicated webpage on the Lomond Yachts website with program details and a sign-up form.

These materials emphasise Lomond Yachts' unique positioning in the market, including our diverse range of yachts, global connections through the Superyachters community, and additional services like yacht management and refits.

Tracking and Reward Distribution System

To ensure transparency and efficiency, I've established a robust tracking and reward distribution system:

1. Unique Referral Codes: Each broker receives a unique referral code to track their referrals accurately.

2. CRM Integration: The referral system integrates with our existing CRM to track leads from initial contact through to sale completion.

3. Automated Notifications: Brokers receive updates on the status of their referrals.

4. Quarterly Payouts: Commissions are calculated and distributed on a quarterly basis to maintain consistent engagement.

5. Annual Performance Review: Yearly analysis of each broker's performance, with opportunities for tier upgrades.

This system ensures accurate tracking of referrals and timely reward distribution, fostering trust and long-term partnerships with our broker network.

Program Evaluation and Optimization Strategy

To ensure the ongoing success of the referral program, we've outlined an evaluation and optimization strategy:

1. Monthly Performance Reviews: Regular analysis of key metrics such as number of referrals, conversion rates, and revenue generated.

2. Quarterly Broker Surveys: Gathering feedback from participating brokers to identify areas for improvement.

3. Competitor Analysis: Regular assessment of similar programs in the industry to ensure our offering remains competitive.

4. Annual Program Audit: Comprehensive review of the program's structure, incentives, and overall impact on Lomond Yachts' business.

5. Continuous Improvement: Implementation of data-driven adjustments to optimize program performance.

This strategy allows us to adapt the program as needed, ensuring its continued effectiveness in expanding Lomond Yachts' reach and sales.

Conclusion

The implemented Yacht Broker Referral Program is designed to significantly expand Lomond Yachts' network and reach in the superyacht industry. By leveraging the expertise and connections of global yacht brokers, we're positioned to increase our market share in the high-end yacht market.

The program's tiered structure and comprehensive support system incentivise brokers to refer high-value clients, aligning with Lomond Yachts' focus on yachts over 40 meters and transactions in the €10,000,000 to €100,000,000 range. The robust tracking and reward system, coupled with engaging marketing materials, ensures transparency and encourages active participation.

As we move forward, the evaluation and optimization strategy will allow us to refine the program based on real-world performance and broker feedback. This approach aligns with Lomond Yachts' commitment to personalized service and adaptability in the dynamic superyacht market.

By implementing this referral program, we're not only expanding our sales channels but also strengthening our position in the global yachting community. This initiative complements our existing marketing efforts and leverages the power of professional networks, potentially leading to increased sales and brand recognition in our target markets of the USA, UK, and Europe.