Those travelling for business, senior management and corporate officials are often the most regular client base for corporate jet charter providers due to the high frequency of travel conducted by people in this segment. The missions undertaken by individuals in this segment are often complex and require private air travel not as a luxury or convenience, but rather as a necessity for business productivity and efficiency. For instance, companies that require visiting three or five cities in a single day or those taking a team of people often turn that travel time into productive work time, discuss proprietary information en route and/or move products and services that can't be taken on commercial airlines. Paramount Business Jets strives to market itself heavily to this segment as these travelers often form the and make up 29% of the target market. In addition as these travelers are often repeat consumers they are more likely to open corporate accounts and utilize Paramount Business Jet's 'Jet Card' program rather than the on-demand charter service which helps to build a stronger client base and maintains customer loyalty.
Celebrities, sports personalities and other individuals in the public lime light often choose to fly by private jet due to a multitude of reasons such as safety, privacy and of course security. While individuals in this segment may already have access to their own private aircraft, jet charter companies such as Paramount Business Jets offer these individuals a cost-effective alternative to private aircraft ownership while still maintaining the high standards of luxury, service and safety that they would come to expect of private air transportation. In addition this segment constitutes approximately 23% of the market and as such is a highly targeted market for jet charter providers. As individuals in this segment may not travel as extensively as business travelers they may be more suited to on-demand private jet charter services rather than private jet membership programs.
Similar to both business travelers and celebrities, royalty, government officials and politicians often need to utilize corporate charter services for business productivity, safety and security. As frequent travelers, it is very possible that individuals in this segment might already have access to other government aircraft and/or private jet ownership. Despite this, private executive charter services often are a more cost effective method of private air transportation for these individuals when utilizing their own aircraft is not an option. Individuals in this segment comprise 17% of the target market and due to their infrequent use of charter services are more suited for on-demand private jet charter services than membership programs.
High-net-worth individuals are the most frequent users of executive charter services and constitute 29% of the target market. These individuals often either own their own aircraft or use jet charter services exclusively for both business and leisure charters. As such, this market is targeted heavily by jet charter providers and individuals often seek comfort, safety and luxury over other aspects such as cost. As regular clients and frequent travelers, individuals in this segment are more likely candidates for private jet membership programs which ultimately retain customer loyalty and guarantees repeat business.
As rather unlikely individuals for jet charter services, disgruntled airline passengers and group charters only make up 3% of the target market. However, individuals that are dissatisfied with airline services and those looking for group charters are continuing to increase. Combined with the decreasing cost of executive charters, this market is likely to increase in the future. As with other target markets, individuals in this segment need to be able to afford an alternative to commercial air carrier service and often use executive charter services for smaller trips and short routes. In particular, groups seeking to use jet charter services often find that jet charter are more cost effective when transporting large groups of people.
Individuals in this segment do not tend to utilize private jet charter services frequently and as such would be more suited for on-demand private jet charter services than private jet charter membership programs.
