Owning a marina can be quite a lucrative business opportunity, for avid boaters, marinas offer much more than just storage. Despite this, one of the first places marina managers and operators look for answers when it comes to increasing sales is still here. In fact, this restricted approach misses out on a lot of money and opportunities.
If you increase slip fees to reduce operating costs, you risk losing your competitive edge and turning away customers. So, how do you improve your sales and raise more money? You must return to your roots… and begin to think beyond the box. Here are some ideas to help your marina attract more customers and generate more revenue throughout the year.
Improve On The Customer Service
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Customer service and assistance that exceeds standards is easily one of the most valuable things any company can have. This can seem to be a simple first move, but customer service is often misinterpreted as simple kindness. It’s not all about saying hello and using formalities like “sir” and “ma’am” — although these courtesies will go a long way. Customer support guarantees that the customers’ needs are met first and foremost.
The cleanliness of marinas is one of the most important customer concerns. Following the core tenets of customer service helps build loyalty to your marina and long-term development, from the appearance of your docks to ensuring water, sand, and mud stay off the bathroom floors.
Expanding The Product Line
To put it another way, increase the amount of money each customer spends during each visit by providing additional products and services. The word “goods and services” in the marina industry refers to everything your transient guests or long-term dockage customers may require to dock, purchase, enjoy, or remember their visit.
The following are some examples of marinas expanding their product lines:
- Increasing the number of available slips, whether by dock expansion or reallocation of existing space
- Making provisions and facilities, such as ice, petrol, and pump-outs, available for a fee
- Installing additional moorings and/or a dinghy dock to accommodate boaters on a tighter budget as well as dinghy boaters from nearby marinas.
- After investing in high-quality plastic floating docks for your marina, you could start selling non-slip footwear to ensure your customers are protected from slip-and-fall accidents.
Physical Expansion Of Your Business
This may not require translation: a company can raise sales by spreading outside its current regional borders, giving it access to a broader customer base. Some enterprises in the marina industry have evolved by:
- Expanding their footprint at the same place to serve more clients, whether by installing moorings, expanding their docks, or reallocating existing space
- Collaborating with nearby marinas to promote and facilitate travel between each other.
- Opening other marinas in new locations under their brand.
Expanding The Revenue Channels
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Retail, in addition to the amenities and facilities, is a simple way to increase sales and revenue. The right retail range improves your marina’s comfort while also adding fresh or useful items that appeal to your customers’ needs. Your merchandise will become a big selling point for your marina, positioning it as a one-stop shop for all water activities.
During the slow seasons, offering fresh and exclusive attractions and continuing to innovate your offerings will help you create more sales. Take a step away from boating to expand the demand for new customers. Examine what’s common in your area and among the clients you represent. Will a new market be interested in stand-up paddleboard rentals and storage? Are you a marina that caters to families?
You may want to consider offering kids’ party packages that include boating tours. Increase the number of reasons for people to visit. Other service channels you should consider include;
- Renting out parking spaces in your parking lot.
- Factoring in a fuel dock
- On-site establishment of a restaurant/bar
- Selling and renting out kayaks and other water sport essentials.
Infiltrating Neighboring Markets
Looking at more indirect areas to increase sales is a way for a company to expand its revenue; areas where marina teams may have gained expertise as part of their day-to-day operations. Here are some examples for marina managers and teams to consider:
- Have you mastered the art of slip construction? Could you work as a consultant for other marinas to help them develop their slips?
- Is there any clothing in your ship store that is popular and could be sold to the general public?
Acquire Other Businesses
The acquisition of an established business in a market is one technique for stimulating the development of a marina. This technique complements all of the previous ones in several aspects. If your company is in a position to purchase another business in the same or a similar industry, you will definitely speed up the process of expanding your sales.
Conclusion
Analyze the figures before applying any of these methods. What income sources do you have? Where are you squandering your funds? How much can a particular improvement raise the gross profit over time? What effect would it have on your carrying costs? What are the salaries and benefits of employees? Looking at the big picture will help you decide which path is best for your business.
Many marina owners work on a seasonal business model, making it difficult to stay profitable during the year. You can improve your business by adopting these techniques to raise sales and keep ahead of risk.
