It’s no secret that the boating industry is struggling in these tough economic times. The recession has hit everyone, but this article will show you how to keep your boat business afloat!
In fact, there are several things you can do to make your business more successful even when the economy is down. Here are seven tips to help you get started:
1. Focus on Customer Service
What good is a boat if the owner doesn’t use it? If you focus on customer service, you’ll see your business succeed regardless of how well the economy or general demand for boating is doing.
Make sure you offer exceptional customer service, so people return to you and tell their friends about how great their experience was.
2. Use Social Media
Social media is a powerful tool that can help you market your business and keep customers coming back to you. Start with a friendly Facebook page and an active Twitter feed and work from there.
Make sure all of your posts are relevant, interesting, and engaging; if they aren’t, people won’t bother to read them or will drop off quickly.
Avoid too much self-promotion, as this can also turn people away, especially if they feel like you’re only using social media to sell your products.
3. Give Deals
It may be tempting to offer huge discounts in order to make sales when the economy is tough, but doing so could hurt profitability long-term. Stick to providing deals that are low-cost and beneficial to your customers.
For example, if you offer a gift for bucks party cruise bookings over a certain period, you can see an increased interest and demand without having to slash prices.
4. Get Creative With Payment Options
If you allow people to pay for their boat rental by cash, consider allowing them to use credit cards as well. This is an easy way to keep your profits up even if the economy suffers and people don’t have as much money on hand.
You may also want to look into deposit programs for kayaks, jet skis, etc., where customers can put down at least half of the cost before using the equipment, so they’re not expected to pay full price every time they rent from you.
5. Use Promotions Strategically
Giveaways are a great way to get customers involved in your business and boost sales, but be strategic about how often you run promotions and which ones you choose to support.
If giveaways constantly bombard customers, they’ll soon begin ignoring them altogether, which will hurt your business in the end. Focus on one or two promotions per year, so they feel special and have more weight behind them!
6. Be Selective When Hiring Employees
It’s easy to think that the best employees are friends of friends who happen to be looking for work right now; however, that may not necessarily be the case.
Always interview more people than you need in order to hire the most qualified candidate for the job. Having knowledgeable employees working for your business is essential during tough times like these! Do thorough research on each person before hiring them.
7. Give Back to the Community
It can be easy to focus solely on making money, but if you give back to the community in one way or another, it will make people happy, and they might come out of pocket to support your business.
Please don’t underestimate how powerful giving back to the community can be; it could turn around bad press before you know it!
8. Watch Your Competition Closely
You may not pay much attention to your competitors when times are good, but now is precisely the time that you should start closely monitoring them since they’ll be doing all they can for their businesses as well.
Monitor social media pages and income reports so that you know what’s working for them and what isn’t—take notes and learn from their mistakes.
9. Be Innovative While Staying Traditional
It’s okay to think outside the box and be innovative, but you should also make sure that your business stays true to its roots.
For example, if you’re a family-owned business that’s been around for as long as anyone can remember, don’t change who you are just because times are tough; focus on refining what you already offer instead.
Times are tough for everyone, but there is always room for growth and success if you work hard. Keeping your boat rental business afloat during these challenging times is all about having the right strategy and mindset.