Market Research and Analysis
MMCNV sets objectives to identify services and amenities which the market perceived to have value. Yacht Owners don’t like to pay for amenities or services that they don’t use. If they feel that the dockage rates are helping to support amenities, like a pool, which they do not use, then eventually the Yacht will move on. Crew must be made comfortable and have compelling reasons to endorse a location – a Key Consideration.
- Conducting market research to identify unmet needs that represent new development opportunities for the market.
- Identify if the project made economic sense and added value to the surrounding upland area.
- Improve the upland site ROI while adding the MROI.
- Clear identification of the capitol expense parameters for the development of the facility was critical to success.
- Solid Time Line for Development.
Strategic Market Planning
In a marina environment as in any business, Strategic marketing planning is a vital part of the process that the operational and managerial staff of a company go through to create and implement effective marketing strategies. Sadly, most marine related businesses overlook this step in any planning process and do not capitalize on the benefits and advantages.
Proceeding with a marina or resort marina development without setting the SMP process in motion is like building a yacht without a set of plans. Failure is a foregone conclusion.
The aspects that contribute to strategic marketing planning include:
- Identifying promotional opportunities and evaluating the marketing opportunities;
- Researching, analyzing and identifying the target markets;
- Developing a strategic position for the company to pursue along with how to implement the strategy;
- Preparation and implementation of the marketing plan;
- Measuring and evaluating the results of the marketing efforts of the company.
Once a strategic marketing plan is in place, the company can use the plan as a guide in conducting its daily business as well as making short-term and long-term decisions. Implementation of the strategic marketing plan typically leads companies to the tactical marketing portion of conducting business. The strategic marketing plan transitions into the company’s plan for product and service development; the communication plan on how the company intends on promoting the business offerings; developing the sales plan; and finally putting together the customer service plan on how the company intends on interacting with current and potential customers.
The primary benefit of a strategic marketing plan is that it puts a written guide in place for a business to follow to reach its goals and objectives. The second major advantage of strategic marketing planning is that is allows the business to create and utilize consistent messaging internally and externally. Consistent messaging in marketing creates efficient companies because employees and customers understand what the company offers and how the company offers it. They work toward a common goal. Efficient companies typically see an increase in revenues and market share, while it sees a decrease in expenses. Ultimately, it all leads to an increase in company profitability.
MMCNV understands how the Strategic Market Planning process is tied to a new marina project and where the pitfalls and the jewels all lie. Having pre-developed successful plans in place which are a result of previous project experiences allows a simple and economical roll out to evolve. A roll out that will include all the elements a developer needs right out of the box.
Media Planning and Placement
Effective media plans don’t happen by accident. The best media plans come from employing a disciplined approach to the entire media placement process. This process includes exhaustive media planning, negotiating low rates and “added-value”, thoroughly auditing both the plans’ execution and results and then reevaluating the media strategy to address opportunities for improvement. Media Management. While this includes “media buying”, Media Management is a far more comprehensive approach to placing targeted advertising in successful focused Marine Related publications. Publications that attract the right clients – the yachting clients. Unfortunately, not all advertising agencies are equipped to provide this type of Marina & Yachting Media Management. While some ad agencies might produce great ads, they are limited in the experience or resources they have to commit to developing media plans that can maximize MROI (Marina Return on Investment). Moreover, while in-house media buyers may do an adequate job of negotiating rates and placing a schedule, they often have neither the planning experience nor the analytic tools necessary to be truly effective at measuring and optimizing the buys. As such, the media placement doesn’t deliver the results it should. That’s where MMCNV can help!
Marine Media Management, as practiced at MMCNV, involves four distinct steps. MMCNV’s experience over the past 25 years is that employing this type of comprehensive approach lowers media costs and improves media results. Placing a media buy might sound simple, but creating and executing a Marine & Yachting Centric media plan that will reach the greatest number of target consumers… in the most effective way… and generating the most effective response… at the lowest possible cost takes hard work… much of which comes well after the media runs.
At MMCNV we understand the tactics, employ the experienced professionals and cover the waterfront. All to insure our clients success.
Marketing Positioning and Competitive Analysis
Marina Entrepreneurs and Yachting business people must constantly examine their competitors to provide greater customer value and satisfaction than them. A good marketing strategy is incomplete without a competitor analysis and businesses must make sincere efforts in gaining a strategic advantage against their competitors in today’s market. It’s not enough to launch new products with the latest features and technologies; businesses must position their offerings strongly against the competition to make an impact in the minds of the end-users.
To do this, business owners must not only understand their own strengths and weaknesses but also of the competitor’s. This is where competitor analysis comes into play and if you are the owner of a small business or a start-up, you should ensure to have a competitive marketing strategy in place. A good business strategy goes a long way. The process of understanding who your competitors are, their marketing strategies, the strengths and weaknesses of their products or services in comparison to yours so as to improve your marketing plan is called competitor analysis. It helps you understand the uniqueness of your product or service thereby giving you a definite advantage in attracting the target customers. A competitive analysis is a critical part of a company’s marketing plan and must compare the firm’s size and industry position with respect to that of its competitors. Based on this comparison, certain strategies can be adopted to reap greater benefits from the overall brand marketing efforts.
MMCNV has compiled and maintains extensive information data banks of every marina and resort facility built in the last 20 years. We draw from these resources to support our clients and their projects as an added service.
Customer Relationship Management
Customer relationship management (CRM) is an approach to managing a company’s interaction with current and future customers. The CRM approach tries to analyze data about customers’ history with a company, in order to better improve business relationships with customers, specifically focusing on retaining customers, in order to drive sales growth.
One important aspect of the CRM approach is the systems of CRM that compile information from a range of different channels, including a company’s website, telephone, email, live chat, marketing materials, social media, and more.
Through the CRM approach and the systems used to facilitate CRM, businesses learn more about their target audiences and how to best cater to their needs. However, the adoption of the CRM approach may also occasionally lead to favoritism within an audience of consumers, leading to dissatisfaction among customers and defeating the purpose of CRM.
The main components of CRM are building and managing customer relationships through marketing, observing relationships as they mature through distinct phases, managing these relationships at each stage and recognizing that the distribution of value of a relationship to the firm is not homogenous. When building and managing customer relationships through marketing, firms might benefit from using a variety of tools to help organizational design, incentive schemes, customer structures, and more to optimize the reach of its marketing campaigns. Through the acknowledgement of the distinct phases of CRM, businesses will be able to benefit from seeing the interaction of multiple relationships as connected transactions. The final factor of CRM highlights the importance of CRM through accounting for the profitability of customer relationships. Through studying the particular spending habits of customers, a firm may be able to dedicate different resources and amounts of attention to different types of consumers.
Event Planning and Public Relations
Well thought out and creative “out of the box” marketing and promotion plans focused upon introducing new customers to your facility while retaining existing members. Special events based upon fun, and family centered ways to enjoy and participate in the boating lifestyle. From sailing regattas, to world class sport fishing tournaments broadcast on live TV, and rendezvous with the occasional event thrown in for fun, we know how to have a good time on and around the water.
Full Marketing and Sales Representation
Most closely-held business owners became successful by doing what they do best, running their business; they are actively involved in the day-to-day operations of their company and their expertise lies in dealing with customers, employees, inventory and the challenges that come with running a business. MMCNV is successful because realizing the maximum value for your years of hard work, is what we do best. We can manage the entire acquisition process for you, so that you can continue to focus on the day-to-day operations of your business, which must be maintained during the sale process.
Sell Side Representation – Whether exploring a sale in the near term or implementing a strategic plan over a longer term horizon of one to five years, business sale can present great opportunities for business owners to grow or retire from their company. MMCNV helps develop the best course of action to maximize ultimate sale price in order to guarantee the promised future for both the business owner and ongoing operations of the selling company.
Buy Side Representation – In a growing economy, expanding your business may be the best option to increase market share and revenues. Growth through acquisition presents opportunity to achieve higher profitability through existing customers, revenues and established brand equity. MMCNV helps business owners narrow down and approach acquisition targets and navigate the due diligence process to ensure the best possible outcome for the future of the company.
The business sale process can be extremely complex, and sometimes the smallest of details can mean a substantial difference in the net proceeds to you as the seller: It’s not just the price, but the terms of the transaction that can make this difference. MMCNV has the experience and applied knowledge to ensure your business sale is managed and negotiated correctly.
There are many large, corporate brokerage firms to choose from; they will have multi-member teams with seemingly impressive credentials and they will manage numerous acquisitions at a time, spanning several different industries.
They may also charge large upfront retainer and/or valuation fees and may not have the industry knowledge, contacts, dedication or focus needed to successfully negotiate YOUR business sale.
MMCNV however is a specialized boutique firm with specific experience related to the marina and resort industry. We have “corporate” experience, a large qualified and diverse buyer network, and proven results and, we guarantee a very personalized turn-key service.
Web Site Design and Positioning
Our services combine together to provide an holistic approach to waterfront facilities. Our team of web experts help you from stage one of branding to the final stages of launch and marketing. Our design team will present sketches, creative ideas and even 3D renders to bring your vision to life. Our Search Engine Optimization (SEO) team runs market research, and begins to analyzing data for your market. This is how potential users will begin to find you on Google, Yahoo, and Bing! We also offer Social media setup, design and integration with your website. All our sites are full responsive, meaning they work on all devices, all the time. We also offer professional photography and videography.