1. On Course with the Economy
Boat Dealers
On Course with the Economy
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2. Throttle Forward
Buying a boat was low on Americans’ list of discretionary income purchases during the Recession and recovery, but now it’s full-steam ahead, as powerboat sales increased 2.4% during 2013, 7% for 2014 and an anticipated 5% for 2015.
Total recreational boating spending (new and pre-owned boats and engines, trailers, accessories and service) for 2013 increased 3.5% to $36.8 million and 5.0% for 2014, totaling $38.64 billion.
During 2015, personal watercraft (PWC) was the big winner with a 25% increase in sales; followed by ski boats, 15%; and sportfish and outboard sector, a 10% increase each. Stern/drive/jet boats sales decreased 5% for 2014.
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3. Canadian Boating Floating Low in the Water
Despite 46% of Canadian adults participating in recreational boating, new boat and engine sales decreased 3.2% to $2 billion and unit sales decreased 7.2% during The only boat category that registered an increase was personal watercraft, at 3.9%.
British Columbia was the only Canadian province where new boat and engine retail unit sales increased, and at 3%, with the 7.5% increase in new outboard engine sales driving the overall increase.
Canadian pre-owned boat unit sales decreased 3.5% to 60,085 units, with the dollar total decreasing 6.9% to $ million. Only the provinces of Alberta and Saskatchewan recorded increases, at 3.3% and 3.5%, respectively.
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4. Industry Leaders
In Boating Industry magazine’s Top 100 Dealers (based on statistics), the average dealer had 2 locations and median annual revenue of $9.8 million.
The top 100 dealers sold 7.7% more boats and 6.1% more engines, with an average gross profit margin of 18.4% on boats and 67.8% on service.
Boating Industry’s top 5 boat dealers for 2014 were Gordy’s Lakefront Marine, Fontana, WI; Russell Marine, Alexander City, AL; Singleton Marine Group, Buford, GA; The Sail & Ski Center, Austin, TX; and Seattle Boat Company, Seattle, WA.
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5. Rocky Retail Customer Experience
The Recreational Boating & Fishing Foundation Retail Customer Experience Assessment study of August 2014 found that 86% of participating consumers thought the employees at the stores and US markets in the study made a favorable first impression.
Only 36% said they were greeted within minutes and only 47% said the salesperson determined their level of boating or fishing experience.
Of the 7 questions consumers were asked about how well salespeople assessed their needs, the average “Yes” answer for 6 of those questions was only 30%.
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6. Marine Marketing Maneuvers
According to Boating Industry’s January media survey, dealers, manufacturers and others in the industry spent more on virtually all types of media during 2014, compared to 2013, but the use of social media had the biggest increase from 55% to 72%.
When asked about their most successful marketing tactic during 2014, survey participants listed company Website, first, at 25%; followed by boat shows, 19%; Web advertising, 14%; marketing, 12%; and in-person events, 8%.
Boat manufacturers and dealers said they would increase their use of marketing the most during 2015, at 67%; followed by company Website, 60%; Facebook, 55%; events, 51%; and Web advertising, 49%.
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7. A Bright Horizon
Boating Industry analysts forecast a 5% growth for the boating industry during 2015, and 84% of its readers are anticipating growth in their businesses, with 43% expecting revenues to increase more than 10%.
In a separate survey from GE Capital, released during February 2015, boat industry businesses said they projected a 5% to 6% increase in units sold and an 8% to 9% increase in retail sales and 84% said they would be hiring new employees.
Despite the very positive outlook, 47% of Boating Industry readers were very concerned about affordability; followed by ethanol (E15), 32%; competition from other activities, 29%; aging boaters, 25%; and water access, 21%.
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8. Advertising Strategies
Since boat dealers say that events will be their fourth most-used marketing tactic during 2015, explain to them how TV advertising will help them reach more consumers with more frequency and direct them to their Websites and social media pages with event details and related content.
It’s important for boat dealers to engage with a younger audience to expand their market. A special event for young adults and advertised during late night and other appropriate programming in conjunction with social media could attract more interest in boating among the younger generation.
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9. Advertising Strategies
To encourage more boating and/or fishing, boat dealers could offer a special incentive for a summertime boat purchase, such as a gift card for fishing equipment from a local sporting goods store or a free family picnic basket from a local grocery store for each month they used their new boat. Recommend television as the best visual medium to promote the fun and excitement of boating, with video footage of various demographics enjoying boating activities with family and friends.
Customer testimonials in commercials are also excellent branding messages to build awareness, store traffic and social trust for dealers.
Suggest a call-to-action in retailers’ TV spots to request a free e-book about how to select the right boat. The URL takes consumers to a landing page where they must provide their address to receive the book.
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10. Advertising Strategies
With most boat sales occurring during spring and summer months, local dealers should advertise throughout the seasons to tap into the appeal of the outdoor lifestyle. As fall approaches, dealerships should advertise winterization services, discounts, or partnerships to entice new consumers.
Television has the visual power to convey the sense of fun and enjoyment of recreational boating as well as the penetration to promote the value of the products and the service of local retailers. The emotional experience offered by the boating lifestyle is a great way to attract those new to boating. TV spots that focus on the advancements in boat design, technology, safety, and fuel economy will hit consumer hot buttons, especially among current boat owners.
Retailers’ advertising messages should also take into account the influences on consumer buying decisions. Encourage retailers to emphasize their depth of experience and to consider initiating loyalty programs, which will resonate especially with female consumers.
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11. Social Media Strategies
Consumers interested in boating, or those a dealer could attract to boating as a leisure activity, should populate their social media pages with relevant content, such as boating safety tips and videos, matching the types of boats to specific boating activities, maps and guides of local waterways, etc.
Dealers can generate more and deeper engagement with consumers by asking customers to post photos and videos of their boating adventures, fun with the family, boating vacations, etc.
Since the boat industry is proactively trying to promote the activity among women, dealers can create pins on Pinterest to show boat models and matching fashions and styles for the female boater.
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