Tuesday, August 20, 2013

Measure Twice...

(0:52) I've written about trying new and unusual strategies, offering services boaters want, and other suggestions, all while not fearing failure along the way. Because if you want to move forward you'll sometimes be entering uncharted ground. Sometimes you'll succeed and sometimes you'll fail. It's critical to know when you've done each.

(0:44) Marinas contact me looking for my opinion on a new pricing structure, a new service, or a special, and I am happy to give my 2 cents. But it's more important to track actual results. Knowing what succeeded and what didn't can guide you moving forward.

(0:36) The only true way to know if you are making progress, staying stagnant, or falling behind is to measure the outcomes of the things you try. Too often a business will try a new promotion or service or discount and fail to determine if it had an impact on business.

(0:29) You need to develop criteria that is relevant to your success. You need to measure your business based on that criteria now and after a change. Your criteria can be as simple or elaborate as your needs, time, and resources allow. Over time you will refine and develop your measurement techniques.

(0:20) In doing this you can begin to determine what works and what doesn't. You can fine tune the timing for special discounts and know if the promotion or service you are paying for is delivering results.

(0:13) If you don't measure you're just guessing or hoping and neither makes for a wise marketing plan.

(0:09) So start now by tracking some measure of your business success, revenue generated, number of new boaters, boat feet per night, etc. Then when you make an adjustment you have a point of comparison. Keep adjusting and keep measuring and you will find success.

(0:02) And that's the marina minute.