(0:54) I find that many marinas overlook a critical component, pricing.
(0:51) I'm not referring to whether you are priced high, average, or low compared to your competition. Or even how well your price matches your offering. I've covered those in previous Minutes and could well do several more.
(0:46) I'm referring to how you handle pricing for daily, weekly, and monthly transient stays. I continue to be surprised by how many marinas either do not have weekly and monthly pricing or do not promote this pricing. And you need to understand that stating, "Call for pricing," is giving a negative impression.
(0:39) I understand that there are some marinas that only offer daily transient pricing structures. That is a perfectly valid strategy if it was developed intentionally and thoughtfully. However, my experience is that for most marinas, it has come about by uncertainty, a lack of forethought, or simple inertia.
(0:31) When boaters look at your pricing structure, it sends them a message about your expectations for the stay. If you only show a daily rate, you're saying you only want them to stay a night or two.
(0:27) Providing rates for weekly and monthly stays implies that there's a reason a boater will want to stay longer. How you structure that pricing tells me how aggressively you are courting longer stays, or not.
(0:22) Over the years, I have found that a reasonable weekly rate should be the equivalent of 5 transient nights. The monthly rate should be the equivalent of double the weekly rate.
(0:18) If you want to more aggressively attract longer term boaters, your longer term rates should be less. And if your are at or near capacity or simply wish to have less focus on longer term stays, you should set higher weekly and monthly rates.
(0:11) There is no one right model. You need to develop your own pricing strategy based on your unique situation and business goals. And your pricing structure may well change based on seasonal fluctuations.
(0:06) Don't leave it to chance. A well crafted pricing model can mean more business and increased profits.
(0:02) And that's the marina minute.