Trade the crystal ball for facts

by Marilyn Mower

The things that seem to be propelling some marine businesses forward as the economy regains its footing are improvements in the arenas of value, customer service and innovation. The reverse of that also seems to be true: The companies that are falling to the wayside tend to be those with products that fail to carry perceived value in the marketplace; those that don’t understand customer service; and those that don’t innovate or are still under the illusion that tomorrow, or perhaps the day after, business will return to the way it was in 2007.

This is the time to put some serious effort into analysis. Where do you start? Have you looked at your products and services? What do you do/sell that is different or unique? If you are a reseller, what do you offer beyond the product that improves your chances of being the seller? It’s not necessarily a matter of lowest price. It’s a fact that people will spend more for items of high value.

When was the last time you created a customer demographic based on facts? Keeping track of reader demographics is something publications do as a matter of course; they live or die by them. Do you have ways to track your customers that create meaningful data? If not, how do you know if you are operating to the best of your ability and capturing maximum market share?

What do customers think about your products? Take time to survey the waterfront, literally or figuratively, in the market you wish to serve and see what products the consumers are actually using and how. There is no doubt consumer behavior changed during the recession. As regards your products/services and customers, put the changes on paper and forecast if that change will continue and should become your new baseline. It’s not too soon to plan for 2011.