Make the Most Out of Your Marina’s Pricing Strategy
Since every marina is different, it’s important to find a pricing strategy that works best for you. Here are the four pricing strategies marinas use and how you can make the most of them at your facility.
For a high occupancy marina that's a hive of activity, charging by the slip length simplifies the sales process. If your marina's full, you’re making maximum potential revenue.
The issue with charging by the slip is that although customers with boats shorter than their slip pay for the full length, revenue is left on the table by not charging larger boaters overhang fees.
Setting your price based on the length of your customers' boat is ideal for a marina with a lower occupancy or nearby competitors. Prices will be more affordable for smaller boaters and larger boaters with overhang will generate additional revenue for your facility.
You can maximize your potential revenue using the pay-per-foot model by having a negative slip differential. To do this, you’ll need a slip differential of 0% while having as many boats with overhang as possible. If this sounds complicated, it doesn’t need to be; the marina management tool Swell Advantage calculates the dock plans necessary to achieve a negative slip differential.
Whichever is greater
To capture the most amount of revenue at your marina, you’ll want to charge boaters by the slip with additional fees for any overhang. This popular strategy is ideal for marinas with slips that are in high demand by customers that aren’t picky about prices.
To reach maximum potential revenue with the whichever is greater model, you’ll need a negative slip differential in your marina. As mentioned above, this can be achieved with the marina management tool Swell Advantage.
With wider boats growing in popularity, you can capture additional revenue by charging boaters by how many square feet they take up in your facility. Additionally, charging by the square foot creates an opportunity for you to optimize the layout of your docks for current boaters and the boaters on your waitlist.
By using a modular docking system that's guided by intelligent technology like Swell Advantage, your marina could be regularly optimized for your boaters. This would maximize revenue and take full advantage of your property. Although not currently available, we believe that this will make a big impact on marinas’ performance in the future.
Let us know how you’ve been making the most out of your marina’s pricing strategy by emailing us at firstname.lastname@example.org or calling us at +1-888-908-7858.