"Private information -
is the source of every great fortune." Oscar Wilde
A charter business like any business, if it is to succeed needs a competitive advantage over its rivals. Often that starts with an information advantage when it comes to consumer preferences.
What do you know about your customers that your competitors don't? Anything?
How well do you know your customers, their needs, wants, and their purchase decision process? Who knows your customers better- you or your competition?
As Rieva Lesonsky blogging for the federal government's Small Business Administration explains:
1. Who are your target customers? Do your market research to understand where your target customers live, their demographics (age, sex, marital status, income, etc.), their spending habits and anything else that makes them ideally suited for your product or service.
2. Who are your competitors? Which companies compete with you for your ideal customers? How do they market themselves, what are their Unique Selling Propositions (USP) and what differentiates your business from theirs? How will you need to market your business to stand out from the competition?
So what type of market research are you conducting? Is it primary or secondary?
It is virtually impossible to better serve the customers, to out innovate the competition, successfully evolve rapidly and effectively or develop some unique product or service - without a competitive information advantage.
Corpen's ability to design and conduct primary market research studies and to analyze and interpret study results can provide a company with the advantage of proprietary information before the competition.
Our customized primary research surveys provide our clients with proprietary private information that enables them better serve the charter customer.
There is no shortage of data and opinion masquerading as "information." There is just not enough time in a day for you to properly evaluate all of the available information. Busy professionals are increasingly forced to rely upon various informational sources: employees, the Internet, consultants, advisors, sales people, magazines, newsletters, journals, etc….
None of which are infallible, with multiple motives and biases, some being particularly suspect. Almost all of this information is, in one form or another, of the published or public variety. Unfortunately published does not confer accuracy, honesty or legitimacy. It does not mean it is relevant to you and your circumstances and it certainly does not give you any competitive or economic advantage.
Relying upon public information, at best allows you to make the same mistakes as everyone else.
Or to paraphrase; what everyone knows, isn’t worth knowing. Out dated, inaccurate, and irrelevant information isn’t worth knowing because it seduces you into erroneous decisions, wastes resources, both financial and temporal, and diverts your attention away from the reality of the situation or opportunity as the case may be. Thereby preventing or delaying you from taking the proper actions.
Gaining an information advantage frequently means proprietary information, but that's only the beginning!
You can’t stop there. Just as important is your ability to accurately interpret the information and then to devise strategies for the successful real world application of that information.
Improving your information gathering and decision making process should produce greater profits.
Many of the leading yacht brokers and yacht charter brokers include basic “marketing services” now as part of their management services. There are also “marketing services” and magazines, producers of web sites, brochures, videos, yacht shows, social media and a wide range of “experts” of all types that can help promote a yacht.
However, for yacht owners that would like to get down to business - it's Corpen Communications.
Too often prospects never see or hear your message because of the sheer volume of competing messages. However, even when prospects do hear your message; they are just not sufficiently motivated by what they hear to take the desired action.
Corpen can be especially helpful in this regard. It's expertise in managerial economics and behavioral economics which are keystones of modern marketing strategies provides unique insights that few if any yacht brokers, or yachting professionals could be expected to possess.
If you are a yacht owner with a yacht in charter and your existing marine marketing efforts consistently fail to produce substantial profitability, perhaps it’s time for a new direction - a course correction. A new tack may be required in order to achieve your financial objectives and get you to where you want to go – and may need to go - before the IRS inquires of your true yachting motives.
Corpen signals a new direction for yacht owners and marine professionals that expect their marketing efforts to actually enhance their bottom line net profitability. Following Corpen’s new direction can also signal to the IRS a yacht owner with a legitimate profit motive willing to make a change in search of greater profitability and not just a yacht owner with a hobby, content with annual losses as just part of the expense of enjoying the yachting lifestyle.