The marine industry, myself included, has been eagerly awaiting 2009 to see what exactly the new year will bring to our industry. The end of 2008 saw many companies not just cutting back (in personnel, production, advertising, boat shows, etc), but shutting their doors all together; others have been in limbo, just waiting. In all the economic cycles the marine industry has seen, the common view is that when the economy is down it is a cleansing for the industry. Only the strong will survive.
There are very recognizable names like Grand Banks, Kadey-Krogen Yachts, Ocean Alexander, J/Boats, Melges, Hunter, that have remained steadfast through the ups and downs of the economy, the generational changes in the boating community, and the demands of new technology. However, I predict that as we come out of this slump and as we enter a new year, we will find ourselves being introduced to new companies who have been developing under the radar and I’m excited to find out who, and what, they are.
I also think that the folks who are holding steady and keeping their heads above water are using their time wisely. They are researching new marketing avenues, getting in touch with their existing client base, evaluating what has worked and what hasn’t worked for their products, forming strategic partnerships, and putting company development plans in place.
As 2009 unfolds and the U.S. boating market comes back to life, I believe more and more companies will:
- expand into European and other foreign markets;
- find more fuel efficient ways of operating boats and integrate them into yacht design;
- identify cost-saving construction techniques;
- define niche markets in which to promote and become part of those communities;
- create relationships with complimenting lifestyle products;
- invest in video marketing, social media marketing, and online opportunities.
In addition, there is also a new generation of businesspeople as well as a new generation of boaters who are not only going to expect change from the industry, but will help create and implement change. The NMMA began putting forth Grow Boating initiatives five years ago and though they certainly helped increase awareness and interest in boating, by default there is now an even larger population of young adults who are potential boaters—and this is a huge opportunity for boat and product manufacturers as well as related media and event companies.
I don’t expect change to happen overnight or to see inventoried boats suddenly start to sell off showroom floors, but I do think that the combination of new companies forming, existing companies refining their products, a new wave of boaters coming on the scene, and the variety of ways in which companies and consumers can connect creates a good recipe for a healthy uptick in the marine industry.
Thank you 2009, for arriving.
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