The idea of analytics can be overwhelming, but tracking some essentials can provide a significant benefit to a marina’s revenue and long-term performance. Responsible business operation includes OC Marina Insurance, providing quality customer service, and monitoring business by tracking metrics. There are a number of possibilities for checking metrics, but here are some of the most valuable options.

Revenue Metrics

This set of marina metrics provides a look at the revenue stream for the marina, drilling down to daily, monthly, and seasonal rates and tracking performance over time.

• Occupancy Rates: occupancy fluctuates monthly and seasonally. Calculating your daily, weekly and monthly occupancy allows a view of performance over time using a simple spreadsheet.
• Nights Booked: this shows the actual days that boaters are reserving, allowing you to track your performance with seasonal slip-holders, periodic guests, and transient customers.
• Nights Served: this is linked to occupancy, but really measures how much of your capacity is actually used at any given time and how much space you have available to rent. You should track this data:
  • Weekly
  • Monthly
  • Seasonally

Marketing Metrics

Marketing metrics measure the effectiveness of your marketing efforts and identify the most successful channels, giving you an idea of where to continue or improve your focus.

• Reservation Requests: this is known as a “conversion metric.” You’ll want to track the monthly reservation requests and compare them year to year.
• Reservation Sources: tracking reservations by source will show the most productive marketing channels, so you will know whether to continue (or start) using paid referral sites or booking systems.
• Website Traffic: this can be tracked through website analytics software. Your website is often the default method of booking a slip for boaters, so you want to see high traffic.

Financial Reporting

Financial reporting helps with the overall view of your marina’s performance over the course of the year and provides a benchmark for long-run potential and property valuation.

• Core Financials: you should track monthly metrics on core financials to determine the financial health of your marina. These should include:
  • Asset revenue
  • Accrual revenue
  • Cash sales
  • Monthly asset revenue
  • Monthly accrual revenue
• Average Daily Rate: annual rates can fluctuate, but determining an average daily rate can provide the ability to understand the marina’s overall potential for earnings. Tracking the average daily rate can assist in comparing performance from one year to the next, enabling you to experiment with pricing structures that could lead to future increases in revenue. Combining the average daily rate with other metrics provides even greater insight.
• Revenue Per Linear Foot: using this metric is key to determining your potential revenue. If you are interested in selling your business, this is crucial for setting a benchmark value and comparing to competitors in the market.

To ensure optimal performance of your marina, combine OC Marina Insurance with tracking of these valuable business metrics.

About Mariners Insurance

Mariners General Insurance Group was founded in 1959 to protect boat owners and marine business clients. We are marine insurance experts and insure boats worldwide – in every ocean on the planet. Marine insurance is critical if you own a boat or nautical business. Trust the professionals with all of your Boat Insurance needs – trust Mariners Insurance. Call us at (888) 402-5018 any time you have questions or concerns about insurance for your vessel or marine business.