We have all been there, sitting in a meeting when someone says the word. Everyone around the room instantly thinks: is it DAY-ta or DA-tuh?
It doesn’t matter how you say it! Both forms are considered acceptable English pronunciations of the word data. Don’t believe me? Watch this!
What DOES matter about data is that you learn to use it to your advantage. You need to track internal and external data.
In-house, you want to track your number of leads generated, lead conversions, service efficiency, and repeat customers, to name a few. You want to explore this information daily, weekly, monthly, quarterly and annually – comparing it year-over-year – at your dealership. It helps you comprehend what is happening in your business and the marine industry. It will likely reveal pain points and areas of strength and weakness.
It’s also vital to gain knowledge of other data sources to make informed business decisions. We understand that and have the resources to help you. It is one reason we are committed to providing the industry with market reports and why we partner with proven data influencers.
It’s also why Goal 3, Advocate and Raise Awareness, within the 2023-2025 MRAA Strategic Plan included the production of a data dashboard to inform dealers and manufacturers.
We built a Data hub within our Resource Center on MRAA.com to share industry data. That page includes various resources from which you and your team can gather information to operate your business more effectively and aid you in scenario planning.
MRAA Pulse Reports
In partnership with Soundings Trade Only and Baird Research, MRAA produces a monthly “Pulse Report,” which helps to identify today’s trends and dealer sentiment to help you make more informed decisions for your business. We ask specific questions each month that pertain to current MRAA Spotlight topics, too, to gain firsthand feedback from dealers across North America.
MRAA Data Infographics
Using Pulse Report survey results, the MRAA develops a unique infographic with timely data and information for your dealership to use to better understand what’s going on in the industry.
2023 Service Management Special Report
The MRAA Service Management Special Report explores service. You will find data and information on dealer demographics, employee resources, pain points and service department metrics. The report and survey results can help you understand where your business stacks up against others in the marine retail industry. For a deeper understanding, read the blog: “Stories Give Service Data Meaning” from Bernie DeGraw, MRAA Senior Education Developer.
2022 MRAA Marine Industry Compensation Study
We collected 980 position-level responses from 103 retail locations for the MRAA’s most recent Marine Industry Compensation Study. Workforce, staffing and compensation are popular and ever-important topics for marine retailers. You can get an executive summary or the full report here.
But that’s not all. The original 2016 Marine Industry Workforce Assessment is also available. Use it as a barometer to see how our industry has changed over the past eight years and to examine marketplace trends. To broaden our conversation about compensation, the MRAA will also produce a new 2025 Compensation Study to keep our finger and yours on the pulse of what’s currently happening within the workforce, from challenges to victories and future estimates.
J.D. Power Marine Market Insights
The MRAA and J.D. Power have collaborated to supply the marine industry with market insights and reporting. The report explores average retail values by boat category, top researched vessels by brand and additional data you can dig into. We have even discussed some of this data with Lenny Sims, VP of Business Development/Strategy, to it and to provide you with knowledge.
J.D. Power’s Market Insights 2023 Marine Year-End report was recently uploaded to the MRAA Data Center.
Numbers & Knowledge
The MRAA is committed to engaging and informing dealers and manufacturers through education, development programs and data-driven solutions. Our effort will help them find success and also help improve the health of the marine industry. We will continue to enhance our retail data dashboards to keep this same audience informed and to deliver on one of our strategic goals to become an authentic source of industry numbers and knowledge.