The boating industry needs culturally targeted digital marketing to drastically improve conversion rates and ROI of their targeted customer. We argue that the dollars should be spent or slowly transitioned to expanding a Boat/Yacht companies digital presence. We believe that every dollar spent to market products on third party websites will become 3x detrimental to the businesses long-term online growth strategy as it forces businesses to rely on the success of conversions from 3rd party websites such as BoatTrader.com, PowerBoatListings.com, and other online forums and magazines.
Culturally Targeted Digital Marketing
First let’s understand the boating industry demographics..
Boating remains a middle-class recreational activity. National Marine Manufactures Association reports that 81% of adults who went boating had a household income of less than $100,000; 65% had an income less the $75,000. (Only 16% had a household income of $100,000 or greater).
Boating participants were more likely to be male (58%), younger than age 50 (74%) and have a household income of $50,000-$99,999 (41%). Approximately 7% of boating participants were age 65 or older and 10% were retired. 8% of boating participants were Hispanic and 10% were African American. Download NMMA Report Abstract
Now let’s understand how those margins become receptive to culturally targeted marketing initiatives.
Culture is important to online marketing because it lays the foundation for how consumers think, communicate, and understand the information a business presents to them. By leveraging the provided contextual information about potential customers, business are able to strategically implement targeted inbound and outbound marketing initiatives which in turn will improve conversions of their targeted audience.
Chaffey (2009) makes arguments that understanding the cultural background of prospects and it’s consumers is fundamental to building a successful marketing campaigns and is equally if not more important for digital marketing. The culture of online audiences should be embodied in each promotional material. The content of that marketing should both depict the product clearly but also recognize the cultural expectations of the targeted audience.
If you were to consider every piece of marketing material you have seen in your lifespan and attempt to extract the products usefulness without remembering at the specific portion of the marketing content that lead you to find the product worth purchase… You will easily see why cultural relevance is essential to every piece of product or brand marketing strategy.
What is inbound digital marketing?
Since 2006, inbound marketing has been the most effective marketing method for doing business online. Instead of the old outbound marketing methods of buying ads, buying email lists, and praying for leads, inbound marketing focuses on creating quality content that pulls people toward your company and product, where they naturally want to be. By aligning the content you publish with your customer’s interests, you naturally attract inbound traffic that you can then convert, close, and delight over time.
From a business standpoint, understanding the different options and correct implementation phases of the different elements surrounding culturally target digital marketing strategies will drastically change your return-on-investment.