The Yachting Industry has matured and evolved with the addition of new businesses coming to Grenada and establishing themselves.
They recognize the potential and really do help us polish our Yachting product.
There has been a considerable improvement in professionalism. We know our customers are from UK, USA, Canada and Europe so we are aware of the level of service and professionalism required.
When your in an environment that has no competition you become complacent.
Competition is intense so we have to do better or else we get left behind. Competition means that everyone has to raise their game.
The yachting Customer base we deal with will go to the best service provider. Clients require quality services or products, those companies offering these features will benefit.
We at The Budget Marine Group belief in the concept of “The certainty premium” if you go somewhere where you pay $2 extra and the service is good and the products are in stock then you will return to that place and have a returning customer, if you pay $2 less but most of the time the product is not in stock or the service was bad, then chances are the customer will not return. So if you pay a little extra, but are guaranteed, we coin this as our “Certainty premium”.
The industy has grown but we have not done an economic impact study for the last 2 years…The figures then were around $140 million ecd as a direct impact to GDP
The Yachting industry is contributing to over 10 % of GDP. This contribution is significant & we expect it is rising.
As a chandlery we are excited about the new marinas coming to Grenada. Service providers need raw materials cruisers and sailors will come to Grenada for the first time because of the increase in services but the biggest single trickle down effect will be the attraction of new people to Grenada. We simply want the boat count to go up. That way new companies are not being seen as taking away from existing businesses.
My Boss has correctly stated “The strength of a Countries marine industry is directly related to the strength of its marine association. “ Nobody can argue the good things that MAYAG (Marine and Yachting Association of Grenada) have done for the industry. They deserve a lot of credit for using initiatives to sensitize the Grenadian public about the value and importance of the marine industry. People now see it as a booming industry and a lot of people now want to be part of that.
MAYAG have implemented a training program from funding agencies.
The US/International boating standards ABYC set standards for electronics, electrics, diesel repair & small engine repair, these are the things that sailors are comfortable with getting access to a qualified electrician or a trained mechanic.
These are things that will make a huge difference to our yachting industry.
The programmes are here on island and that is working well inconjunction with TAMCC who have added these courses to their curriculum.
The yachting community have to go where they can have a problem solved or where they can shop.
The desert island ideal is all well and good but there’s only so long you can stay there until you need something or your boat breaks.
The training that MAYAG has done with getting ABYC certification as a national standard within the Yachting industry in Grenada is a huge plus for the island, future employment, and continued development. With formal training the days of looking over a mechanics shoulder and then calling yourself a mechanic are over.
The GTA’s support of the yachting industry has been exemplary as a sub sector of the Tourism industry. They are doing a great job they have dynamic individuals who can get things done.
The budget they have is minimal but what they squeeze out of that budget is amazing. The econimc impact study raised everybody’s eyebrows. 140 million contributed to GDP is significant.
GTA have facilitated international Yachting events to come to Grenada like the
World Arc and The Oyster Regatta. Which all contributes to the entire Tourism product more people coming to Grenada spending money flying in bringing in families ….Event tourism is huge
The Budget Marine SIBT is the longest running and best organized billfish tournament in the S. Caribbean
As the title sponsor We are delighted to be strongly associated with this event.
2011 -2016 our contract. We have over 50 boats every year and these guys love to party and spend money. The economc impact over the 4 days is estimated at 2.4 million ecd so even though its taken us a long time to get here, we are in a good place. This is now associated with Budget Marine and we promote this event throughout the Caribbean through our stores.
Budget now sponsors events from Aruba to St Maarten.
As sponsors we have increased our brand recognition throughout the region. People who had never heard of us before now know us through this tournament.
Our Brand recognition has gone above and beyond our expectations.
We also support the local Workboat regatta but its not just a local event anymore it has now become a great national tourist event. That visitors love to come out and support it and it has proved to be a great event that highlights fun sailing and culture. Its grassroots but it is a tourist event infact i see a lot of my customers there.
Tourists are fascinated with the event.
Sponsoring events is not like spending $10 in sponsorship and you looking for $10 back in sales it doesn’t work like that, its all about brand recognition.
Budget Marine now sponsors
St Marten – Wahoo
Budget Marine also does the match racing in St Marten Heineken Regatta
We use same boats with international sailors coming down for the event
Grenada’s present yachting legislation is very Yacht friendly
Govt has been very supportive of the industry awarding a lot of benefits to yachties and cruisers and duty free status of foreign flagged vessels has helped maintain and even increase the amount of boats here.
I believe the Govt is very fair towards yachting in Grenada and they do listen to our concerns. Cruisers understand that not everything can be free and many support the idea that we all must live.
Cruisers pay a lot of money in VAT which is a consumption tax they may not stay in an all inclusive hotel for 7 nights but they do spread their money out throughout the economy.
Budget Marine has 12 stores regionally
We know the region very well and we have explored every option possible, but we may not have executed every option possible, but we have certainly explored all of them .
We expect our 2 new marinas in Clarkes Court Bay and Carriacou to have their own strengths so we do not expect any cannabalism there. CC will be the biggest But Carriacou will be Strategically positioned for servicing the Grenadines.
Budget Marine is a Privately owned dutch entity registered in the Netherlands Antilles. With a very complicated holding company structure.
Attempts to establish their annual turnover and net worth are ongoing.