The BI Weekly 5 is a collection of tips, news and data affecting the boating industry this week. Be sure to look for the BI Weekly 5 every week on BoatingIndustry.com.
1. You've got 8 seconds to get Millennials' attention
Trying to reach Millennials in your business? Time's up.
You've got about 8 seconds to do it, according to a new study from Microsoft, which emphasizes the hyper-digital nature of today has shortened everyone's attention span.
That means short video snippets, catchy copy and creativity are more important than ever.
2. Why aren't they shopping?
Even as the economy recovers and the job market improves, consumers aren't spending as much as would be expected. While there are plenty of theories, the founders of the Retail Owners Institute say a lot of it comes down to demographics.
"Starting in 1961, with only a couple exceptions, the number of births declined an average of 2.1% every year until 1977. In fact, '77 and '78 were the lowest number of births since 1945!" they write. "With more and more retailers (we’re overstored, remember?) competing for fewer and fewer customers, is it a wonder that sales have been tough?"
3. NMMA supports Pennsylvania boat fee bill
The National Marine Manufacturers Association is supporting Pennsylvania S.B. 1168, a bill that would allow the state Fish and Boat Commission to set fees for boat registration and titling, and fishing licenses. Fees currently are set by the legislature and bills introduced to set fees at levels needed to maintain service levels have not passed the legislature in recent years, NMMA said.
4. Both sides unhappy with EPA RFS proposal
Earlier this month, the EPA made its proposal to increase renewable fuel volume requirements for 2017. But both pro- and anti-ethanol forces are unhappy with the news.
Proponents of ethanol are upset that the levels fall short of those originally laid out in the 2007 Energy Independence and Security Act, while opponents are unhappy that they are higher than 2016 levels.
5. 5 Instagram changes you need to know
Instagram continues to grow in important for marketers in the boating industry, but here are five changes you need to know about to make sure it keeps working for you.