LazyDays RV Analysis

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01

LazyDays RV - Marketing Analysis

The marketing strategies employed by LazyDays RV are event marketing, YouTube marketing, and press release marketing. The details are outlined below.

Event Marketing

  • One of LazyDays RV's marketing strategies is event marketing wherein the company hosts an event such as the grand opening of their new location. Last October 17-20, 2019, the company hosted a grand opening event for their new location at The Villages, Florida. This is now the second location of LazyDay in Central Florida.
  • The event included giveaways, refreshments, and aggressive sale pricing. Since the marketing strategy focuses on sale pricing, this makes the marketing strategy retail oriented.
  • The messaging released in this article lacks details about how the event will transpire. Giving more details regarding the event may be one thing that they can improve on for next time. Giving more details may entice more customers to visit the event.
  • The channel they used for this marketing strategy is in store as well as digital.

YouTube Marketing

  • LazyDays RV has a YouTube channel that has 7,550 subscribers. One of its marketing campaigns is a YouTube video that was released just this March 13, 2020. The video, which has already garnered more than 269,000 views is entitled "Lazydays RV Service Center | We Service All RV Brands."
  • The 30-second marketing video presents the services being offered by LazyDays, encouraging the viewers to visit the company website to learn more about what LazyDays offers. This marketing campaign is retail oriented.
  • The company did well in the messaging of their ad video in the sense that they were able to present the message in less than a minute. This short duration entices viewers since it will not take up much of the viewers' time.
  • The channel they used for this marketing strategy is digital.

Press Release Marketing

  • Another marketing strategy employed by LazyDays is the press release of the opening of their new service centers. According to ArtDivision, press releases are considered as a marketing strategy as the press releases are used as promotions. These LazyDays press releases promote the company's newly opened service centers.
  • Last February 2020, LazyDays opened its first Texas service center. While last July 2019, it also opened a new service facility in Anoka County, Minneapolis.
  • LazyDays is doing well in making sure that there are press releases regarding its new openings. These press releases make the marketing retail oriented as it seeks to draw customers to their service centers.
  • The channel used by LazyDays in this marketing strategy is digital.
Part
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Part
02

LazyDays RV - Marketing Focus

Baby Boomers (55+) represent the core audience group of the company. However, lately, the company has also been focusing on attracting other high growth customer segments such as millennials and Generation X. Below we have presented the required details about the company's core audience and its efforts to attract millennials and other generational cohorts.

LazyDays RV Core Audience

  • Baby Boomers, who are currently aged between 55-75 years, have been the core audience of the company over the past several years.
  • The above is corroborated by the fact that in a 2008 annual filing the company had mentioned that its core customers are "both entry-level and seasoned RV enthusiasts" and "these RV enthusiasts are typically financially secure couples in the 55-74-year-old age group."
  • More recently, in a 2017 interview, the company's Chairman and CEO, William P. Murnane, reiterated the above and averred that baby boomers are the core demographic for the company's motor home and RV businesses.
  • Murnane also emphasized that baby boomers form a large part of the company's business and are the most dominant and core audience of the company in terms of outright sales.
  • In addendum, as per the company management, the next wave of retiring baby boomers, which is expected to be 10k people a day over the next decade, will help the company and the overall industry to counter any imminent negative growth.
  • While baby boomers (55+) remain the core audience of the company, millennials and Generation X represent the fastest-growing segment for the company.

Attracting Millennials & Other Generational Cohorts

Research Strategy

The research team has leveraged the information from the company website, its social media accounts, annual filings, presentations, management interviews, and media sources such as Forbes, WSJ, Bloomberg, Live Mint, etc in order to compile the above information. In order to confirm the core audience group of the company, the team searched through its current and past filings and various management interviews. The company has very evidently mentioned that while millennials and Generation X are its fastest-growing segments and it has started focusing on them, baby boomers (55+) remain its core audience, contributing the most to its current revenues. The same was also corroborated through the past year filings wherein the company had mentioned that 55-74 years old were its key customer demographic.

The team has also compiled the available information on the company's efforts to attract millennials. Apart from the above-mentioned sources, the team also scoured through the various blogs and marketing databases such as Adage, Marketing Daily, Adweek, etc in order to hunt for any millennial specific advertising campaigns launched by the company. However, most of the information available was for millennials and other younger generational cohorts as a whole and hence the same has been presented as such.
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