BOAT OWNER BRAND LOYALTY STUDY Summary of Key Findings October 6, 2012
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1 BOAT OWNER BRAND LOYALTY STUDY Summary of Key Findings October 6, 2012 The Right Approach to Business Decisions Background An online survey was conducted among members of Left Brain Marketing s online boater panel. The purpose was to determine the degree of brand loyalty among boat owners. A total of 939 boat owners responded. Respondents represented a wide variety of boat types and brands: Top 12 Brands Count SEA RAY 85 BAYLINER 64 RANGER 39 TRITON BOATS 35 LUND 34 BENNINGTON 33 FOUR WINNS 33 YAMAHA 31 CRESTLINER 29 GLASTRON 28 CHAPARRAL 27 LOWE 24 Findings One in five boat owners (18%) purchased a boat for the very first time. The majority (61%) purchased to replace a boat previously owned. Among those who have owned multiple boats, about half purchased their prior boat new*. *Note: Since the LBM boater panel consists primarily of newer model year boat owners, the incidence of used purchases is likely understated.
2 Of those whose prior boat was purchased NEW, approximately one in four (27%) stayed with the same brand with their subsequent purchase. Page 2 of 5 And among those who switched, only half even considered their prior brand. However, if we exclude those whose subsequent boat was purchased USED, then the loyalty rate increases to nearly 1 in 3 (31%). For those who stayed with the same brand, it is not surprising that having a positive prior ownership experience was the main reason for their brand loyalty. But for those who switched, dissatisfaction was not the primary reason. Instead, it was because their prior brand didn t offer the type or size of boat they were looking for next (product selection).
3 Page 3 of 5 Approximately 4 in 10 (43%) of those who have owned multiple boats bought a different type (e.g., runabout vs. pontoon) with their most recent purchase. And those who purchased a different type are highly unlikely to remain with the same brand (only 11%) presumably because many manufacturers do not offer the type of boat they were looking for. But if we focus on only those who have purchased multiple NEW boats and both were of the SAME TYPE, then the loyalty rate jumps to nearly half (46%) on average. Not surprisingly, those who are highly satisfied with their prior boat brand are substantially more likely to remain loyal. And those who did switch did so primarily because of the price, quality or selection of products offered by their prior brand at the time of their subsequent purchase.
4 Approximately one in four (24%) of those who repurchased a boat of the same type purchased one of the same length. Two-thirds (64%) purchased something larger. Page 4 of 5 And nearly half (45%) of those who did repurchase did so within 5 years of their prior boat purchase. Eight in ten (78%) did so within a ten-year window. Conclusions Of those who have purchased multiple boats, approximately 1 in 4 (27%) stayed with the same brand. This increases to 31% if we only look at new boat buyers and 46% if we look at only new boat buyers who repurchased the same boat type. This suggests that boat brand loyalty is affected by many things, some of which is largely outside manufacturers control namely going from a new to a used boat or buying a completely different type of boat (that they may not offer). Not surprisingly, those who stayed with the same brand did so largely because of a positive prior ownership experience. Conversely, if we exclude those who went to a used boat or a boat of a different type, the main reasons for switching brands were the
5 Page 5 of 5 price, perceived quality or product selection of the new offerings available from their prior brand. Based on this, it is recommended that boat manufacturers do the following: Identify their customer migration patterns and customer retention rate. Importantly, for those customers who left them, find out the reasons why. And, for those who have remained, be sure to acknowledge them and show their appreciation. Closely monitor customer satisfaction and respond to issues in a timely and professional manner. This is particularly important considering that an increase in customer satisfaction corresponds to a much higher incidence of customer retention. Understand their brand s perceived value vs. competitive alternatives. This is important considering that price and quality (the core ingredients of value) were the main reasons why some customers left (after accounting for those who purchased used or a completely different boat type). Reach out to former customers in the 3 to 7 year window since this is when many are in the market to purchase another boat. Finally, determine first what customers want and value and then design products accordingly. This will improve customer acquisition as well as retention. o While this seems like common sense, it has historically not been done or done as well as it should be. This is why YOUR FEEDBACK is so critical. Thanks to all of you for taking the time to share your opinions. Your input is definitely having a direct impact on the design and future direction of marine products and services. Sincerely, President Left Brain Marketing, Inc.
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