Background
I collaborated with The Vansmith, a van conversion company based in Boulder, Colorado to assess their current business model and make recommendations on improving it.
Challenge
Despite a large social media following, The Vansmith lags behind its competitors in terms of conversions. Additionally, the majority of its customers are baby boomers nearing retirement.
Strategy
Convert their followers, most of which are millennials, into customers
Make #vanlife more affordable without compromising on craftsmanship
The Concept
A modular van build that is broken down into phases. To lower the financial barrier of entry, The Foundation only includes the basics, like insulation, floors, electrical, windows, etc. The remaining build is broken down into several phases and consists of a flat-pack kit with all necessary parts. Each phase also comes with custom video content that provides detailed step-by-step instructions.
How it Works
Customers provide new or slightly used Mercedes Sprinter 144 high-roof ($40-45k). The Vansmith then installs The Foundation for approximately $15k. With The Foundation installed, users can hit the road and figure out what is important to them. Then, they can purchase Kits to configure their van exactly how they want it. Kits might include: bed system (with water and electrical boxes), galley, storage, garage, and cabinets. Customers can purchase Kits individually or as a complete package (with staggered shipments) for more savings.
VALIDATION
Fake Door
To validate our concept and measure interest, we featured The Foundation on The Vansmith’s home page with an option to sign up. We also launched an Instagram Story that included a poll and drove traffic back to the “Learn more” on The Vansmith webpage.
User Interviews
We interviewed four individuals to get their feedback on The Foundation concept. The participants were either interested in van life or already owned a camper van.
GO-TO-MARKET
Product Positioning
Adventure Wagon is the closest competitor. They focus on creating baseline interior systems that use L-track to be as flexible as possible. Adventure Wagon recently sold their 1,000th conversion, validating the need for such a product. We believe there is room for additional players. Rather than focus on modularity, The Vansmith can differentiate by offering fixed-in-place Base Builds with a homey, warmer aesthetic. Additionally, The Vansmith can undercut Adventure Wagon by approximately $5,000.
Marketing Strategy
We recommend promoting The Foundation by partnering with a top-tier creator on Youtube. Our first pick would be Levi Allen, who is known in the #vanlife community and regularly documents his projects. We would provide a new van, with The Foundation Base Build. He would then be responsible for installing the remaining Kits and documenting the process. Similar arrangements could be made with second-tier influencers in exchange for the Kits. Regular consumers could also receive discounts for creating user-generated content.
Roadmap
Profit & Loss
RESULTS
The Vansmith launched The Foundation in 2023, leveraging our team’s strategic direction and business model innovation to bring it to market successfully.
