Digital Marketing Strategy Plan for Bicycle Company

Since being invented in 1817 Bicycles have been loved by many, young and old. We are now fortunate enough to be able to enjoy riding bicycles in many different areas in our lives, from leisurely mountain biking as a family to competing in events such as triathlons or tour de france etc. The evolution of Bicycles from 1817 to our present day has been tremendous!.

Overall, industry sales of bicycles seem to be stable at around 15 to 20 million bicycle units annually, plus parts, accessories and service, which historically is a very healthy number for the industry.

Here is a great Digital Marketing Plan for any Bicycle Company looking to diversify and implement an effective marketing strategy.

The following will be the steps taken in order to implement an effective Digital Marketing Strategy.

1. Measure your current success.
2. Identify your goals.
3. Create a digital fingerprint.
4. Focus on your Unique Selling Position.

Measure your current success.

Overall, industry sales of bicycles seem to be stable at around 15 to 20 million bicycle units annually, plus parts, accessories and service, which historically is a very healthy number for the industry. The current market size value in 2022 stands at USD 63.36 billion, the revenue forecast for 2030 is USD 119.29 billion. The growth rate stands at CAGR of 8.2% from 2022 to 2030.

On average, the retail profit margin for bike sales is 36%, although the margin is somewhat higher for other types of cycling-related products, such as clothing and accessories. By selling a combination of bikes and other goods, the average bicycle shop earns a profit margin of about 42%. I have listed the top three bicycle companies and their market share percentage below for insight into how the top competitors currently fair.

1. Trek Bikes – Market share 22.5%
2. Giant Bicycles – Market share 10.5%
3. Specialized Bicycle Components, inc – Market share 9.5%

Article link: https://www.grandviewresearch.com/industry-analysis/bicycle-market

Identify your goals.

What are your initial Goals?

• Find a supplier to produce your product, in this case bicycles.

China is the biggest producer of Bicycles. Although bicycles are produced in dozens of countries, the top five producers – China, India, the European Union, Taiwan, and Japan – are responsible for 87% of global production. A great start would be to get in talks with these companies to find out which company would provide the most cost effective solution while still ensuring quality. A lot of thorough research will need to go into this.

• Establish a base for your company.

Look up the statistics regarding the country you are in, what city is listed as the most cycle friendly, what city has had the most bicycle sales over the last few years, which city is economically favorable in terms of leasing property etc.

• What are your financial expectations/projections?.

What will your initial investment be, will you take on investors?

What will your initial cost be regarding setup, manufacturing and staffing costs etc?

Create a digital footprint.

Content is key, you will need to hire some sort of marketing personnel to ensure a strong brand identity is established. You will need to create a website, establish a social media presence, start creating a database of potential clientele etc to start creating brand awareness.

Establish a strong marketing plan that is revised quarterly that covers relevant mailers, intensive campaigns and informative newsletters. In order to ensure you begin to create a loyalty within your customer base toward your brand you will need to provide content that is not only enticing and captivating but consistent and factual.

Focus on your Unique Selling position.

There are a lot of Bicycle companies and Bicycle brands nowadays, the united states of america alone currently has 143 bike brands active (down from 150 last year). In order to establish a successful company and brand you first need to determine what it is that sets you apart from any other company and communicate what it is that makes you unique.

Is it your customer service?

Is it the quality of goods delivered?

Your unique selling position is one of the key pillars upon which your company and brand will be supported.

Since being invented in 1817 Bicycles have been loved by many, young and old. We are now fortunate enough to be able to enjoy riding bicycles in many different areas in our lives, from leisurely mountain biking as a family to competing in events such as triathlons or tour de france etc. The evolution of…

Since being invented in 1817 Bicycles have been loved by many, young and old. We are now fortunate enough to be able to enjoy riding bicycles in many different areas in our lives, from leisurely mountain biking as a family to competing in events such as triathlons or tour de france etc. The evolution of…