The following news piece is from WNYC public radio talking about the growth bike shops in Brooklyn.
One of the first quotes from Pete Kocher of Ride Brooklyn is “A lot of signs pointed to this is a business that could succeed.” These “signs” are seen through research. Kocher may have just been lucky with his decision to open the shop, but I highly doubt he went in all-in with just a hunch. How do you determine if the “signs” point to success for you?
- Identify big picture trends that will impact your business – urban bikes are growing segment (even now); consumers are looking for ways to improve their lives (perhaps even more so now)
- Identify local trends too – bike lanes connecting Ride Brooklyn’s neighborhood to Manhattan are becoming more accessible, meaning more consumers may be willing to try commuting or running errands
- Location research – Kocher did a good job of picking a location that is high visibility to potential customers (along one of those key bike lanes)
- Identify products that address the need – ignore your passions, pay attention to what those potential customers in front of your shop want
- Competition – while this wasn’t part of the news piece, it should be part of your research: who’s your competition, where are they, how are they doing, how will your concept stand out
These are the basics, but its a great start to a marketing plan. All that from just a 3.5 minute news piece!
