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How To Grow Your Bike Business Quickly

This means that if someone is starting their own bike business, there are a few key ways that someone can improve their sales and grow their customer base.

By Mikkie MillsPublished 4 years ago 3 min read
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When it comes to building a business around bikes, it is a challenge to grow one quickly. No matter how much technology and the internet continue to grow and change, the bike business is still retail first. This means that if someone is starting their own bike business, there are a few key ways that someone can improve their sales and grow their customer base.

Measures to Increase the Number of Customers

Of course, the first way to grow a bike business is to grow the number of customers. This is a challenge that virtually every retailer can understand. If sales have been flat, this is largely because the sales at all brick and mortar stores have been relatively flat over the past few years. This has to do with the fact that many customers have moved online.

Therefore, it is important for bike businesses to think about how they are going to embrace the internet and its potential to act as a powerful sales tool. The retail world has also shifted online as a whole and this means that it is important to find ways to stand out from the crowd.

Remember that customers are looking for a seamless shopping experience, so think about ways to give them 24-7 access while also making it easy for them to place an order and pick one up. It is important for bike businesses to embrace the internet. As anyone who has taken classes for a USC online MBA will say, the internet is here to stay. In order to increase the awareness of an online bike business, think about using social media and digital technology. This is going to play a major role in the future.

Measures to Increase the Number of Transactions

While increasing customers is great, it is also important to take steps to increase the number of transactions. Sure, this goes hand in hand with increasing customers; however, as long as customers are coming back, the number of transactions will go up. This can make a major difference in a bike shop’s revenue numbers and profits. Keep in mind that the majority of a bike shop’s income is going to come from a minority of the customer base.

Bike shops are going to have slow periods during the course of the year and one of the ways that bike shops can get through this time is to lean on their existing customers. Think about sending out information about specials, sales, a discount, or something else. This is a great way to get the customer base back to the shop and help the company get through a slow period. This might even include a code that goes out to loyal customers as a form of a reward. Think about measures that will increase the number of transactions.

Measures to Increase the Value of Each Transaction

Finally, bike shops should think about how they can make each transaction more valuable. This comes in the form of add-on sales that take place when the customer makes a purchase. The customer is already buying something, so why not tack on a few more dollars?

Yes, this has to be done with a tremendous amount of skill; however, there are ways to make this effective. Think about items that commonly go together. For example, if a biker is interested in getting a new tire, he or she might also need a new tire pump. These add-on sales can be a great way to increase the value of each sale, helping someone grow their bike business in rapid order.

Steps to Grow a Bike Business Quickly

There is no way around it. It is hard to grow a bike business quickly. Fortunately, these are a few ways that bike shop owners can take steps to grow their customer base and increase their revenue. There is a lot of opportunity for success in the biking industry.

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