This is Felt Bicycles’ statement and declared mission. They think that going fast is fun, so they make their bikes accordingly. Plain and simple.
Felt Bicycles was founded in California, a land of pioneers, entrepreneurial mavericks, technology-driven mavens, and the most passionate outdoor fanatics you’ll find anywhere. Since 1991, they have strived to help each rider ascend to a world championship victory, surpass a personal record, or achieve a perfect ride on the parcours of their liking.
Devoted to creating the finest cycling experience in the world, the company is a world-recognized designer and manufacturer of Triathlon, Time Trial, and Road bikes, especially.
In most recent years, the cycling market has seen an exponential growth of the volumes of online sales.
Americans spent over $6.9 billion on bicycles and accessories in 2020, fueling the global expansion of bicycle sales roughly by 40% between 2019 and 2020, and by 57% between 2020 and 2021.
Mobility habits have changed and the number of bicycle riders has significantly increased – both passionates and commuters – growing from about 43 million in 2015 to 52 million in 2022 in the USA.
However, this spike in the market brought along new challenges for the cycling industry that was caught unprepared by it: new bicycles became a scarce commodity, aggravated by the fact that global bicycle supply was also constrained due to shipping disruption, supply chain constraints and health-care emergencies.
In this context, Felt saw an out-of-ordinary boost that started in April 2020 as a lot of other ecommerce and significantly boosted the online sales for their premium bike models, rapidly consuming most of the available stock.
Just after the big boost in digital sales, revenue started to decrease because of bikes’ stock thinning, with spikes in sales corresponding only to product discounts and small – other than brief – ‘pockets’ of stock for most popular lineups, boosted by the digital advertising campaigns efforts undertaken.
What was interesting though, was that the Traffic sessions followed a more stable trend, slightly reducing only because the cold season arrives, but maintaining an overall high level of interest. Felt’s brand gained momentum from users who didn’t know it before the April boom.
However, given the impossibility of a rapid and substantial replenishment of the online stock, Felt’s ecommerce could not answer to the enlarged demand and thus was losing opportunities in a growing industry.
We have therefore identified two main goals to tackle this trend:
Given that most products would have remained out-of-stock for the online channels for an undetermined period, there was no point in investing resources to boost the traffic to Felt’s website without any products to sell, but it did make sense to empower brand awareness and gather new potential prospects and customers for the upcoming products while deepening the knowledge of the firm over its customer base to better serve and foster their growth.
With these pillars in mind, we approached the CRM and developed a strategy to:
The database enrichment process and the market insights survey granted valuable findings, that helped define:
We used these findings to draft an Action Plan to drive several improvements for Felt’s.