Exploring the many facets of new-media or online marketing can result in increased salesĀwell beyond simply Āgetting your face out thereĀ.
Online marketing is much like an artistĀs palette: messy, colorful and abstract. But itĀs well worth making the effort to figure it out.
I have written before about the Āfear of being rightĀ Āthe reticence many people have when, after completing a thorough analysis, they come up with an answer that somehow goes against conventional wisdom.
Take one of my acquaintances, Erik. He recently bought a motorcycle rental business and joined it with his existing custom, semi-custom and stock-bike business. He also offers bike servicing (especially Harleys and HarleyĀs sports line, Buells) and some merchandising.
On a recent Saturday night over beers, he had mentioned to me that no one had come to his Second Saturday Art Walk event. His business is right at the edge of the Wynwood art district in Miami, and the Second Saturday Art Walk draws tens of thousands of people who visit galleries, eat from food trucks, walk around looking at art boothsĀ but his bike place is far enough from the center of Wynwood that no one wants to walk there.
ĀWhy did you even want people to visit your shop?Ā I asked him. ĀWell, I was told that I had to get my name out thereĀ he said If youĀve followed any of my columns, you would know what my next question was: ĀGet your name out there to do what?Ā
If you were Erik, what do you think would be next?
1. It all begins with sales.
One of the key tenets of TOE (Theory of Everything) is having a clear picture of what you need to sell, because only then do you have a clear picture of your target audience, the message you want to convey and the media you need to use. So, letĀs take a hypothetical scenario for ErikĀs business. (WeĀll call it ErikĀs House of Custom Bikes.)
LetĀs say Erik wants sakes of around $3,000,000 per year:
| Category |
Sales |
Price/Unit |
Total Value |
| Bike Sales | |||
| Full Customs |
7 |
$90,000 |
$630,000 |
| Boss Hoss |
14 |
$60,000 |
$840,000 |
| Royal Enfield |
96 |
$7,500 |
$720,000 |
| Repairs & Maintenance |
$600,000 |
||
| Bike Rentals |
$100,000 |
||
| Merchandising |
2,500 |
$22 |
$ 55,000 |
| Grand Total |
$2,945,000 |
Erik could conceivably build seven full custom bikes at $90,000 each, sell 14 Boss Hoss bikes at $60,000 each and eight Royal Enfields per month, and have other offerings such as repairs, maintenance and merchandising contribute another $655,000.
How do you sell a $90,000 bike from the same shop where you also sell a $7,500 one? Strict segregation is the key.
So who buys what?
| Bike Line | Price | Target Buyer |
| Full Customs |
$90,000 |
Males. These are typically successful professionals in entertainment, sports, promotions. There is also a market for promotional use, where custom bikers are used as part of a contest. Targets would include casinos, cruise lines, entertainment venues. |
| Boss Hoss |
$ 60,000 |
Males. The Boss Hoss is a heavy bike, weighing in at 1,200 pounds and sporting a Corvette V8. Buyers come from the same pool as full-custom purchasers but have less money. They might include successful lawyers, people in the marketing industry, actors. The same crowd that purchases Harleys typically buys them, but they have more money. |
| Royal Enfields |
$7,500 |
Males (but could be females). Royal Enfields are very retro-looking bikes that are underpowered for their price range. Nevertheless, they send a distinctive styling message. |
| Bike Rentals |
$130 |
Young Males (21-30). These are typically visitors to Miami. TheyĀre evenly divided, with 50 percent coming from the U.S. and 50 percent coming from other places. The latter group comes from Brazil, Argentina, Mexico, Germany, England, Italy and France. Of the Latin American destinations, Brazilians spend the most. |
| Bike repair & Maintenance |
$250 |
Males. TheyĀre primarily owners of Harleys and Buells, although, secondarily, Triumphs, Indians and others. |
