An entrepreneurial tale
Two twenty-four-year-old young entrepreneurs, Levi Conlow and Robbie Deziel, were sitting in a café corner with their computers facing each other on a bright morning, excitedly talking about their next big idea. Due to their shared love of playing video games, the two buddies, who had been friends since middle school, decided to tie the knot. They made the decision to launch a company together and carry out their unspoken agreement on a bigger scale after years of friendship.
In college, Levi had a strong desire to start a company. In addition to operating a little electric skating business out of the dorm room, he also brings in hundreds of thousands of dollars annually. This event fueled his ambition to alter travel habits in addition to testing his business sense. Levi came to the realization that, despite the electric skateboarding business’s relative success, his true ambition was to make a lasting contribution to the transportation industry that would help a greater number of people. As a result, he focused on electric bicycles, a field that had a greater chance of really altering how people move.
Levi and Robby quickly became aware of how quickly the market for electric bicycles was growing. This sector has a low entry barrier, which encourages the emergence of many new businesses, but it also implies that competition is quite intense. They now have a significant problem in trying to differentiate themselves from the numerous rivals.
After thinking back on his collegiate entrepreneurial experiences, Levi concluded that they required a distinctive product to draw in customers. But they need money to do this. Levi gave it some thought before deciding to contact his father for assistance.
His father ultimately consented to invest in their start-up initiatives after being convinced by his zeal and perseverance, despite the fact that this was a dangerous decision. With this money, they were able to begin their business adventure by purchasing electric bicycle prototypes and doing market research.
Initial phase of entrepreneurship: ingenuity and execution
Levi and Robby are aware that they must introduce a product with a distinctive selling proposition in order to succeed in the very competitive electric bicycle industry. They devoted months to thoroughly studying the market, client demands, and the drawbacks of the current product line. At last, they created the Lectric XP electric bike after a great deal of deliberation. This bicycle has large tires, a range of around 25 miles (about 40 kilometers), a top speed of 28 miles per hour (about 45 km/h), and a folding frame for convenient storage. Above all, they priced this bike at $899, which gives it a significant pricing advantage over comparable goods available on the market.
One of Levi and Robbie’s greatest obstacles when product design is finished is making their concepts a reality. Due to budgetary restrictions, they opted to create ten test bikes as prototypes before going into full production. They hardly have any money left over after spending most of it on product development and prototyping.
validation by the market
Levi and Robby used an unconventional marketing approach to get above their tight marketing budget. They submitted these ten prototype bicycles to ten distinct YouTube channels, which included viewers from RV and other niche markets in addition to electric cycling fans, for review. By doing this, they seek to confirm that their items are well-received by the market and encourage word-of-mouth sales.
At first, Levi and Robby were apprehensive about this plan, and they looked forward to receiving criticism every day. They observed the reaction with trepidation when the first critical test footage was eventually made public. Thankfully, the majority of the evaluations were favorable, and the Lectric XP electric bicycles’ performance and cost were highly praised.
a fruitful tipping point
The number of Lectric XP orders increased as additional assessment films were made available. Levi and Robby were shocked to learn that, in only a few months, their electric bicycles had sold out many times. On YouTube, there are over 150 video reviews for Lectric XP, with over 3 million views overall. They both felt amazing as a result of the social media explosion, which immediately led to an increase in order volume.
With this electric bicycle, Lectric Ebikes has made over $13 million in revenue in less than a year. This outcome far above Levi and Robb’s initial projections, securing their position in the electric bicycle industry and providing a strong platform for further growth.
The key to success
Celebrity endorsements and affordable costs
The success of Levi and Robby is no coincidence. Their success is largely due to a combination of things, including a sensible price structure and a celebrity marketing plan. They realized that conventional advertising techniques are no longer the sole or most efficient forms of promotion in the age of social media. Rather, they opted to ship the Lectric XP electric bicycle to YouTube influencers in an effort to draw in new customers by using these online superstars’ genuine reviews.
By leveraging social media’s enormous reach, this tactic lowers advertising expenses while immediately presenting the benefits of Lectric XP to the intended audience. In addition, they set the product’s pricing at $899, which is quite appealing when compared to other comparable items on the market. In addition to giving customers the impression that the product is cost-effective, this price approach speeds up product market penetration.
Reduce the number of product alternatives.
Levi and Robby made wise choices on product supply chain management in addition to marketing tactics and pricing. They decide to provide a restricted selection of accessories, which streamlines manufacturing and inventory control and improves the effectiveness of the order processing procedure. When making a purchase, consumers do not have to choose from a wide range of alternatives, which simplifies the process and raises customer happiness.
This streamlined approach to product options has shown to be quite successful. The ease of use and quickness of the purchasing procedure have greatly pleased customers, which benefits both the brand’s reputation and the customer experience.
Constant influence and growth
Modify how individuals move.
Levi said in an interview that their first goals for launching a firm were both changing how people move and achieving financial success. The Lectric XP electric bicycle is more than just a way to get about. It stands for a challenge to conventional forms of transportation and an investigation of practical, economical, and ecologically friendly alternatives. By means of their merchandise, they want to inspire a greater number of individuals to choose for electric bicycles as their primary mode of transportation, so advancing the sustainable development of society.
Engage in social welfare activities
Levi and Robby understand very well that providing high-quality goods is only one aspect of corporate social responsibility; other measures include making a positive impact on society. By providing electric bicycles to those in the community who are in need, organizing cycling competitions, and funding public welfare initiatives, they actively engage in social welfare activities.
These initiatives strengthen the emotional connection between businesses and customers while also demonstrating Lectric Ebikes’ corporate social responsibility. By engaging in these public welfare endeavors, Levi and Robby seek to increase awareness of and involvement in social concerns and, in their own little manner, help to improve the world.
Dismantling of independent stations
Placement of brands
Within the first four years of its founding, Lectric eBikes sold over 400,000 electric bicycles, making it one of the fastest-growing firms in the US. Thanks to its inexpensive pricing, foldability, and comfort, the brand’s most well-known electric bicycle, the Lectric XP series, has gained widespread reputation in the market. It is now the third most popular electric model in the US, after the Tesla Model 3 and Model Y.
Placement of the store
Lectric eBikes aims to provide e-bikes that are enjoyable, transportable, and reasonably priced. Their goods include a range of electric bicycle models and accessories, such as throttle choices, pedal boosters, and models with three levels of capability, with the goal of giving every rider a worry-free riding experience.
Fundamental principles
“Selfish service is a subversive force” is at the center of Lectric eBikes’ basic beliefs, which also include a dedication to expanding life choices at affordable costs. Levi Conlo and Robbie Dezer, the company’s founders, have always committed to delivering high-quality and reasonably priced goods via innovation and creativity while manufacturing electric bicycles. They have also actively engaged in charitable activity at the same time, demonstrating the brand’s dedication to social responsibility.
The underlying cultural tendencies
Lectric eBikes are a reflection of a cultural movement that includes people’s pursuit of healthier lives, as well as an increase in environmental consciousness and sustainability. The brand has effectively integrated eco-friendly travel practices into everyday life, inspired individuals to visit the globe in a more health-conscious and ecologically responsible manner, and emphasized premium living at reasonable costs.
intended user
The intended audience consists of those looking for quick and sustainable means of transportation, such as cyclists looking to enhance their quality of life or commuters who like outdoor activities. To satisfy the demands of various user groups, including everyday commuting, cross-country adventure, and light travel, Lectric eBikes offers a range of goods.
Analysis of category strategies
diversified range of products To satisfy the demands of various customers, Lectric eBikes offers a range of electric bicycle solutions, including tricycles, off-road vehicles, freight vehicles, urban commuters, and folding vehicles.
Pricing approach: Product pricing aims to provide consumers with varying budgets options by covering a range of price categories, from low-cost to high-end.
Value addition: During the campaign, give out complimentary accessories to boost the added value of product purchases.
Analysis of marketing strategies
Promotions during holidays: Holiday promos, such as those for St. Patrick’s Day flash shopping, entice consumers to make purchases. Their marketing initiatives are shown in the figure below.
Patrick’s marketing strategy is also very dramatic. They will entice you with discounts for your pop-up turntable, from gathering email addresses to not making an order. Boost the consumer conversion rate. I should point out that turntables are highly popular with visitors.
Social media and online assessment: To increase brand visibility and consumer trust, leverage social media channels like YouTube, TikTok, and e-bike review videos as social coupons.
User community: By creating a user community and exchanging product evaluations and riding experiences, you may improve user involvement and brand loyalty.
An examination of the benefits and prospects for the store
Variety of products: Offer a variety of electric bicycle alternatives to accommodate varying user demands.
Price competitiveness is the ability to set appropriate prices that accommodate a range of consumption capacities.
Marketing initiatives: Run frequent sales and promotions to draw in new customers and reward existing ones.
Opportunities: Use social media platforms to improve connection with younger consumers; continue to create peripheral items and accessories for electric bicycles to raise the added value of customer purchases.
