GOOD DECISIONS DEMAND GOOD DATA

This is the slogan of the Pew Research Center that refers to itself as a nonpartisan fact tank: Good Decisions Demand Good Data.

In our corner of the world, the National Bicycle Dealers Association (NBDA) provides two examples of good data -- one covering adult cycling consumer habits, and another about bicycle shop financial metrics.

The consumer research is an invaluable planning reference guide for suppliers, brands, associates, and bicycle retailers as they shape their strategic and business planning around understanding consumer bicycle and e-bike buying habits over the last two years.

The report contains detailed data, analysis, charts, and actionable information about the demographics of the American consumers that purchased which brands from what retail sources, at what retail prices, and with what accessories during the last two years.

With the report, readers will be able to study the clusters of adult purchasers, including the 33.4 percent of women who started cycling, and the 22 percent who returned in the last two years, including what style they purchased, from what retailer, for what kind of cycling. It also reveals what it is going to take to retain them, and what they plan to spend on cycling going forward.

Key study highlights:

• What are the key cyclist segments in today’s market?
• How do these segments buy? How do they interact with IBDs?
• How have buying channels changed? What channels are the most important for each segment?
• How have bicycle buying habits changed?
• Will the changes be long term?
• How can we take advantage of the changes?
• Is the new cyclist segment significant? How big is it? What is the long-term potential?
• What are the most important buying factors in each segment?
• How does my brand perform in each segment?
• What messages resonate with each segment? How do I reach them?

Associate members of the NBDA may purchase the report for $3,000. Retail and mobile members of the NBDA may purchase a special retailer version of the report for $199. Retailers who are not members of the NBDA can purchase the special retailer version of the report for $399.

The second research study is the latest version of the NBDA’s Cost of Doing Business study. Specialty bicycle retailers were surveyed in early 2022, with most answering based on the full 2021 calendar year.

This unique research effort represents the most up-to-date comparative financial performance information available anywhere. This study is designed to serve as an easy-to-understand tool for specialty bicycle retailers to evaluate their own company’s operating results, in order to pinpoint strengths and weaknesses, and improvement opportunities.

In early 2022, the National Bicycle Dealers Association mailed a strictly confidential survey questionnaire to all NBDA member firms, as well as a random sample of non-member firms.

The survey collected detailed financial and operating information from industry operators by sales revenue size, store type, geographic region, and number of locations.

The NBDA Cost of Doing Business Survey was compiled, tabulated, and prepared by Industry Insights, Inc., a professional research and consulting firm which specializes in industry operating surveys, compensation studies, educational programs, and customized research services. Completed surveys were returned in confidence through early 2022, to Industry Insights, Inc. All company identification was removed from each questionnaire, and only a confidential identification code remained. The data was then coded, keyed, and edited by Industry Insights’ financial analysts for validity. Computer processing was performed on all data to insure statistical validity, and to produce the financial and operating ratios contained in this study.

Using this information, bicycle retailers can compare their own figures with other firms in their revenue category, with other single or multi-store operators, with stores of similar size, with stores of a particular geographic region, and with the high-profit firms (i.e., those in the upper 25% based on before-tax return on assets). Spotting significant differences between your own store’s performance and the industry composites can be the first step toward improving performance. However, deviations from industry norms do not automatically call for some action.

To use this report, determine which of the above data groups pertain to your operation so that you can compare your own store’s results to retailers that are comparable to your own. Be concerned only with those sections of the report that are relevant to your business.

Price: $399. NBDA member price: $349. All reports delivered as a PDF file only.

For information on both reports, visit www.nbda.com.