Super 73 - Part 2 - Individual Assignment PDF

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Super 73: Segmentation, Consumer Decision Making & CRM Shuzanna P Bennett 30120509 Centennial College MKTG116-008: Principles of Marketing Professor Sandy Di Felice July 10, 2021

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Super 73: Segmentation, Consumer Decision Making & CRM Customer Segmentation Figure 1 Super 73 Customer Segmentation B Bases for Segmentation

Sub – Bases

Explanation / Descriptions

Geographic

Region of the country or world, climate, population density?

North America, Canada

Demographic

Age Segmentation

Generation Y also known as Millennials

Gen Y, Gen X, Gen Z, Baby Boomer, Income segmentation

Mid- High-level Incomes

Low, middle or high income Psychographic

Personality Segmentation Personal traits, attitudes, habits Lifestyle Segmentation Socioeconomic characteristics, beliefs, time spent

Benefit Segmentation

What benefits do they seek to gain from the product?

Prestige, creative. Follows tech trends, avid rider, craves adventure Mid – High Income Millennials with a lifestyle that consist of adventure and seeking alternative modes of transportation Convenience, environmentally conscious, Flexibility

1- B Customer Segmentation Super73 electric bikes are primarily marketed towards Millennial city dwellers looking for an alternative way to travel while seeking adventure; individuals looking for cost effective ways to

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travel while avoiding city traffic. As a company, Super 73 desired to create an electric bike for the everyday adventurer and creatives (Kelley, 2020). Super 73 does well marketing its product as its youthful design appeals to young individual seeking a reliable but fun way to get around, whether it be to office located in the city or a weekend cruise. Consumer Buying Decision Social factors that impact consumer buying decisions are the current opinions of today’s leaders, also known as social influencers who actively seek new innovative trends. The authentic reviews from some of social media’s popular influencers has helped to encourage many consumer purchases from Super73. Through exceptional marketing campaigns, Super73 has attracted thousands of brand loyal riders and new enthusiast in various countries (Volition Capital, 2021). As the company’s social media engagement amplified, the brand has received endorsement from A-list celebrities such as Will Smith, Madonna, and many more (Volition Capital, 2021). As consumers gather information on the purchase of this bike, the approval from major influencers encourage those wavering or seeking alternatives to consider Super 73 bikes as a viable purchase. There are many individual factors influencing the consumers purchasing decision of a Super 73 electric bike. One individual factor is age and family life cycle, as their products appeals to young professional whose spending habits are different from that of a family of five who may be more price conscious. Age and family cycle also have impacts on the purchasing decision, for instance although electrics bike may be a convenient form of transportation to younger adults, it’s a less efficient way to travel for a young family. Other individual factor impacting the consumers decision is the consumer’s lifestyle, individual interest, activities and opinions. Many consumers desire to purchase products that offer benefits that fit their lifestyle. Super 73 offers an environmentally conscious way of traveling. These benefits encourage those seeking a more environmentally friendly mode of transportation to purchase, as the brand’s vision coincide with their lifestyle choices. Lastly, the consumer’s interest plays an important role in the consumer purchasing process. Individuals seeking to explore are more likely to buy into Super 73 brand as their electric bike appeals to their inner explorer. In addition, to social and individual factors, psychological factors play an important role in determining the purchase of a product. According to Maslow’s hierarchy of needs, psychological factors that impacts individual buying decisions include: motives, beliefs and attitudes of the consumer. As a company creating a sense of belong is essential to building community. Super 73 focuses on cultivating community through hosting Super73 rides in different inner cities. Consumer who are looking to meet their need for love and belonging are motivated to make a purchase as it may satisfy their desire to feel apart of a community. Another motive driving the consumer purchasing decision is the flexibility and freedom the electric bike provides. As the product is smaller than a car and lighter than a motorcycle it makes commuting more convenient. The cutting-edge modern design of the bike also appeals to the consumer’s desire to keep up with new trends and acquire the latest innovative products. These motives appeal to the consumer that has formed attitudes on a product’s prestige and ability for ownership to add to there status.

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Customer Relationship Management Super 73’s social media marketing has been imperative in building brand awareness and fostering relationship that have led to many successful collaborations. Cofounder and Chief of Marketing Michael Cannavo states the quality of their products speaks volumes to their consumers and has allowed them to develop many relationships with brands as well as social influencers (Kelley, 2020). The company does well with building relationship and knowing when to give attention to specific messages that end up in their inbox. For example, when Will Smith reached out to show his support for the brand and ordered two bike, Cannavo thought it to be of importance to fly out and share the story of the brand with Will Smith; getting him interested in their brand development (Kelley, 2020). Super 73’s remains accessible and is very engaged with their customers on social platforms. The founder of Super 73 sometimes goes as far as to delivery products personally. As a company cultivating meaningful personal connections with supporters has been essential for their brand. In the interview with content director for brand storytelling, Michael Cannavo states that it’s all about being able to communicate their appreciation to customers for supporting their brand (Kelley, 2020) The brand also prides itself on being authentic and remaining transparent with customers. Throughout the pandemic the company suffered many delays with productions and fulfilling orders however, informing customers about their difficulties this past year has help consumers gain better understanding of situations occurring behind the scene (Kelley, 2020). With the purchase of their electric bike consumers are given a unique serial number to register their product on the Super 73 site. Registering their product assists with the process of getting connected with customer support as representatives are able to access account information easily. In their recent release of electric bikes, the line also featured their new app that will help customers modify their ride to their liking as well as store trip routes and statistics (SUPER73. n.d.). The company has also integrated the ability to be able to subscribe to newsletters that keep consumers updated with product releases and company announcements. Furthermore, in order for customers to be able to check out through their website they will need to create an account to continue with the POS process. Super 73 is unlike any other bike company and continues to thrive as they prioritize not only building quality product but also connecting with their everyday consumer while cultivating community, and establishing brand loyalty by sharing authentic stories.

References.

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Kelley, J. (2020, November 05). Influence, virality, and BRAND Building: Q&A WITH Super73's MICHAEL CANNAVO. Retrieved July 10, 2021, from https://www.brandstorytelling.tv/single-post/influence-virality-and-brand-building-q-aPress, V. (2021, February 17). SUPER73 Raises $20 Million in Funding From Volition Capital. Volition. https://www.volitioncapital.com/news/super73-raises-20-million-in-fundingfrom-volition-capital/. SUPER73. (2020, April 29) SUPER73 x PeopleForBikes. https://super73.com/blogs/news/peopleforbikes. SUPER73. (n.d.). About Super73. https://super73.com/pages/about-super73. SUPER73. (n.d.). Super73 App. https://super73.com/pages/super73-app....