Pedal is a potential Startup focused in Colombo City in Sri Lanaka. The island country off the shore of India is increasing investments into renewable energy and clean transportation methods. With millions being invested now is the perfect time for an electric bike company to take advantage of the city’s efforts. To create an influential marketing campaign, we need to assess our target consumers and local culture.
Focus question:
How does branding influence a new company’s success?
Market Research
Market research can be things like forms, ratings, questionaries and general observations about your target market. Understanding the culture and community you are entering into can help you better serve them. Market research in the Colombo region shows strong ties to Buddhism, rising populations of young adults, and growing concerns of overcrowding on city roads.
Why is market research important?
Applying the market research leads to a logo design relating to the ties to Buddhism. The lotus flower is a highly regarded symbol in the culture. Creating a play on words that relates the company to the culture also ingrains a sense of comfortability and relatability to the brand.
The research of the City of Colombo found that the city is moving towards renewable energy and that roads are experiencing overcrowding. It was also found that young people are moving to the growing city for growing employment opportunities. Statistically younger people are more likely to be open about renewable energy and are more likely to be familiar with e-bikes.
How to apply market research?
To take advantage of this growing audience marketing directly at young adults is likely to be lucrative. Using ambassadors and influencers makes advertisements feel more natural and are perceived better by audiences. Partnering with a local college student is relatable and is felt to be more honest than a big influencer.
An ideal customer could be a 26-year-old woman working in offices in Colombo. She could be looking for cheap and reliable transportation to and from work while also looking to decrease city congestion. Utilizing an ambassador around her age with similar struggles will make Pedal feel more like a solution than a business. When consumers feel personally connected to a cause or business, they are more likely to make a purchase, become a returning client and spread the word.
Another Ideal customer is the City of Colombo itself. After market analysis it was found that the city is looking to invest in clean transport. Increasing incentives for sustainability long side developing city infrastructure make Colombo a great place to introduce a new product. Using social media platforms to highlighting local businesses that have benefited from Pedal e-bikes will show the council that Pedal is already established and successful in the area. Continuing to use Pedal bikes will ensure uniform charging stations and maintenance can be available throigh the city without needing multiple third parties involved.
Return on Investment
Positive reaction to a new business introduction gives hope for future partnerships and growing sales. Avoiding cultural insensitivity and building rapport with locals significantly increases a company’s chances for success. Investors like the city council could see the connections that are being built with residents and are more likely to purchase bikes for the whole city.