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Transcript of Citi bike
-Citi Bike is a privately owned public bicycle sharing system that serves parts of New York City
What do they need?
PROMOTION & SPONSORS
PRICING (Barrier to Entry)
-It is the largest bike sharing program in the United States which opened to the public in May 2013 with 330 stations and officially with 6,000 bikes
-Intended to provide New Yorkers and visitors with an additional transportation option for getting around
the city, bike sharing is fun, efficient and
-The New York City Department of Transportation (NYCDOT) began to research alternative forms of transportation
-56% of automobile trips are under 3 miles, distances readily served by bicycle, they decided to establish a bicycle share program
-In 2009 the NYC Department of City Planning (DCP) recommended building out the system in three phases in the four most populous boroughs,
-September 2011 NYC DOT announces the selection of Alta Bicycle Share as the bike share operator for New York City
-The system, which was first supposed to start in fall 2011, got pushed back to July 2012
-May 2012 NYC DOT and NYC Bike Share announce the system name Citi Bike, with Citibank as the title sponsor and MasterCard as the Preferred Payment Partner.
-Citi Bike began operations on May 27, 2013. Officials said the system opened with 6,000 bikes, but six weeks later, the actual number in use appeared to be less than 4,300.
24 Hr and Daily
$95 annual fee
Entitles customers to 45 Minute trips, reduced fee for overage
$10 for daily pass and $25 for Weekly pass
Entitles customer to 30 minute trips, larger fees for overage
No Country for Sunday Drivers
An inherent barrier to a consumer would be their individual ride speed, if you are unable to make your trip in the alloted time the additional fees may dissaude many consumers from using the service.
Drawing consumers away from their target market are similar ride-share systems such as zip car (cars: the lazy mans bike)
The uses of a citibike are also limited by the area you intend to travel in. Some expiditions would inherently dissaude citibike usage (safety, road conditions, weather)
Taking My Bike and Going Home
With a multitude of options when it comes to purchasing a bicycle such as used and DIY the costs for a bike can go as low as $100. Conversely the annual cost of a citibike membership plus overage trip fees can be upwards of $100.
Consumers with access to a friend or relatives bike would also be dissuaded from using citibike.
Hell Hath no Fury like a Cyclist Scorn
Much like boat enthusiasts Bike riders have their own community with its own set of norms and culture
An unexperienced bike rider would find it exceedingly difficult to break into this community in the fast pace of bike riding in the city.
More seasoned bikers would also be less inclined to utilize a citibike due to the desire to customize ride appearance and comfort
STRONG Support from Citigroups
Citi Bike is backed by $41million in Citigroup money aiming at refashion Citigroup's image after the financial crisis.
Citibank attained $4.4 million in earned media since Citi Bike has launched...
The users have posted photos and videos of the rides on a range of social media outlets, each splashed Citibank logo.
"In enabling the creation of Citi Bike,
has shown that it is
of innovative urban initiatives and
a major contributor
to New York City's growth and progress"
- Former New York City Mayor, Michael R. Bloomberg.
NYC Bicycle Share is struggling to:
redistribute bikes to empty stations.
Repair damages from storms.
The frequency of use is depending on weather, especially for short-term users.
Less appeal to the short-term users [TOURIST!]
Leonard DiCaprio on a Citibike in Soho
Bruce Wills on a Citibike
NYC Bike Share needs more
to expand its service and fulfill its needs for service improvements (the maintenance for equipments, salary for the workers worked for the battery replacement over nights, etc... )
NEW sponsors hesitates to jump on board, concerned that heavy branding from Citigroup.
Strong Image of Citigroup Maybe a Barrier
to Entry of New Sponsors?
Twitter, @CitibikeNYC Followers = 19.2K
Tweets = 1,642
Updates regarding events and system updates w/photos
*Communicate with a few users, NEVER replied to complaints
(technical issues of certain locations)
Other Social Medias
People upload the photos tagged
on several social medias:
Account: NYC Bike Share
Followers = 289
Photos = 103 photos
Upload fancy photos
related to bike.
Need MORE Appeal to TOURISTS!
-Number of 24-hour passes purchasing has remarkably decreased, on the contrary, total number of annual memberships becomes 100,000 in March, 2014
24hrs/7days passes are more profitable.
higher rate of overtime fee
Can be an evasion of the cost for fixing equipments due to heavy use.
Why does Citi Bike need more $20 million?
NYC Bike Share
NYC Bike Share has had to deal with
unexpected increases in costs
, as well as
the high cost of redistributing bikes
by truck to better match expected demand. And, due to the cold weather during winter, NYC Bike Share attained less revenue than expected
-When launched, the system was slated to expand to 10,000 bicycles and 600 stations in Manhattan. No timeline for the expansion has been made publicly available.
All Stations Placed in:
Lower Manhattan and
Brooklyn heights included
in heaviest traffic areas in
Hardest areas to find parking.
very congested public transportation on rush hours.
Ability to provide alternative transportation in congested zones.
Friendly with the "go green" movement.
Possession of the whole market share in the city.
Expanding to Staten Island.
High promotion because of the eco friendly and healthy alternative they provide.
Expanding to the Bronx.
Failure of the information system.
High level of damage and threats to bikes.
Citi Bikes are available 24/7, 365 days a year.
-In January 2014, the designer of Citi Bike's bicycles and docking stations known as Bixi filed for bankruptcy protection.
How it works
Each station has a touchscreen kiosk, a map of the service area and surrounding neighborhood, and a docking system that releases bikes for rental with a card or key.
24-Hour or a 7-Day Access Pass or join Citi Bike with annual membership
24-Hour and 7-Day Access Pass holders may ride for 30 minutes. Annual Members have 45 minutes
Can be returned to any station. Choose from 330 locations
Firmly push the bike into the dock and wait to see a green light blink on the dock to confirm it’s been properly locked.
Citigroups: $41 million for 5yrs.
Master Card : $6.5 million.