NBDA Expands P2 Profitability Project Program for Retailers
Irvine, CA (April 4, 2022) – The National Bicycle Dealers Association (NBDA) has expanded its Profitability Project Program (P2), creating a fourth group for an additional set of retailers. P2 groups consist of a maximum number of 15 non-competing retailers who meet virtually monthly, and a minimum of 2 times per year, in person, to share, compare, network, examine and analyze specific data from their businesses to help each other in operations and strategy.
Launched in 2006, P2 is an NBDA initiative aimed at providing specialty bicycle retailers a collaborative resource to help them increase sales, profitability, and customer experience. Since its conception over 90 retailers have participated. Currently, 45 retailers are part of four groups.
Heather Mason, NBDA President and moderator of the P2 program, said the fourth group was formed in response to retailer requests. “With major shifts in our industry, running a profitable bicycle retail store is harder than ever. Interest from retailers anxious to join the program as they look for every competitive edge in business operations has spiked. We simply needed to form another group to meet the demand. We’ve responded to meet our member needs and be able to welcome more retailers to our dynamic program,” she said.
A key feature of the P2 program is its custom P2 Retail ToolKit Data Dashboard. Collecting metrics from participants, this dashboard compiles the data to identify key performance indicators (KPIs) that drive profitability. Graphically illustrating for retailer’s labor sales as a percentage of total sales, bicycle sales as a percentage of total sales, gross margins on bicycles, average sales per transaction, sales growth, inventory turns, and growth in average transaction value among other metrics. This dashboard shows retailers how their stores stack up against top shops and the rest of the industry.
“I have made more money over the 7+ years I have been in a P2 group than any other resource” stated Ken Martin, owner Bike Mart. “Being able to look at other dealer’s metrics to see how you stack up is invaluable. Where else or who else can you send an email to 10+ dealers and ask a question and get great advice?”
In addition to sharing data, the P2 dealers coalesce decades of retail expertise to improve practices among the group. Peter Henry, Landry’s reflected “There’s more than one way to do it. You have multiple people in your group who have already come up with multiple solutions to the problems you are facing.”
Phil Cohen, Chain Reaction Georgia added “P2 has given me a 14-member board with hundreds of years in the bicycle retail business, that I could never afford. Learning from these excellent passionate retailers could not be found anywhere else.”
The P2 Profitability Project is the ultimate group experience for the specialty bicycle retailer.
More information about P2 can be found on the NBDA’s website.
Retailers interested in joining a P2 group should contact Heather Mason at heather@nbda.com.
