034: The 4P's that Electrified this Bike Company in China – Don DiCostanzo of Pedego Electric Bikes

Background on Don DiCostanzo of Pedego Electric Bikes:

Don DiCostanzo is Co-Founder of Pedego Electric Bikes. After 30 years in the automotive world, Don started an electric bicycle shop in Newport Beach, California. This was a labor of love. Over time, he developed an interest in electric cycling and tried to find quality electric bikes for his bicycle shop. His frustration with existing suppliers led him to contact his friend and future Pedego partner Terry Sherry. In 2008, the two men co-founded Pedego Electric Bikes, where quality, innovation, and customer service are among the top core values of the company.

Time-Stamped Show Notes:

[00:47] Don is the Co-Founder and CEO of Pedego Electric Bikes, a company that manufacture and sell electric bikes in more than a hundred retail stores worldwide.
[1:24] Don lived on top of a giant hill so he bought an electric bike. He also bought several bikes for his friends but they had a difficult time buying them. That prompt Don to open up a retail store in Newport Beach in 2007.
[2:17] Prior to opening up his Electric Bike business, Don spent most of his career working for an automotive chemical company called Wynn’s.
[6:26] “If you’re the brand, it’s a huge advantage over people who don’t have brands.”
[11:44] In 2008, Don discovered Lithium batteries and that was his game changer.
[15:33] “I went from being just Dad to being cool because now my products are cool in the eyes of my daughter.”
[15:57] When they started the business, one of their struggles was in the retail distribution model.
[17:35] The biggest challenge they had was nobody knew what electric bike was.
[18:14] They open the first Pedego store in 2011.
[22:40] “The reason Pedego was formed because I saw a niche and said these people (competitors) do not understand the market, they don’t understand the products that the market wants.”
[24:37] Don realized that the costumers want to be comfortable in riding their bikes.
[29:21] Don wanted to point out the “4 Ps” in manufacturing your product: Price Point, Product Design, Promotion and the Place of Distribution.
[34:49] He doesn’t mind sharing what he learned to others even to his competitors because he was 6 years ahead of everyone and Don is not stopping in moving forward.
[39:12] “There are a lot of smart people in the world and there’s a lot of information that’s available on the internet…you need to find something you’re passionate about so your work and your off-time are blended into one.”

Fabulous 4 Questions:

📖 📚 Favorite Book(s)? Shoe Dog: A Memoir by the Creator of Nike Book by Phil Knight & Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future by Ashlee Vance.
🙌😎 Favorite Amazon.com purchase? Christmas Gifts.
🌱💸 Favorite Tool that's GROWN your Business? Social Media.
💭💡 BIGGEST Challenge keeping your Business from GROWING? Ignorance in the traditional cycling industry.