Pedal Power Giant Bicycles’ Innovative Strategies Stay Ahead of the Curve
Innovation is a crucial driving force behind successful businesses that stand the test of time. By consistently devising ways to make their products or services more beneficial to their customer base, these businesses can retain customers and boost sales. Too often, businesses become stagnant in their approach after their product or service becomes profitable. This allows competitors to step in, make quick adjustments and improvements to the product or service, and walk away with customers happy to receive something new and improved. Apple and Amazon are the kings of using innovation to ensure growth. However, Giant Bicycles, the world’s largest bike manufacturer, is another inspiring example to consider. The story behind Giant Bicycles dates back to 1972. King Liu, the founder of Giant Manufacturing Co. Ltd., decided to showcase his company’s ability to provide consistent quality in the bicycle manufacturing industry. Giant started as an outsourcing manufacturer for world-renowned bicycle brands before establishing its own private brand, GIANT, in 1981. Within five years, GIANT launched its first branch in the Netherlands, aiming to take the world by storm. Before long, the company had expanded into the U.S., Germany, Italy, Japan, Australia, China, and many other markets. The Giant Group only took a few years to become a global brand. In 1985, the company became the first to invest in manufacturing and developing carbon fiber frames, and by 1987, they had a new product ready to hit the shelves. Giant released Cadex bikes, the world’s first mass-produced carbon fiber road bike, at a much lower price than other carbon fiber bikes.
With a focus on the future, Giant continued to explore new ideas that would ensure profitability into the new millennium. In 1996, Giant Group joined other industry leaders worldwide to research and develop new electric bike technology. Hoping to offset growing concerns about the aging population, energy conservation, and environmental protection, Giant Group launched the first electric-assisted bike, Lafree. In 2002, Giant took the initiative to ensure Taiwan would be a global supply hub for high-end bicycles for years to come. After China’s cycling industry entered the global market, Giant invited Taiwan’s second-largest bike manufacturer and other groups to adopt a strategic alliance that allowed them to observe and learn from each other. Instead of competing against each other to become the top dog in the Taiwanese market, they teamed up to ensure their place in the global bicycle industry. The following two decades gave Giant more opportunities to grow its brand and introduce new products to a global audience. In 2004, they introduced a new suspension system that changed the mountain bike market. Four years later, the Giant Group founded the Liv/Giant brand, now known as Liv, the world’s only exclusively female bicycle brand. In 2009, they started Giant Adventures, a domestic and foreign bike tour service that encouraged others to enjoy the fun of bike travel and explore new areas. That same year, they launched Momentum, an urban and commuter bike brand in China and the United States. In 2012, the Giant Group officially launched YouBike Smile Bike, a public bicycle rental service program
that has been copied worldwide. To this day, the Giant Group has not slowed down its research and development. Their most recent product launch came in 2019 when they unveiled their fourth private brand, CADEX.
While the company’s primary goal was to sell high-quality bikes, it needed to enter the sports industry to continue attracting new clientele. So,
In today’s climate, creating a great product is not nearly enough for
in 1995, GIANT started sponsoring World Cup mountain bike racing teams. This gave the company more exposure and access to professional riders who could test out new developments.
sustained growth over many years. You need innovation and strong marketing skills to overcome the competition and stay at the top. By taking innovation inspiration from Giant, you can help propel your business to the next level.
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