How Peloton Build the Brand Identity Using Successful Marketing Strategies
Peloton is a brand that refers to innovation. Combining cutting-edge workout accessories with the immense possibilities of digital technology, Peloton has risen as a leader in its field. The international fitness brand markets immersive sophisticated spin-style bicycles and other cutting-edge exercise machines as well as an app-based subscription platform having customised classes, educational content, and workout sessions.
What does it indicate to attain exponential growth as a direct-to-consumer business? With the steadily rising cost of acquisition (CAC) and a dynamic landscape for paid media, it is becoming more and more challenging for brands to attain rapid growth.
Businesses often think they can spend a few dollars on their Google Ads or social media and then see their sales skyrocket. While this was the situation a few years ago, it isn’t anymore. Effective growth tactics like the Peloton Marketing Strategy emphasised the importance of staying informed with the most recent marketing trends.
New and engaging tactics are becoming more crucial to retain and attract new clients, and that is absolutely how Peloton went from launch to a $3.9 billion worth in less than ten years and now prides itself on over half a million users. The Peloton Marketing Strategy promotes community and content first, selling their products and services.
Focusing on the ideal shift as the worlds of branding and performance marketing overrun, the Peloton Marketing Strategy figured out how to handle emotional feedback among its customer base. While FlyWheel and SoulCycle (competitors) were busy attracting the market to $34 classes at location-specific studios, Peloton leveraged the boutique fitness trend in New York and established a new model. With the in-home bike, subscribers can attain all of their fitness goals and become members of an active and enthusiastic community without going anywhere. And their bikes are never soaked in others' sweat.
After a failed Kickstarter marketing campaign, Peloton reconsidered its actual offering; they instantly adapted to launch a completely new category. The Peloton Marketing Strategy plans out leveraging customisation, content, product development, and remarkable service to bring about almost an excellent 95% retention rate, which they address Connected Fitness Subscribers — all this while keeping a monthly churn rate of 0.65%.
Content is at the core of what has guided Peloton to such success. The most successful businesses understand how to leverage different content.
With celebrity coaches taking at least 12 new live classes per day, Peloton is a content machine. Some of their high-profile instructors are favourites like Cody Rigsby and Ally Love. They also got Neurotic Media in 2018, a B2B music aggregation and streaming service, handing them a new edge in content generation.
The Peloton Marketing Strategy consists of a film studio, which delivers about 950 original programs a month. Content is so crucial to Peloton that their site title and meta-description don’t even mention the workout equipment. Instead, they feature what is the most important part of their business: the service.
One of the most critical parts of the Peloton action is the feeling of being a part of a community. Members have the convenience to join diverse hashtag groups, mentioning other riders to inspire them during the classes and participating in different monthly challenges — all of which have benefited in bringing many people together during these difficult times.
Financial advisors can leverage some of these plans themselves and can extend them to their clients as well. For instance:
- Advisors can turn into a member of an advisor community or group in which compatible peers share the best training, new ideas and analytical techniques.
- Try introducing virtual events where your consumers can get to know each other. How about arranging a regular 30-minute ride or class with high-profile Peloton personalities Jenn Sherman or Cody Rigsby? You can modify the class selection and schedule based on particular target segments and personalities.
- Another option is to set up different online user groups in which clients can connect and collaborate with each other.
Peloton’s brand experience engages the customers and helps the brand to build memberships month after month. Peloton efficiently highlights its differentiators and has a broad variety of offerings for all categories of people: the bike, the treadmill and the application, which authorise users to access additional classes, along with strength, yoga, stretching and more. There is even a calculator that lets you identify the potential savings of financing a bike or tread. The way Peloton promotes its business makes it look like a no-brainer for customers — and they hand out the incentive of a 30-day free trial for their products and app.
Peloton has frequently added to its exciting range of products and digital offerings since the first bike launch. It has now introduced a treadmill, app and apparel lines, and has built up the digital experience with impressive class types, like the artist series, unique trainer experiences and live session betas in which people can take on-demand classes with a more limited, live audience. Peloton has also invested in other businesses to further its innovation and boost digital experiences, combining artificial intelligence (AI) and wearable devices businesses.
The usefulness of the product and digital innovation should not be news to you — it is essential to connect the service benefits that you are creating in these areas. Exploring new digital channels, along with refreshing your website, can help you connect your message while building your brand. Also, consider advancing into areas in your marketing strategy that you may not presently be trying, like virtual events, webinars, live workout sessions, blogging and podcasts. Practising a “test-and-learn” marketing philosophy can bring about a difference in conveying your brand’s commitment to innovation while developing loyalty and strong connections.