What Can You Learn from Peloton’s Marketing Strategy? Level 5 Mentors>>10x Business Growth>>What Can You Learn from Peloton’s Marketing Strategy? The Peloton marketing strategy has helped deliver enormous growth. What lessons can your business learn from the good and the bad of Peloton’s marketing tactics? Including the Mistake of the Peloton Wife You may think that the success of Peloton was built on delivering the right product and service at the right time. While there is some truth in this, the real success of the Peloton business model was delivered by strong marketing to expand its reach – though they haven’t always got it right (think Peloton Wife, for example). Here are five lessons you can learn from Peloton’s marketing strategy. The bike didn’t do it for Peloton Peloton’s early marketing focused on the bike. It did a great job of explaining why the product was superior to anything else in the same market sector at that time. Unfortunately, it did a terrible job of explaining why people should care about this. Fortunately for Peloton, they quickly realized their mistake and changed their adverts to focus more on user benefits – they got into the buyer’s mindset to sell. They told stories of people achieving goals with the help of Peloton. This brought more emotional depth to their adverts. Responding well to negative feedback helped Peloton massively The infamous Peloton wife ad is now widely acknowledged as a case study on how not to do advertising. They were slated heavily on social media. What saved Peloton was that they had the honesty to admit that they got it (very) wrong and swiftly changed their approach. They failed fast to succeed faster. Instead of creating adverts using just young people who were clearly already fit, Peloton started featuring a much more diverse range of people. By doing so, they increased their chances of viewers seeing someone who looked like them and, hence, generated real engagement. Community-building has been crucial to Peloton’s success Your competitors may come up with disruptive products and services. If, however, you have a strong community, then you have a lot less to fear from them. Realistically, Peloton’s success was almost guaranteed to attract competitors. What’s more, at least some of those competitors are leveraging Peloton’s marketing. In other words, they are taking advantage of the way Peloton raised awareness of what could be achieved without going to a gym. They may even imply that they can offer a “Peloton-like” experience (possibly at a lower cost). Simultaneously, none of these companies can be Peloton. They can build their own communities. There may even be at least some crossover between them. They cannot, however, just walk off with the engagement and loyalty Peloton has developed. The lesson here? Let your personal values be your USP generator and create your own loyal and long-lasting community. Peloton dug deep before it branched out For most of its history, Peloton has been focused on regular spinning classes delivered online. That’s how it built its brand recognition (long before the pandemic). That’s how it built its community. That’s how it built its core income stream. With its roots now firmly established, however, Peloton is now branching out. It’s already expanded its range of classes and it seems likely that more will follow. It’s also, very astutely, moving into the territory of exclusive offerings. The most obvious example of this is the Peloton partnership with Beyonce. If that goes as well as expected, then it will probably start bringing more celebrities on board, for long-term deals of one-off special events. Peloton is giving back Peloton is now giving back. That’s good for business, helping customers to identify with a collective purpose. For example, Peloton is now offering digital memberships to students at universities chosen for their diverse undergraduate populations. You should expect to see Peloton’s real-world engagement grow as giving back also helps promote its brand ethics. Is it time to pedal a more focused marketing strategy for your business? Peloton hasn’t always got their marketing right. But, by being agile with their strategy, and being willing to adapt the Peloton business model as they iterated their marketing strategy, they have accelerated their growth. In the second quarter of 2021, they had 4.4 million ‘members’ – up from 2 million a year earlier. It’s a great example of how agile marketing connecting people emotionally to a product pays huge dividends. Is your business ‘stuck’? is your marketing letting you down? Book a free call with Level 5 Mentors today, for the guidance that will help 10x your growth. Error: Please complete all required fields! First Name: Last Name: Email: Sign Up! We will never spam or share your email with 3rd parties, promise!