#Peloton 🚲. ❓
I would never buy one, but I do respect new business ideas.
After dissecting it a little, I realized maybe we all can learn something from them🤔🤔🤔
Let's start off with the obvious👉 They offer very expensive home gym equipment with a monthly fee attached to it. A stationary bicycle avg price is $2k, a treadmill is $4k..and they both have a monthly fee of $39 attached.
This boggles my mind because I go to LA FITNESS for $29/mo.. (with no other upfront / hidden fees). It has everything I could ever want in equipment, no hassle for when something breaks, and doesn't take up any room in my house. And I can meet new people everyday.
So why in the 🌍 would a person pay for it❓
👉Here is why I think PELOTON works:
🔴 #STATUS. They made an item in your house represent status and affluence. The high cost, new age equipment, and a monthly fee adds prestige compared to other home gym equipment.
🔴 #TARGET #AUDIENCE. I think they are dead set on who they want to reach. Currently fit Women, ages 29-49, who do well financially and are busy with careers or children. Every ad I see is aimed right at them. Also, they have brick & mortar locations in higher end zip codes near/in malls.
🔴 #MONTHLY #FEE. This truly essential to any very healthy business. They figured out a way to get people to pay for something whether they use it or not. It took my company 4 years to offer something (pr/ social media) that was monthly, but I can already see the power in it. Once they have a subscription, they will be offer other products & services and upgrades. People tend to pay attention more when there are monthly fees.
🔴 #Sex #Sells. I have yet to see an AD or a peloton location without a gorgeous woman in yoga pants. This is how you psychologically sell the RESULTS. "If you buy this, you will look good and feel good ...obviously".
🔴 It's #Tribal: I honestly have not seen a piece of gym equipment that creates an online experience. In fact, it's as if they are creating a community & tribe via a stationary bicycle. Pretty brilliant.
If you look at these facets of their business, you are seeing items that YOU should apply to your business.
1️⃣Does your business add status to your clients life❓
2️⃣Do you have a very very very clear target audience❓
3️⃣Do you have a way to make monthly residual income❓
4️⃣Do you sell results ...and not the work❓
5️⃣Are you creating a tribe... and not just buyers❓
If not, you have some peddling to do 😉
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