Peloton’s New Marketing Campaign to Promote Breadth of Fitness Offerings
Peloton’s upcoming marketing campaign will reportedly promote the company’s full range of services and target audiences the firm hasn’t been reaching.
“We believe that we were hitting some diminishing return in our previous strategy, because we’ve been talking to the same people with very similar messages,” Peloton Chief Marketing Officer Lauren Weinberg told the Wall Street Journal (WSJ) in a report posted Friday (Sept. 20).
Weinberg, who was previously CMO of Intuit’s QuickBooks and at Square, joined Peloton in January, according to the report.
The new marketing campaign she is readying for Peloton will highlight all the services the company offers, for customers with a variety of fitness goals, and will target groups of consumers who haven’t been drawn to the brand in the past, such as millennial men, per the report.
In addition, TV commercials will be concentrated in the fall and winter, which retail’s busiest period; promotions and marketing will focus on the United States market; and promotions and sales will be limited to boost the average price paid for each hardware unit, according to the report.
Peloton Interim Co-CEO Karen Boone said in August that many people still think of the company as a “bike and/or cardio company” despite an earlier rebranding effort launched in May 2023.
“We have 16 modalities, but not everyone knows all the modalities we have,” Boone said Aug. 22 during the company’s quarterly earnings call. “We’re really excited about Tread and Running, but also the content, the experiences, and run clubs and social features that we’re thinking about. We’re really bullish on strength. There’s so much of a movement toward strength. I think people understand the science behind it and why it’s important. It’s the No. 2 modality for us, but I still think there’s a lot of people who come for the cardio and then understand the strength.”
In addition, the company ended the most recent quarter with 75,000 fewer paid connected fitness subscribers. It also reported a net reduction of 59,000 paid app subscribers, despite investing in new content and features aimed at enhancing the app’s strength offerings, personalization and social features.
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