Peloton’s upcoming marketing campaign will reportedly promote the company’s services in general and target customers it hasn’t reached before.
“We believe our previous strategy was leading to diminishing returns because we were talking to the same people with the same messages,” Peloton’s chief marketing officer, Lauren Weinberg, said in a Wall Street Journal article published Friday.
Weinberg reportedly joined Peloton in January after previously serving as CMO for Intuit’s QuickBooks and Square.
The new marketing campaign she is preparing for Peloton will highlight all the services the company offers for customers with different fitness goals and target consumer groups that haven’t been attracted to the brand before, like millennial men, the report said.
Additionally, television commercials will be concentrated in the fall and winter, which are retail’s busiest periods, promotions and marketing will be focused on the U.S. market, and promotions and sales will be limited with the aim of increasing the average purchase price per hardware unit, the report said.
Peloton’s interim co-CEO Karen Boone said in August that many people still think of the company as “a bike and cardio company,” despite the company beginning a rebranding initiative in May 2023.
“We have 16 different workout methods, and no one knows them all,” Boone said during the company’s quarterly earnings call on Aug. 22. “We’re very excited about tread and running, but we’re also looking at content, experiences, running clubs and social features. We’re very excited about strength training. There’s a big movement toward strength training. I think people understand the science behind strength training and the importance. Strength training is our second-most important workout method, but I think there’s still a lot of people who come for the cardio and understand strength training.”
Additionally, the company reported a decline of 75,000 paid connected fitness subscribers at the end of its most recent quarter, and a decline of 59,000 paid app subscribers, despite investments in new content and features aimed at enhancing the strength, personalization and social features of its apps.
See more in: Advertising , Connected Economy , E-Commerce , Exercise , Health & Wellness , Karen Boone , Lauren Weinberg , Marketing , News , Peloton , PYMNTS News , Retail , Hot Topics
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