I once lived in an apartment building with a nicely equipped gym on the ground floor. This convenience still left me unable to establish the discipline for a regular cardio routine.
The people at Peloton Cycle know this.
The company, which began through crowdsourced funding, does everything but ride for you. It provides an in-home exercise bicycle with an attached screen that lets you participate in classes and join a global community of exercise enthusiasts. You’re not alone.
In addition to its ever-growing 24/7-library of spin classes led by 5-star instructors, Peloton offers 12 hours a day of live-streamed class programming.
Motivation to keep going and growing is provided through a real-time leaderboard where you compete against other enthusiasts. (Or not, if that’s not what you’re into.)
The company named a new president this month. William Lynch, a technology executive who launched and expanded the Nook line while CEO of Barnes & Noble, told CNBC’s Squawk Box last week that a remarkable 97% of Peloton subscribers remain with the company.
They pay for the privilege. The bike itself sells for $1,995 and membership is $39.95 per month. (Easy access is made through the membership program for friends and family to take your bike for a trial spin.)
In addition, Peloton has spawned thousands of little brand ambassadors with a branded apparel line. (Long weekend. Short sale for Presidents’ Day at up to 75% off.) For $36, a branded T proclaims “You’re at the top of my leaderboard…”
Lynch said the Peloton Net Promoter Score is a whopping 91, as compared to the iPhone at 65.
I witnessed the Peloton phenomenon firsthand when a colleague purchased a bike after seeing an infomercial and became instantly hooked. The company likes to use the concept of “addiction” in its marketing messages.
For someone who lives remotely, as this woman does, the community aspect of the Peloton experience and quality of the classes was a big driver.
When her schedule allowed, she’d drive three hours from Pennsylvania into New York City to take a live class at the one studio the company operated in the Chelsea neighborhood. It has since expanded its brick-and-mortar footprint with demo showrooms around the country.
Still, not everyone is able to keep the discipline.
I searched the Peloton Cycle Facebook group and found my old friend Jack, an adopter of all things technologically nouveau. He responded to my email asking how he likes his Peloton before boarding a plane.
“Hey,” he responded. I actually haven't used it in a year because I'm an idiot and need to do more cardio ”
Lynch, the new company president, is charged with expanding the company product line. Is that a rowing machine I see in the future?
I welcome your thoughts on the Peloton business model and any experience you’ve had with the fitness program.