Academic Animals Peloton Project Plan

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School

University of Washington *

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386

Subject

Marketing

Date

Jan 9, 2024

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docx

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Uploaded by MegaMetal5846

Academic Animals Peloton Project Plan Project Objective: Peloton is in need of a rebranding due to recent scandals and challenges that have surfaced in recent years. Situations with safety issues and the quality of Peloton products has vastly declined the company's brand image and credibility. With this there has been a decline in product popularity and more of a decline in stock prices. In our rebrand, we want to focus on customer satisfaction, safety concerns, increasing the number of product sales, and emphasizing the growth of Peloton’s social media presence as this plays a huge role in a company's success in today's market. Project Goals: Our core mission in this rebranding initiative is to drive significant improvements in key performance areas. In accordance with this objective, our final goals are to increase social media engagement and subscription purchasing by 25% over the next eight weeks. Our progress will be measurable week by week via our own subscription data and social media insights that are available to businesses. While this goal may seem ambitious, Peloton has had rapid growth in the social media space before, and within our framework, we believe that 25% increase averaged across engagement insights is a reasonable expectation. Our expectation is that this engagement will drive up subscription purchasing to a similar degree. Strategies : In order to improve Peloton’s brand image and increase engagement, our team will implement a 4-part solution to highlight Peloton’s changes. This campaign will be comprised of an initiative called the “Focus of the Week”, brand ambassadors, and a collaboration between Peloton, Spotify, and Strava. Peloton’s Focus of the Week is a plan that takes place over the course of several weeks which promotes well-being and improvement. A “focus” is an intention that brings awareness to a quality or virtue you would like to adopt. Each intention may be centered around gratitude, empowerment, perseverance, reflection, etc, however, the underlying theme is that Peloton is beneficial, physically and mentally. There is an emphasis on how using Peloton will help you cultivate and improve your body and mind. We will encourage being mindful of each focus while participating in classes. The Peloton Brand Ambassador Program is a recognition program that selects guest trainers to be highlighted for a week through the “Focus of the Week” initiative and teach a special class. Peloton brand ambassadors are selected from nominations that are collected from members of their communities. These trainers have been selected for their embodiment of Peloton’s values and mission, but also because they have a cause they care about and want to speak on. This “cause” could be a story about learning to build discipline or changing a negative attitude, but the main idea of their story ties into

the focus of the week. For example, an ambassador with a story about being the first to summit the most dangerous mountain in the world could endorse a week with a focus on determination. These brand ambassadors would put a face to the company and positively promote Peloton. Ambassadors would not only improve our reputation by establishing a good relationship with our clientele, but they would also be responsible for increasing engagement through a social media takeover. These ambassadors will upload videos and posts that will discuss their perspectives on the focus of the week. They will also post about product safety and proper equipment use in order to improve the brand’s reputation for safety. Increasing our social media presence will grow our engagement and influence, in turn getting more traction with new customers. Peloton’s Partnership Project works with Spotify and Strava to increase all three brands’ outreach. Combining interfaces will create a tight-knit Peloton community, strengthened by the communication methods each app offers. We propose that the brand ambassador of the week create a special Spotify playlist for users connected to Spotify and Peloton. This playlist will match the beat of their weekly class. The Strava collaboration will incorporate Strava’s exercise tracking feature into Peloton, which users will be able to use to share their workout results with each other. These Spotify and Strava partnerships will allow users to connect and collaborate with each other, as well as introduce users of Spotify and Strava to Peloton and vice versa. This campaign will hopefully improve our financial standing by attracting new customers and retaining old ones. Tactics: Our goal is to make Peloton a safer and more family-friendly workout choice. Our group has developed a strategy to accomplish this aim. We are going to launch a social media campaign in which our team will produce and distribute material explaining how to utilize Peloton equipment and do simple workouts. Furthermore, we will aggressively solicit feedback from our users in order to understand their preferences and compile ideas to enhance the Peloton experience. To keep things interesting, we will include user-submitted stories and have a unique training class every week. Some risks we may encounter are not being able to achieve a 25% increase in social media engagement and subscription purchases are not met within the eight-week period, it could disappoint investors and stakeholders. Also, only relying on social media numbers for success could negatively impact the rebranding plan because we are missing other critical factors that influence customers. Our budget is $50,000 to make these plans a reality. This budget will be divided as follows: $20,000 for our collaboration with Spotify and Strava, $5,000 for weekly social media outreach, $10,000 to support our selected representatives, and $15,000 to create videos each month. Month 1 will begin with the selection of a famous ambassador and the preparation of our first subject, "Mental Clarity." Preparation and teaser marketing promoting Peloton's advantages will take place in the first two weeks. In the second month the campaign officially launches, led by the ambassador, with themed content across social media and the app. Half-way through the month we will have a live Peloton workout class, having incentives for participants. In the third month we will assess the pros and cons of this campaign

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