September 4, 2019 / Director's View

Peloton

Images provided by Peloton

When considering a store experience, our strategy team explores the process of building fluidity between the digital and physical; how do we manifest core brand values, develop communities and secure consumer loyalty within a retail space?

One of our favourite examples, Peloton, transforms studio cycle workouts to the home, facilitating real-time live metrics, on-demand training classes and community-building by bringing together cycling enthusiasts from around the world to ride live together.

The reason that we love the Peloton story so much is because it optimises one of our most important beliefs about retail today:

“Though we have great respect for online’s strength when it comes to repeat purchases, there is no better place to introduce people to new products and create strong foundations for lasting relationships than physical space.”

 

The Peloton concept is very familiar to us with one of their stores is conveniently located underneath our London office. I also recently listened to a great interview with their Co-Founder, John Foley, on HBR that painted a clearer picture of the brand’s success, attributing it largely to the understanding of its customer and their needs.

My first visit to the 23rd Street store in New York, from where many of the classes are globally broadcasted, left me feeling genuinely impressed at the access that supporters have to the core of the offering. I walked out thinking of various ways that Peloton could bring the same experience to more of their international locations. They could have changed the layout and journey within the space, now that they have learnt all they have by the time the store hit Marylebone.

 

When we look at the Peloton concept we can recognise that the following insights have been considered and defined to significantly improve success:

  • Location – Where are my potential customers and how can we convey convenience from the initial interaction?
  • Concept – What subliminal queues can I use to ensure that my customer can already place this product in their own home?
  • Introduction – How do we encourage people to interact with the product itself?
  • Execution – How do we respect the link between the quality of the environment and the price point of our product?
  • Repeat visits – How can we adapt our offering or collaborations to encourage an ongoing relationship?

Without wanting to take away from my admiration for the brand, I will point out that I was left asking one question:

How can we help brands maintain the current strengths of the concept whilst tailoring the experience to customers who are driven by being able to exercise in the privacy of their own home, as well as convenience?”

 

Like many of the brands that we are fortunate to work with, another one of the Peloton’s positives is that their offering can easily be linked to enhancing confidence. We are aware that, though many people will happily opt for a public experience, for another person the right place to start that journey can start in a more private environment.

We thank Peloton for setting a great example. Once any brand realises the massive potential of direct interaction with their customer, ensuring that the concept is carefully considered and well-executed is the next step towards achieving amazing results.

Having worked with brands on their store experience around the world, we know how important it is to not only tailor interiors to a brand – but also to their consumer attitudes. We want brands to know that by leveraging the right process, skills and experience they too could be telling a story that mirrors this kind of success.

We would love to talk about how we could support your brand with store experience in retail environments anywhere that you require. Please contact f.sheridan@sheridanandco.com to continue the conversation.

 

All the best,

 

Freddie.