If you're just starting a business based on something you love, then you're in the right place!♥︎

 

⭐️Top 1% of all podcasts according to to Listen Notes

⭐️Consistently in top 100 of Careers in the USA Business Category in Apple Podcasts

 

Ep 18: A target marketing lesson made obvious by a Peleton in the hotel gym.

Feb 20, 2020
 

SUBSCRIBE ON: APPLE PODCASTS | SPOTIFY | STITCHER

Yes, the Peloton bike in the gym at a Westin made a very clear business lesson for all of us. It was obvious how no brand can be for everyone. You must be speaking to YOUR PEOPLE, the people who will most likely buy what you are offering.

New business owner - or dreaming of starting yours?

So this is what happened:

I went to workout in the gym at a Westin hotel in Houston. (I had previously been in Chicago at a Westin and they had 4 Peloton bikes in the gym, and that is where I first rode on one. I loved it and was hooked!)

So when I went to the gym that morning, I was shocked seeing like 11 people in there - which normally in hotel gyms I’m with just a few people, or even by myself. And, I was super excited to see that the Peloton was not taken and I got to ride immediately!

I hopped on the amazing bike, logged in on the computer, picked my favorite instructor and started a 20-minute ride. I was right in front of some huge windows looking over the city, and the sun was just coming up. It was awesome!

After my ride, I hopped on a Treadmill. I left my stuff on the tread mill to run to the ladies' room, came back and a woman was about to hop on my treadmill. I explained that I was using it, she was super nice and apologized…so I told her that the Peloton was open. To my shock, she said “Oh no, I don’t do those” and looked around, trying to figure out what equipment to get on. She jumped on an elliptical machine. This crazy to me - why in the world wouldn’t she get on the Peloton?

So, while running on the treadmill, another girl comes in the gym. The Peloton is still open, she looks around and gets on a regular bike. The bike is not electronic - or maybe it was, but just wasn’t fancy at all. She was riding on it and I literally couldn’t believe my eyes. Why in the world was she not on the Peloton? It is WAYYYY better than that bike she was on.

And as I ran, I realized what was before me: a target marketing lesson. Peloton is not for everyone. Even though I loved it so much, it didn’t mean that others valued it the way I did.

You see, I love the sleekness of it, the technology, the ability to experience a group class on my own time, the ability to choose my favorite instructor’s class with my favorite type of workout music all while getting a great workout. To me, these are all important. I am Peloton’s target market.

However, the other 2 ladies represented the other 2 buckets of “potential” customers. The one woman on the other bike could maybe be persuaded to buy one if she was reminded of Peloton many times, saw it in use, used it herself, learned how to use the technology of it, and saw what a fun workout she could get.

The 3rd lady who was on the elliptical, but eventually was able to hop on an open treadmill, was VERY FAR from ever buying a Peloton. How long would that take to convince her? Maybe she is a runner and doesn’t like bikes? Who knows? I didn’t get to ask her.

My point is this: those ladies had very valid reasons why they didn’t choose the Peloton, whatever those reasons were. And I had my reasons that I love the Peloton.

With that, if you were marketing to each of us ladies, and you worked for Peloton, who would you market to first? Yes, you would market to ME. I am the easiest sell. All I need to get past is the price (may be out the door $3000?) I am not quite ready yet…but I am the type of person that would by one.

Why? Because I own home gym equipment. And, I USE my home gym equipment. AND…I LOVE my home gym equipment.

So thinking about your business right now: who are you marketing to? I hope you are marketing to people like me, who already appreciate what you have to offer. Maybe people like me don’t know you yet…but that’s your job to “market.” And by marketing, it doesn’t necessarily mean paid advertising. Are you making the right people aware of your products or services?

Once you know those people, you realize you don’t have to “sell” them your products/services…you just have to make them aware and overcome the roadblocks. With enough research and time spent with the people who have the highest propensity to buy, you will be doing THEM a favor by providing what you have to offer.

Think about your 3 buckets - and get marketing to that one you know NEEDS what you have to offer! Now get to marketing!

  

 
 
FREE Business-Building Resources HERE!