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Soul Cycle Marketing Plan

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Catherine Vivanco-Opazo

on 5 April 2017

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Transcript of Soul Cycle Marketing Plan

Catherine Vivanco-Opazo
0854324
Professor Luba Nakonechna
Fall 2016
COMM 430- M01
E-Marketing & Branding
Table of Contents
Market Summary
Business Overview
Target Market
SWOT analysis
Marketing Strategies
Implementation Tactics
Pricing
Evaluation of Results
What is Soul Cycle?
Image by goodtextures: http://fav.me/d2he3r8
Target Audience
Marketing Strategies
Implementation Tactics
Pricing
Success or Failure?
Thank You
Soul Cycle was co-founded by Elizabeth Cutler and Julie Rice in 2005. They had a vision to create a workout routine that didn’t feel like work. By putting their ideas together, they created this upbeat alternative to traditional cycling, which is enjoyable and equally as efficient. Each ride is a different experience for the rider.
Fitness Lovers
FEmales & males of all ages
People that are up for a challenging yet fun workout
Music lovers
SWOT Analysis
Strengths
Appealing Product Designs
locations in all major cities
no required membership
Exciting experience every ride
Weaknesses
quite pricey
no accommodations
classes fill up quickly
no membership
Opportunities
Instructor/rider relationship
High demand due to popularity created by celebrities
Expansion in more cities & even countries
Threats
Gyms offer regular cycling which is included in their cheaper membership price
Similar companies that are cheaper/offer student discounts
Bad reviews due to someone having a bad experience
Collaborations
Celebrity Outreach
First time rider: $20
After first ride: $34 per class
5 classes: $165
10 classes: $320
20 classes: $600
30 classes: $850
50 classes: $3,500
Cycling shoes & water not included
Life- Changing Mission
Soul Cycle was created with a vision and mission in mind. The main focus is to help riders find their SOUL within the 45-minute full body workout. It provides customers with a new type of cycling that's different than any other workout that they've ever experienced. It boosts motivation, confidence, and mental & physical health alongside a connection with the instructor and the rider.
Find Your Soul!
Inhale Intention. Exhale Expectation.
To determine the outcome of this company, it's important that we follow the hash-tag #SoulCycle on social media. The aim is to have a strong connection with riders and make sure that each experience is enjoyed. There is a growth in the importance and focus of ones health.
NOW
is the time to find your soul.
It's important that the instructors and staff make sure that frequent and first time riders are always welcomed. The idea of having a strong relationship with customers is one of the biggest implementation tactics because it's part of what makes customers continue to come back regardless of the high prices.
Budgeting
Social Media (Instagram, Twitter, FaceBook): $30,000
Complimentary healthy snacks after a class: $5,000
New locations: $500,000
Collaborations: $10,000
Full transcript