Biz Chat: Learning From SoulCycle

Spring Three - Pilates Studio Marketing

I love listening to podcasts - on a walk or run, in the car or running errands. I listen to news, business, lifestyle and health podcasts but last week I was listening to one of my faves - How I Built This with Guy Raz.

One of his older episodes caught my attention because he was interviewing Julie Rice and Elizabeth Cutler the founders of SoulCycle.

Now, I highly recommend this podcast and this episode… but incase your play next list is already jam-packed with goodies, I took notes and wanted to share them with you!

Top take-aways:

  1. Be on the same page philosophically with your partner - it’s not just about making $$$. Everyone has to have the same work ethic and the same vision.

  2. Stay lean - they did every job in the early days. They learnt a ton from that period and… they made checklists of how they wanted those jobs done so they could pass it off to someone else and keep the standard they wanted.

  3. Divide responsibilities and be clear about who does what in your business

  4. They knew what numbers they needed to make it work. How many clients they needed to cover their costs, pay themselves and their team and have a little left over.

  5. People will pay for what they value. “If they walk through the door then they will bring something different than if they aren’t paying for it”

  6. Get creative with marketing - after hitting the streets and local businesses with flyers, they created branded t-shirts and gave them away to get visibility. They couldn’t put a sign out front so they bought a rickshaw and parked it outside. They got a few tickets but they looked at the foot traffic patterns and chained the rickshaw to a parking meter on the days where it would get most visibility. What about the cost of the parking tickets? They saw this as part of their marketing budget!

  7. They wanted to create an EXPERIENCE. They understood their clients - they wanted to help their clients create habits and put systems in place that made their clients feel amazing from the moment they stepped through the door. Staff knew your name when you walked in, you were handed a towel by a smiling front desk person… all the details made the difference!

  8. They listened to their clients - many of their clients were leaving for the summer so they decided to follow them and set up a pop-up studio where their clients were mostly on vacation. This paid off massively - when they got back from that summer pop-up they were starting to draw in clients who lived further away.

  9. They hired a coach early on (and still see her today) to help them grow personally and professionally.

  10. In the face of competition they made choices based on who they wanted to be and that were good for them and their business. This helped them continue to stand out and retain their loyal clients.

  11. They stayed focus on what was most important to them

  12. They made their team the stars of the show - they weren’t in it for their egos. They were building a brand!

  13. They never forgot WHY they did this. It’s what drove them toward the success they achieved.

I hope you guys are as inspired as I was by this and I know you have some great recommendations for podcasts you love - and I wanna know what they are! Drop me an email let me know :)