Did you know that over 1 million people train on a Peloton every day? How was this phenomenon created and maintained?
Tony had the pleasure of speaking with John Foley, Co-founder and CEO of Peloton at a recent Business Mastery event. Foley has led Peloton to geometric growth, after more than 400 rejections from potential investors, it is now valued at over $32B dollars!
With 3.6 million raving fans, Foley has created an online community that both supports and challenges people to live better lives through convenient fitness in your home. His dedication to principles like "stay hungry and humble" and "don't use hope as a method" are part of the secret to his success.
It is Foley's continued focus on aspirational goals combined with his ability to inspire his employees to act like owners in solving problems and staying hungry that ensures Peloton will continue to accelerate and thrive as a business.
Watch the full conversation here.
[01:03] Intro of John Foley, CEO and co-founder of Peloton
[03:32] Foley background, including working at a Skittles Factory
[05:25] Hunger and humility most important to success
[06:44] Foley's mentor
[08:01] Digital media disruption
[09:52] 400 nos before a single yes
[11:06] Funding Peloton
[11:39] Surround yourself with people who see the vision
[13:22] Consistency and perseverance created traction
[14:41] Goal of growing business 100% and making your life better
[17:55] Don't let perfect be the enemy of good and minimum viable product
[19:23] Communal motivation in group fitness to make it fun
[21:15] How willing are your customers to recommend your business? - Peloton is in low 90's on 1-100 scale
[23:12] Foley's competitive nature
[25:23] The instructor, the human factor, matters. Scaling via digital media
[28:22] Don't use hope as a method
[28:47] Don't plan for failure, plan for success because it becomes self-fulfilling
[30:13] Partnership with Beyonce
[33:59] 8,000 employees globally
[34:06]Marc Benioff is an inspiration. Champion of social change and team culture
[34:57] Internal culture permeates into the brand
[36:32] Audience question from Karina: How have your margins increased with COVID?
[37:24] COVID was tailwind for Peloton
[38:23] Had to spend $100M to satisfy the demand but margin structure has increased
[40:14] Audience question from Michelle: How did you build a team with great people AND establish a culture?
[42:30] Audience question from Brett: What did it feel like to see something you created finally succeed?
[43:15] We are not doing a victory dance. Hungry and humble with fire in our belly to get to our goals
[44:45] Audience question from Ann: What was your journey as you began putting Peloton together as a company?
[45:33] Bought parts of our business. Decided needed to be good at software, hardware and content. Focus on what will make your business special
[47:12] Find partners that share your work ethic, that you like being around
[48:32] Sign off
