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Soulcycle: Could They Bring a Wind of Change to the Fitness Industry?

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Soulcycle: Could They Bring a Wind of Change to the Fitness Industry? This material is exclusively prepared for Ringle Customers Material for your English session SoulCycle: Could they bring a wind of change to the fitness industry? 0 본 자료는 저작권 법에 의해 보호되는 저작물로, Ringle 사에 저작권이 존재합니다. 해당 자료에 대한 무단 복제/배포를 금하며, 해당 자료로 수익을 얻거나 이에 상응하는 혜택을 누릴 시 Ringle 과 사전 협의가 없는 경우 고소/고발 조치 될 수 있습니다. This material is exclusively prepared for Ringle Customers [Summary in English] I. SoulCycle Creating a New Life Style SoulCycle has turned spinning, once thought of as a boring exercise, into a social phenomenon. • SoulCycle has become a highly successful franchise. As of 2018, there are 82 studios in major cities across the US. The co-founders – Ruth Zuckerman, Julie Rice and Elizabeth Cutler – established SoulCycle with the goal of creating a new lifestyle brand. Specifically, the co-founders sought to energize and motivate people to spin by offering a workout environment that was focused. They wanted to be more than a simple health and fitness club by inspiring people to buy-in to the spinning lifestyle. • Prior to co-founding SoulCycle, Julie Rice had moved to NYC from LA and was missing the after-work hikes and jogs that she had enjoyed on the West Coast. She wanted to hang out, talk and have fun while working out, but she couldn't find opportunities in NYC like she had in LA. • Similarly, Elizabeth Cutler had moved to NYC from Colorado before the creation of SoulCycle. Cutler had difficulty finding the type of good exercise sessions she wanted, and her post-birth weight gains made her hesitant to go to an ordinary fitness center. • Ruth Zukerman first tried spinning in 1996. After the spinning instructor at her Reebok gym suddenly quit, Zukerman took over the spinning classes, running them for the next 6 years. Rice and Cutler, who wanted to open a fitness studio that better met their needs, teamed with Zukerman to found SoulCycle. • At the time, the spin bike was just a boring piece of exercise equipment found at ordinary fitness centers. The SoulCycle team set out to reinvent what this exercise machine could do, however, by creating an exercise program that was challenging, yet exhilarating. With Zukerman’s enthusiasm for exercise and superb coaching skills, Cutler and Rice were confident that their business model would succeed. • With an initial investment from Cutler, the team founded SoulCycle in 2006, opening their first studio in the Upper West Side of NYC with 33 spin bikes. The 1 본 자료는 저작권 법에 의해 보호되는 저작물로, Ringle 사에 저작권이 존재합니다. 해당 자료에 대한 무단 복제/배포를 금하며, 해당 자료로 수익을 얻거나 이에 상응하는 혜택을 누릴 시 Ringle 과 사전 협의가 없는 경우 고소/고발 조치 될 수 있습니다. This material is exclusively prepared for Ringle Customers first studio was small, with no shower facility and only a glass wall to separate the entrance from the studio. It was completely different from the classy and luxurious atmosphere they envisioned. Even despite reimagining what the spin class might look like, getting people to pay extra money to ride bikes inside for 45 minutes, especially when the spin bikes could also be found at your average fitness center, seemed impossible. • During the early days of their business, the three co-founders did everything themselves, including laundry, cleaning the facilities, and maintenance. In order to advertise SoulCycle, they handed out pamphlets and asked their friends to wear t- shirts with the SoulCycle logo. The team believed that the core competitive advantage of SoulCycle was a passionate coaching staff and the unique culture created by their customers. In time, their hard work paid off and SoulCycle started gaining popularity and recognition for their special classes and culture. As more and more young professionals wanted to experience SoulCycle and its new concept of spinning, the company started to become a cultural phenomenon. • Celebrities including Lady Gaga, Katie Holmes and Bradley Cooper became avid SoulCyclers. Chelsea Clinton hosted a fund-raising event in a SoulCycle studio to support the victims of an earthquake in Haiti. This celebrity support helped SoulCycle to become all the rage in NYC. In fact, SoulCycle was so popular that people living in NYC started to develop FOMO (Fear of Missing Out) if they had not yet been to one of the classes. Within 6 months, SoulCycle far exceeded its BEP (breakeven point). Although Zukerman, a co-founder and popular instructor, left the company, SoulCycle continued growing explosively with an eventual investment from Equinox. • SoulCycle opened three additional studios with the profits from its first studio. However, as the company grew, the relationship between Zukerman and the other two co-founders became strained. Zukerman was a popular spinning instructor and was actually the one who originally connected Rice and Cutler. After a while, Rice and Cutler felt as though Zukerman was starting to put herself and her fame as a 2 본 자료는 저작권 법에 의해 보호되는 저작물로, Ringle 사에 저작권이 존재합니다. 해당 자료에 대한 무단 복제/배포를 금하며, 해당 자료로 수익을 얻거나 이에 상응하는 혜택을 누릴 시 Ringle 과 사전 협의가 없는 경우 고소/고발 조치 될 수 있습니다. This material is exclusively prepared for Ringle Customers phenomenal instructor ahead of the customers. The two consequently parted ways with Zukerman. • After Zukerman left SoulCycle in 2009, she founded Flywheel, a competing spinning studio, the next year. A group of customers loyal to Zukerman moved to Flywheel, sparking a fierce competition between SoulCycle and Flywheel. The intensity of competition between the two companies and their members was so great that people compared it to the relationship between the fans of Angelina Jolie and Jennifer Aniston. • In 2011, Equinox, a luxury fitness chain, grew an interest in SoulCycle. Melanie Whelan, an Equinox executive responsible for new business development, visited a SoulCycle studio to experience a class herself. On the visit, Whelan met with Rice and Cutler, who happened to be working at the counter. The class itself was a totally new experience for Whelan. What was even more surprising for Whelan, who was pregnant at the time, was a welcome gift package she received from the two co- founders that contained baby clothes and a letter. Whelan experienced first-hand the special care SoulCycle gave to their customers. With enthusiastic backing from Whelan, Equinox invested approximately USD 20 million and acquired 75% of SoulCycle. • After acquiring the majority of the shares in SoulCycle, Equinox tasked the two co- founders with continuing to run the company. Cutler leveraged her experiences in the real estate industry to purchase property for SoulCycle studios and develop the business. Rice oversaw human resources. The two had equal authority and duties. 6 months later, SoulCycle brought on Whelan from Equinox as the new COO (Chief Operating Officer) to help with investment, team organization, and real estate strategy. Empowered by the Equinox investment and the talent Whelan brought to the table, SoulCycle expanded outside of NYC, opening 36 studios in 6 cities across the US and recording over USD 100 million in revenue. II. SoulCycle’s Strategy 3 본 자료는 저작권 법에 의해 보호되는 저작물로, Ringle 사에 저작권이 존재합니다. 해당 자료에 대한 무단 복제/배포를 금하며, 해당 자료로 수익을 얻거나 이에 상응하는 혜택을 누릴 시 Ringle 과 사전 협의가 없는 경우 고소/고발 조치 될 수 있습니다. This material is exclusively prepared for Ringle Customers With special instructors, SoulCycle redefined spinning as both an exercise program and a business. • A typical SoulCycle class consists of a 40-minute ride and a 5-minute stretching session. The instructor provides careful coaching to the members so that they feel emotionally supported throughout the physically demanding class. To help participants feel relaxed, yet ready to go, the class takes place in a dark room with a few candle lights. The instructor prepares exciting music and dance moves before the session and leads the class in the very front bike. The instructor teaches the class by both riding with the students and walking around the classroom to motivate the students. • To help people know what to do during the class, members are supposed to follow the motions of the instructor and the other members in front of them. The bikes toward the front of the class near the instructor are, therefore, reserved for the best riders. The wall of the studio explicitly says that anybody who wants to ride alone should not ride in the front, because an individual’s energy level is directly related to the riding quality of those nearby. • The SoulCycle business model is built on recruiting talented instructors and reducing employee turnover. Instead of hiring fitness instructors with group training experience, SoulCycle looks for people who can build meaningful relationships with others. This would include, for example, Broadway musical actors, cheerleaders, dancers and others who have the potential to grow into great instructors. All SoulCycle employees are obligated to attend classes, and many have made the transition to the role of instructor. SoulCycle customers can also apply to become an instructor. • Ordinarily, SoulCycle hires instructors through auditions. The applicant, after a three-minute self-introduction, conducts a rehearsal ride with the music of his/her choice. Once hired, new instructors attend a training program at the SoulCycle College, which lasts 8 weeks. The training program teaches them everything related to the job, from simple things such as making playlists and using equipment to the more administrative work, including how to organize basic training programs, class hours and scheduling. Also, the instructor training teaches prospective instructors 4 본 자료는 저작권 법에 의해 보호되는 저작물로, Ringle 사에 저작권이 존재합니다. 해당 자료에 대한 무단 복제/배포를 금하며, 해당 자료로 수익을 얻거나 이에 상응하는 혜택을 누릴 시 Ringle 과 사전 협의가 없는 경우 고소/고발 조치 될 수 있습니다.
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