How Peloton Used Psychology to Perfect Its Experience

Time Stamps[0:37] – Jennifer opens by discussing exercise and its connection to hyperbolic discounting or Present Bias.[2:22] – Jennifer talks more about the overall topic of this episode – how we can apply Peloton's strategies to our own businesses.[3:49] – We learn a little bit more about Peloton, such as when it was founded and why its users are so obsessive.[4:44] – Peloton gets people on the bike using the Sunk Cost Fallacy.[5:20] – Default Bias also plays a role in how Peloton gets people on the bike.[5:47] – Peloton also uses the Halo Effect to get people to use their bikes.[6:42] – Jennifer explains what causes people to keep getting back on the bike and making it a habit, referring to the habit loop.[7:18] – We learn about the Mere Exposure Effect.[7:48] – Jennifer talks about the Simplicity Effect.[8:23] – The second part of the habit loop is the routine itself, which Jennifer elaborates on.[9:17] – We learn about parasocial interactions and what they have to do with how Peloton gets users hooked.[9:55] – Jennifer explains the last part of the habit loop – reward.[11:17] – Jennifer lauds Peloton for the incredible feats that it has accomplished as a company.[11:39] – We learn how we can apply some of the behavioral science methods that Peloton uses to our own businesses. Links and ResourcesThank you so much for listening to the Choice Hacking podcast. If you want to learn more, check out the links below for resources. Choice Hacking - WebsiteChoice Hacking Mailing ListJennifer Clinehens – Choice Hacking: How to use psychology and behavioral science to create an experience that singsChoice Hacking - Twitter PageChoice Hacking - Instagram PageChoice Hacking - YouTube ChannelJennifer’s LinkedIn PageFree 30-Day Trial of Audible PlusPeloton – Wikipedia ArticleTom Huddleston Jr. - “How Peloton exercise bikes became a $4 billion fitness start-up with a cult following”Behavioral Economics – “Default (option/setting)”Behavioral Economics - “Halo effect”Reegan Von Wildenradt - “Hugh Jackman Shared His Personal Best Peloton Workout Results on Instagram”Natalie Sherman - “Peloton: 'It's borderline addiction'”Richard Branson TweetCharles Duhigg - “How Habits Work”Sachin Rekhi - “BJ Fogg's 5 Secrets of Behavior Change”Jeanette Settembre - “Fitness apps with workout plans retain members longer than gyms”Brynne C. DiMenichi & Elizabeth Tricomi - “The power of competition: Effects of social motivation on attention, sustained physical effort, and learning”Will Feuer - “Peloton stock plummets after the company reports widening loss, slowing revenue”Endurance Hour - “Secrets To Beating the Peloton Leaderboard at Home on the Endurance Hour” (YouTube Video)Disclaimer:  Some resources include affiliate links, which means if you click them and buy something I get a small monetary kickback :) ★ Support this podcast ★

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