This week, marketers aren’t pulling any punches when it comes to keeping up with competitors. Find out what brands like SoulCycle and Spotify are doing to come out on top in our Weekly Must Reads.

SoulCycle Rewards Peloton Deserters

SoulCycle is the latest brand to launch a promotion centered on trolling a competitor. In their latest campaign, the indoor cycling brand is offering free classes to any customer who is willing to trade in their Peloton bike. According to SoulCycle, the first 100 consumers who bring in their Peloton will receive the equivalent value of in-person studio classes, or about 47 free sessions. The offer debuted with an Instagram post on SoulCycle’s account, featuring a bold message, “F*ck it, let’s ride.”

The campaign hits home on one of Peloton’s biggest issues right now, which is excess bike inventory. It also capitalizes on consumers’ fatigue with at-home workout solutions and may be appealing to anyone looking to return to live classes. Find out more details here: https://www.theverge.com/2022/7/28/23282384/soulcycle-peloton-free-classes-bike-exchange-fitness

BeReal Is the Newest Social Media Star

The “anti-Instagram” has arrived on the scene. The newest social media platform, called BeReal, is quickly growing its user base and recently topped Apple’s App Store chart. The week of July 11 alone, the app saw 1.7 million new downloads, according to Fast Company. BeReal is similar to Instagram in that it’s a photo sharing platform, but users are limited to one photo upload per day at a specific, randomized time. As another twist, you can’t share a pre-taken photo during your timeslot – you must take a new photo and upload it immediately, without filters or edits.

While Instagram has been laser-focused on developing its Reels platform to compete with TikTok, BeReal has found a niche by going back to the premise Instagram was built on: authentic photo sharing. Learn more about this rapidly growing social media app here: https://petapixel.com/2022/07/26/anti-instagram-app-bereal-soars-to-top-of-apple-charts/

Gap’s Inclusive Back-to-School Campaign

While other retailers have focused on value-driven messages and low costs during this back-to-school season, Gap is taking a different approach. The clothing brand’s new campaign is titled “Everyone Belongs,” and celebrates the differences that make each child unique. According to Gap’s CMO, “value creation is not just discounting.” For some parents, it may be more important for them to buy a product that is high-quality and aligns with what their kids care about most.

The campaign fits into an ongoing theme within Gap’s marketing in recent years, as the brand has committed to highlighting diversity and inclusion. Additionally, Gap has partnered with author Heather Avis, who founded a Down Syndrome advocacy organization, to donate $20,000 worth of books to schools across the US. Check out more about the campaign here: https://www.marketingdive.com/news/gap-2022-fall-campaign-everbody-belongs/628173/

Spotify Surges Among Digital Ad Dropoff

Last week, Meta reported its first-ever decline in ad revenue, while Alphabet also experienced its slowest growth since 2020. However, unlike its competitors, Spotify’s ad business is still booming. Last quarter, the music streaming service posted a 31 percent increase in revenue, while its monthly active user base also grew by 19 percent. Much of that growth has been driven by a focus on Spotify-branded podcasts, which can include advertisements even if users pay for a premium subscription. Spotify has also made an effort to expand its listener base in Asia and Latin America to increase its global presence.

Last quarter, Spotify launched 100 new exclusive podcasts, which grew listenership by double-digits compared to the same quarter last year. Dig into more details about the brand’s ad efforts here: https://www.marketingdive.com/news/spotify-ad-revenue-grows-broad-decline/628306/