BODi Unveils New Sales Strategy To Grow Brand
The struggling company formerly known as Beachbody is in the middle of what its executives call a “turnaround plan“
BODi, formerly Beachbody, is unveiling a new “Growth Game Plan,” an effort in its turnaround strategy that rewards high-performing network sales partners within its subscription health and fitness system.
The plan rolls out in January 2024 and will provide stand-out network sales partners with special bonuses. The new initiative follows a class-action lawsuit criticizing The Beachbody Company’s multi-level marketing structure after a former coach alleged that the company misclassified coaches as independent contractors instead of employees. The Beachbody Company (BODi) denied the allegations in a statement to Athletech News, saying the company would “vigorously defend” itself against the suit.
In another strategic move, BODi named Brendon Burchard, author, speaker and high-performance coach, as its chief growth and performance Advisor. Burchard will assist BODi’s network boost performance and add GrowthDay, a personal development app that Burchard founded. The app will be available in November for those in the BODi network to sell to prospective customers.
Additionally, BODi has given its content development strategy an overhaul, streamlining new content into its digital fitness library and moving GrowthDay to the core of its new mindset channel. There is also a new monthly digital and nutrition subscription bundle, “The $99 Rebel,” created as a more cost-conscious offering for new subscribers.
The new program is designed so partners can create a highly scalable business, said Carl Daikeler, co-founder and CEO of BODi and The Beachbody Company.
“Our success is deeply connected to the success of our incredible network of independent partners,” Daikeler said. “They are instrumental to helping the company influence healthy lifestyle change while developing their own business in the process.”
BODi Looks To Chart a New Course
BODi, facing ongoing challenges, received a deficiency letter from the NYSE last fall, with shares of Beachbody sitting under $1.00 throughout this year. The subscription health and wellness company showed a total revenue decrease of 7% in its Q2 2023 earnings and appointed Mark Goldston to executive chairman in a move to course-correct the company.
Goldston’s appointment is vital to Daikeler’s plans to move BODi ahead, with Daikeler telling investors in August that the new executive chairman had been a pro at turning around companies in less-than-desired situations.
“We’ve constructed a powerful turnaround plan for the company and we will be vigilant in our focus and execution as we move our way through the priority list to help transform BODi into a very profitable, cash-rich company,” Goldston assured investors on BODi’s last earnings call.
He added that BODi isn’t experiencing a scale issue — pointing out that it’s one of the largest digital fitness companies — but that it needs higher-quality revenue streams.
Earlier this month, the company filed a prospectus related to the offer and sale of a $50 million mixed securities shelf.
