SoulCycle had a cult following. Then, one decision changed everything

The company didn’t lose riders because the workout changed. It lost them when its actions conflicted with the identity customers had embraced. I used to schlep from my office to a 6:30 p.m. Soul Survivor class, shower, and make dinner by 8 p.m. Every week. The waiting lists were insane. The bike you got mattered. Thirty-four dollars for a cycling class and nobody blinked. That wasn’t about…