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I’d contend that in their case it’s a mixture of both. I think some of their biggest exposure is not through Instagram/Twitter/rapha marketing but through their headcam race videos on YouTube and they wouldn’t be half as exciting if they weren’t winning the races (regardless if said races are local office park affairs or bigger events on the national stage). Either way they seem to have found the right formula.
SoYaap
Results dont matter (entirley), exposure does. And their value is sky high.