Fitness Industry Growth and Membership Surge

The fitness industry is growing at a rate of approximately 8.7% per year, with a projected market value of $96.6 billion by 2024. In addition, the global number of health and fitness club memberships is projected to reach 230 million by 2023.

This growth signals robust growth for the fitness industry, fueled by increasing consumer interest and purchasing power. 

2024 Fitness Industry Trends

1. Booming Interest in Holistic Wellness Integration

Valued at over $1.5 trillion, the wellness industry, with its 5-10% annual growth rate, reflects a shift towards holistic well-being. The industry is pivoting towards integrating mental wellness with physical workouts, emphasizing a holistic approach. 

The itness industry should be aligning with this trend by diversifying offerings and focusing on overall health, nutrition, recovery, sleep, meditation, and other wellness programming. Nutrition-centric workouts, facilitated by intelligent apps and devices, are gaining traction. Recovery methodologies are also receiving more attention, highlighting the importance of post-exercise recovery and nutrition in fitness regimes.

Benefits of Adding Wellness Programming

2. The Hybrid Revolution: Digital Fitness and Wellness Technology 

Members demand personalized and integrated hybrid fitness and wellness solutions now. By creating accessible in-person and digital experiences, you can create opportunities for fitness and wellness anytime and anywhere.

Gyms offering hybrid fitness solutions saw a 20% annual growth rate from 2021 to 2023. In 2024, 45% of consumers will prefer hybrid models. Digital fitness will continue to grow significantly by 2027, driven by consumer interest in health-tracking devices and digital workout tools. Telefitness is also growing, making expert fitness advice more accessible.

Digital Fitness and Wellness Stats

• 57% of consumers are interested in a device to track their health & send information.
• 37% of users desire digital tools for club-based workouts
• The market for IoT-enabled health devices is expected to reach a value of $267 billion by 2023.
• The fitness app market size globally is expected to reach $14.6 Billion by 2027
• Online Fitness is projected to grow at CAGR of 33.1% between 2021 and 2027
• Facilities must adapt by integrating digital strategies to stay relevant. 

3. Personalization: The Future of AI and VR

Artificial Intelligence (AI) and Virtual Reality (VR) enhance fitness and wellness offerings are set to redefine the fitness experience. With AI’s capability for personalized experiences and VR’s immersive environments, fitness and wellness routines are becoming more engaging and tailored.

4. Wearable Technology and Sustainability

Next-gen wearable tech is evolving beyond basic fitness tracking, offering insightful health analytics and real-time coaching. Concurrently, there’s a growing emphasis on sustainability, with eco-friendly gym equipment and workout attire becoming more prevalent.

Challenges and Opportunities

The fitness industry faces challenges like ensuring data privacy with AI, transitioning to sustainability, and optimizing hybrid models. However, opportunities abound in fostering global digital communities, integrated wellness solutions, and innovative revenue streams.

Conclusion

In 2024, the fitness industry is embracing a future shaped by technological advancements, a commitment to holistic health, and innovative business strategies. Navigate these trends and leverage these emerging wellness, digital, hybrid, and technology opportunities.

Ready to learn how to take advantage of the 2024 Fitness Trends? Let us help you enhance your member experience, add virtual technology, and use data and AI to develop your fitness and wellness content strategy. Email us: INFO@WEXER.COM

The post 2024 Fitness Industry Trends Driving Growth appeared first on Wexer.

With a mission to offer an all-in-one solution for smooth business operations, WellnessLiving prioritizes customer experiences and utilizes data to drive growth.

The Heart of WellnessLiving: Empowering Businesses with Data-Driven Insights

WellnessLiving stands out as a software company with a heart, focusing on the success of fitness and wellness businesses. By transforming data into actionable insights, they empower business owners to elevate member experiences, leading to improved retention rates and reduced churn. Moreover, these insights can optimize marketing campaigns and guide strategic decisions, propelling businesses towards sustainable growth.

WellnessLiving’s dedication to serving its clients was highlighted when it received recognition in 2021 and 2022 as one of the Deloitte Technology Fast 500, attesting to their rapid growth and commitment to customer success.

Len credits the company’s 272% revenue growth to their customer-focused approach and vision to provide the fitness and wellness industry with the tools, resources, and support they need to manage and grow their businesses—a truly all-in-one solution.

From Fitness Enthusiast to Business Innovator: Len’s Journey

Len’s journey to co-founding WellnessLiving is both inspiring and relatable. Once a competitive tennis player turned fitness enthusiast, Len embarked on a path to fitness entrepreneurship. He transitioned from a boot camp fitness business to creating WellnessLiving with a partner. This software platform began as a marketing tool for partner studios, which eventually evolved into the comprehensive solution it is today. 

Overcoming the Fear of Change: Embracing Business Management Software

For many fitness business owners, the prospect of implementing new software can be intimidating. However, as Len explains, embracing change is crucial for business evolution. Transitioning to business management software allows entrepreneurs to align with their goals, fostering collaboration with senior leadership and paving the way for growth. WellnessLiving’s approach emphasizes partnership and empathy, positioning them as a software company with a heart.

Transforming Data into Actionable Insights

Data holds the key to unlocking business potential, and WellnessLiving recognizes the significance of turning data into actionable insights. By tapping into data analytics, fitness businesses can gain a deeper understanding of their members’ behaviors and preferences. This information can then drive strategic decisions, enhance service offerings, and boost member satisfaction. WellnessLiving’s commitment to its customers extends beyond software, aiming to cultivate growth through informed choices.

Developing AI-Powered Solutions for Member Churn

“One of the biggest challenges for any fitness organization is member churn, a member not continuing the following month. If you have a leaky bucket, pouring water in it will never fill it up. So our challenge was how can we leverage data, AI, and machine learning to help businesses manage churn more efficiently.”

— Len Fridman —

Collaborating with York University’s machine learning lab, they developed the Isaac AI Assistant. This innovative tool predicts members with a high probability of churning, enabling proactive outreach and personalized communication. Utilizing AI and machine learning, WellnessLiving equips businesses with the means to build stronger member relationships, increase retention, and reduce churn effectively.

Predicting The Future of AI in the Fitness Industry

Len envisions a future where AI plays a pivotal role in the fitness industry. As AI technology advances, fitness businesses can anticipate more robust data insights and actionable recommendations. 

WellnessLiving’s commitment to user-friendly interfaces ensures that businesses can effortlessly access and utilize AI-generated insights. The ability to tailor dashboards and access real-time data and statistics empowers business owners to make informed decisions promptly.

“It is vital to have an easy to use and customisable dashboard that allows you to quickly see trends in your business to make important business decisions. WellnessLiving is famous for is having that ability to customise the dashboard and having a variety of graphs and statistics that you can actually drill down.”

— Len Fridman —

Creating Personalization and Omnichannel Experiences

Personalization is the key to engaging members effectively. Len emphasizes the importance of understanding member preferences, purchase behaviors, and class attendance. With a strong focus on creating seamless experiences, WellnessLiving advocates for an omnichannel approach. This approach integrates all customer touchpoints, ensuring a consistent and unified experience across physical locations, apps, websites, and virtual classes. By offering flexibility and convenience, fitness businesses can enhance member engagement and loyalty.

“If you want to continue scaling your business, you really must have a firm grasp on your members, which products they’re buying, and what classes they’re taking so you can make educated business decisions. If you have thousands of members and you want to send out targeted email campaigns, you have to segment your market to tailor your solutions to what they actually want.”

— Len Fridman —

Intrigued by the insights shared by Len? WellnessLiving invites fitness business owners to explore their platform through a demo. With an impressive conversion rate, the likelihood of joining the WellnessLiving family is high. By embracing data-driven strategies and leveraging cutting-edge technology, you can position your fitness business for scalable growth and enduring success.

Contact us at Wexer and we can share a wealth of knowledge on how data can drive growth in the fitness industry. From overcoming the fear of change to harnessing the power of AI and creating seamless member experiences, these strategies can transform your fitness business and pave the way for sustained growth. As the industry evolves, embracing data-driven approaches will be instrumental to achieving success and staying ahead of the curve.

Find out how Wexer’s unparalleled data, technology and content library can help you leverage your data to benefit your business in 2023: info@wexer.com

More Info:

Len Fridman on LinkedIn

Wexer Podcast 22

The post Leveraging Data to Scale Your Fitness Business Growth  appeared first on Wexer.

FITPASS’s partnership with Wexer is more than just a business deal; it represents a commitment to innovation and long-term growth in the fitness sector. By leveraging FITPASS’s extensive network and Wexer’s expertise in digital solutions, the collaboration aims to create unparalleled fitness experiences that cater to diverse global needs and the Indian population. 

One of the key objectives of this partnership is to enhance the accessibility and affordability of fitness solutions in India’s underrepresented areas. With nearly 50% of India’s youth residing in tier 3 and tier 4 cities, there is a significant need to make fitness accessible to these demographics. FITPASS and Wexer aim to bridge this gap by customizing their offerings to cater to a wide range of demographics, from teenagers to the elderly, ensuring that everyone has access to quality fitness solutions.

“Our mission extends beyond urban centers; we are committed to penetrating rural areas, which house a large part of our population across age groups. With Wexer’s expertise in fitness technology, we aspire to bridge the fitness accessibility gap, making top-tier fitness experiences a reality for every Indian, regardless of their location.”

~ Akshay Verma, Co-founder of FITPASS ~

The Wexer & FITPASS partnership is a commitment to inclusivity, evident in its dedication to providing specialized programs for teenagers, pregnant women, and postpartum women. These programs offer comprehensive health approaches and online videos, making fitness more accessible to individuals with diverse needs.

The collaboration between FITPASS and Wexer also brings an extensive range of Fitness & Wellness modalities to the Indian market, including Bootcamp, Cycle, Box & Fight, Cardio, Dance, Pilates, Strength, Stretch & Recover, Wellness, and Yoga. With over 2900 international trainers from more than 50 countries, the partnership aims to deliver a holistic fitness experience to users of all age groups.

One of the highlights of this collaboration is the enhancement of FITPASS-TV, which now features content from globally renowned studios and trainers. This development makes premium fitness content accessible to millions of existing and new users, further enhancing the overall fitness experience.

Overall, the Indian partnership between FITPASS and Wexer holds immense significance for the Indian fitness industry. Not only does it open up significant growth opportunities in India’s fitness and wellness sector, but it also underscores the shared commitment of both organizations to delivering exceptional fitness experiences nationwide. Through this collaboration, FITPASS and Wexer aim to contribute to holistic well-being by making fitness accessible and affordable to all Indians, regardless of their location or background.

In conclusion, FITPASS and Wexer’s strategic partnership represents a significant global milestone and contribution to the Indian fitness industry. With a focus on accessibility, affordability, and inclusivity, the collaboration aims to revolutionize the way Indians approach fitness, ultimately promoting a healthier and happier nation.

Let us help you utilise your data, virtual technology, and AI to develop your fitness content strategy and provide the best content for your fitness facility. Email us: INFO@WEXER.COM

About FITPASS:

FITPASS, India’s largest smart membership program for universal fitness and wellness, is on a mission to conquer inactivity by inspiring people to seamlessly integrate fitness into their daily lives. Founded by siblings Akshay Verma and Arushi Verma in 2015, FITPASS has revolutionized fitness accessibility by establishing an extensive network of gyms and fitness studios that are both accessible and affordable for all. Their core belief is that “working out should work out,” and to that end, FITPASS offers an app-based subscription service providing unlimited access to a carefully curated network of 7500+ premium gyms and fitness studios across India. In addition to this impressive array of fitness centers, FITPASS introduces its users to a world of tailored wellness experiences. With AI-powered coaching plans, personal nutritionists, and the innovative FITPASS TV, fitness is literally at your fingertips. FITPASS is committed to customizing every individual’s wellness journey, helping them feel good and be well. Rooted in their #YourFitnessYourWay philosophy, they empower people to achieve their fitness goals by catering to their unique needs and requirements.

Exclusive videos from this collaboration can be accessed on the official FITPASS website. 

The post FitRevolution: FITPASS & Wexer Strategic Indian Partnership appeared first on Wexer.

This partnership introduces over 150 workouts from Livewire’s extensive library to the Wexer platforms, with plans to expand the selection to more than 350 workouts. Livewire’s approach to fitness content, leveraging cutting-edge green screen technology, stands to redefine the virtual workout experience for users around the globe.

Key Factors For Livewire’s Success

Delving deeper into the aspects that set Livewire apart in the digital fitness space, we uncover the intricate layers of technology, creativity, and variety that contribute to their standout offering.

1. Quality Technology in Production

Livewire’s utilization of green screen technology is a cornerstone of their production quality, enabling the creation of dynamic and immersive backgrounds. This technology allows for a level of visual customization that traditional filming environments cannot match. By employing green screens, Livewire can transport participants to virtually any setting, enhancing the workout experience and making it more engaging. This method not only captivates users but also significantly differentiates Livewire’s content in a digital landscape brimming with fitness options. The clear, high-definition video quality, combined with meticulously crafted backdrops, ensures that each workout is not just a physical activity but a visually enthralling journey.

“Livewire has perfected the art of the studio workout. The look and feel of both the studio and the backgrounds using green-screen technology ensures a modern brand value, which we’re excited to offer on the Wexer platforms.”

~ Morten Andersen, Wexer – Head of Content ~

The advanced production technology extends beyond green screens, incorporating professional lighting, sound engineering, and high-definition cameras. This comprehensive approach to production ensures that every detail, from the clarity of the instructor’s voice to the vividness of the visual elements, is optimized for user engagement and satisfaction.

2. Studio-Based Workouts: Dynamic and Visually Striking

Livewire’s studio-based workouts are a testament to the company’s commitment to creating visually striking and dynamic content. These workouts are filmed in state-of-the-art studios, specifically designed to leverage green screen technology and advanced filming techniques. The result is a collection of workouts that are not only physically stimulating but also aesthetically pleasing and immersive.

With Livewire’s commitment to quality, innovation, and engagement, the future of virtual fitness looks brighter than ever. Let us help you develop your fitness content strategy and provide the best content for your business. Email us: INFO@WEXER.COM

More Info

Explore Livewire with their On-Demand & Live Fitness Classes.

Learn about their Premier Fitness Filming Studios in Dubai, which underline their commitment to excellence and innovation in fitness content production.

The post Wexer & Livewire: Leading Immersive Studio Fitness Experience appeared first on Wexer.

NovoFit provides customised fitness solutions and has access to global fitness brands for the commercial, wellness, performance and functional training markets in Australia and the Asia-Pacific markets. 

“This agreement with Wexer further cements our partnership and allows us to provide our current and future customers with the cutting edge digital solution they require. The Australian fitness market is booming at the moment and we understand what it takes to build a thriving and successful fitness business in today’s innovative and changing market.”

~ Daniel Waide, NovoFit COO ~

This exclusive partnership means NovoFit will have access to Wexer’s leading digital fitness solution and, for Wexer, the ability to help accelerate the digital transformation of the Australian fitness industry. 

The  Australian market has been experiencing tremendous growth as our recent Australian fitness trend report highlighted. The industry generates more than $3 billion in revenue annually (Gitnux Market Data, 2023). Figures show there is a 34.7% user penetration in the Australian market, well above the industry average. The fitness industry is also expected to rise to 37.54% by 2028. (Statista, 2023) 

Following the recent partnership with Revo Fitness, Wexer has continued to increase their client base throughout Australia and the wider Asia Pacific(APAC) region. 

Working together with NovoFit helps to supply the digital wellness and fitness content demand in the Australian and APAC markets and supports the growth strategy of Wexer. 

Ready to learn how to take advanatage of of the Wexer and NovoFit partnership? Let us help you utilise your data, virtual technology, and AI to develop your fitness content strategy and provide the best content for your fitness facility. Email us: INFO@WEXER.COM

About NovoFit

For 40 years, NovoFit has been maintaining long-term strategic partnerships wit the world’s best-in-class fitness brands, developing industry expertise, delivering state-of-the-art fitness facilities throughout Australia and the Asia-Pacific(APAC) markets. 

The post Wexer’s Exclusive Partnership with Australian Distributor NovoFit appeared first on Wexer.

Research by the Australian government and a global Deloitte Report, commissioned by The Global Health & Fitness Alliance, in collaboration with AUSactive, shows the remarkable achievements in Australia’s fitness sector. Australia’s fitness industry plays a pivotal role in bolstering the nation’s economy. 

We recently interviewed Barrie Elvish, AUSactive CEO, to discuss the fitness industry trends and how AUSactive is revolutionizing the fitness, health, and wellness environment in Australia. AUSactive’s role is to promote health and wellness through active lifestyles. The fitness industry association is the largest in Australia and recognized by the government.

COVID was a fantastic opportunity to demonstrate to the sector the need for a strong voice and message. AUSactive’s membership grew by 15% each year during COVID. 

“Going to the gym is the second most popular physical activity in Australia after walking. It surprised many people just how much Australians are using health and fitness centers such as gyms, cycle, yoga and pilates studios, dance, group classes and many others to get active.”

~ Barrie Elvish, AUSactive CEO ~

Research by the Australian government and a global Deloitte Report, commissioned by The Global Health & Fitness Alliance, in collaboration with AUSactive, shows the remarkable achievements in Australia’s fitness sector. Australia’s fitness industry plays a pivotal role in bolstering the nation’s economy. 

Australia’s Booming Fitness Industry

• Health and fitness sector contributes over $4 billion to Australian GDP
• While inactivity costs the healthcare system $2 billion per year
• Fitness participation in fitness, sports or gym activities doubled in the last 5 years, with over 40% of Australian participation over the age of 15 currently, up from 20% participation 5 years ago. 
• Over 8 million people over the age of 15 go to a gym at least once a year
• 3.7% Expected Annual Growth For Fitness Industry (2019 – 2024)
• 24-hour gyms in Australia have doubled since 2014 
• 12% of Australians use a fitness app to monitor their physical activities.
• 1.2 million people with a disability attend gyms
• 1 million non English-speaking people attend gyms 
• 150,000 indigenous people attend gyms
• Major growth was outside traditional commercial gyms

Tapping into the Australian Fitness Market Opportunities in 2024

As we explore the dynamic landscape of Australian fitness, there are numerous opportunities for fitness businesses to thrive. 

1. Mental Health Focus

The #1 reason people attend a gym is to improve mental well-being now. 

While some believe people start exercising because they want to look good and feel good, actual data shows that more people are going to the gym for their mental well-being. Before COVID, 19% were going to the gym for their mental well-being, but now it has risen to 29%. 

A recent meta-analysis from the University of Adelaide with over 100 credible research programs and over 100,000 participants concludes that exercise is one and a half times more effective in managing/mitigating anxiety and depression than medications or counselling.

Recommendation: Make sure you promote mental well-being with in-facility and virtual programs like yoga and meditation.

2. Offer Hybrid Models, AI, And Technology Integration

Hybrid

Australian fitness trends show hybrid fitness models are an important future fitness trend. By balancing in-person and out-of-facility content equally, you can offer every single customer to consume your product in the club, at home, or outside your facility, in the way that best suits them any time and anywhere. After COVID, your fitness members expect the in-club and out-of the club offering with a combination of live and on-demand fitness experiences.

AI And Technology

Artificial Intelligence (AI) is being used in many ways by organizations to innovate, improve, and scale up. AI is making a positive impact on fitness member-based businesses by helping them accelerate their digital transformation. AI constantly learns from the data it analyses, anticipating customer behavior from it. By doing so, fitness brands can create valuable content, boost revenue, and enhance customer experiences. Optimize your digital transformation by leveraging AI and technology.

Hybrid Opportunities For Workforce Education and Utilization

AUSactive recently had a Senior Management Summit to address how to take advantage of future opportunities to succeed in the fitness industry. They addressed how to take advantage of data, technology, and AI to make better decisions and create better fitness opportunities. 

One thing they addressed was the fitness workforce and how technology and AI will make a positive difference for the fitness industry, but we have not educated the workforce effectively on how to use these tools for their benefit.

Group exercise instructors, personal trainers and gym managers are leaving the industry. With COVID, many left to do their own thing or open their own clubs, and a lot of them haven’t come back. A lot of them haven’t come back because they saw the hybrid experience as a threat instead of taking advantage of the tools and use AI and technology to build their engagement. 

In addition, the average age of those who’ve stayed is actually increasing. If the industry doesn’t address this now, there is going to be a void in about 5 to 10 years if they’re not replaced when they retire.

So now is the time to train your workforce in how to use technology and invest in technology like user-friendly fitness apps, on demand digital technology, and live virtual classes. Your group exercise instructors and personal trainers should be part of the virtual and on-demand content you create to increase their engagement, improve member participation, and ultimately create better outcomes for members. 

Recommendation: Utilize technology and offer in-gym, virtual, and on-demand fitness content for broad appeal for members and fitness professionals.

3. Workout Convenience and Adaptability 

Fitness participants now expect 24/7 convenience. They want access to fitness and wellness anywhere and anytime. 24-hour gyms in Australia have doubled since 2014. Also, ensure you review your data, stay updated with industry trends, and adapt your fitness and wellness offerings. AI and technology are providing new opportunities constantly. 

Recommendation: Consider 24/7 gym access and provide hybrid content in-club and virtually through live and on-demand fitness content for greater convenience and availability.

AUSactive Role In Preventive Health

AUS active recently had a very successful “Fit For Office” Campaign highlighting the need to invest in preventive health strategies. The government data doesn’t lie. It shows the Australian health and fitness sector contributes over $4 billion to Australian GDP, while inactivity costs the healthcare system $2 billion per year. 

Barrie share, “The move to a preventive healthcare system is necessary.The current system is unsustainable and the sooner they acknowledge and address this the better off both our health and economy will be” He continued, “With a return on investment of a reported sixfold and a health system – that includes hospitals, the NDIS, aged care and increasing demands for mental welfare services – collapsing under the strain, surely a government talking of well-being budgets and the need to increase national productivity would seriously consider investing more in preventive health? The savings are significant, ongoing and exponential.”

AUSactive is working on a rigorous accreditation system to build a government regulatory framework that will be an opt-in program with financial incentives. 

The discussions continue about how to get members access to the NDIS, more private health insurance benefits, and ultimately Medicare funded preventative health programs. 

The insurers are telling us that if we can get something that has credibility and rigor behind it, it will drop premiums for public liability insurance and open up doors for AUSactive members to 

achieve better commercial income, better employment opportunities, and greater security.

A Win-Win For Fitness And The Australian Economy

As we review this comprehensive insight into the challenges, opportunities, and future trends in the Australian fitness industry. Position your Australian fitness business for the future by taking advantage of preventative health initiatives, government collaboration, mental well-being focus, convenience, and the potential impact of AI and technology as the industry is on the brink of transformative change. The prospect of a healthier and more sustainable future for Australia looms on the horizon.

Ready to learn how to take advanatage of future Australian fitness trends? Let us help you utilize your data, virtual technology, and AI to develop your fitness content strategy and best utilize your fitness professionals. Email us: INFO@WEXER.COM

More Information:

Podcast Episode 28 – AUSactive and Barrie Elvish

AUSactive – https://ausactive.org.au/

Email – Barrie.Elvish@ausactive.org.au

Barrie Elvish LinkedIn Profile

The post Australian Fitness Trends & AUSactive’s Preventive Health Role appeared first on Wexer.

In this blog about optimising fitness marketing, we’ll explore the impact of new technology on today’s fitness marketing strategies and share 10 tips to navigate the competitive fitness landscape with technology.

10 Strategies For Optimising Fitness Marketing

1. Craft Your Compelling Brand Story

Embark on your fitness marketing journey with a compelling brand story. Your gym’s essence, values, and uniqueness should be defined clearly. This narrative must seamlessly align with the in-club reality to establish credibility and power in your marketing campaigns. Your brand story is the foundation upon which all marketing efforts will be built.

Every detail matters—why your gym exists, what it stands for, and the unique aspects that set it apart. This story is not just a marketing gimmick; it’s the soul of your brand, resonating with your target audience and forming a connection that goes beyond transactions.

2. Leverage Data & AI For Customer Insight

Delve into the realm of customer knowledge. Utilise the power of data and Artificial Intelligence (AI) to unearth motivations, preferences, and behaviours. Through AI, create avatars based on creating a high Lifetime Value (LTV) for members, allowing you to shape targeted acquisition strategies for a personalised approach. Take you fitness membership to the next level.

The data-driven insights are invaluable in understanding your members at a deeper level. This knowledge empowers you to create personalised experiences, from tailored workouts to targeted communication, enhancing member engagement and satisfaction.

3. Curate Branded Digital Signature Experiences

Move beyond the physical with digital signature experiences. Utilise technology, such as Wexer, to stream unique content. This not only keeps members engaged in-club but also extends your reach digitally, offering a seamless workout experience that transcends physical boundaries.

The era of digital experiences has opened new avenues for connecting with your audience. Leverage this technology to showcase your unique offerings, from signature classes to virtual tours of your facility. The goal is to create an immersive and memorable experience that reinforces your brand.

4. Harness the Power of All Digital Channels

Digital isn’t a singular platform; it’s a myriad of channels. Utilise in-club advertising, virtual kiosks, and social media trailers to communicate with members. Leverage mobile platforms for insights that shape both marketing strategies and in-club offerings.

The digital landscape offers numerous touchpoints to connect with your audience. From targeted social media campaigns to in-club promotions, each channel should contribute to a cohesive and effective marketing strategy. Embrace the variety and richness that digital channels bring to the table.

5. Strengthen Existing Customer Loyalty

While acquiring new customers is essential, maintaining and strengthening existing customer loyalty is equally crucial. Balance acquisition with retention. Personalise communications to make members feel valued, unlocking opportunities for increased secondary spend and valuable feedback.

Understanding your existing customers is key to fostering loyalty. Use the data gathered to create personalised loyalty programs, exclusive offers, and a communication strategy that resonates with each member individually. A loyal customer is not just a repeat business; they are your brand ambassadors.

6. Incorporate Reward Programs For Stickiness

Make your product sticky by integrating rewards and incentives. Explore gamification with non-monetary rewards, strengthening the relationship between members and the club. Gamifying fitness not only encourages continued exercise but also adds an element of fun and competition.

Reward programs can take various forms, from point systems to exclusive challenges. The key is to make the rewards meaningful and aligned with your brand ethos. The result is a community of motivated members who find value beyond the physical workout.

7. Keep Pace With The Trends

Align your strategies with the latest trends, focusing on hybrid and wellness. Acknowledge mental and emotional health, convenience, flexibility, and out-of-club support. Embrace digital elements that complement in-person offerings, catering to a diverse audience.

The fitness landscape is evolving, and staying ahead means keeping pace with trends. Wellness, mental health, and hybrid approaches are gaining prominence. Integrate these elements into your marketing strategies to showcase your gym as a holistic wellness destination.

8. Differentiate Seamlessly

Learn from standout brands that have successfully differentiated themselves. Align your product seamlessly with marketing, creating a memorable brand story that resonates in a crowded market. Standout gyms like Barry’s and SoulCycle are not just fitness spaces; they are experiences with a distinctive brand story.

Identify what makes your gym unique and build your marketing around those differentiators. Whether it’s signature classes, cutting-edge equipment, or a unique atmosphere, your marketing should amplify what sets you apart.

9. Stay True To Your Brand Identity

Develop a distinctive tone that aligns with your brand story. Maintain authenticity and consistency across all touchpoints, from in-person interactions to external communications. Your brand’s voice is an extension of its identity.

Consistency in messaging, whether through your team’s interactions with customers or external communications, reinforces your brand identity. A cohesive brand identity builds trust and recognition among your audience.

10. Continuously Optimising Fitness Marketing With Data

End the journey with a full-circle return to data. Continuously monitor campaign performance through key performance indicators (KPIs). Refine and optimise marketing strategies using data insights for maximum impact.

Data is not just a starting point, but an ongoing guide. Regularly analyse KPIs, from website traffic to social media engagement, to understand what works and what needs improvement. Use this data to refine your marketing strategies, ensuring they evolve in the most powerful way possible.

In the dynamic world of fitness marketing, these 10 tips, fueled by the latest technology, can catapult your gym to the forefront. It’s not just about marketing a gym; it’s about creating an experience that resonates with the diverse needs of your members and sets you apart in a saturated market. 

Embrace innovation for optimising fitness marketing to create an effective strategy to position your fitness business as a tech-savvy pioneer in the world of wellness. Whether mastering the fundamentals or diving into cutting-edge tech, these strategies are the compass to navigate the ever-evolving fitness landscape. The fusion of fitness and technology is not just a trend; it’s the future, and these tips are your roadmap to success.

Ready to stand out from your competition? Let us help you utilise technology to develop your unique and innovative fitness marketing strategy. Email us: INFO@WEXER.COM

The post 10 Tech-Savvy Strategies For Optimising Fitness Marketing  appeared first on Wexer.

McKinsey & Company is a global management consulting firm. Eric specializes in the global fitness and health industry. He shares his expert perspective on the current state and future trajectory of the fitness industry. He delves into the critical aspects like the opportunities emerging fitness business models will provide, how fitness business models will need to include digital transformation to expand into emerging markets, the potential impact of weight loss pills, and how the fitness industry has changed after the COVID-19 pandemic.

The Current State of the Fitness Industry

Before delving into emerging fitness business models, it’s essential to understand the current state of the fitness industry. Eric Falardeau provides a macro-view, highlighting a significant issue in the industry. He points out that many fitness models today cost between 10-30 euros or dollars, which, in his opinion, leaves a considerable amount of money on the table. This observation underscores the need for innovation and the exploration of new business models that can extract more value from each customer relationship.

“At a macro-view, I think the sector is leaving a lot of money on the table by having such a high share of humans move through models that cost between 10-30 euros/dollars today.”

~ Eric Falardeau, Partner, McKinsey & Company ~

Fitness Business Model Opportunities

In an era of emerging markets and rapid digital innovation, the fitness and health industry has not remained immune to the winds of transformation. As technology advances and new markets emerge, fitness businesses are presented with both challenges and opportunities. To navigate this shifting landscape effectively, it’s crucial to understand the emerging fitness business models that can maximize growth and profit.

Being aware of emerging opportunities to provide new innovative fitness business models will play a pivotal role in a a fitness business ability to thrive and adapt to changing consumer needs. Critically assessing whether there are unmet needs within the industry and whether a business has found a viable model that sets it apart from competitors is crucial for making informed decisions about where and how to allocate resources.

Consumers are spending more on health, fitness, and wellness than they ever have before. Future of wellness in 2030 shows a $1.5 trillion market globally—and it’s growing at a clip of 5 to 10 percent each year. McKinsey research shows that consumers are most interested in six wellness categories: health, fitness, nutrition, appearance, sleep, and mindfulness.

Eric shared consumers are clearly looking at health and wellness as one of the most important things in their life now. Therefore, the industry needs to realize the possibility of people paying 5, 10, 20, 30 dollars/euros more for something that is helping them move or live as healthy as possible.

The Role of Information and Technology

Eric emphasizes the transformative potential of information and technology in the fitness industry. He believes that this sector is uniquely positioned to benefit from these advancements, as they can have a substantial impact on overall value creation and member solutions. In an era where wearable fitness tech, data analytics, and personalized fitness apps are becoming increasingly prevalent, businesses that harness the power of information and technology stand to thrive.

“This is one of the sectors for which information and technology can have the most impact on overall value creation and overall member solutions.”

~ Eric Falardeau, Partner, McKinsey & Company ~

Embracing New Business Models

One of the key takeaways from the interview is the importance of embracing new business models. Eric Falardeau urges the fitness sector to explore innovative ways of creating more value for customers. He points out that the industry should not be limited by traditional pricing models and that it’s entirely reasonable for individuals to invest more in their health and fitness. This sentiment challenges the notion that the mid-tier pricing model is no longer viable in today’s market.

The fitness and health industry is undergoing a paradigm shift, and one of the most significant shifts involves transitioning from a “push” model to a “pull” model. This means that instead of merely pushing out existing solutions and services, businesses in the industry need to adopt a more customer-centric approach. They must empathize with the end user and focus on understanding their specific needs and preferences. This shift is vital for staying relevant and effective in a rapidly evolving market.

Another crucial paradigm shift revolves around reevaluating and strengthening business models. With increasing competition, fitness companies must stress-test their models to ensure they can withstand tougher market conditions. The shift here is from complacency to a proactive and competitive mindset, where businesses continuously innovate and adapt their models to maintain their position as leaders.

In essence, business model considerations encompass the ability to navigate the complex terrain of digital transformation while ensuring that the chosen approach aligns with the unique needs and expectations of the target audience.

The Importance of Digital Transformation

To thrive in the modern fitness landscape, businesses must adapt to the era of digital transformation. Eric emphasizes the need for fitness business models to incorporate digital elements to expand into emerging markets effectively. This shift involves not only offering digital fitness content but also leveraging technology for customer engagement, data collection, and personalization.

It’s evident that digital transformation is no longer an option, but it’s essential to have a clear digital strategy.

AI-powered marketing tools enable fitness businesses to understand their customers better than ever before. By analyzing user data, preferences, and behavior, AI can help tailor marketing campaigns to individual needs, increasing the likelihood of customer engagement. This personalization is crucial in a competitive market where customer acquisition costs are a significant concern.

Moreover, AI has the potential to enhance customer engagement itself. For example, personalized fitness plans and workout recommendations based on user data can keep members motivated and engaged in their fitness journey. Chatbots and virtual trainers powered by AI can provide instant assistance and guidance, creating a more immersive and responsive fitness experience.

Digital transformation extends beyond marketing and engagement. It involves leveraging data and technology to improve operational efficiency and deliver better services. This includes streamlining processes, optimizing resource allocation, and enhancing the overall customer experience. By embracing digital transformation and AI, fitness operators can stay competitive, evolve their business models, and ultimately provide greater value to their customers.

Emerging Markets: China and India

One of the most exciting aspects of the fitness and health industry’s evolution is the emergence of new markets, particularly in countries like China and India. These populous nations are witnessing a surge in fitness and health consciousness, presenting a goldmine of opportunities for fitness businesses. As per industry reports, the fitness industry in China is projected to reach a staggering $22.8 billion by 2025. McKenzie research has shown the Chinese have an increase in spending, particularly in categories that are focused on health and lifestyle.

In traditional fitness, with a substantial portion of the population yet to be tapped, the scope for growth is immense. However, to seize these opportunities, fitness business models must adapt to the unique characteristics of these markets. This adaptation involves understanding cultural nuances, tailoring fitness offerings, and, of course, embracing digital transformation to reach a broader audience.

Digital and Virtual Fitness Increase Post-COVID

The fitness industry, like many others, underwent a significant transformation in the wake of the COVID-19 pandemic. Lockdowns and social distancing measures prompted a surge in demand for digital fitness solutions, as people sought ways to stay active and healthy from the safety of their homes. This shift accelerated the adoption of online fitness classes, virtual personal training, and connected fitness equipment.

While the pandemic posed immense challenges, it also highlighted the resilience and adaptability of the fitness industry. Businesses that quickly pivoted to offer digital solutions not only survived but thrived during these challenging times. This resulted in a “Leaders Take Most” principle, where the leaders who were quick to adapt, innovate, and maintain their brand presence not only retained their existing members but also attracted new ones. This dynamic has allowed them to capture a larger share of the market, leaving smaller players struggling to keep up.

As the world emerges from the pandemic, the lessons learned from this period are invaluable. Fitness business models that continue to offer digital options are likely to maintain a competitive edge in the post-COVID-19 era.

The Importance of Purpose and Passion

Eric emphasizes the significance of purpose and passion in the fitness industry. He believes that businesses driven by a genuine desire to improve people’s lives are better poised for success. When fitness professionals and entrepreneurs are passionate about their work, they are more likely to innovate, adapt, and create solutions that resonate with customers.

In conclusion, the fitness and health industry is undergoing a profound transformation, driven by emerging markets and digital transformation. Fitness business models that can adapt to these changes, harness the power of information and technology, and offer value to customers are poised for growth and profit. The future of the fitness industry is not only about physical health but also about embracing the digital age, catering to emerging markets, and fostering a sense of purpose and passion for improving lives. As Eric Falardeau suggests, this industry has abundant opportunities for those willing to innovate and create more value from each customer relationship. It’s time for fitness businesses to unlock their growth potential in this dynamic landscape.

The Eric’s insights serve as a valuable resource for industry professionals seeking to navigate the fitness and health sector’s ever-changing landscape. The fitness industry needs to continue to evolve and bring more meaningful value to customers by embracing innovation and technology.

Find out how Wexer’s unparalleled data, technology and extensive library of wellness and fitness content can help you leverage your date to benefit of your business in 2023

More Info:

Contact: info@wexer.com

Paul Bowman, CEO of Wexer

Eric Falardeau, Partner at McKinsey & Company

McKinsey & Company

Podcast 25

The post Emerging Fitness Business Models To Maximize Growth and Profit appeared first on Wexer.

Flexit is a company at the forefront of revolutionizing the way we approach fitness. We’ll share Cohen’s insights and wisdom as he sheds light on the evolving landscape of fitness and well-being.

In the fast-paced world we live in, fitness and wellness have undergone a remarkable transformation. No longer confined to traditional gym spaces and one-size-fits-all routines, the fitness landscape is now a dynamic arena driven by personalization and technology.

The Changing Landscape of Fitness

The fitness landscape is undergoing a profound transformation. Traditional brick-and-mortar gyms, which once held a dominant position in the industry, are witnessing a significant shift in their status as the primary fitness option. In their place, we’re witnessing the rise of more flexible and personalized fitness choices that cater to the evolving needs and preferences of consumers.

One of the key drivers of this transformation is the surging popularity of digital fitness platforms. These platforms offer a diverse range of workout routines, fitness classes, and wellness programs that are accessible from the comfort of one’s home or virtually anywhere with an internet connection. This accessibility has been especially crucial in recent times when the world has faced lockdowns and restrictions due to the global pandemic. As people sought ways to maintain their fitness routines while adhering to social distancing guidelines, digital fitness platforms emerged as a savior.

To remain competitive and relevant, fitness businesses must be in tune with the shifting preferences of consumers. This means embracing digital solutions, offering flexible options, and continuously innovating to provide engaging and effective fitness experiences. As the fitness industry continues to evolve, those who can successfully navigate these changes are poised to thrive in this dynamic and ever-changing landscape.

Holistic Wellness and The Future of Fitness

The concept of holistic health and wellness takes center stage as a fundamental principle guiding the evolving fitness landscape. It signifies a broader and more comprehensive approach to well-being that extends beyond mere physical fitness. Holistic health and wellness acknowledge the intricate interplay between various facets of an individual’s life, including physical, mental, and emotional aspects, to foster a state of complete and harmonious well-being.

Within this context, fitness is not solely about sculpting one’s body or achieving physical prowess; it’s about achieving balance and harmony in all aspects of life. The importance of holistic health and wellness is mirrored in the types of fitness offerings gaining popularity. Digital platforms like Flexit provide users with a range of options, from yoga and meditation to strength training and cardio workouts. These offerings cater to individuals looking to cultivate not only their physical prowess but also their mental and emotional well-being.

Furthermore, holistic wellness is not confined to physical exercise alone. It encompasses nutrition, stress management, sleep quality, and mental health. In an era where stress and mental health issues are prevalent, the holistic approach encourages individuals to address these concerns alongside their physical fitness goals. This holistic perspective aligns with the evolving preferences of fitness enthusiasts who seek to enrich their lives physically, mentally, and emotionally, ultimately leading to a more fulfilling and balanced existence.

Challenges and Opportunities

With the rise of digital fitness platforms and on-demand workouts, brick-and-mortar gyms are facing increasing competition. They must adapt to these changing consumer preferences and find innovative ways to differentiate themselves from other digital fitness services. This challenge necessitates a reevaluation of their business models, potentially incorporating technology and personalized experiences to remain relevant.

However, this disruption also presents a wealth of opportunities for both established fitness businesses and newcomers. There is a growing demand for personalized fitness experiences. This opens the door for fitness entrepreneurs to create niche offerings that cater to specific demographics or interests within the fitness world.

The emphasis on holistic health and wellness presents opportunities for businesses to offer comprehensive wellness solutions that extend beyond physical exercise. Integrating nutrition, stress management, mental health support, and recovery services into fitness offerings can set businesses apart and address the growing desire for a more holistic approach to well-being.

The Future of Fitness

Digital fitness platforms and on-demand workouts have taken center stage, catering to the demands of consumers who seek convenience and tailored fitness experiences. This shift suggests that the future of fitness will be increasingly characterized by accessibility and individualization.

Platforms like Flexit, with their ability to connect users with fitness professionals from around the world, exemplify the transformative power of technology in breaking down geographical barriers and expanding the reach of fitness services.

The future of fitness promises to be a multifaceted and tech-driven domain, with a strong emphasis on personalization and holistic well-being. Those who can adapt to these trends, leverage technology effectively, and provide comprehensive wellness experiences are poised to lead the way in this ever-changing industry.

The Role of Flexit

Flexit emerges as a prominent player that exemplifies the changing dynamics of the fitness industry. This platform exemplifies the essence of adaptability and flexibility, which are key elements in the modern fitness experience. Whether you’re interested in yoga, strength training, cardio, or any other form of exercise, Flexit provides a diverse array of options, allowing users to choose workouts that align with their personal preferences and goals.

One of the standout features of Flexit is its flexibility in terms of scheduling and location. Users can select workouts that fit seamlessly into their daily routines, whether they prefer to exercise in the morning, during lunch breaks, or in the evening. Additionally, the platform allows individuals to work out in the comfort of their own homes, a local park, or any other convenient location.

Flexit represents a fundamental shift in the way fitness is approached and consumed. It adapts to the modern consumer’s desire for personalized and flexible fitness experiences, breaking free from the constraints of traditional gym memberships. As the fitness landscape continues to evolve, Flexit serves as a prime example of how innovative digital platforms are reshaping the industry to meet the demands of today’s fitness enthusiasts.

The fitness industry is during a significant transformation. Flexibility, personalization, and technology are reshaping the way we approach fitness and well-being. Whether you’re a fitness enthusiast seeking a more tailored experience, or a fitness operator looking to adapt and thrive in this changing landscape, the insights shared by Cohen offer valuable guidance.

As we look to the future, one thing is certain: the fitness world will continue to evolve, and those who embrace innovation and prioritize holistic wellness will lead the way to a healthier, happier tomorrow.

Find out how Wexer’s unparalleled data, technology and extensive library holistic wellness and fitness content can help you leverage your date to benefit of your business in 2023

More Info: info@wexer.com

Podcast 23

The post Holistic Wellness Drives Personalized Fitness Experiences  appeared first on Wexer.

The Smart Fit digital solutions allow customers to be well-guided by trainers to work out both inside or outside the gym, through the Smart Fit App and Smart Fit GO (an on-demand workout platform).

About Thiago Somera

Thiago’s has a long history of international trade marketing and supply chain experience.Smart Fit entered the Latin American market in 2009 with the high volume, low cost fitness model. He was able to grow Smart Fit’s infrastructure to support their growth with physical clubs and digital platforms.

How Smart Fit Expanded Beyond Boundaries

Smart Fit’s journey began in 1996 as a premium operation, and in just 14 years, they expanded to an astounding 1400 clubs. However, this rapid expansion didn’t come without challenges. The company faced the daunting task of breaking into local markets that were not initially ready for such growth. Nevertheless, Smart Fit took on the challenge head-on, propelling the fitness industry forward in these regions.

Building The Smart Fit Infrastructure And Culture

One of the biggest challenges Smart Fit encountered was upgrading their supply chain to match the pace of their expansion. This required teaching how to construct and adapt quickly, efficiently, and cost-effectively. Today, with an improved infrastructure, Smart Fit’s supply chain builds an impressive 200 clubs per year, a testament to their dedication to operational excellence.

Keys To Growing A Digital Brand

Smart Fit has a strong culture of innovation with the goals of constantly improving the customer experience and the productivity of clubs.

Let’s explore the digital concepts that allowed Smart Fit to build their brands into a successful synergy between their physical gyms and digital offerings. Their customer-driven and data-driven culture leverages digital offerings to engage customers and stay ahead in the fitness market. 

Embrace the Digital Wave

Even before the pandemic, Smart Fit had its eyes set on digital trends. They launched their digital offerings, inspired by the success of platforms like Peloton, Wexer, and The Daily Burn in the US. Interestingly, Smart Fit took a different approach by not directly connecting their digital product with their physical gyms. They recognized that the customers engaging with their digital platform had slightly different needs and preferences than those who visited the gym.

Synergy Between Digital and Physical Offerings

To maintain a clear distinction between their digital and physical offerings, Smart Fit kept a separate brand and entity for their digital platform. This strategic decision allowed them to tap into different customer segments and avoid unnecessary cost overlap. The crossover between the two platforms was minimal, demonstrating the unique preferences of their customers across these channels.

Customer Confidence and Lifetime Value

Smart Fit recognized the importance of building customer confidence and understanding how it impacts lifetime value. They observed that less confident customers tend to engage more with digital products, while more confident ones frequent physical gyms. This insight allowed them to track lifetime value without being directly connected to the club and its systems.

Simplicity and Convenience

Thiago emphasized the significance of providing a hassle-free experience for customers. This experience is not just during membership sign-up but also when they decide to leave. Easy entry and exit processes ensure that customers feel in control and appreciated, ultimately leading to better retention and brand loyalty.

A Culture of Healthy Competition

Smart Fit boasts a unique company culture that fosters both collaboration and competition. The fitness directors share valuable experiences, product ideas, and industry insights while maintaining a healthy competitive spirit. This balance enables Smart Fit to innovate and stay ahead in a rapidly evolving industry.

Hyper-Personalization and Micro-Influencers

Smart Fit’s commitment to offering personalized fitness solutions is evident through their 150+ different programs, each tailored for specific personas or avatars. Additionally, they leverage micro-influencers on social media platforms like Instagram and TikTok to promote their products. This symbiotic relationship benefits both the influencers and Smart Fit, creating a circle of benefits.

Staying Agile During a Global Pandemic

The COVID-19 pandemic was a challenging period for all businesses, and Smart Fit was no exception. However, their ability to pivot quickly and adapt allowed them to grow a digital brand and retain a strong customer base. Thiago acknowledged that the pandemic was a shaking moment, but the approach they took proved effective in weathering the storm.

Embracing the Future with Technology

Smart Fit’s focus on technology is not just about flashy features; it’s about enhancing the overall fitness experience for customers, regardless of where they engage. Thiago emphasized that technology should bring meaningful improvements.

Smart Fit and Wexer share a similar vision about the power of agility, innovation, and customer-centricity in the fitness industry. By staying ahead of digital trends, embracing change, and continuously improving their products and services, Smart Fit carved a unique path to success. As the fitness industry continues to evolve, Smart Fit serves as an inspiration for other fitness operators to adapt, innovate, and thrive.

Contact Wexer to see how we can help you deliver a better fitness experience by growing a digital brand to deliver what your members want anytime and anywhere.

More Info:

Wexer Digital Fitness Key To Staying Relevent

Smart Fit

Wexer Podcast 21

The post The Secret To Growing A Digital Brand To 500K Subscribers   appeared first on Wexer.

In this episode, Liz Clark, the President & CEO of IHRSA (International Health, Racquet & Sportsclub Association), shares how It’s time to include fitness as another important component of preventative healthcare and create legislation to support the inclusion of fitness.  

As the world grapples with the enduring effects of a global pandemic and as technology becomes increasingly intertwined with daily life, the dynamics are driving the fitness sector to become intertwined with preventive health and general well-being. Preventive healthcare should include a holistic and proactive approach to fitness, including the ability to improve the physical, mental, and social well-being of the population.

The mission of IHRSA, the Global Health & Fitness Association, is to grow, promote, and protect the health and fitness industry and to provide its members with the benefits that will help them be more successful. IHRSA and its members—health and fitness clubs, gyms, studios, sports and aquatic facilities, and industry partners—are dedicated to making the world healthier through regular exercise. In addition, IHRSA’s advocacy team is fighting to pass the Personal Health Investment Today (PHIT) Act, federal legislation that incentivizes physical activity and lowers consumer costs.

Navigating Industry Challenges During COVID-19

The onset of the COVID-19 pandemic proved an unprecedented hurdle for the industry, creating an environment for fitness businesses to reimagine their role within the healthcare continuum. During the pandemic, the fitness industry struggled to gain recognition as an essential part of preventative healthcare. This lack of recognition impacted the industry’s ability to operate and receive support, resulting in significant operational challenges, with gym closures, canceled trade shows, and financial difficulties. 

Recovery required strategic changes to adapt to the new environment and create a focus on advocacy and policy. This highlighted a need to proactively engage with policymakers to ensure the industry’s survival.

Advocacy and Legislative Progress within the Fitness Industry

Advocacy plays a pivotal role in shaping the fitness industry’s trajectory. IHRSA’s concerted efforts include collaborating with state alliances and legislators to forge policies that bolster fitness centers and endorse preventive healthcare initiatives. Liz underscores the organization’s legislative success and accomplishments that underscore the far-reaching impact of cohesive industry action.

In addition, IHRSA’s advocacy team is fighting to pass the Personal Health Investment Today (PHIT) Act, federal legislation that incentivizes physical activity and lowers consumer costs. Specifically, the PHIT Act would allow healthcare dollars to be used for gym memberships. The federal exemption is needed for gym memberships, giving added importance to collaborating and aligning the fitness industry with the wellness and nutrition sectors.

Fitness as Preventative Healthcare

Positioning the fitness industry as a cornerstone of preventive healthcare is a central goal for Liz Clark and URSA. Liz underscores the necessity for policymakers to acknowledge that fitness centers contribute significantly to holistic well-being by providing health benefits from physical fitness. Fitness should be recognized as a major industry that contribute more benefits to overall health, wellness, and preventative healthcare.

Fitness can play a role in addressing health crises. The increasing prioritization of exercise for mental health benefits has resulted in many adaptations within the industry to support mental well-being through exercise. The industry’s impact on overall health and physical fitness can also contribute to addressing fitness-related challenges in the military.

The industry’s evolution beyond traditional fitness embraces wellness and healthy aging. It is constantly working toward offering services that cater to holistic health. The connection between exercise and nutrition as complementary aspects of preventive healthcare and the collaboration between fitness and other sectors to address comprehensive health needs is critical to this continued evolution.

Technology and AI Role In The Fitness Industry

Technology and AI have played an increasingly significant role in the fitness industry. With the advancement of technology, many fitness professionals and companies have turned to virtual platforms to offer fitness and wellness sessions, classes, and consultations. With an internet connection, people can access fitness and wellness guidance from home or anywhere.

Some fitness apps and platforms use AI algorithms to create personalized fitness plans and workouts for users. These algorithms consider personalized fitness goals, physical conditions, and sometimes available equipment. AI continuously learns from the user’s feedback and progress to adapt the workout plans over time. Wearable devices equipped with sensors and AI capabilities can track various fitness metrics, including heart rate, steps taken, calories burned, and even sleep patterns. Users can monitor their progress and make informed decisions to improve their lifestyle.

In diet and nutrition, AI fitness apps can analyze users’ dietary preferences, restrictions, and goals to recommend personalized meal plans. They can also track calorie intake and nutritional content, providing real-time feedback and suggestions.

AI can process and analyze large amounts of data generated by users and fitness equipment. This analysis can offer valuable insights into trends, helping fitness professionals design more effective programs and personalized fitness plans. AI fitness technology can also help analyze movement patterns to prevent injuries during workouts. By comparing the user’s movements against established biomechanical principles, it can provide insights or alerts to avoid strain or incorrect postures and aid in preventative healthcare.

The Transformation of Fitness As Preventative Healthcare

The fitness industry has undergone a profound transformation in response to the challenges posed by the pandemic. The shift from focusing on physical appearance to holistic well-being and fitness as a way to prevent healthcare conditions marks a significant and positive change. This evolution highlights the industry’s adaptability and commitment to meeting the diverse needs of its clientele.

The emphasis on mental health and well-being and the integration of technology, AI fitness, and virtual platforms has expanded access to more personalized fitness resources. The industry’s recognition of gender diversity and the promotion of female leadership further reflect its progressive outlook and dedication to inclusivity.

“We saw some interesting data come out last year that for the first time, people are working out first and foremost to take care of their mental health, second to improving something with their physique.”

~ Liz Clark, President & CEO of IHRSA

Ultimately, those working in the fitness industry have a passion for enhancing lives. It is a testimony to the resilience, responsiveness, and unwavering commitment of the fitness industry. As individuals increasingly prioritize their well-being and legislation supports the fitness industry as part of the solution, the synergy between fitness, wellness, and healthcare will soon shape the future of global healthcare.

Find out how Wexer’s unparalleled fitness and wellness content library can help you align fitness as preventive healthcare by contacting us at info@wexer.com.

Additional Resources:

IHRSA

Liz Clark

info@ihrsa.org

Podcast 22

The post Fitness Is Preventive Healthcare: Reshaping The Fitness Industry appeared first on Wexer.

Integrity Square’s mission is to advise, connect, and empower fast-growing companies, exceptional entrepreneurs, seasoned executives, and capital providers in the $4.2T Health, Active Lifestyle, and Outdoors (HALO) sector.

His education in finance from Harvard Business School and his passion for fitness and sport, are what ultimately led Pete to a business deal with Gold’s Gym brand in 1999. In 2010, he morphed the two finance and fitness competencies into Integrity Square. Pete is also the host of a leading business-to-business podcast, HALO Talks for fitness professionals.

Tune in to hear Pete share unique insights about the financial side of the fitness business, consolidation, and hybridization, and the relevance of the attention economy. This information is pertinent to your fitness business and will inspire you to upgrade your business playbook.

Pete Moore discusses the challenges facing the health club industry and the opportunities that lie in acquisitions. He emphasizes the importance of understanding one’s business model and aligning it with all facets of the operation.

Empowering Fitness Entrepreneurs

A passionate advocate for education in the fitness industry, Pete Moore shares insights into the Halo Academy. This unique program empowers fitness executives with the necessary knowledge to market their businesses effectively. We educate them on the financial side of this business and if we can educate more executives, we can get more capital. They can talk to people who have done it before. It’s a huge learning curve because you have to understand the language if you don’t come from the traditional roots of club management.

“The first thing I say to entrepreneurs is — How do you run your playbook? —- We wrote a book called Time to Win Again, which basically said if you’re a football team or a soccer team you have to have a strategy. You have a playbook. What’s your offensive strategy? And that strategy needs to be aligned in all facets.”

— Pete Moore —

The Role of Private Equity In The Fitness Industry

Discussing the role of private equity in the fitness space, Pete sheds light on the sources of funding backing growth scenarios. Most of the private equity that is backing companies in any growth scenario is coming from universities, endowment funds, pension funds, hedge funds, and retirement funds. 

Private equity money is important because it allows investors to get better returns that the stock market. One example Pete share is how Crunch’s private equity money came from the State of California’s pension plan, enabling them to obtain a better return than other investment alternative available.

Fitness Business Consolidation and Its Challenges

Pete Moore highlights levels of consolidation in the fitness industry. One approach is to go into a market by buying an established business, build thier prototype model around it, and then renovate whatever the clubs they bought. 

Then there are private equity firms that are backing consolidation plays, but they’re being very prudent about what they’re paying. It all comes down to unit economics for private equity guys. How much does it cost to build, how quickly does it ramp up, how soon can we sell it, what is the return, and then move on to the next one. So you have to focus on unit economics.

There is a lot of impact from pricing and tight debt markets on consolidation decisions.The debt markets are very tight right now because of Silicon Valley Bank and First Republic. Also, interest rates are getting higher to the point where if you’re an entrepreneur and you want to do a deal, you’ve got to be very careful about what rates you’re locking in for growth. Some of these debt facilities are 10 -15%, but 15% is a lot of money. Realize at the end of the day that there’s a big debt security and there’s no equity left for you guys. 

Hybridization and Leveraging Technology

The discussion delves into the significance of hybridization in fitness, where technology and human interactions work together to enhance member experiences. We emphasize the importance of using technology to understand and motivate members. Leverage technology to improve member experiences and building lasting relationships beyond the club walls.

You have to view hybridization and technology as weapons, and your javelin is your relationship with your members. This relationship needs to go outside of the four walls here and you need to be in a position to provide outcomes. You must understand what they are viewing, give them what they want, and then you can enhance their fitness experience. 

“Our research keeps pointing back to the fact that everyone wants outcomes. The fitness industry keeps talking in membership terms, but members want outcomes. And there is the disconnect. If you can relate the product to the outcome they want to achieve, you can hook them.”

— Paul Bowman —

To provide the best combined experience, our industry will really need to do great things. We can establish personal and physical relationships with people, and we can micro-target with the hybridization. 

“The point is we have to dial it back to how do we foster relationships, how do we help people, how do you get results. Hybridization is a no brainer because everyone’s got their cell phone. That’s basically all they stare at all day. So, if you’re not relevant on that phone, you’re not relevant anywhere.”

— Pete Moore —

Each fitness evangelist or group exercise instructor can be responsible for 50 to 250 of your members. Give them some showtime and realize that they could affect a larger majority of your members.

One example is we realized that 1,000 members were affiliated with three trainers, and those three trainers were only doing one session a week. So we weren’t serving a majority of the members because they couldn’t get access to that person. 

The digital and technology platforms within a club can allow more access to group exercise instructors and personal trainers and can help to scale their business. So getting people online allows you to provide more alignment. 

The Future Of The Fitness Business

Moore’s predictions for the future of fitness offer intriguing insights. From regional changes to club locations and subleasing areas, the industry’s transformation is expected to be driven by member preferences.

There’s going to be further segmentation and there’s going to be winners in each category. There are going to be 100 to 200 regional changes in U.S. fitness club locations, and they’re going to listen to their members to find out what they want. Everyone’s got to be working together to provide what members want. They may sublease areas or have profit centers inside to increase member  

The impact of the COVID-19 pandemic on the fitness industry has led to a surge in bricks-and-mortar fitness and the potential of digital platforms to get closer to members.

Building Value and Selling a Business

Pete shares the importance of building value in a fitness business and avoiding stagnation. Many people get into the fitness industry because they are passionate about fitness, but they have no clue about how to build value to sell a business. So he shares valuable guidance for entrepreneurs on how to plan for a successful exit strategy.

Paul Bowman and Pete Moore share a treasure trove of knowledge for fitness enthusiasts and industry professionals alike. Pete’s journey from investment banking to the fitness industry, along with his founding of Integrity Square and the Halo Academy, offers invaluable lessons for aspiring entrepreneurs. His insights into consolidation, hybridization, and the future of fitness provide a roadmap for industry players to navigate the evolving landscape successfully. As the industry continues to adapt and innovate, these valuable insights will prove essential in shaping the future of the fitness world.

Wexer Virtual Fitness

Integrity Square

HALO Talks Podcast

Podcast 20

The post The Business of Fitness: Empowering Fitness Entrepreneurs appeared first on Wexer.