poised for growth. digital and the future of a rapidly expanding fitness industry. wexer fit-c...
TRANSCRIPT
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Poised for Growth Digital And The Future of a Rapidly Expanding Fitness Industry
Bryan K. O’Rourke @WexerVirtual @FittechcouncilIce Tank, London 2016
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poised for growth disruptive forces are driving trends that are reshaping our world and our industry for the better
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poised for growth: the better the question. the better the answer. the better our industry works.
WHY ?1 BILLION 2025
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SAPERE VEDEREDA VINCI
poised for growth: we must think differently. believing is seeing.
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massive change… rising tides will lift some more than others
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DISRUPTION
WHAT IS THE NEW NORM ?
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RESTAURANTS OFFER A DINNING EXPERIENCE
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THIS APP OFFERS A DINING EXPERIENCE
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BANKS OFFER FINANCIAL SERVICES
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THIS APP OFFERS FINANCIAL SERVICES
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THIS CLINIC OFFERS MEDICAL CARE
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THIS APP OFFERS MEDICAL CARE
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HEALTH CLUBS OFFERHEALTH & FITNESS EXPERIENCES
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THIS OFFERSHEALTH & FITNESS EXPERIENCES
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THIS OFFERSHEALTH & FITNESS EXPERIENCES
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THIS OFFERS FITNESS EXPERIENCES TO
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WE MUST RETHINK WHATDEFINES OUR “INDUSTRY”
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what are “fitness experiences” becoming ?
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how will the “industry” evolve ?
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what will “members” want ?
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4TH INDUSTRIAL REVOLUTION- CYBER PHYSICAL SYSTEMS
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WE MUST APPLY FRESH THINKING TO SUCCEED AND REACH OUR POTENTIAL
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PEOPLE TECHNOLOGY
GLOBALISM ECONOMICS
WHY DISRUPTION ?4 CONVERGENCE DRIVERS
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PEOPLE
HEALTH & FITNESS INDUSTRYCONVERGENCE DRIVERS
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old school definitions don’t apply - dizzying diversity
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bifurcation : mass affluence driving niche luxury models and middle class driving utility businesses.
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urbanization : cities are driving global growth and represent the majority of health club operations.
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power has shifted to fitness consumers convenience, authenticity, choice rule decision making
exane : 10% luxury is digital now 40% by 2020
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fitness experiences are user experiences (ux)
3 key “people” or “consumer” trends
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G R E AT E R U T I L I T Y A N D C O N V E N I E N C E & R E L E VA N C E
F O R U S E R S
PERSONALIZATIONA C K N O W L E D G E M E N T A N D
R E C O G N I T I O N E M B R A C I N GA M I S S I O N
ENGAGEMENT
FLAUNT CULTURE
NOT JUST FITNESS
BENEFICIAL INTELLIGENCE
N E W WAY S O F D E L I V E RYT H AT I N C R E A S E U S E
A N D R E L E VA N C E
SERVICE REDEFINITION
OMNI-PRESENCE
TRENDS + VISION = REINVENTING MODELS
3 KEY CONSUMER TRENDS
PERSPECTIVE SHIFT
STATUS
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personalization: greater utility, convenience & relevance
VALUE
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BENEFICIAL INTELLIGENCEEnhancing User Experience ThroughBuilt In Intelligence
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OMNIPRESENCENew Channels, Nuanced With Context In The Right Place At The Right Time
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engagement: acknowledgement recognition mission
EMOTION
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STATUS:Experiences Via Design, Gamifying, UX, Community
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FLAUNT CULTUREAllow Users To Remove Barriers And Celebrate And Flaunt An Authentic Transparent Experience
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service redefinition : delivering new and different
MODEL
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PERSPECTIVESHIFT:Reposition Renew, and Refresh Service Offerings In New Ways
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NOT JUST FITNESS:Lifestyle, Mindset, Nutrition, Holistic, Longevity
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G R E AT E R U T I L I T Y A N D C O N V E N I E N C E F O R
U S E R S
PERSONALIZATIONA C K N O W L E D G E M E N T A N D
R E C O G N I T I O N E M B R A C I N GA M I S S I O N
ENGAGEMENT
FLAUNT CULTURE
NOT JUST FITNESS
BENEFICIAL INTELLIGENCE
N E W WAY S O F D E L I V E RYT H AT I N C R E A S E U S E
A N D R E L E VA N C E
SERVICE DEFINITIONS
OMNI-PRESENCE
TRENDS + VISION + TECH REINVENTING MODELS
3 KEY CONSUMER TRENDS
PERSPECTIVE SHIFT
STATUS
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PEOPLE TECHNOLOGY
GLOBALISM ECONOMICS
WHY DISRUPTION ?4 CONVERGENCE DRIVERS
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HEALTH CLUB INDUSTRYCONVERGENCE DRIVERS
TECHNOLOGY
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@Bryankorourke@WexerVirtual
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the greatest products of the next 20 years have not been created yet. Kevin Kelly
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Kevin Kelly’s View Of What Will Happen With Technology12 Inevitable Forces
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01 Becoming 02 Cognifying 03 Flowing
04 Screening 05 Accessing 06 Sharing
Move from fixed products to constant upgraded services and
subscriptions.
Make everything smarter via cheap AI from the cloud.
Unstoppable streaming. You are certainly now in the data
business.
Turning all surfaces into screen experiences.
Access to services at all times move away from owning assets.
Mass-scale collaboration. Key innovations built on sharing.
BE CO FL
SC AC SH
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SCREEN
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SCREEN
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AC & CO
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12 Inevitable Forces
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07 Filtering 08 Remixing 09 Interacting
10 Tracking 11 Questioning 12 Beginning
Harnessing intense personalization to anticipate
desires.
Unbundling products and basic parts and recombining them in all
possible ways.
Immersing ourselves inside computers to maximize
engagement.
Total surveillance for consumer and citizens benefit.
Promoting good questions is far more valuable than good
answers.
A system connecting all humans and machines in a global mix.
Kevin Kelly’s View Of What Will Happen With Technology
FI RE IN
TR QU BG
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4TH INDUSTRIAL REVOLUTION- CYBER PHYSICAL SYSTEMS
THE HOLOS CHOICE
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PEOPLE TECHNOLOGY
GLOBALISM ECONOMICS
WHYT DISRUPTION ?4 CONVERGENCE DRIVERS
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HEALTH CLUB INDUSTRYCONVERGENCE DRIVERS
ECONOMICS
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CONVERGENCE DRIVERSRESULT IN DIVERGENT
MODELS
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divergence means new delivery systems to meet consumer needs in new ways (workout drone).
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breaks down return on equity into 3 parts. Donaldson Brown invented formula in 1912
ROE Explains Industry Landscape
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Profit Margin
Dupont Formula : Return On Equity
66
EBITDA
SALES ASSETS EQUITY
SALES ASSETS
Asset Turnover Equity Multiplier
X X
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Profit Margin
Dupont: Return On Assets Where the Growth Is
67
EBITDA
SALES $3M AVG
SALES $3M AVG
Asset Turnover
X =53% 100% 53%
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Profit Margin
68
EBITDA
SALES ASSETS $1.6M AVG
SALES $1.6M AVG
Asset Turnover
X =34% 100% 34%
Dupont: Return On Assets Where the Growth Is
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key economic drivers: lower operating costs and increasing revenue per member and lifetime value of member
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8 Distinct Fitness Delivery ChannelsHealth Club Models
70
High End Full Service
Middle Market
Low Price HV Boutique
Full Service, Full Amenities, Higher
Prices, Digital Integration
Financially Challenged, Low
Pricing Power, Legacy Burden
Hi-Growth Space, Low-Cost, Low-
Service, Upcoming Digital, Lower
Markets
Program Focused, Cross Over Lifestyle,
Multiple Monetization, Omni-Channel
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Health Club Models
71
Fitness Community
Pure Digital
Medically Integrated
Alternative Models
Outdoors, Indoors, Lifestyle. Connection,
Data Driven, Streaming Content,
Anywhere Anytime,Home
Market and More
Outcomes Based, Integrated, Population
Health
Corporate, Multi-Family, Alternative
Models
8 Distinct Fitness Delivery Channels
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CONSOLIDATION AND REENGINEERING - S CURVE
72Bricks & Mortar Biz ModelsKey Driver Is Profitability
DIGITAL OMNICHANNEL MEDICAL BOUTIQUE LIFESTYLE COMMUNITY
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Business Models Will Merge Different Aspects Of Each Of These With ALL INCLUDING DIGITAL COMPONENTS
Merging Of Offerings - Key Digital
73
High End Full Service
Community Digital Medically Integrated
Middle Market Low Price High Value Boutique
Alternative
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digital creates new economics by being able to deliver experience without variable costs and more.
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growing market: sick care is not sustainable and public primary prevention is the answer. technology will help.
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Personalized Primary Prevention Is Here - DNA
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S CURVE: THE WAY WE SEE THE INDUSTRY MUST SHIFT
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PEOPLE TECHNOLOGY
GLOBALISM ECONOMICS
WHY DISRUPTION ?4 CONVERGENCE DRIVERS
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HEALTH & FITNESS INDUSTRYCONVERGENCE DRIVERS
GLOBALISM
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how we operate and invest must be mindful of sustainability
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we must cooperate globally to impact policies that address the huge risk and opportunity of global health
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we must globally share our insights and cultural diversity to drive innovation and success
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poised for growth disruptive forces are driving trends that are reshaping our world and our industry for the better
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SAPERE VEDEREDA VINCI
poised for growth: we must think differently. believing is seeing.
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PEOPLE TECHNOLOGY
GLOBALISM ECONOMICS
WHY DISRUPTION ?4 CONVERGENCE DRIVERS
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the greatest products of the next 20 years have not been created yet. Kevin Kelly
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ASK THE RIGHT QUESTIONS
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SEIZE THE UPSIDE OF DISRUPTION
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Poised for Growth Digital And The Future of a Rapidly Expanding Fitness Industry
Bryan K. O’Rourke @WexerVirtual @FittechcouncilIce Tank, London 2016