Poised For Growth. Digital And The Future Of A Rapidly Expanding Fitness Industry. Wexer FIT-C London Technology Summit 2016
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Technology in convergence with other trends is driving an explosion in the demand for fitness products and services. Presented by Bryan O'Rourke at the IceTank in London in November of 2016 with health club and fitness industry leaders from across Europe, this presentation outlines how technology is impacting the global health club and fitness industry.
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Poised For Growth. Digital And The Future Of A Rapidly Expanding Fitness Industry. Wexer FIT-C London Technology Summit 2016
- 1. Poised for Growth Digital And The Future of a Rapidly Expanding Fitness Industry Bryan K. OāRourke @WexerVirtual @Fittechcouncil Ice Tank, London 2016
- 3. poised for growth disruptive forces are driving trends that are reshaping our world and our industry for the better
- 4. poised for growth: the better the question. the better the answer. the better our industry works. WHY ? 1 BILLION 2025
- 5. SAPERE VEDERE DA VINCI poised for growth: we must think differently. believing is seeing.
- 6. massive changeā¦ rising tides will lift some more than others
- 8. DISRUPTION WHAT IS THE NEW NORM ?
- 9. RESTAURANTS OFFER A DINNING EXPERIENCE
- 10. THIS APP OFFERS A DINING EXPERIENCE
- 12. THIS APP OFFERS FINANCIAL SERVICES
- 13. THIS CLINIC OFFERS MEDICAL CARE
- 14. THIS APP OFFERS MEDICAL CARE
- 15. HEALTH CLUBS OFFER HEALTH & FITNESS EXPERIENCES
- 16. THIS OFFERS HEALTH & FITNESS EXPERIENCES
- 17. THIS OFFERS HEALTH & FITNESS EXPERIENCES
- 20. WE MUST RETHINK WHAT DEFINES OUR āINDUSTRYā
- 21. what are āļ¬tness experiencesā becoming ?
- 22. how will the āindustryā evolve ?
- 23. what will āmembersā want ?
- 24. 4TH INDUSTRIAL REVOLUTION- CYBER PHYSICAL SYSTEMS
- 25. WE MUST APPLY FRESH THINKING TO SUCCEED AND REACH OUR POTENTIAL
- 26. PEOPLE TECHNOLOGY GLOBALISM ECONOMICS WHY DISRUPTION ? 4 CONVERGENCE DRIVERS
- 27. PEOPLE HEALTH & FITNESS INDUSTRY CONVERGENCE DRIVERS
- 28. old school deļ¬nitions donāt apply - dizzying diversity
- 29. bifurcation : mass afļ¬uence driving niche luxury models and middle class driving utility businesses.
- 30. urbanization : cities are driving global growth and represent the majority of health club operations.
- 31. power has shifted to ļ¬tness consumers convenience, authenticity, choice rule decision making exane : 10% luxury is digital now 40% by 2020
- 32. ļ¬tness experiences are user experiences (ux) 3 key āpeopleā or āconsumerā trends
- 33. GREATER UTILITY AND CONVENIENCE & RELEVANCE FOR USERS PERSONALIZATION ACKNOWLEDGEMENT AND RECOGNITION EMBRACING A MISSION ENGAGEMENT FLAUNT CULTURE NOT JUST FITNESS BENEFICIAL INTELLIGENCE NEW WAYS OF DELIVERY THAT INCREASE USE AND RELEVANCE SERVICE REDEFINITION OMNI-PRESENCE TRENDS + VISION = REINVENTING MODELS 3 KEY CONSUMER TRENDS PERSPECTIVE SHIFT STATUS
- 34. personalization: greater utility, convenience & relevance VALUE
- 35. BENEFICIAL INTELLIGENCE Enhancing User Experience Through Built In Intelligence
- 36. OMNIPRESENCE New Channels, Nuanced With Context In The Right Place At The Right Time
- 38. engagement: acknowledgement recognition mission EMOTION
- 39. STATUS: Experiences Via Design, Gamifying, UX, Community
- 41. FLAUNT CULTURE Allow Users To Remove Barriers And Celebrate And Flaunt An Authentic Transparent Experience
- 42. service redeļ¬nition : delivering new and different MODEL
- 43. PERSPECTIVE SHIFT: Reposition Renew, and Refresh Service Offerings In New Ways
- 44. NOT JUST FITNESS: Lifestyle, Mindset, Nutrition, Holistic, Longevity
- 45. GREATER UTILITY AND CONVENIENCE FOR USERS PERSONALIZATION ACKNOWLEDGEMENT AND RECOGNITION EMBRACING A MISSION ENGAGEMENT FLAUNT CULTURE NOT JUST FITNESS BENEFICIAL INTELLIGENCE NEW WAYS OF DELIVERY THAT INCREASE USE AND RELEVANCE SERVICE DEFINITIONS OMNI-PRESENCE TRENDS + VISION + TECH REINVENTING MODELS 3 KEY CONSUMER TRENDS PERSPECTIVE SHIFT STATUS
- 46. PEOPLE TECHNOLOGY GLOBALISM ECONOMICS WHY DISRUPTION ? 4 CONVERGENCE DRIVERS
- 48. HEALTH CLUB INDUSTRY CONVERGENCE DRIVERS TECHNOLOGY
- 50. the greatest products of the next 20 years have not been created yet. Kevin Kelly
- 51. Kevin Kellyās View Of What Will Happen With Technology 12 Inevitable Forces 51 01 Becoming 02 Cognifying 03 Flowing 04 Screening 05 Accessing 06 Sharing Move from ļ¬xed 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
- 52. SCREEN
- 54. SCREEN
- 55. AC & CO
- 57. 12 Inevitable Forces 57 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 beneļ¬t. Promoting good questions is far more valuable than good answers. A system connecting all humans and machines in a global mix. Kevin Kellyās View Of What Will Happen With Technology FI RE IN TR QU BG
- 58. 4TH INDUSTRIAL REVOLUTION- CYBER PHYSICAL SYSTEMS THE HOLOS CHOICE
- 60. PEOPLE TECHNOLOGY GLOBALISM ECONOMICS WHYT DISRUPTION ? 4 CONVERGENCE DRIVERS
- 61. HEALTH CLUB INDUSTRY CONVERGENCE DRIVERS ECONOMICS
- 62. CONVERGENCE DRIVERS RESULT IN DIVERGENT MODELS
- 63. divergence means new delivery systems to meet consumer needs in new ways (workout drone).
- 65. breaks down return on equity into 3 parts. Donaldson Brown invented formula in 1912 ROE Explains Industry Landscape
- 66. Proļ¬t Margin Dupont Formula : Return On Equity 66 EBITDA SALES ASSETS EQUITY SALES ASSETS Asset Turnover Equity Multiplier X X
- 67. Proļ¬t Margin Dupont: Return On Assets Where the Growth Is 67 EBITDA SALES $3M AVG SALES $3M AVG Asset Turnover X =53% 100% 53%
- 68. Proļ¬t 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
- 69. key economic drivers: lower operating costs and increasing revenue per member and lifetime value of member
- 70. 8 Distinct Fitness Delivery Channels Health 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
- 71. 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
- 72. CONSOLIDATION AND REENGINEERING - S CURVE 72 Bricks & Mortar Biz ModelsKey Driver Is Proļ¬tability DIGITAL OMNICHANNEL MEDICAL BOUTIQUE LIFESTYLE COMMUNITY
- 73. Business Models Will Merge Different Aspects Of Each Of These With ALL INCLUDING DIGITAL COMPONENTS Merging Of Oļ¬erings - Key Digital 73 High End Full Service Community Digital Medically Integrated Middle Market Low Price High Value Boutique Alternative
- 74. digital creates new economics by being able to deliver experience without variable costs and more.
- 75. growing market: sick care is not sustainable and public primary prevention is the answer. technology will help.
- 76. Personalized Primary Prevention Is Here - DNA
- 77. S CURVE: THE WAY WE SEE THE INDUSTRY MUST SHIFT
- 78. PEOPLE TECHNOLOGY GLOBALISM ECONOMICS WHY DISRUPTION ? 4 CONVERGENCE DRIVERS
- 79. HEALTH & FITNESS INDUSTRY CONVERGENCE DRIVERS GLOBALISM
- 80. how we operate and invest must be mindful of sustainability
- 81. we must cooperate globally to impact policies that address the huge risk and opportunity of global health
- 82. we must globally share our insights and cultural diversity to drive innovation and success
- 84. poised for growth disruptive forces are driving trends that are reshaping our world and our industry for the better
- 85. SAPERE VEDERE DA VINCI poised for growth: we must think differently. believing is seeing.
- 86. PEOPLE TECHNOLOGY GLOBALISM ECONOMICS WHY DISRUPTION ? 4 CONVERGENCE DRIVERS
- 87. the greatest products of the next 20 years have not been created yet. Kevin Kelly
- 88. ASK THE RIGHT QUESTIONS
- 89. SEIZE THE UPSIDE OF DISRUPTION
- 91. Poised for Growth Digital And The Future of a Rapidly Expanding Fitness Industry Bryan K. OāRourke @WexerVirtual @Fittechcouncil Ice Tank, London 2016