As consumers seek more affordable ways to manage their health, fitness crazes are becoming more prevalent than seeing the doctor. Here’s how health brands can ride this wave and cash in all the way to the bank.
With healthcare costs on the rise, it’s cheaper now to go to the gym than to visit a doctor.
From CrossFit to Tough Mudders to extreme fitness crazes, consumers are opting out of the doctor and opting into the gym.
But, that barely scratches the surface of the elite fitness trend.
With the wellness industry ballooning to a global $4.2 trillion industry, healthy living is becoming a top priority. And, it’s not just exercise. Consumers are flocking to brands that support performance eating, weight loss, even health management.
The question soon becomes: what will elite fitness do to the healthcare industry?
Create a boom in new markets.
It’s not just how many new markets this exercise trend can spark. Instead, the question concerns what these new (and often niche) companies can and will do for the consumer.
There are three elite fitness-inspired waves that businesses can’t afford to miss coming.
1. The Shift from Quantity to Quality
Health consumers demand quality.
From wanting to lose weight – to looking for the healthiest on the go fast-dining options – to finding the best meal subscription provider, consumers want products and services that support their fitness goals. And they are not afraid to pay a premium for top-quality products.
The days of cheap and fast are being traded in for high-end and organic. As performance eating continues to grow, pushing consumers to look for healthy eating alternatives, supplement companies will be increasingly well-positioned to profit.
2. The Popularity of Wearable Devices
“On-the-go” healthcare is taking preference over the doctor.
Forecasted to grow to at least $27 billion by 2026, the wearable healthcare and medical device market is booming.
With major technology companies like Apple and Amazon creating wearable devices that researchers have found can detect even subtle heart irregularities with 84% accuracy, consumers can start relying on mobile notifications to identify their symptoms.
And as technology improves to allow these devices to notify physicians of a wearer’s vital signs, the entire patient experience will be transformed via healthcare automation.
3. Health Becomes a Lifestyle
Lifestyle and health-focused brands are rising to dominance.
Elite fitness is more than what a consumer does, it encompasses who they are.
It’s not just about the CrossFit class or the Peloton bike, it is about the larger sense of community and identity that are rooted in these products. Lifestyle brands that support creating camaraderie around their products and services will be the ones who will cash in. Offering apps, online forums, even monthly meet-up opportunities for customers to connect – these are all ways to enhance customer engagement.
The key will be in how to position your company to fit in your consumer’s healthy lifestyle, not the other way around.
Embracing the New Empowered Health Consumer
As consumers become healthier, their views on healthcare will continue to shift. Wellness will become a part of their life.
Consumers are savvy.
Taking a one-size-fits-all approach won’t work when it comes to getting them to spend. Going with direct-to-consumer marketing won’t be enough to reach your highest goals. Additionally, you’ll need to find ways to tap into partnerships with influencers if you want to get your brand on the map.
Great marketing comes from having great foresight.
Pinpoint where the market is headed and take action. If you’re not in a position now to leverage the elite fitness trend, then you’re quickly losing valuable ground.