Here’s how fitness startups can become the next Fitbit

Here’s how fitness startups can become the next Fitbit http://healthclubnews.org/?p=9978

Fitbit, a leading provider of activity trackers, recently released its S-1 filing in preparation for an IPO. If you haven’t heard about Fitbits yet, you might be behind the curve — President Obama was recently seen sporting the latest Fitbit Surge. The company’s growth and profitability is truly impressive; as Malay Gandhi of Rock Health points out:

In less than six years from the launch of its first device, […] the company has built a billion dollar plus revenue (run rate) business (at 50% gross margin), legitimately pioneering the category of “connected health and fitness” trackers.

Fitness is clearly a rising category in tech; in addition to FitBit’s 20M+ fitness trackers in the wild, many other startups are trying to cater to the active lifestyle. Across the board, the host of new fitness products today are focused on delivering a few key value propositions to their users. For the most part, we can break them down into three categories:

• Tracking and measuring: Apps like MyFitnessPal and Strava take advantage of the mobile phone’s built-in sensors to help users track their movements. The methodology isn’t new — archaeologists have uncovered athletic records dating as far back as Ancient Greece — but as sensors and software get smarter, it becomes incrementally easier to start measuring activity levels.
• Personalization and custom workouts: From Fitstar to ClassPass to FitMo, startups are trying to deliver a personalized workout regime. By offering a larger variety options for criteria like type of workout, timing, and location, these type of startups are placing control back in the hands of the consumer.
• Gamification: In hopes of retaining users and creating a more social experience, emerging fitness products such as Fitocracy and MapMyFitness are using badges and leaderboards to prompt users to exercise.

The list above demonstrates that fitness startups are now taking full advantage of tech and software innovations to hook their customers. However, in doing so, many are ignoring the consumer value proposition of historically successful fitness businesses.

Read more: https://medium.com/@imnotjk/8ce64324d98e#ixzz3cZcUIECm