Why is the health and wellness industry booming?
According to the GWI, ‘The wellness market has expanded by 6.4% since 2017 from $3.7 trillion to a value of $4.2 trillion.’ There are several reasons why the health and wellness industry is booming.
The events of the COVID-19 pandemic have contributed to the rise of the online wellness industry. Lockdowns across the world left millions of people confined to their homes. Under these circumstances, many people began to feel the strain on their physical and mental health. To deal with these issues, online wellness programs have been the answer. Many turned to online fitness courses, meditation apps, and nutritional supplements.
Regardless, the wellness industry was gaining popularity long before COVID-19. Consumer awareness has increased over the last several years. Due to the rise of social media, people have an improved understanding of well-being and health. Modern consumers want to access the best health products, and wellness brands can provide many different solutions. Modern life leaves many people feeling stressed and anxious, another reason why the wellness industry has become so important.
The wellness sector has become rather saturated, which makes it difficult for new brands to gain a market share. Let’s consider a few tips, to succeed in the wellness industry.
How to succeed in the health and wellness industry
1. Offer Something Niche
With so many similar brands competing in the market, it’s important to offer something niche. Define your unique selling point, and ensure that consumers know why you are special. Your company needs to articulate what’s niche about your brand. You need to consider why your products are important. Once you’ve decided on your niche, it’s easier to target the right people and enhance your brand story. To figure out your niche, it may help to focus on the following questions:
- How am I different from my competitors?
- What is special about my services and products?
- What are the extra things that my brand offers to the market?
- How can I stand out from the crowd?
You’ll need to look closely at your target audience, ensuring that your USP resonates with them. Everything about your brand needs to offer value to your audience. Look at your buyer personas, and plan every detail to attract the ideal customer.
2. Shout About Your Achievements
Many customers find it difficult to trust new brands, particularly in the health and wellness industry. When you consider how important health is it’s easy to understand why new customers may be skeptical. Ensure that your achievements are clear, these can help you to gain credibility. Put details on your website of the clients you’ve worked with, (particularly high-profile ones). Include any top publications that have featured you. You can also add testimonials, to boost your credibility even further. Marketing data shows that testimonials are an excellent way to boost conversion rates.
3. A Killer Marketing Strategy
Health and wellness brands need a killer marketing strategy, to stand out in the market. In 2021, video marketing is essential. Video marketing campaigns can help you to boost conversions, entertain and educate customers, and demonstrate your value. Virtual events have gained much popularity, and these are a great way to widen your reach. Using virtual events you can reach a huge number of people, without a big budget.
You need to ensure that you produce top-quality content, to engage your customers, and gain authority. Try to think outside the box with your content. Write articles on topics that no one else has covered. Influencer marketing is particularly useful for the health and fitness industry. Using the right fitness influencers can help your business to gain more customers, and increase loyalty. To find influencers to work with, platforms like BuzzSumo and Klear can be helpful. Keeping up with marketing trends will help you to boost your success over time.
5. Keep Up With The Trends
You’ll also need to keep up with the latest industry trends. It’s not about being the same as everyone else, but you do need to respond to what consumers want. Business entrepreneurs are expected to stay focused on industry trends as it helps them stay on top of issues and make informed decisions. This is especially crucial when choosing the right medical spa software for your business when the need arises. Moreover, it doesn’t make it any easier that the beauty, healthcare, and wellness sectors are highly competitive spaces that expose you to trends. Therefore, you cannot afford to remain oblivious to these developments and the transformations they bring. Fortunately, with the right information, you can stay ahead of the curve to meet the constantly evolving needs of your clients.
A few of the key industry trends this year include:
Focusing on inclusion is incredibly important for wellness companies. Wellness isn’t a ‘one size fits all’ industry. It’s unlikely that one product will work for every group.
Brands need to think about different needs and offer wellness models that work for everyone. For example, people with chronic illnesses may feel alienated by certain wellness brands. To succeed in the market, it’s wise to offer customized services and products.
Keeping things natural
Modern customers tend to prefer products with natural ingredients. If your company sells cosmetics or supplements, you’ll need to consider this when manufacturing your goods. Customers also prefer eco-friendly products, so keep this idea in mind too.
Wellness at work
Over the last year or so, companies have recognized the importance of workplace wellness solutions. You might consider how you can adapt your products to market yourself to corporations.
Mental health and tech
According to the Global Wellness Summit, ‘Mental health is moving far beyond the psychiatrist’s couch. Technological advancement has pushed digital therapeutics to the forefront of convenience—in people’s pockets, on their laptops, and even within Facebook messenger.’ We’re seeing more mental health-based apps than ever before. Many consumers feel more comfortable with online therapy, as opposed to visiting a therapist in person.
6. Get Plenty Of Customer Feedback
To make a success of your wellness company it’s a good idea to get lots of customer feedback. With the help of customer insights, you can focus on enhancing your products and services. There are plenty of ways that you can gain feedback, whether it’s by email or chatbots. Many customers don’t mind filling out one or two questions, yet some people will avoid longer surveys. To increase participation levels, you might consider offering the chance to win a prize. To run a successful business, it’s important to listen to your target audience.
7. Run in-person wellness events
As restrictions are lifted, you might consider offering in-person wellness events. After so long in lockdown, many people are eager to get out of the house! Running wellness events has many benefits including:
- Improve your reputation within your local community.
- Meet customers in person and build rapport.
- Showcase your expertise and establish thought leadership.
- Promote engagement and showcase your unique selling point.
Credibility is especially important in the health and wellness sector. Customers need to see that you have the right certifications and expert knowledge. Demonstrating your credibility is vital to establish trust, and give consumers a reason to choose your services.
9. Research The Key Players
To get inspiration, it’s useful to research some of the key players in the health and wellness industry. Take a look at what is special about these companies, their achievements, and how they market themselves. Consider what you can learn from the leading health and wellness companies. The beachbody company is a hugely successful health and wellness business. Let’s take a closer look at their products and achievements.
The Beachbody Company
The Beachbody Company is a global leader in the health and fitness industry. For 22 years, they’ve been creating unique content for successful brands. The company has 3 million+ nutritional and digital subscriptions on two different platforms. They are the only holistic fitness service that offers peer support, nutrition, and fitness. Beachbody offers their services using e-commerce, community, and content. The company offers two main products, as detailed below.
Beachbody On Demand
Beachbody On Demand helps users to improve their eating habits. The tool offers customizable meal plans, cooking shows, and various nutritional programs. The BOD platform also features a personal coach and group support. Users can share activity, and monitor progress. The app was designed to help people access fitness sessions and nutritional support, from the comfort of their own homes.
OpenFit features live classes, led by expert trainers. These classes are also accessed via a fitness app. Individuals can also use the app to purchase supplements and create a personalized nutrition plan. With the help of the application, customers can get all their health and wellness needs covered.
Beachbody’s Business Success
Modern consumers want companies to focus on social responsibility. Research from Impact reporting suggests that ‘63% of American Consumers were looking to businesses to take the lead on social and environmental change’. Wellness businesses especially need to address corporate social responsibility.
The Beachbody brand has a strong sense of social responsibility. The company has donated over $11 million to philanthropic causes. They’ve supported organizations including Feeding America, Rain Catcher, and Big Brothers Big Sisters.
According to the Wall Street Journal, ‘Beachbody plans to merge with a blank-check company affiliated with former TikTok Chief Executive Kevin Mayer in a deal that values the combined company at nearly $3 billion.’ Over the last 22 years, Beachbody has gained plenty of success due to their excellent products and great marketing. For more info about the business and its investors, take a look at the Beachbody Company website.