Canaries in the Mine Shaft

(VIDEO TRANSCRIPTION):

Hi, Blair here with MXM, we've been talking for a while about VUCA, volatility, uncertainty complexity and ambiguity. Volatility, "the how fast things are changing", that's a lot of dynamics happening and those dynamics interact in different ways and that's the complexity. Two dynamics right now are social unrest and the pandemic and how those are playing out.

Then you have everything from finances and economics and all of that stuff inter-plays to make decision-making much more complex. That's why you need better information technology, be better able to make decisions based on real data and then address those with being an agile company that can change quickly. By the way, Medallia is hearing a much greater need for enterprise companies to have voice of customer systems in place while in this new world so that they can actually see what's coming much, much sooner. This should be like, heating, air-conditioning and water by now for health clubs... to have voice of customer systems, and really smart systems that can impart a lot of data and give you actionable insights that you can actually impact your business and your ROI.

Some of those things that we are seeing from the Reopen Feedback and dealing with Complexity. So complexity, you've got people coming in and witnessing something brand new, these clubs don't have a lot of people in them the first few weeks, that's a great feeling but it's increasing each week, that's one dynamic. The next dynamic is that the sales are brisk and bringing in more new people, that's the second dynamic. And then the other dynamics in play are that you don't have all of your equipment and all of your spaces. I'm sitting here in now of our group fitness rooms and it's laid out for only 15 people. It's a capacity issue and that's another dynamic. That capacity is going to get more stressed as more and more people start coming back into clubs. IF they get more and more people wanting to come back into clubs, that's another bit of complexity.

All of these things are going to interplay in a way that you can't predict. But your customers are going to be the earliest, it's going to be the "canary in the mine shaft", they are going to be the earliest once that start to feel the changes that feel good to them and the changes that feel bad to them. Those changes aren't necessarily the changes you are making. Those could be changes that are happening in their lives, those could be changes that are happening with the increased number of people coming into the club and by the way clubs that have been open now for a while that are using our Reopen System, they're watching closely the themes that come out when people are talking and when we ask the questions... 'what's most important to you when you think about still being a member here six months from now' and 'what's most important to you now', and then we use text analytics to look at that information and find themes. Like availability of equipment seems to be coming up in that so that then gives you early insights what is our business model right and how should we tweak it, what things can we do differently and deal with this VUCA that is increasing greatly on a daily basis.

So that's it our Reopen Feedback System and our ShutDown Feedback system are free to anybody in the industry and use them please! Jump on board and use them and we hope your reopen is successful and after today I hope the stock market bounces back!

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