Hi, Blair here with MXM. I'm talking about areas to innovate based on what we are seeing that customers love. I have five and this is the third one I'll go over. These are five areas where our industry really innovated while we were shut down. Now members are coming back in, our text analytics is showing that the biggest topic is Love and we are drilling into that topic to see what they love the most.
In the first video, I talked about Love. There are ways to innovate around that. That ties closely but not wholly to the second one which is Outdoor. Keep the outdoor training year round if you can. That also has me thinking about how we can make the indoors feel more like outdoors. The third one is also closely associated and that is Space. Man, members love the additional space. That obviously comes with conflicts. There aren't as many members. You can't have that many members if you have that much space. But if you utilize the outdoors, that actually opens up more space inside. It doesn't just have to be outdoor under your own tent. It might be in a park somewhere. We understand there could be incliment weather and as it gets colder that also crowds our gyms some more. I'm not saying I have the answers, I'm just telling you what the members love and that there are opportunities to innovate around space. Some things clubs are talking about is having classes that are more limited but having people pay for those classes and having people pay for the opportunity to schedule into those limited classes earlier. There are ways to innovate around this concept of space. So, again, the things that members love. They love fresh air, they love the outdoor training and they love the additional space. There are two more to go so stay tuned!
We're gonna be eager this next year to start digging more and more into those topics that people say they love. And really understand how we can think differently, maybe a bit more abstract about those and how can we fit these pieces together into a business model.
One last topic, I was speaking to one of the senior financial analysts at Baird and he was talking about an exercise technology that was out there and looking at member comments about it. He said, what they noticed (I might get this percentage wrong but the concept is so great here) is that in 30% of the member comments they said the word love. When they see that they know they are on to something right? I mean that's a big deal. This is a senior financial analyst for an investment banking firm. This is how you innovate and get ROI. This is why you need a voice of customer system going all the time. You've changed a lot but you are going to change things even more and as we talk about these concepts and you continue to change things, the experience is just different. Really different. So you have to pull in that information continuously, in real time in a continuous fashion across those moments that matter.
That's how you get real ROI and understand, especially in this new world, what the customer loves and what the customer hates. When you see those things that they love, damn we certainly have a new opportunity there to keep differentiating our business model!
That's it, talk to you later!
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