In this episode, Christian Ward, head of Brand Engagement & Multimedia Strategy at Stylus, explores the business of wellbeing. What new opportunities for consumers and brands are emerging in the post-pandemic fitness and wellness space? With Rick Stollmeyer, co-founder of Mindbody, and Estella Shardlow, senior editor of Consumer Lifestyle – Stylus.
Guests on this Episode
Rick Stollmeyer is co-founder of Mindbody, a technology platform that connects the world to wellness.
Estella Shardlow is senior editor of Consumer Lifestyle at Stylus.
Episode Discussion Points
- What does the business of wellness look like post-Covid? [1:03]
- What is Mindbody's mission? [1:57]
- Why has wellness become even more of a consumer priority in the past year? [3:59]
- Understanding the wellness economy [6:22]
- Tackling mental wellness in an age of toxic tech [8:26]
- How have consumer wellness motivations evolved during the pandemic? [12:29]
- What are the most surprising data insights Mindbody has uncovered about consumer wellness priorities? [16:27]
- How can the wellness industry improve inclusivity? [18:41]
- What can brands do right now to tap into this wellness boom? [23:50]
"Ogilvy found that 75% of people feel brands could do more for their wellness, and only 46% felt that brands take their wellness as a priority at the moment. That indicates there is still more room for all brands to tap the wellbeing wave." [6:00]
"[Social media] is really recent, and it's fundamentally changing how we interact as human beings. I truly believe that our governments need to get involved, they need to set up systems and processes that check and balance the power of these things, because these platforms are far more powerful than anything we've seen in prior history. And they will, in some ways, exceed the power of government." [10:52]
"Exercise is now the number one method of stress relief for American adults, and at the same time, searches for 'calorie-focused workouts' were down 21% in September compared to the year before. It's an interesting indication that people may be looking for more holistic reasons to be getting fit beyond just looking buff." [13:45]
"What we have right now is a supply constraint wellness market, not a demand constraint. And so we're now predicting a huge boom in activity as we reach herd immunity around the world and areas open up. We're already seeing it in regions of the United States – the states where they've opened up first, they're filling their classes and sessions again right away. I think that bodes very well for the future of the industry." [18:06]
"Imagine meeting with your tribe four or five times a month, face to face, and then having an additional 10 classes where you're meeting remotely. [And] through algorithms like dynamic pricing, you can access classes that are off peak and find classes that are half price or one quarter price. All of these things are combining to democratise the wellness industry." [20:09]
"A quarter of women say that gym memberships are too expensive for them. I think that for the wellness industry, the brands, the gym operators, etc., really need to be thinking about how to ensure that the inequities produced by the pandemic don't totally leave people out of the pursuit of wellness." [21:09]