By Denise Harrison
Fitbit’s personal activity tracking device started with simple functionality – tracking steps taken during a day – now added functionality includes a heart rate monitor, sleep tracker, calorie calculator among other features. While the trackers are not perfect (not good with stationery bicycles) the monitors give the user a better idea of their activity during the day. Since I began using my Fitbit I found myself walking through airports rather than using the electric sidewalks to meet my step goal for the day.
Why would businesses be interested in purchasing Fitbits?
Corporate HR officers began calling Fitbit to discuss how they could incorporate fitness trackers into their wellness programs. Fitbit, originally focused on consumers, had to change gears to better understand the corporate requirements. Corporations, looking to enhance the wellness of their employees saw Fitbit activity trackers as a way to encourage activity. The desired benefits included:
- Healthier employees
- Safety benefits
- Lower insurance rates
- Enhanced productivity
A Duke University study calculated that obesity cost American businesses $73 billion per year in lost productivity and medical expenses. Using this information, Fitbit started collecting data on the activity trackers use and found that wearing an activity tracker improved health outcomes and increased participation in wellness programs. As employers were able to track wellness participation they were able to negotiate lower insurance rates.
In order to support the corporate wellness campaigns Fitbit became compliant with HIPPA regulations to ensure the privacy of the individuals using the Fitbit trackers. Adding this feature enabled the Fitbit team to better serve its corporate customers.
Key Take-aways
- Keep alert to emerging markets, users may find other applications for your products and services – you may have an underserved market out there.
- Be cognizant of different market requirements when you find an unexplored segment – don’t assume that needs and preferences will be the same.
- When you find a potentially new segment make a go/no go decision as to whether or not you will serve this market – do you have the capabilities to serve this market? Is it a distraction? Make a firm decision – don’t straddle the fence.
Denise Harrison can be reached at harrison@thestratplan.com if you have questions about how you can enhance your strategic plan.
© Copyright 2016 by Spex, Inc. — Reprint permission granted with full attribution.
Fitbit, originally focused on consumers, had to change gears to better understand the corporate requirements.