May 18, 2015
FLO Cycling - Helping People Get Healthy is Good Business
From agriculture, tech, and healthcare to simply “buying local,” today’s health-conscious consumers are more aware than ever of the consequences of their purchasing decisions. As a result, many prefer to do business with companies that are aligned with their core values.
Take Citibank, for example. The financial services company sponsors a popular bike sharing system in New York City. Launched in 2013, Citi Bike provides riders with access to thousands of rental bikes and hundreds of stations. In less than a year, the system provided more than 34,000 rides per day. In addition to being good for the environment, Citibank found a meaningful way to be good for people.
Similarly, when my brother and I started our business FLO Cycling — providing carbon fiber bicycle wheels — our interest in triathlons and healthy lifestyle gave us a platform to connect with people who have similar interests.
By supporting their desire to be fit and compete in triathlons, we’ve forged powerful connections with our customers.
It’s a classic case of what’s good for them is good for us, and this mutually beneficial partnership stems from a goal of doing business to improve consumers’ lives.
"Healthy Consumer" Buying Power
While consumers in all sectors are powerful, health-conscious consumers are especially powerful allies because they’re more aware. Think about it: Today’s consumers recognize that mass-production of food endangers local farmers. While they might be early adopters of new technology, they realize most technology comes at a price.
Here are three specific reasons the health niche is so great for business:
Healthy consumers aren’t afraid to spend money. Health-conscious people make healthy living a big part of their lives. They believe strongly in being healthy, and they don’t mind spending money to do so.
Healthy consumers get excited about your products. They’re passionate, engaged customers. They’re not purchasing necessities like gas or clothes from you. They’re buying what they want to buy, and they’re excited about it.
Engaged and easy to reach.
Healthy consumers are everywhere. You can find these consumers in so many different places. From competitive races to organized walks, bike rides, and fundraisers, you’ll find them outside and engaged in the things that matter most to them.
Thanks to an increasing interest in fitness and healthy lifestyles the health and wellness industry has seen tremendous growth. From our corner of the industry, we’ve observed USA Triathlon membership grow from 127,824 members in 1999 to 510,859 in 2012.
And with Fitbit, FuelBand, and the Apple Watch, the wearable technology industry has capitalized on monitoring health and fitness. A lot of companies are eyeing — and positioning themselves for — massive growth in this category.
Doing Business in the Health and Wellness Category
Is health and wellness the right industry for you? It is if you’re truly passionate about health and fitness. To connect with these passionate consumers, you need to understand what motivates them and be inspired by similar things.
Start by practicing what you preach. If living a healthy lifestyle is one of your passions, it will be easier to go to work every day. If it’s not, you need to make some changes.
As a busy entrepreneur, embracing a healthy lifestyle can be a challenge, but you owe it to your business (and yourself) to commit to fitness. Plus, when you share the same passions as your customers, you’ll have unique insights into their needs, meaning you can better serve them.
Helping people live better, healthier lives is what makes the fitness and health industry so attractive. Businesses feel good about their mission, and they’re building loyal customers who believe in what they do.
Health and wellness focused businesses serve a community of like-minded people who are, in turn, empowered by living healthier lives. It’s a positive cycle that fuels itself. If your passions align with your customers’ passions, your business will be a pleasure to run, and it won’t feel much like work at all!
What’s not to like about helping people live healthier lives?
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