How to unlock the biggest kept secret in the Health & Fitness sector and succeed with a senior focussed business

Transcription

1 THE SENIOR MARKET REVOLUTION How to unlock the biggest kept secret in the Health & Fitness sector and succeed with a senior focussed business POWER ASSISTED EXERCISE

2 Introducing the Senior Market Revolution. The senior market is currently the fastest growing segment of the UK s population. This is a rapidly growing and dynamic sector that presents a huge opportunity for entrepreneurs to develop senior focussed businesses. Here are just some of the headline statistics on the growth in the senior market: In the UK the number of people aged 65 and over will increase by 63% in the next 25 years. A third of the population is over 50.. The over 50 s command 80% of the UK s wealth. This shift in population demographics isn t restricted to just the UK, in fact the senior market revolution is taking place all over the world. The senior market globally spends roughly 2 trillion dollars annually on health & wellbeing activities and products. The number of people in the world aged 65 and over is increasing at a rate of 870,000 per month. By the year 2040 there will be 1 billion pensioners worldwide. But it s not just the growth in the number of seniors which make this sector of the population an attractive target market to build a business around. As the statistics show, they are the wealthiest group of consumers and are pre-disposed to spending money on products that serve their needs. Seniors are loyal customers and also great referrers. Seniors refer three times as much as consumers in other age groups. If you can develop a senior focussed business and serve them well then your referral strategy and word of mouth marketing will take care of itself! The over 50 s command 80% of the UK s wealth.

3 The biggest kept secret in the health and fitness industry. We ve already learned that seniors are pre-disposed to spending money on services which provide them with a direct benefit and wellness offerings are a large part of this. The senior market is already well served with products in the retail, insurance, financial services and travel sectors and even whole brands, such as Saga, are dedicated to the senior sector. There is however, a huge gap in the health and fitness market between the facilities currently available to seniors and their ability to meet the needs of the expanding senior population. Many main stream fitness groups have tinkered around the edges attempting to satisfy this growing demand but expect all seniors to fall in alongside their regular members and use the usual, intimidating equipment that their clubs have to offer. A good example of this is one of the fastest growing trends in the health and fitness sector, the emergence of the budget gym. These clubs are based on the same no-frills model that the supermarkets, hotels and low cost airlines have followed. a reduction in the level of service and pile in as many customers as they can. These budget gyms can provide excellent facilities at exceptional prices, but to achieve this certain services have to be excluded. The low price is achieved through minimal staffing (sometimes with no staff!) and in many cases located in a large warehouse type building and out of town. These fitness clubs work on a basis that savvy gym users simply turn-up, do their work out and leave. They also have to attract 3,000 to 4,000 members to make the model viable. These gym savvy members tend not to be loyal and will switch to the new gym up the road that has the latest equipment or a lower price. There is a large market of people for whom this kind of facility is ideal. However, for a large group of seniors it is not. This isn t just limited to the budget gyms either, the vast majority of health and fitness clubs fail to provide a tailored solution for seniors. The majority of gym users want bigger muscles and slimmer, toned bodies. Savvy gym users Huge gap in the health and fitness market between the facilities currently available to seniors and their ability to meet the needs of the expanding senior population..

4 Vitality in later life is a huge motivating factor for seniors. The needs and results that seniors seek are very different however. Their results tend to be measured upon feeling- good rather than increasing muscle mass. Seniors want results like. ü increased mobility ü increased flexibility ü sleeping better ü improved appetite ü better blood circulation ü improved balance The gap in the market exists not just in the ability of the health and fitness clubs to meet the needs of the senior exercisers but also in their ability to attract them. Health and fitness clubs focus their advertising on the core group of year olds. The people who go to conventional clubs want bigger muscles and slimmer, more toned bodies and this is reflected in the marketing and advertising. The truth is that traditional health and fitness clubs simply don t cater for the needs of the mature market, nor do they to attract them through their marketing and advertising messages. In a survey of adults over the age of 50 felt that advertising in general doesn t reflect their lifestyle and are turned off by the marketing messages that do not use them. Seniors want to feel at ease and exercise in a social environment where they can interact with each other rather than be in competition. Older members are more likely to remain at clubs for longer. They are enthusiastic, loyal and have time to enjoy a gentle workout. They will also spend time in the club socialising with other members. Why is senior fitness important on a larger scale? An ageing population will put greater stresses on the NHS and care sectors. If the senior population are healthier, fitter and more mobile then this is going to greatly reduce the burden on these services. All health related Government agencies are fully aware that they need to focus on dealing with the prevention rather than trying to tackle the cure. They recognise that to reduce the diabetes epidemic they need to apply a two prong attack healthy exercise & healthy eating. Their attempt to regulate the food industry has been poor and the mixed messages to consumers about what foods are good or not good for you can be confusing and contradictory. Seniors want to feel at ease and exercise in a social environment where they can interact with each other rather than be in competition

5 The chart shows not only the scale of the problem but the huge business opportunity that the problem produces. It is clear the regular gym user is only a small proportion of the population and the 17% may have attempted the conventional gym but didn t feel comfortable, so resorted to diet club or DVD. There have been mixed successes with the diet clubs etc but it is not a sustainable option. It is hard to accept that the 76% of the population do nothing out of choice. It is likely to be that they also may have tried the conventional club membership or maybe went to the local Weight Watchers club for a while but still did not feel comfortable. They have now resorted to just walking the dog or pottering in the garden. This is clearly not enough if they want to improve their health and maybe live longer. Starting a senior focussed business. There are two key elements in starting a successful senior focussed business. The first is having a product that serves the needs of seniors. Whilst this may seem obvious there are certain factors that will determine the level of success you have. For example, is your business for a wide age range and not just exclusively for seniors or is your business 100% senior focussed? Will your business be exclusively for women or do you intend to attract both genders? Each of these decisions will have an impact on your marketing strategy and also on how seniors will respond to your product. 76% of the population do nothing out of choice. It is likely to be that they may have tried a conventional club membership for a while but did not feel comfortable.

6 The second key element is the marketing and sales of your business. At the start of a new business this element can be broken down into two essential factors; firstly, the launch of the business and secondly the continuous marketing and sales activity. If we take the launch for example, this is the most crucial stage of any new business. Your launch can lay the foundations of a great business, a poor launch can mean you have to work harder for longer to achieve the same result as a successful launch would have got you. An exercise solution specifically for the senior market.. Earlier we spoke about the gap in the health and fitness sector and how regular fitness environments fail to meet the needs of the senior exerciser. This market needs a facility that provides them with a safe, effective workout that produces the kind of results they need and the kind of results that bring about a better quality of life. Seniors welcome the opportunity to socialise and participate in gentle exercise in a safe, supervised environment. Easytone & Powertone machines provided by Shapemaster UK along with a proven business model can meet the needs of the fast growing senior population. For more information on how you can start your own health & well-being centre using this unique set of equipment contact Shapemaster on: Shapemaster Global Ltd, 3 Queens Square Business Park, Huddersfield Road, Honley, Holmfirth, HD9 6QZ e:info@shapemaster.co.uk t: