fitbit … · increase in employee engagement with corporate wellness programs. •fitness trackers...
TRANSCRIPT
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T H E I N D U S T R Y A N D I T S C O M P E T I T O R S
FITBIT
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OVERVIEW
• The competitors of Fitbit
• The uses of Fitbit
• Case studies and the industry
• Conclusion
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FITBIT’S COMPETITORS
• Nike
• Fuel Band
• Jawbone
• Garmin
• Apple
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MARKET SALES
• About 3.3 million fitness bands and activity trackers were sold between April 2013 and March 2014 in the U.S. through bricks-and-mortar retailers or large-scale e-commerce sites, according to the NPD Group.
• Unit sales grew over 500% year-over-year for the period. We estimate growth has been at around 500% annually for the past three years.
• Fitbit dominates the market. NPD estimates that Fitbit's line of devices, including the Force, Fit, One, and Zip models, accounted for 67% of sales for the period.
• Jawbone and Nike are a distant second and third, respectively. Jawbone held about 18% of the market and Nike's share is down at around 11%. Altogether, these three companies make up 96% of the whole fitness tracker market; the gadgets typically cost $60 to $200 (Health Matters at Work, 2013).
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ANNUAL REVENUE
Source: NPD Group, BI Intelligence Estimates; Annual Data From April Through March
3,500
3,000
2,500
2,000
1,500
1,000
500
-
Tho
usa
nd
s o
f Fitn
ess
Tra
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old
2010-2011 2011-2012 2012-2013 2013-2014
By Device Maker, US Only
Other
Nike
Fitbit
Jawbone
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OTHER MARKET COMPETITION NOTES
• There are 20+ fitness trackers on the market (Health
Matters at Work, 2013).
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BEST AND WORST
• Fitbit is one of the best fitness trackers on the market
• Polar Electro Wearlink is one of the worst
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FITBIT’S INDUSTRY
• As of September 2013 one in ten U.S. consumers over the
age of 18 owns a modern activity tracker from the likes
of Jawbone, Fitbit, Nike, Misfit Wearables, and others
– Endeavour Partners
• By 2018, more than 13 million wearable activity-tracking
devices will be integrated into employee wellness
programs
– ABI Research
• 35% of organizations say employee wellness programs
are a “very effective strategy for controlling costs”
– 2013 Kaiser Family Foundation/ Health Research & Educational Trust Survey
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THE REASON FOR THE RISE
Keeping employees engaged and
measuring effectiveness
• Motivating employees to share goals with their
peers, and through social media, along with
personally relevant incentives has shown an
increase in employee engagement with corporate
wellness programs.
• Fitness trackers facilitate the reinforcement of
positive behavior, incentivize measurable goals,
and simplify integration of participation metrics into
a corporate wellness program.
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CASE STUDIES AND THE INDUSTRY
Companies offering wearables in wellness programs:
AT&T ,Humana Inc., BP, VISTA Staffing Solutions, Bates
College, Killer Infographics, Practice Fusion
• VISTA Staffing Solutions
• employees shed approx. 800 pounds in weight
loss program with FitBit
• saved company approx. $39 million annually due
to decreased medical expenses and increased
productivity
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MORE CASE STUDIES
• BP offered employees FitBit trackers for million-step
challenge - Fortune
• healthier workforce
• increased daily productivity
• lowered healthcare premiums
• Bates College
• 35% of employees participating in competition
incorporating FitBit
• Getting groups of people moving, increasing
productivity and engagement
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WELLNESS PROGRAMS AT WORK
• Killer Infographics
• office morale and overall productivity have gone
up, and there are a lot less sick days being called
in
• Practice Fusion
• Employees who enjoy their job and co-workers on
such a deep level are less likely to seek
employment elsewhere, which keeps our
recruiting costs down
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BENEFITS OF WELLNESS PROGRAMS
• happier workforce
• fewer sick days
• increased productivity
• increased engagement
• lowered recruiting costs
• decreased health insurance premiums
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HOW YOU CAN DO IT
Sustained engagement with a wearable device or complementary service depends on its ability to effectively motivate users
• Find creative ways to recognize employees who are really committed
• Integrate competition and/or gamification
• Setting a company-wide fitness goal for a month and making sure anyone who hits the goal is recognized appropriately
• When users are able to share their goals or compete for goals with an audience or group, they are more committed to achieving these goals
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HOW TO MAKE IT HAPPEN
Sustained engagement with a wearable device or
complementary service depends on its ability to effectively motivate users
• When users are motivated with an incentive you will
have increased participation.
• 90% of employees at Caterpillar Inc. participated in
a health risk assement as part of their wellness
program when offered an incentive.
• 71% of individuals will support a service if there is a
charitable cause supporting it.*
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CONCLUSION
• A study by the Harvard Business Review indicates
that engaged wellness programs have been
successful in reducing lost work days by 80 percent
and workers’ compensation premiums by half over
a period of six years.
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CONCLUSION CONT’D…
The Center for Disease Control maintains that
moderate-intensity aerobic activity is proven to
• Control weight
• Reduce risk of cardiovascular disease
• Reduce your risk for type 2 diabetes and metabolic
syndrome
• Reduce your risk of some cancers
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CONCLUSION CONT’D…
The Center for Disease Control maintains that
moderate-intensity aerobic activity is proven to
• Strengthen your bones and muscles
• Improve your mental health and mood
• Improve your ability to do daily activities and
prevent falls, if you're as an older adult
• And Increase your chances of living longer
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RESOURCES
Health Matters at Work
• Implement new wellness program
• Improve existing wellness program
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REFERENCES
• Health Matters at Work. (2013). Health Matters at
Work. Retrieved from:
healthmattersatwork.org/stagingChc/files/ccLibrary
Files/.../Wearable_Wellness_v6.ppt