Identifying Opportunities in the Health and Fitness Market
The Health & Fitness market is growing at a tremendous rate. The diverse industry presents numerous opportunities in many different niches. The industry is anticipated to expand by 4.3% through 2021, with a total market value of over $89 billion. A market of this size offers incalculable opportunities for marketers that understand how to identify the needs of consumers and create products and marketing campaigns that inspire and motivate prospects to action. We’re going to discuss several of the key strategies you can employ to create successful public relations marketing campaigns for health and fitness firms.
Consider the Desires and Fears of Health-Conscious Consumers
More than anything else in marketing, it’s important to know what your target market is thinking. Marketing almost requires telepathy (informed insight based on diligent market research). To develop a sixth sense as to what consumers want, participate in the community that surrounds the category of health and fitness products that you’re considering offering. If you’re involved with health supplements, listen to what consumers are asking for, and what they’re concerned about. Each market segment will have unique demand factors that will determine what products will be adopted, and those that will be written off as a loss.
Are consumers afraid of getting sick? Are they concerned about their image? Are they worried about their health? Careful observations to gather information regarding these questions will allow you to better understand your ideal prospects and create products and services that answer all your client’s needs. It’s best to perform this market research before you’ve developed you offering; however, this information can still be gathered at any point to refine your offers, build a strong PR strategy, and improve your brand position. Your clients will appreciate what you’ve done and will give you their long-term loyalty, and willingly pay the prices that you ask.
Another benefit of market research and refinement to existing offerings is that it will allow you to generate additional opportunities by fulfilling more of the clients needs. There are many examples of this across industries where firms will gradually expand their offers, often beyond their original niche, to develop a customer-centric range of products and services built on the loyalty of prospects, rather than specialization in only a specific category. This is a modern approach that places more emphasis on what clients need, rather that what your firms offers. One example of this in the wellness sector are retailers that offer not only food, but also beauty supplies, clothing, cooking classes, and motivational and nutritional seminars, all focused on one type of client.
Create and Follow Through on Your Service Promise
The surest way to build a base of loyal clients, create a brand position of quality and integrity, and foster opportunity, is to create a service promise (also called a unique value proposition) that states exactly what you offer and why consumers should choose your product over competitors. So many in the health and fitness market make false claims and take advantage of buyers, causing suspicion and distrust that can make marketing efforts more challenging for everyone in the business.
When you act with integrity and gain the trust of prospects, they will openly confide with you and your firm what they need, and what competitors haven’t been offering them. Without this level of trust, you won’t become aware of many opportunities that may be missed by objective market research. Become involved with your industry by attending trade shows, local health and fitness community events, and by offering free informational seminars on wellness related topics.
Study Health and Fitness Consumer Buying Behaviors
The consumer buying cycle consists of three stages including awareness, consideration, and purchase. Various buying cycle models include other steps, but these three are the most fundamental and require research to understand how the behaviors of your ideal prospects influence what, how, when, and how much they purchase. A product may fit the needs of your target market, but due to its method of delivery, price, or terms, may not be considered by ideal prospects. Some buyers may only be willing to commit to small quantities of products or may not be willing to sign long-term agreements for fitness services.
Studying your target market will allow you to identify opportunities that may be based on the sub-conscious buying habits of consumers, rather than on their apparent needs and desires. You may discover alternative approaches to product delivery, or attractive payment terms that may encourage prospects to select your offer over a competitor simply due to the way it appeals to their purchasing preferences. Offer free overnight delivery, free trials of service, payment terms, and other creative options that can create appealing ancillary benefits that your prospects won’t be able to resist.
Putting a Strategy Together
Understanding your target market, researching their behaviors, and taking the time to interact with prospects will allow you to efficiently identify opportunities and more fully meet their needs and build loyalty. PR strategy professionals can aid in the process and provide guidance to make research efforts more effective and organized. Take the time to plan your strategy and develop an approach that will consider the unique characteristics of your ideal prospects and support new opportunities.