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iFit International Strategy (iFit Coach App (Non Equipement) SWOT…
iFit International
Strategy
iFit Coach App
(Non Equipement)
SWOT
Strenghts
We have the opportunities to capture a big part of the market as a world leader on the fitness now for 40 years !
Threats
So many Apps exist in the market with a REAL FREE offers. We need to work long term if we want to succeed on this specific market and the Revenue can be huge. We are targeting ALL the people interested by Fitness and not only the fitness equipment user.
Opportunities
The Smartphone market is still growthing, the customers expectation is still around the Fitness & Wellness.
Weaknesses
Translation for the video and the contiunity for the App itself
iFit is not known as a brand to customers and only to Specialist retailers.
iFit Coach Membership
Equipement
SWOT
Strenghts
The Video Workouts, the link with ALL our fitness equipment, the Cross Training in and out a fitness product are a great differentiation
Theats
Domyos, Kettler, BH... in a near future the Chinese Products will offers the connectivty for FREE. We need to create value and the value in the customers languages !!!
Weaknesses
We do not have any control on the International developpment the languages is the key from the beginning and need to be integrated at the beginning of a process not at the end when we request it !
It is TODAY only available on ICON Product, why don't we sell a compatible options to some of our competitors in order to increase the potential ?
Opportunities
We can be the leader on this market because of our unique global coaching plateform. Having a attachment rate of 10 to 20% is a good target as soon as we will have all the tools ready
iFit Coach Studio & Shop
SWOT
Opportunities
Less and Less retailers are showing products in their shop. We need a a showcase for our concepts and products.
70% of Gym Member do have a fitness product at home. It will open the opportunity for them get one membership for ALL their activities
We can create a unique Shop & Gym experience for International customers. Where you can train, shop and learn about our concept and technologies. This will be the best way also to learn more about our end user !!!
Strenghts
As a World Leader, it make more sense for a customer to go to visit our Studio
We will be the only in the market who will integrate Gym with Live Class and Shop
Threats
Domyos is already creating some Live Class for mainly classic training without equipment. They can duplicate the Peloton format to International before us and kill this value !
Weaknesses
We are too much ICON US dependant on this project. Without the ICON US support we can move forward but it is a great way to solve Translation issues for Class and generate revenues
This development request at least to open in France, Spain, Germany to start. It can be a big investment !
iFit Wearables
SWOT
Opportunities
The Main opportunites is to be Open to others Wearables company in order to get a way to have more potential customers for iFit Coach and then make then switch to our environment.
Strenghts
Our Global 360° approach for the Fitness will help with or without fitness equipment.
Threats
The Wearables Market is now really moving to the iWatch more then the small wearables. It require a lot of Marketing and communication in order to make the brand known. Will it be still a good opportunities for ICON ?
Weaknesses
iFit is not known as a brand to customers and only to Specialist retailers. This was the main reason why we do not sell correctly the iFit Wearables. Translation were a top issues but we do react too slowly.
iFit Cosmetics
SWOT
Strenghts
The Global 360° for the Wellness is our key of success
Threats
We are not known in this market like in Nutrition. We will need to spend money to look after custmers BUT (it is an opportunities as it can be spend also for Nutrition ...)
Opportunities
Link to the Nutrition the Cosmetics can also add a value to our 360° apporach.
This market is growing like the nutrition and all the product link to Weight Loss are also a great options with Natural product. Customers who are ready for Nutrition are ready for Cosmetics as well
Weaknesses
We need here specific product and we need a local production. MOQ and cost are the limitation !
iFit Sleep
SWOT
Strenghts
Data and integration into our global coaching approach
Partnership with Earlysense as a leader of the technology
Threats
Some competitors are just selling the sensor alone with app already translated
The basic approach with only a sensor instead of a global environement for the sleep can be a problems. We will need to invest in R&D in order to get more than just data (Wake up method with light, Music to get asleep and wake up can be some options with the phone that is always near your bed !!!) Phone support and recharge need to be developp as well ...
Opportunities
The quality of our data with the sensor is the key on this market. Plus with our mattress we are making a real new difference with the Sport/Fitness in mind
360° Concept to be in a good shape. Training, Nutrition, Activities and Sleep !
The Direct Business of Mattresses is taking a lot of market share in Europe. We have a real differentiation by being the only connected mattresses !
Weaknesses
We are not 100% managing the sensor.
Translations
iFit Nutrition
SWOT
Strenghts
iFit Nutrition is linked to the global Coaching Solution and we need to be able to drive/ Coach our customers to our products
Weaknesses
The limitation of products coming from USA do not make us competitive and also are not adjusted for the European Market. To be competitive and get the right product for each market we need a local production (Efficiency, adjustability and cost effective)
Threats
The Membership is too new to place all our business model on it. The Classic Nutrition is a real growning market that we do not take into consideration
We are not known in this market and we will need to spend money to look after customers that do not know ICON product or iFit !
Opportunites
iFit Nurrish is existing and looks a great potential
All Others "Classic" Nutrition Products is a growing market and can be a good options for retailers (Web or Classic)