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planet_fitness

Every Company Wants to Become a Tech Company–Even if It Kills Them
March 8, 2019 | WSJ | By John D. Stoll.

Wall Street loves a good reinvention story. The tough part is finding a happy ending.

All the plots seem to go something like this: Every company wants to convince us it’s becoming a tech company–even if it kills them..... an increasing number of companies are at least dabbling in new tech ventures to improve operations......The boom in vendors offering affordable ways to crunch data or utilize cloud computing, for instance, unlocks new strategies for companies across a wide variety of industries........Planet Fitness Inc. is one of the interested companies. The gym boasts 12 million members but CEO Chris Rondeau admits the company knows relatively little about them.

“Besides checking in the front door, we don’t know what members do,”.....The company is spending millions to retool certain treadmills and cardio equipment to better collect data as people exercise, commissioning a new smartphone app, and wants to tie into its customers’ wearable technology....many other CEOs aren’t convinced they have the luxury (of time to take things slowly). Even if it is hard to figure out what to do with all the data gathered and tools employed in the course of regular business, paralysis is not an option. Like a shark, they feel they need to keep swimming or die....... Nokia Corp., the Finnish company, started as a pulp mill in the 19th century and then branched off into various industries, including a successful venture into rubber boot making, ditched its failed mobile handset unit in 2013 to focus on a networks business that was thriving under the radar. Today, it’s locked in a high-stakes race to deploy 5G technology......In 2000, Major League Baseball owners committed $120 million to fund MLB Advanced Media. It aimed to infuse technology into the game and resulted in initiatives like online ticket sales and expanded radio coverage. The gem of that initiative, however, was a streaming television network launched in 2002...... it has attracted outside clients, such as ESPN, the WWE Network, Playstation Vue and HBO. The Walt Disney Co. acquired control recently for nearly $3 billion.... Dunnhumby Ltd., the data and analytics consultancy owned by European grocery chain Tesco PLC. Tesco bought Dunnhumby after it created the chain’s loyalty-card program. Dunnhumby ballooned into a storehouse of information and amassed clients and partners...Searching for the next BAMTech or Dunnhumby is now a religion at many companies......Walmart Inc., which has already heavily invested in e-commerce, wants to take its technology, marry it with everything the world’s largest retailer knows about us and use it to get into the advertising business......“Everyone’s thinking ‘we’ve got a ton of this stuff (data), how do we use it,’” Executives are trying to answer that question by hiring outside firms to analyze trends or setting up in-house units for experimentation.

Walmart is dumping digital-marketing agency Triad, a unit of WPP PLC, and will try its hand at selling advertising space. Armed with a trove of shopper data and connected to a chain of suppliers wanting to place ads in stores and on websites, Walmart hopes to challenge Amazon.com Inc. on this new front......At Ford Motor Co. , CEOJim Hackett envisions a day when automobiles roam streets collecting data from the occupants and the cars’ behavior like rolling smartphones. This is part of that “mobility as a service” vision car makers peddle.......“Corporations tend to reward action over thinking,”“But the truth is…you’ll find the companies that didn’t do the deep thinking and acted quickly have to redo things.
BAMTech  digital_savvy  Dunnhumby  experimentation  Ford  in-house  Jim_Hackett  massive_data_sets  MLB  Planet_Fitness  reinvention  Wal-Mart  mobility_as_a_service  technology  under_the_radar 
march 2019 by jerryking
Brilliant: Gym makes you pay more when you DON’T go
It’s the time of the year when everyone signs up for a yearly subscription to their favorite gym that more often than not, are only used a couple of weeks but due to laziness, busy schedules, or whatever reason are completely neglected throughout the year. Two Harvard graduates, however, are determined to change that.

Gym-pact is the brain child of Yifan Zhang and Geoff Oberhofer, who thought of an effective way to motivate people to visit the gym regularly. According to Zhang, one of the problems is that most members see gym membership fees as money spent, or “a sunk cost, especially if you pay at the beginning of the year.’’

Gym-pact offers what Zhang calls “motivational fees” where customers agree to pay more if they miss their scheduled workouts. They came up with the concept from their behavioral economics class in Harvard where they were taught that people are more motivated by immediate consequences than future possibilities.

True enough, after thinking about it, it’s more difficult for for anyone to have to dish out cash while missing a gym session rather that say, gaining a couple of pounds, a bigger waistline, or other health consequences that may or may not even happen in the future. This might not be a crazy idea after all.

Basically, Gym-pact operates by negotiating a group rate with Planet Fitness, then paying off the membership fees for participants. They will agree on a weekly schedule and if the members miss a session or opt out of the program for unexcused reasons, they will have to pay. That money will be used to pay for more gym memberships and to build a financial aid fund. The company will eventually make money from referral fees and revenue-sharing affiliate programs with gyms.

The founders plan to tweak the fee structure to allow it to be customized to a customer’s goals. Future iterations may include a combination of discounted gym memberships and smaller penalties that apply daily rather than weekly.

This just might be the gym program that will be get me back into shape. Gyms could really learn a thing or two from this and I hope to see more of it around the globe.Boston.com
News  Affiliate_marketing  Gym  Planet_Fitness  from google
january 2011 by davidetarascibu
Brilliant: Gym makes you pay more when you DON’T go
It’s the time of the year when everyone signs up for a yearly subscription to their favorite gym that more often than not, are only used a couple of weeks but due to laziness, busy schedules, or whatever reason are completely neglected throughout the year. Two Harvard graduates, however, are determined to change that.

Gym-pact is the brain child of Yifan Zhang and Geoff Oberhofer, who thought of an effective way to motivate people to visit the gym regularly. According to Zhang, one of the problems is that most members see gym membership fees as money spent, or “a sunk cost, especially if you pay at the beginning of the year.’’

Gym-pact offers what Zhang calls “motivational fees” where customers agree to pay more if they miss their scheduled workouts. They came up with the concept from their behavioral economics class in Harvard where they were taught that people are more motivated by immediate consequences than future possibilities.

True enough, after thinking about it, it’s more difficult for for anyone to have to dish out cash while missing a gym session rather that say, gaining a couple of pounds, a bigger waistline, or other health consequences that may or may not even happen in the future. This might not be a crazy idea after all.

Basically, Gym-pact operates by negotiating a group rate with Planet Fitness, then paying off the membership fees for participants. They will agree on a weekly schedule and if the members miss a session or opt out of the program for unexcused reasons, they will have to pay. That money will be used to pay for more gym memberships and to build a financial aid fund. The company will eventually make money from referral fees and revenue-sharing affiliate programs with gyms.

The founders plan to tweak the fee structure to allow it to be customized to a customer’s goals. Future iterations may include a combination of discounted gym memberships and smaller penalties that apply daily rather than weekly.

This just might be the gym program that will be get me back into shape. Gyms could really learn a thing or two from this and I hope to see more of it around the globe.Boston.com
News  Affiliate_marketing  Gym  Planet_Fitness  from google
january 2011 by TalkingPointz

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