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
OVERVIEW
• The competitors of Fitbit
• The uses of Fitbit
• Case studies and the industry
• Conclusion
FITBIT’S COMPETITORS
• Nike
• Fuel Band
• Jawbone
• Garmin
• Apple
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).
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
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f Fitn
ess
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2010-2011 2011-2012 2012-2013 2013-2014
By Device Maker, US Only
Other
Nike
Fitbit
Jawbone
OTHER MARKET COMPETITION NOTES
• There are 20+ fitness trackers on the market (Health
Matters at Work, 2013).
BEST AND WORST
• Fitbit is one of the best fitness trackers on the market
• Polar Electro Wearlink is one of the worst
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
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.
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
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
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
BENEFITS OF WELLNESS PROGRAMS
• happier workforce
• fewer sick days
• increased productivity
• increased engagement
• lowered recruiting costs
• decreased health insurance premiums
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
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.*
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.
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
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
RESOURCES
Health Matters at Work
• Implement new wellness program
• Improve existing wellness program
REFERENCES
• Health Matters at Work. (2013). Health Matters at
Work. Retrieved from:
healthmattersatwork.org/stagingChc/files/ccLibrary
Files/.../Wearable_Wellness_v6.ppt
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