Signing out of account, Standby…
For executives and entrepreneurs who are in other industries, entering the health and wellness industry might be a smart move.
The latest research from McKinsey & Company estimates that the global value of the health and wellness market is over $1.5 trillion, with an annual five to 10 percent growth rate.
For executives and entrepreneurs who are in other industries — and who are considering a career move — here are four reasons why entering the health and wellness industry might be a smart move.
Related: 5 Lessons I Learned From Launching a Startup During The Pandemic
With natural products retail sales having capped $189 billion by the end of 2020, Nutrition Business Journal predicts that by 2024, the value of the U.S. market will reach $66.24 billion — an increase of $10 billion compared to 2020.
Since the overall health and wellness industry is becoming increasingly crowded with brands — from home-grown companies to multinational corporate giants dipping their feet in — the industry’s need for highly skilled executives has perhaps never been greater.
While the talent pool in the health and wellness marketplace is strong, movers and shakers who have honed their entrepreneurial craft in the trenches of other markets can often bring fresh perspectives — and potentially a rigor and discipline that comes from these other fields.
Related: How Success Happened For Jennifer Maanavi, Co-Founder and CEO of Physique 57
The 21st-century consumer continues to evolve — both shaping and being shaped by changes, forces and attitudes that are not always easy to predict.
While consumer behavior has continuously evolved, the one thing that defines them has always remained constant: values.
For decades, natural products consumers have demanded that manufacturers and brand marketers produce products and services that align with their values, which include but are not limited to sustainability, diversity. transparency and responsibility.
Related: Profit’s Not the Only Thing. Businesses Driven By Values Succeed in the Long Run
A new business owner needs to understand that wellness can be defined from several perspectives. My advice is to focus on one of these five areas and find a way to disrupt the marketplace.
This includes medical devices, nutritional supplementation, remote healthcare services and personal health trackers. That is where data analysis and tracking have taken a significant leap forward in the industry. People are interested in easy ways to self-monitor and evaluate their progress.
This area has unquestionably been redefined during the Covid era. The ability for people to be fit at home while receiving personalized supplementation delivered right to their door has created a niche. It allows a brand to connect with the consumer in the privacy of their own home.
Again, eating healthy has always been a priority for consumers concerned about wellness, but the marketplace is slowly adopting the concept of supplementation within traditional food and beverage. Additionally, offerings such as meal delivery services, detox cleanses and diet programs are all on the upward swing.
Better sleep and increased mindfulness
The pandemic has renewed the importance of sleep and a positive mindset. Products that enhance both are in extreme demand.
This area includes consumers who regularly purchase skincare products and programs that promote holistic wellness. Additionally, this is where your athleisure apparel category lives.
Who wouldn’t want to be among those executives leading the charge in empowering and being empowered by committed, value-focused consumers? One of the advantages of social media is that it gives consumers and brands the ability to tell personal stories that lead to market disruption.
People are shopping in record numbers online, and this will only continue, but the desire for interaction — and connection — remains at the core of human existence.
The entrepreneurs who embrace the ability to create a community will be the ones who will win, now and into the future.
Health and wellness is a perfect industry to leverage social media and applications that allow for a more intimate connection to the consumer.
I’ve touched on a few of these trends, but it’s crucial for emerging and future wellness industry leaders to recognize the following:
To win in the crowded and increasingly competitive wellness industry, you must be digitally savvy and closely pay attention to analytics. Doing so will allow you to make informed, data-driven decisions about your business.
You need to build an ecosystem, a community of loyal followers and you need to have an agile operating model that will allow you to outperform larger but slower companies. Innovation and speed to market are two of the keys to success in today’s wellness market.
Wellness is here to stay as consumers across the globe plan to increase their spending on personal health, appearance, fitness and more. If the pandemic has taught us one thing, it’s that physical and mental health will remain a priority for millions of people across the globe for a long time to come.
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