Has your company wanted in on the health and wellness craze ever since McKinsey called wellness the next trillion-dollar industry? Novel market solutions often come from applying useful tools and strategies from other industries to the cost, access, and quality challenges in the healthcare market. Consider the following:
Think Outside the Box (or GameCube)
Would you ever have thought the company that provided you hours of game boy tile matching in your youth would someday become a player in health and wellness? In 2006, Nintendo released Wii Sports, a game that comes with a console where users perform motions for a variety of virtual sports. Nintendo took advantage of the fitness craze and its gaming system leadership and offered a tool that facilitates calorie burning.
A New Cup of Tea
When Starbucks wanted a differentiated health and wellness offering, they acquired the retail tea company, Teavana, and the juice company, Evolution Fresh. Starbucks realized the market need for healthy drinks, and they leveraged their world-class retail dominance. What is your competency? Is there a way your company can take advantage of this know-how in the wellness market?
Enhance & Reposition
You may have an underlying wellness solution that just needs product development and repackaging before entering the wellness market. For example, a health technology company I advised had an ideal offering for motivating and facilitating health behavior change. However, its initial to market strategy targeted providers in a clinical capacity. Enhancing the product and capitalizing on the company’s real-time and comprehensive solution enabled successful entrance into the population health market.
Think about how your company can take advantage of the growing health and wellness industry. You may just be sitting on the next Wii Sports.