INDUSTRYLEADERSFORECAST The2023 PredictionsReport Lookingaheadwithsomeof thebiggestnamesinwellness nindb mindbody REPORT COVID-19recovery.politicalinstability,soaringinflation-thebusinesslandscapeischangingatarapidpace So,whatdoesthefuturehold? Weaskedleadersoftopwellnessbrandstosharetheirpredictionsfor2023andbeyond.Whiletheirperspectivesvaried,theyshareda commonthreadofoptimism.Evenin thefaceofcomplexity,theyagree thattheopportunitiesforgrowthand impactareendless. Contents ThemetaversewillexpandPersonalizationwillbeanexpectation MusicstrategieswillbecomekeyretentionstrategiesCompanyculturewillbemoreimportantthanever Consumerswillseekawhole-humanapproach13 Wearableswillmakefitnessmoreinclusive6 PREDICTION101 Themetaverse willexpand ETAVER TAVE It'sthecontinuumoftheevolutionoftheinternet. It'sgoingtobethemeetingplaceforallrealitiesand it'sgoingtocreatequitean intoxicatingenvironment EmmaBarry,ChiefCreatiueSoul It'sgoingtogetreally good.Don'tjudgeitbefore GoodSoulHuntingyou'vetriedit. Streamingworkoutswereoncethey'regoingtopopinandnever seenasthewaveofthefuture.comeoutagain,buttelevisionwas Today,animmersivegamificationthesamewhenitwasintroduced' ofthefitnessindustryisunderway.Barryclaims."Isitgoingaway? TheadoptionofaugmentedNo,becauseit'sthecontinuumof reality(AR)andvirtualreality(VR)theevolutionoftheinternet.It's willcontinuetogrowatarapidgoingtobethemeetingplace pace.Infact,researcherspredictforallrealitiesandit'sgoing growthofmorethan$125billiontocreatequiteanintoxicating globallyby2024.Asaresult,environment." leadingfitnessbrands,likeTRIB3 willcontinuetojumponboard Buthowwillitimpactin-personexperiences?"Idon'tbelieveit's ChiefCreativeSoulofGoodSoulgoingtocannibalize,orifitdoes, HuntingEmmaBarryisexcitedit'sgoingtocannibalizeaspartof aboutthefutureofAR/VR."Rightthegreaterecosystem,"saysBarry now,[thetechnology]isclunky."lt'sgoingtogetreallygood.Don't It'salittlebitscary.Andwekeepjudgeitbeforeyou'vetriedit." hearinghoweveryone'sworried 2 PREDICTION02 Personalizationwillbeanexpectation Nellnessbrandsshouldstarttothinkofhowtheycan"Netflix-ize'or'TikTok-ize theirconsumerjourneyandexperience,leveragingdata andAlalgorithmstoproactively suggesthowclientsshould interactwiththeirservice(orproduct)basedonauser'sstatedwellnessgoalsandtheir BryanMyers,Presidentand ongoingbehavior.Thistype oftailoredandpersonalized CEO,[solidcore]experiencewillhelpclients achievetheirgoalsmore quicklyandconsistentlywhilealsodrivingretentionandrevenueforthebusiness. In2023,personalizationwillbeInthewellnessindustry,a increasinglyimportant.Accordingpersonalizedapproachisperhaps toarecentMcKinseyarticle,overevenmoreimportant.Asecond 70%ofconsumersexpecttohaveMcKinseyarticleshowsconsumers personalizedinteractionswithareincreasinglywillingtogive brandstheyinvestinandovertheirpersonaldatatoreceive three-quartersgetfrustratedmorepersonalizedwellness whentheydon't.treatmentsandservices. 4 ForwellnessbrandslikeHydrationRoomMyerssuggestsleveragingartificial apersonalapproachisnothingnew.intelligencetohelpcustomersachievetheir "Personalizationhasbeenthedrivingforcegoalsmoreeffectively."Wellnessbrands behindourbusinessstrategysincedayshouldstarttothinkofhowtheycan'Netflix- one.Ourhealthandwellnessareinherentlyize'or'TikTok-ize'theirconsumerjourneyand individual.Whatisgoingtoworkforyoumightexperience,leveragingdataandAlalgorithms notalwaysbethecaseforanyoneelse.Withtoproactivelysuggesthowclientsshould personalizationandcustomization,youreceiveinteractwiththeirservice(orproduct)based amuchmoreengagedcustomer:onewhoonauser'sstatedwellnessgoalsandtheir visitsweekly,iseagertotrynewservices,andongoingbehavior,"heshares."Thistypeof becomesachampionofyourbrandonlinetailoredandpersonalizedexperiencewillhelp andin-person,"claimsFounderandCEODr.clientsachievetheirgoalsmorequicklyand BrettFlorie."Ofcourse,thisallleadsbackconsistentlywhilealsodrivingretentionand tocustomerservice-makingsureyouhaverevenueforthebusiness." dedicatedemployeeswhoarewillingtoputinthetimetoeducateyourcustomers.Thatwill alwaysyieldareward." Withpersonalization,however,comesconcernsaboutprivacy.Althoughconsumerswantpersonalizedexperiences,theymay Intheyearsahead,[solidcore]willalsoobjecttotheirdatabeingcollected."With continuetoprioritizepersonalization.that,Ibelieveit'simportantthatusershave "Personalizationinordertohelpclientstransparentvisibilityintowhatdataisbeing achieveresultsismorethanabusinesscollectedwhen,andhowit'sbeingused.They strategy-itisabusinessimperative.Withoutshouldhavetheopportunitytooptinoroutof it,clientsareapttomoveonuntiltheytheexperiencebasedontheirpersonallevelof findsomeonewillingtohelpthemlayoutcomfort,"Myerssuggests.aroadmapmoreclearlyandpersonally" explainsPresidentandCEOBryanMyers. Ourhealthandwellnessareinherentlyindividual.Whatis goingtoworkforyoumightnotalwaysbethecaseforanyoneelse.Withpersonalizationand customization,youreceivea muchmoreengagedcustomer: onewhovisitsweekly,is Dr.BrettFlorie,Founderand eagertotrynewservices,and CEO,HydrationRoombe