Here are four reasons why entering the health and wellness industry can be a wise decision for executives and entrepreneurs in other industries who are considering a career change.
- 1 1. The market’s size and growth
- 2 2. Demand from the public
- 3 3. The capacity to effectively engage a passionate community
- 4 4. The best moment to take advantage of new trends is right now.
1. The market’s size and growth
With natural goods retail sales reaching $189 billion by the end of 2020, Nutrition Business Journal predicts that by 2024, the market would be worth $66.24 billion, an increase of $10 billion from 2020.
Because the whole health and wellness market is growing increasingly congested with brands — from small, family-owned businesses to international corporate behemoths putting their toes in — the demand for highly competent CEOs has never been greater.
While the talent pool in the health and wellness industry is deep, movers and shakers who have polished their entrepreneurial skills in other industries may frequently bring fresh views — as well as the rigor and discipline that comes with them.
2. Demand from the public
Changes, forces, and attitudes continue to influence and be molded by the 21st-century consumer, which is both molding and being shaped by changes, forces, and attitudes that are not always easy to foresee.
While customer behavior has changed over time, the one thing that has stayed constant is their values.
Consumers of natural products have been demanding for decades that manufacturers and brand marketers create products and services that reflect their values, which include but are not limited to sustainability and variety. accountability and transparency
A new business owner should be aware that wellness can be defined in a variety of ways. My recommendation is to concentrate on one of these five areas and devise a strategy for disrupting the market.
Medical equipment, nutritional supplements, remote healthcare services, and personal health trackers are all examples of this. That’s where the industry’s data analysis and tracking have advanced significantly. People are looking for simple ways to track and evaluate their own development.
During the Covid era, this field was unquestionably redefined. People who want to stay in shape at home while getting individualized supplementing delivered to their door have found a market. It enables a brand to communicate with a customer in the comfort of their own home.
Again, consumers concerned about their health have always prioritized eating healthily, but the concept of supplements within traditional food and beverage is slowly gaining traction in the marketplace. Additionally, meal delivery services, detox cleanses, and diet regimens are also growing in popularity.
Increased awareness and better sleep
The pandemic has highlighted the importance of getting enough sleep and maintaining a positive attitude. Both are in high demand, hence products that improve both are in high demand.
A more appealing appearance
Consumers who routinely purchase skincare products and initiatives that promote holistic wellness fall into this category. In addition, this is where you’ll find your athleisure clothing.
3. The capacity to effectively engage a passionate community
Who wouldn’t want to be one of the executives in charge of empowering and being empowered by loyal, value-oriented customers? One of the benefits of social media is that it allows customers and brands to share personal tales that disrupt the industry.
People are shopping online in record numbers, and this trend is only expected to grow, but the urge for interaction — and connection — remains at the heart of human existence.
Entrepreneurs who value the potential to build a community will win now and in the future.
Health and wellness is an ideal area for utilizing social media and apps that allow for a more personal relationship with customers.
4. The best moment to take advantage of new trends is right now.
I’ve mentioned a few of these themes, but emerging and future wellness business executives must be aware of the following:
- Supplements, food services, sleep enhancers, and, most lately, cosmetics and skincare have all embraced natural and clean label items. Consider whether you have more potential to introduce natural or wellness-oriented items or acquire natural/clean product lines by reevaluating your development roadmap.
- Personalization – More than at any other period in history, this preference is gaining traction. Consumers are more willing to sacrifice some privacy in exchange for greater customisation and customization. Find ethical ways to tap into this while ensuring that safeguards are in place to benefit the company and that client data is kept safe. More than at any other period in history, this desire is gaining traction. Consumers are more willing to sacrifice some privacy in exchange for greater customisation and customization. Find ethical ways to tap into this, ensuring that the proper safeguards are in place to benefit the company while protecting client data.
- Digital isn’t going anywhere — Make sure your omnichannel and digital services are seamless so you can meet your clients where they are, not where you believe they should be. Consider designing a supply chain, package sizes, marketing, and other ecommerce-specific features in addition to channel partner partnerships. Use a holistic web strategy to design app-enabled features that keep customers engaged throughout the ecosystem, such as gyms.
- Influencers – Use influencers to win over customers or persuade them to make a purchase. I propose working with an agency to find people that are a natural fit for your brand and who will authentically resonate with your target demographic.
You must be digitally savvy and pay close attention to data to succeed in the crowded and increasingly competitive wellness business. As a result, you’ll be able to make data-driven decisions about your company.
You must create an ecosystem, a community of committed followers, and an agile operating model that allows you to outperform larger, slower competitors. In today’s wellness business, innovation and speed to market are two of the most important factors to consider.
Wellness is here to stay, as people throughout the world aim to spend more on their own health, looks, exercise, and other aspects of their lives. If the epidemic has taught us anything, it is that physical and mental health will continue to be a top issue for millions of people all over the world for a long time.