Presentation on theme: "Presenters Joseph Grace is founder, CEO, and President of Walk 2 Give. A Boston College graduate, Mr. Grace worked for W.R. Grace's Washington office."— Presentation transcript:
Presenters Joseph Grace is founder, CEO, and President of Walk 2 Give. A Boston College graduate, Mr. Grace worked for W.R. Grace's Washington office as Federal and State Affairs Representative, founding a health care research firm and Good Works Health prior to Walk 2 Give. Ethan Galant is Platform Development & Design Director for Walk 2 Give. In 2001 he co-founded and was president of SSI Digital, an early innovator in, and proponent of on- line education and multimedia presentations. Throughout his career, and at Good Works Health, he has worked with a wide variety of pharmaceutical companies and non- profits.
Agenda Fitness tracker market Fitness tracker in corporate wellness Case Studies in utilization of fitness trackers in corporate wellness programs Conlusion
Intro to Fitness Trackers Manufacturers FitBit Nike+ FuelBand Jawbone New players to the market: Garmin and Apple.
Intro to Fitness Trackers 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.
Fitness Trackers Hardware Annual Unit Sales 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 - Thousands of Fitness Trackers Sold 2010-20112011-20122012-20132013-2014 By Device Maker, US Only Other Nike Fitbit Jawbone
Intro to Fitness Trackers: Reviews You could spend hours comparing every single feature in the 20+ fitness trackers on the market but for most people, just keep the following three things in mind: Get Something that Looks and Feels Good Get Something that Syncs Automatically Get Something that Works with Your Device(s)
Intro to Fitness Trackers: Reviews Best Fitbit (One, Force and Zip ) Jawbone Up24, Nike Fuel Band (discontinuing) Misfit Shine, Basis B1, Garmin Vivofit and Samsung Gear Fit all are consistently ranked as best activity trackers. Worst With few features and limited tracking capabilities, these products can’t compete with their more functional counterparts Polar Electro Wearlink, Under Armour Armour39, Sigma Sport R1, Scosche Rhythm, Adidas Pacer Bundle
Rise of Fitness Trackers in Corporate Wellness 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
Why the rise to fitness trackers in corporate wellness programs? 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 of Companies Using Fitness Trackers in Wellness Programs 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
Case Studies of Companies Using Fitness Trackers in Wellness Programs 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
Case Studies of Companies Using Fitness Trackers in Wellness Programs 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 happier workforce fewer sick days increased productivity increased engagement lowered recruiting costs decreased health insurance premiums
How to make it work Sustained engagement with a wearable device or complementary service depends on its ability to e ﬀ ectively 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 work Sustained engagement with a wearable device or complementary service depends on its ability to e ﬀ ectively 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.* * 2013 Second Annual Public Opinion Survey on Cause Marketing
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 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.) 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