The Redefined Wellness Economy : A Self-Supporting Hybrid Model
By Juman Sleiman, Brand Strategist and Consultant
It’s safe to say that the year 2020 has not exactly been one which felt familiar or has been “just another year”. For some brands, it has brought about new business opportunities and opened doors for success but for many others, it has triggered confusion and complexity. At this stage, there is no need to explain the events that have caused this dilemma for brands as it has been the talk of every town since the beginning of the year – COVID-19.
Let’s take a step back in time here to pre-pandemic: the wellness market was worth $4.3 trillion. It was the perfect time for emerging brands that focused on holistic wellbeing. As this long trauma hit us, people became more conscious when it came to their spending and limited in the things they were willing to pay for. When you speak to people today, its all kinds of wellness that matters most – the mental, physical, emotional, in addition to connections. So, instead of the wellness industry being exclusive as it was, it now needs to be inclusive.
The market always included both digital and offline wellness experiences although the virtual was definitely not as common as it is today. People were always under the impression that consumers would never give up the authentic community experience. To our surprise, however, the month of April which witnessed lockdowns across many countries, reported that online sessions were being attended by 85% of consumers. So, where would that place wellness studios that have operated on an offline experience model for many years? Definitely somewhere that integrates a virtual business strategy.
It is true that wellness offline experiences have been so successful due to the community component – naturally, as human beings, we are in search for connections and a sense of belonging. However, what COVID-19 has taught us, is that community & digital can be self-supporting and not necessarily a paradox. After all, online wellness sessions do happen in real-time and real-interaction, so the community aspect is still very much present, except its there virtually.
We know that consumers have always been seeking physical experiences, especially since we were living in the so-called “age of experiences”. But, i’d like to argue that the digital experiences that the pandemic has kind of forced us to be a part of, has had its advantages when it comes to many wellness brands.
1- It is affordable.
2- It is convenient since consumers attend sessions from the comfort of their home.
3 – It has given brands the opportunity to reach out to a wider demographic – possibly a new target market.
4- It is extremely accessible as it eliminates the feeling of intimidation that people may feel attending a public event or session – this adds a layer of personal comfort as well.
So, does this mean wellness brands need to go completely digital? Of course, not. But, the most successful brands have and will always be those that are agile.
The agility factor is more important today than ever because it tackles the problem of how brands will respond to unprecedented circumstances such as COVID-19. Believe me, this is not the first & will not be the last unexpected situation that brands will be facing. Actually, brands should be utilizing these unforeseen events as opportunities for growth, because “In times of crisis, innovation happens”.
What 2020 has inspired is the need for flexibility and this is something that consumers expect from any brand they have been loyal to pre-pandemic. Let’s take fitness as an example: People today, want to be able to go to a gym once a week but may choose to attend live stream classes the other two times of the week & fitness brands need to be able to offer this service. Hence, what I am getting to here is the importance of a hybrid model for brands – one which integrates both the digital and the offline (a strong virtual experience, alongside an immersive physical one).
One of the most recent brands that I have created, is one which is based in Dubai and follows this hybrid model that this piece has been focusing on. Although it has not been launched yet, 1Buzz will be an innovative brand, catering towards peoples’ need for flexibility with a focus on offering a unique experience whether you are someone which prefers the online or the offline – we offer both.