Capturing weight loss market is not a mean feat at all. To start with, we are talking about an industry that generates revenues exceeding a whopping $61 billion in United States alone. According to a rough estimate there are more than 110 million people on a diet plan with a majority looking to lose weight. Another survey suggests that Americans spend more than 50 billion on weight loss products per annul, with hundreds of companies battling for the market share. To come up as a clear winner in a market like this, and that too with an impressive margin that makes its competitors look like dwarfs in comparison, certainly needs extra ordinary marketing skills and business acumen. And that is why I think, being marketers, we can all learn a thing or two by taking a leaf out of weight watcherâs marketing book.
Remember that weight watchers stands head and shoulders above its closest competitorse.g. Nutrisystem or eDiet (have a look at the difference). And looking at the growth rate in the recent past, it doesnât seem to have any plans of slowing down in near future. So how does this company has managed to capture one of the most competitive markets out there? Especially when we look at their target customers (folks looking to shed those extra pounds), there is quite some confidence building required. Itâs a fact that a big majority of weight loss customers are quite skeptical of those diet plans or training equipments that promise big and deliver nothing. And still weight watchers manage to get more than one million members on board in a relatively short period of time ⦠it must be doing something right?
Letâs take a look at some of the most salient features of their marketing strategy.
Coming up with a Commercial Solution:
The word âcommercialâ is the key here; because a successful business is that comes up with a âmoney-spinningâ solution to some common problem (even though the emphasis on âmoney makingâ might sound a little evil). But doing so is easier said than done ⦠at times a problem and its apparent solution might appear too simple that you will be hard-pressed to try and find a way to make money out of it. And obesity is one such problem, because all one needs to do is to follow a strict diet and exercise plan? But that is where market research comes into play ⦠because a simple study will reveal that a big majority of potential customers in the market, being overweight or obese is just one of the many problems in their lives, and most of them are too caught up in their routine lives to be able to calculate the calories in everything they eat, or the number of calories burned every time they move a muscle. They need a more practical solution instead of just a simple advice which is not feasible. You shouldnât just stop at showing them the way; you need to escort them all the way to their goals. Not only, you need to give them a plan, but you also need to make sure that the execution doesnât take lots of planning or thinking on their part.
Do the Convincing:
This can be the most difficult part, you can create a solution that you deem to be the ultimate answer to their problems, but you will need to transmit this conviction to your customers.If youâve been a keen observer of the markets, you must have seen some quality products failing to make the mark, while some lesser ones manage to sweep the market. The difference lies in marketing and branding. You canât really expect the customers to buy and try all sorts of different products. You have got to do the convincing, which is precisely what weight watchers have been doing quite profoundly.
Innovation and Evolution:
Doesnât matter if you are on the top or bottom of the ladder, you cannot afford to get stagnant and stop innovating, because if you do that, it wouldnât be long before you see a new business overtaking yours and capturing the market in a jiffy. Weight Watchers has recently launched its line of products specifically for men, which bring us to our second point which is evolution. Weight loss companies, for some reasons, have always been targeting the women, maybe because ladies tend to be a bit more conscious about their looks and appearances, but the times are changing, and you have got all sorts of salons, cosmetics, and fashion products targeting the men. Not to forget the health risks associated with the obesity, so thereâs no reason why men wouldnât be as eager to lose those extra pounds as any other woman out there. Being a marketer, you cannot afford to close your eyes from shifts in the trends.
360 Degree Marketing:
One of the strongest feature of weight watchers marketing strategy is that they are making the most of almost all available marketing mediums, be it the offline ones like magazines, newspapers, or television, or the online platforms like social media or search engines. The company is almost 50 years old, and throughout this period they have managed to stay one step ahead of their competitors. Instead of just sitting back and waiting, they have managed to take the right initiative at the right time, be it the launch of their new website, or the decision to have an active presence on social media, creating a mobile friendly version of their website or an entire range of smart phone apps for their users.
And this multifaceted approach is not just limited to their marketing strategy, when we look at their revenue generating sources, we will find that they are as diverse as their marketing mix, for example a large proportion of their revenue comes from the subscription or membership fee, then comes the sale of products, followed by revenues generated online, and in the end we have the revenues generated by licensing and royalties, all in all a winning combination and the numbers speak for themselves.
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Rahil is an online entrepreneur and fitness enthusiast. Check his site to find reviews of weight watchers. Bistro MD and Weight Watchers coupon codes can help people looking to lose weight and stay fit.
