In this episode, Eric welcomes Spencer Honeyman, Chief Commercial Officer at Vi, for a deep dive into the game-changing impact of AI and data in the fitness industry. They uncover how predictive analytics and machine learning are transforming member engagement, curbing attrition, and fine-tuning marketing strategies. Spencer offers practical insights on personalizing fitness experiences with data-driven approaches and explores the potential of AI tools like ChatGPT to reshape the industry. They also tackle crucial topics like data privacy and the growing shift toward consent-driven data practices, providing actionable advice for fitness businesses to harness AI effectively and deliver better results for their members.
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[00:00:02] Hey everybody, welcome to the Future of Fitness, a top rated fitness industry podcast for over 40 years and running.
[00:00:09] I'm your host, Eric Malzone, and I have the absolute pleasure of talking to entrepreneurs, executives, thought leaders, and cutting edge technology experts within the extremely fast paced industries of fitness, wellness, and health sciences.
[00:00:23] Please stop by futureoffitness.co to subscribe and get our interviews with summaries delivered straight to your inbox.
[00:00:29] You'll also find our free industry report on artificial intelligence.
[00:00:34] Five industry experts, five different opinions, and tons of valuable insights for free at futureoffitness.co.
[00:00:42] Thanks for listening and on to the show.
[00:00:49] Hey friends, Eric Malzone here.
[00:00:51] I've had the honor of interviewing over 750 professionals across the fitness, health, and wellness industries.
[00:00:57] There's one thing I know for sure.
[00:00:58] Without a doubt, there is a tremendous opportunity to leverage a highly valuable and relatively untapped network of independent podcasters and content creators.
[00:01:07] Traditional advertising isn't what it used to be.
[00:01:10] Costs are high.
[00:01:12] Consumer trust is low.
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[00:01:21] That's exactly why I've launched a podcast collective.
[00:01:24] The ultimate solution designed to empower executives, founders, and thought leaders in the fitness, health, and wellness sectors.
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[00:02:22] All right, we are live.
[00:02:24] Spencer, welcome to the Future of Fitness, my friend.
[00:02:26] Thank you.
[00:02:27] I appreciate you having me.
[00:02:28] Listener and excited to be here as well.
[00:02:30] Yeah, man.
[00:02:30] It's a pleasure.
[00:02:31] I've gotten to know you and the V Team for a couple of years now.
[00:02:35] And we are, just to set context, we are in Vegas, right?
[00:02:40] I haven't been here in 14 years, man.
[00:02:42] It's been a long time.
[00:02:43] It's changed a lot, but it also hasn't really changed at all.
[00:02:45] Yeah.
[00:02:46] No windows, lots of distractions, but here for a good conversation.
[00:02:52] Every time I try to leave the hotel, I can't seem to find the exit.
[00:02:58] And I know that's got to be intentional, right?
[00:02:59] Like I keep going in these circles and circles and I like it's, I'm glad I'm not the only one,
[00:03:04] because I was talking to people last night as I was walking home like this.
[00:03:06] They know exactly what they're doing here.
[00:03:08] They do.
[00:03:09] Maximizing hours in a place you can gamble and have an adult beverage.
[00:03:13] That's awesome.
[00:03:14] So we're here for the Fitness Technology Summit primarily, and I just got back from watching
[00:03:21] one of the panels and AI, you know, is always a big point of conversation.
[00:03:27] I'm not too sure our industry fully knows what AI is capable of.
[00:03:33] I mean, and they're not alone, right?
[00:03:34] A lot of industries are like that, of course.
[00:03:36] The panel I was specifically watching was reaching the other 80%, which is in my words,
[00:03:43] not yours, right?
[00:03:44] I've been talking about this for a very long time.
[00:03:48] And there does seem to be some signs of engagement into that area.
[00:03:54] I think it's going to take some technology.
[00:03:56] I just want the conversation to change.
[00:03:58] I want to hear some fresh perspectives.
[00:03:59] I want to see actual traction with that.
[00:04:02] Otherwise, I think we should just stop talking about it and just take the 20% and optimize it
[00:04:06] and be super cool with that, right?
[00:04:08] So anyway, let's start with this, Spencer.
[00:04:11] Give us a little bit of your background.
[00:04:12] People are not familiar with you, what you do at Vee, and then we're going to get into all the nitty-gritty
[00:04:16] of what you guys do and the value you provide to the industry.
[00:04:19] Awesome.
[00:04:19] Excited to be here.
[00:04:20] My name is Spencer Honeyman.
[00:04:21] I'm the Chief Commercial Officer at Vee.
[00:04:24] Prior to Vee, this is my third startup at the intersection of health and technology, which was not planned.
[00:04:30] It's both a personal and has become sort of a professional passion of how can you use data and technology to both improve business outcomes for leaders in the fitness, healthcare, biopharma space, as well as the beauty of that is you're helping those businesses and the end member become healthier and improve their health outcomes.
[00:04:48] So I got connected with the founder of Vee named Omri about six years ago.
[00:04:53] It wasn't this conference.
[00:04:54] It was actually CES in Vegas.
[00:04:56] I was on the board of a different company that, it's our meet cute story, was in the booth next to Vee, met one of the early venture capitalist investors.
[00:05:05] And here we are, six years later, sitting on a couch with you back in Vegas.
[00:05:09] So life is a circle.
[00:05:11] And I think in short, what we've done at Vee, the company's been around for eight years now, we call it enterprise AI.
[00:05:19] This was before ChatGPT became dinner table conversation and it was the headline of all these keynotes and topics.
[00:05:27] But what enterprise AI really means is how do you take very practical business problems and how do you productize data science?
[00:05:36] And we also license extensive consumer behavior data of what someone may do in a de-identified way outside of a health club or their diabetes management program or their clinical trial and pharma to better serve them within that brand's ecosystem.
[00:05:52] And so when we say enterprise AI, that can go across the member lifecycle.
[00:05:56] That can be how are you more precise with marketing through different paid media channels like Meta to serve the right content or ad on the right channel at the right time to lower cost per acquisition.
[00:06:07] Or your example of the 80%, it could be how do you look at historical and ongoing data of different member IDs?
[00:06:14] For us, it's all de-identified, but not only usage patterns, but contract types, geographies.
[00:06:20] How do they interact with personal training?
[00:06:22] How do they interact with your app?
[00:06:24] How do they interact with their mobility data in their everyday life?
[00:06:28] What do they search online?
[00:06:30] What content do they consume?
[00:06:31] So you can become much more predictive and personalized with triggers for your staff, your trainers or your outbound automation tools.
[00:06:39] And so we call that V-Acquire, which is how do you better, how do you be more precise with your targeting to acquire prospects that are higher quality at a lower cost?
[00:06:49] And V-Engage is about predictive and personalized triggers for engagement, retention, upsells and ultimately lifetime value.
[00:06:55] Yeah. Amazing.
[00:06:57] There's a couple of terms here I think people may not be familiar with.
[00:07:00] And for me, selfishly too, maybe we can explain a little bit.
[00:07:04] De-identified.
[00:07:05] But what does that mean exactly?
[00:07:07] Sure.
[00:07:07] So because we work with several national health plans and big pharma and a lot of folks in the health club space, we don't share any data across customers.
[00:07:17] So across all our customers in the health industry, we now have 175 million de-identified unique individuals going through our system.
[00:07:27] But what that means is it's not Spencer Honeyman in our system.
[00:07:30] It's member ID 1234 or IP address 5678.
[00:07:35] Yeah.
[00:07:35] And A, it's important for compliance and privacy and legal purposes.
[00:07:41] But B, we want to ensure our clients feel really comfortable that their data is being used to deliver capabilities that serve their business and not competitors.
[00:07:50] Yeah.
[00:07:51] Okay.
[00:07:51] Okay.
[00:07:52] Great.
[00:07:52] Yeah.
[00:07:52] I've actually been meaning to ask you that for a while.
[00:07:55] Yep.
[00:07:56] So some people may be listening to this and they're thinking, oh, it sounds like a digital marketing agency.
[00:08:01] But you're not.
[00:08:02] Nope.
[00:08:02] Right.
[00:08:03] So what are the significant differences of what you guys are doing?
[00:08:06] What's that, what's, you know, revolutionary or evolutionary in what you guys are doing compared to what the industry has known for the last decade?
[00:08:12] For sure.
[00:08:13] So I think if we take a way zoom out and I will answer your question for sure, but I think AI is, is, it's a bunch of different things that are being conflated into a single thing.
[00:08:25] And so if you kind of, the way we break apart AI is into a couple different buckets.
[00:08:30] So you've got predictive analytics, which means how do you use historical data to predict future behaviors?
[00:08:36] And that's been around for a good amount of time.
[00:08:39] And I would say you can prove and you can run tests to prove that you're able to predict with reasonable accuracy, the future, if you will.
[00:08:46] So I think what started to get really optimized, let's say in the last three to five years is machine learning, which is really a feedback loop of A, B testing on steroids.
[00:08:56] Instead of A versus B, you have A, B, C, D, E, F, G.
[00:08:59] And what it allows you to do is test whether it's an email script, what to say on the phone or an advertisement, you're able to accelerate learnings, test much faster and do it in a much more personalized way.
[00:09:11] And then I think the next wave we've seen that I think is the first consumer touchpoint of AI, if you will, is generative AI.
[00:09:19] So think chat GPT, Lama and others where you can input a prompt and it's generating a response to your search.
[00:09:27] You can have it create an image, a video, and that's moving super fast.
[00:09:32] And so I think companies are in those different buckets.
[00:09:35] So we are focused on the predictive analytics and machine learning side right now.
[00:09:38] And the reason I think that's really important is we don't come to any health club, any health plan, any diabetes management program or rare disease biopharma company and say, we know your members better.
[00:09:50] We have a magic email script or what you should say on the phone or what the ad should be.
[00:09:54] We actually do the opposite.
[00:09:55] We say we have a predictive analytics and machine learning optimization framework that is going to help you leverage your historical and ongoing data.
[00:10:06] The other thing we bring to the table is we invest eight figures annually in licensing consumer behavior data.
[00:10:12] Oh, wow.
[00:10:13] So think the opposite of like a lookalike data set.
[00:10:16] It's at the mobile ID and IP address level of demographics, psychographic, socioeconomic, but also what do people search, which is intent?
[00:10:25] Do they go to the pharmacy in their mobility data or what retail store, what restaurant do they go to?
[00:10:29] Do they go to a studio class?
[00:10:31] What media do they consume?
[00:10:33] And again, it's all de-identified.
[00:10:36] It's zoomed out, but we bring, let's call it data enrichment to the table of what that type of population may do outside of the club or outside of our client's ecosystem.
[00:10:46] And then to your point, a digital marketing agency would maybe create like a member journey, a pattern, the creative.
[00:10:52] We don't bring any of the creative content, like what the ad should be or the email should be.
[00:10:57] We don't create the journey.
[00:10:59] What we do is we say, hey, we can help you better use your data and our data to be really precise on the right audience to run Facebook campaigns.
[00:11:07] But it's your, it's in your meta instance, it's your creative and our system will optimize and it'll reduce your cost per lead and cost per acquisition.
[00:11:15] Okay.
[00:11:15] Very similarly, if you have a CRM, whether it's HubSpot, Salesforce, Club OS or Jim Sales, or we're agnostic to outbound tool, we can create triggers.
[00:11:25] So you're not reacting to someone canceling and trying to win them back or, oh no, they haven't been here for four weeks.
[00:11:31] We're predicting four, eight, 12 weeks in advance using all that data together before someone disengages or tricks and flagging the optimal point in time for an upsell like personal training.
[00:11:42] And the client configures to that A-B testing on steroids, what different types of human staff outreach and or automated content they want to trigger.
[00:11:53] And so we plug into their existing tools.
[00:11:55] So we don't bring the playbook, the content, we bring the data and the AI capability for them to optimize their member journey and prospect journey.
[00:12:05] Got it. So it sounds to me like a prospect or someone who's an ideal client for you has to have some level of existing sophistication when it comes to their data, their data management, their marketing, digital marketing, maybe a spend.
[00:12:20] Like who's an ideal prospect for you guys or a partner for you guys?
[00:12:25] So it's, I think it's a reasonable assumption to make.
[00:12:29] I think the reality of what we see is sometimes we find folks who maybe have never done digital marketing before.
[00:12:36] And sometimes we find people who are incredibly sophisticated, especially like with big pharma and they're spending hundreds of millions of dollars and there's pros and cons.
[00:12:45] Obviously, if there's an existing spend and sophistication, we're working off whatever that baseline is.
[00:12:50] But if you're starting from scratch, it almost kind of cleans the clutter and you can run a lot of fast iterative tests to learn.
[00:12:56] So our ideal customer is any sort of repeatable, billable health or wellness behavior.
[00:13:03] So it can be health club, in-home connected fitness, nutrition coaching.
[00:13:08] It can be a diabetes management program, MSK.
[00:13:10] It can be virtual, in-person, telephonic.
[00:13:14] And ultimately, customers can use both Acquire and Engage.
[00:13:19] It's one V platform, but they're modular.
[00:13:21] So we have clients that just use V Engage.
[00:13:24] Maybe they don't have a digital marketing spend, to your point, and they're not interested.
[00:13:28] Or maybe they have another partner, which is totally fine.
[00:13:31] And we say, hey, we can help you drive the behaviors in the member journey that ultimately deliver ROI, lifetime value, and improved health outcomes.
[00:13:38] Or vice versa.
[00:13:40] Maybe it's that they have a very strong funnel.
[00:13:44] Let's say it's like an intensive behavioral care in the healthcare space type of thing that once people enter, they don't have a retention challenge.
[00:13:51] But getting them in, they need to really be precise and targeted with their paid media.
[00:13:54] So it's modular.
[00:13:56] We tend to work, I would say, with mid-market up to enterprise because for us to have the value, there's fixed costs just for the data and things we need to do.
[00:14:08] It's 98% automated, but there's still humans involved when you work with V.
[00:14:12] And so we don't typically work with one or two location type of owners unless it's under a broader franchise relationship.
[00:14:19] Okay.
[00:14:20] Okay, fantastic.
[00:14:20] So we were joking about this yesterday.
[00:14:25] When I try to explain what you guys do with my simple-mindedness, I always tell people it's like the South Park episode of their underwear gnomes, which if anybody's familiar with it, it's like there's gnomes who come in the middle of the night and they steal your underwear.
[00:14:39] Not that you guys are stealing anything.
[00:14:40] And then through some magic process, which is generally represented as a question mark, they make money.
[00:14:46] Right.
[00:14:47] I'm like, well, what they do is they take data and then they have this thing that they do and then it turns into money.
[00:14:54] Right.
[00:14:54] So maybe you can demystify the process a little bit more.
[00:14:58] If we can use South Park, I'm good.
[00:14:59] And we'll maybe trademark that and use it for our marketing.
[00:15:03] So I think the premise of, hey, we can help you better use your data.
[00:15:07] We can bring our data and provide a capability that delivers ROI.
[00:15:12] That's, I think, a really good way of putting it.
[00:15:14] But while there is sophistication and some technology we've spent a lot of money on in that middle piece, it's all configurable and transparent.
[00:15:23] So we're not like, hey, just trust us.
[00:15:25] We're going to deliver you the best prospects.
[00:15:28] It's all configurable.
[00:15:29] You can hard code things.
[00:15:31] You can see what's working and not working.
[00:15:32] But I think you hit on a key point of the making of the money.
[00:15:36] Everything we do is with a control group.
[00:15:38] So it's pretty nerdy and it's very common in healthcare and pharma.
[00:15:41] It's scientific, but let's say we're using V-Engage to reduce attrition.
[00:15:45] We'll have a holdout group that's representative of, let's say, 10% of members.
[00:15:49] So we can measure what's the attrition rate in the 90% that we're helping to drive a better member retention and better experience.
[00:15:57] And what is it in the 10% that get business as usual?
[00:15:59] And we measure that uplift.
[00:16:01] And so that's how we're able to say to our clients, here's the incremental value that we're creating.
[00:16:07] And whether your attrition would have changed organically over time based on competition, knock on wood, no more pandemics, but other macro variables, we're going to help you from that baseline, increase your retention, reduce your cost per acquisition, etc.
[00:16:22] So the way we would work with a customer is we'd actually, despite me yapping a lot on this call, we'd first shut up and listen.
[00:16:29] And we'd want to really understand their business.
[00:16:31] And I think one thing with AI or really any technology, if you can't solve a business problem, then you don't have a product, you have a technology, right?
[00:16:39] And so I think going back to our earlier commentary on AI, I'm a massive believer in AI.
[00:16:46] I think it's innovating and growing at a pace like you haven't seen since the internet.
[00:16:51] It's incredible.
[00:16:51] But it's still early days.
[00:16:53] And I was at a healthcare conference.
[00:16:55] I think it's 88% of AI projects are still failing right now.
[00:16:58] And so we would come to a customer and we would say, hey, forget your AI team and data science.
[00:17:04] And if you're doing anything today, nothing or maybe some real sophistication, help us understand your business.
[00:17:11] How do you make money?
[00:17:12] What are your pain points?
[00:17:13] What's going well?
[00:17:14] What does three to five years from now look like?
[00:17:17] And we have this thing at V.
[00:17:19] It's not very sexy, but we call it underwriting.
[00:17:21] So what we basically try and do is it's not sexy, but it's kind of intentionally not sexy.
[00:17:27] And what we want to do is kind of a back of the napkin, like, okay, help us understand the prospect journey.
[00:17:32] What does it look like today?
[00:17:34] How are you figuring out who your audience is?
[00:17:36] How are you dealing with competitive dynamics?
[00:17:38] Is it localized?
[00:17:39] Do you do a national campaign?
[00:17:41] How do you engage your members?
[00:17:42] Like, I think there's the sad reality in fitness.
[00:17:44] A lot of, especially like health clubs, they have over half their population dormant and then they don't want to wake the sleeping giant.
[00:17:52] Nor do we, right?
[00:17:53] And so some clients, they take the approach of we don't communicate with them and we let them sleep.
[00:17:59] Others want to be really proactive and there's no right or wrong.
[00:18:02] And we let the data kind of figure out what's best.
[00:18:05] But we want to understand, like, what does that prospect journey look like today?
[00:18:08] What does it look like from onboarding?
[00:18:10] Usually days 30 through 45 or, like, there's very time-based day one, day four, day seven, day 30.
[00:18:17] You likely try and get them into PT during that period.
[00:18:20] And then maybe there's some check-ins or monthly newsletters, giving, like, a very generic example.
[00:18:25] And so what we would say is, hey, based on what you're doing today, let us take a look at a snippet of your data that's de-identified.
[00:18:32] Let us bring our data.
[00:18:33] And maybe it's 80% wrong, but it'll be directional to what those two forces together could look like to optimize those portions of that full member lifecycle.
[00:18:43] And then per the non-sexy underwriting, what we do is we say, okay, so across the fitness industry, we average a 3.1 percentage point reduction in annual attrition.
[00:18:53] That's our current benchmark.
[00:18:55] Let's take two percentage points.
[00:18:57] What does that do for your business?
[00:18:59] Is that a nice to have or is that transformational?
[00:19:01] Cost per acquisition, we average a 17.9% reduction in fitness in reducing cost per acquisition for your media marketing on the prospect side.
[00:19:11] And then those are great.
[00:19:14] Let's take 10% instead of 18.
[00:19:16] Are those big enough size of the prize, number one?
[00:19:19] And can we find a really lean, low-friction way to run proof of concepts to validate those, one or both areas of the business?
[00:19:26] And when we do that initial data work, we always see something, I think, really interesting, especially in the broader data set.
[00:19:33] So I'll give you a healthcare example.
[00:19:34] We work with a client who works in pediatric autism, and they're marketing to the parents or caregivers, but they serve children ages 2 to 12, who hopefully, it's actually sadly not true, but hopefully are not on Instagram and TikTok, but some of them are as you get closer to 12.
[00:19:54] And so what we did in that third-party data is we looked at before people joined their program out of pocket, it's expensive.
[00:20:03] Like, who are they?
[00:20:05] What do they do?
[00:20:05] What do they search?
[00:20:06] We also look at mobility data, and we saw what we thought was an outlier or a bug, but there was over a 10x lift in visits to entertainment parks and trampoline centers.
[00:20:18] And I was thinking, so adolescent kids, we're seeing an exponential lift in sensory overload headphones and products, and then we're seeing people go to, like, I get sensory overload myself if I go into a trampoline park with my two young kids.
[00:20:30] Yeah, yeah, it doesn't make sense.
[00:20:31] It doesn't make any sense.
[00:20:32] But so we brought it even before we got started to the process to the CEO, and we're like, hey, we're seeing a lot of things that make a lot of sense that he found interesting, but this one, like, what are we missing?
[00:20:44] And he said, actually, his son has autism.
[00:20:47] He was a client of his own company early on, and he's like, every single Saturday, we go to this trampoline park that's 45 minutes away.
[00:20:56] And the reason is for children with this, I would say, pretty severe form of autism, it's almost like fight or flight, where you're going to put on sensory overload headphones, you're going to remove yourself from the room, you might put on a helmet or, like, specific glasses.
[00:21:11] Or if you're going to be active, you want to be super active in a stimulating environment.
[00:21:16] So you want to be jumping on the trampoline or you want to be running around.
[00:21:19] And so it's not like a one-size-fits-all, but I think that's an example I like to share of, like, leading indicators of consumer behaviors that you would never think of that would make someone more likely or less likely to be interested in a service, a product, a health club, a behavioral care clinic, etc.
[00:21:35] Yeah, and that's where I think the unsexy topic of data, when it gets to that point, becomes super intriguing.
[00:21:44] That is a fascinating finding.
[00:21:46] It's totally counterintuitive.
[00:21:48] And when we talk about data, I think there's a certain population of our industry that really sees the value in good data and what it can mean.
[00:21:57] And we're still starting to see the value and the potential of the data, but it also comes down to the quality of the data.
[00:22:05] So I'm curious, because you guys work with healthcare, you work with pharma.
[00:22:09] How is our industry doing with data?
[00:22:12] Are we collecting it well?
[00:22:14] Is it clean data?
[00:22:15] Is it good data?
[00:22:15] Is it a mess?
[00:22:16] Because I don't know.
[00:22:17] I've worked with a lot of gyms.
[00:22:18] I was a gym owner.
[00:22:19] The data I had was a hot mess.
[00:22:22] It was all over the place.
[00:22:24] So how are we doing as an industry?
[00:22:26] I think it's all relative.
[00:22:28] I think it's going to go a lot better and more traditional fitness than five years ago.
[00:22:32] So I would say progress.
[00:22:33] I would say, and I don't want to speak ill of our other sub verticals in healthcare and pharma that we work in.
[00:22:41] I think data structuring and basically making data actionable is a universal problem.
[00:22:47] And there's some companies that have gotten massive, like the snowflakes and the Databricks of the world,
[00:22:51] just helping to collect structure and make data actionable.
[00:22:55] And so I don't think it's a unique to fitness problem.
[00:22:57] And so I think the member management companies, there's like dev shops out there that can help you pull from different areas.
[00:23:04] I think it's getting better.
[00:23:05] But I think to your point, like historical data is gold.
[00:23:08] And if you can understand different trends and patterns, you can use predictive analytics to predict the future.
[00:23:14] And I think one thing we've seen across whether you're like a boutique studio at a high price point or you're an HVLP,
[00:23:23] once someone disengages, much less cancels, it's too late.
[00:23:27] To get them back, it's like a 10% win back rate.
[00:23:31] And a lot of times you'll make it worse if you start peppering them.
[00:23:33] And so I think getting historical data, starting with the basics of like someone's member ID, age, gender, location, their visits, and their contract type and status.
[00:23:45] If you can have that foundation in place, if you don't have their app opens or their virtual sessions or their exact PT contracts,
[00:23:53] those are obviously amazing things to have or other data that you might have on if they're purchasing smoothies.
[00:23:59] But if you can start with that foundational data, you can do a lot.
[00:24:03] And instead of saying, hey, we have three member personas of Will, Bill, and Stacy, like, and we treat them these three ways,
[00:24:10] you can start to individualize those experiences.
[00:24:13] So it's not day one, day four, day seven, day 30, you're checking in with them and you're not reacting.
[00:24:18] You are basically tailoring in an automated way a member journey or experience for them.
[00:24:24] And so I think it's getting better.
[00:24:25] I still think it is a long way to go.
[00:24:27] I think if you asked anyone in the space, do they feel like their data is 100% rock solid?
[00:24:32] The answer is no, but I think we're getting there.
[00:24:36] So the example you gave about the autistic kids and trampolines, have you had any really interesting findings,
[00:24:42] any aha moments for the fitness and wellness industry?
[00:24:45] Do you agree anything that you're like, holy shit, can't believe that.
[00:24:49] That's a thing.
[00:24:51] So I think we have seen some really interesting things recently around, call it nutrition and GLP ones and Ozempic.
[00:25:00] Okay.
[00:25:00] So take search data as an example.
[00:25:03] So let's say I'm looking for a value-based health club and I Google low-cost health club near me.
[00:25:09] I think it's on industry averages 94% of the time that mobile ID or IP address is going to scroll past whoever's fighting for top of Google, the paid ads.
[00:25:18] And they're going to go to Reddit.
[00:25:20] They're going to go to an article, wherever they're going to go.
[00:25:23] We can see 100% of the searches, even if someone doesn't click, which helps us sort of understand intent.
[00:25:29] And I think what we found is in the past for that, let's call it more mid-market or like value-based portion of the market,
[00:25:37] someone searching personal training or nutrition coaching, those are different price points than $10 to $40 a month in general.
[00:25:44] If you're talking about interacting with a human being,
[00:25:47] I think what we've started to see is some really strong correlations around GLP-1, Ozempic, Wega-V and others.
[00:25:54] And I think I was sitting with a CEO of one of our clients the other day.
[00:25:57] And I think some folks are scared of it.
[00:26:00] Like, hey, someone's going to be able to take a shot or a pill and they're not going to eat the health club.
[00:26:04] I actually, and this gentleman shared the same opinion.
[00:26:07] I actually think it's a massive opportunity for the fitness space because A, if these drugs are not new,
[00:26:13] they've been around for 20 years and diabetes and obesity, and now they're more in the weight loss realm.
[00:26:18] But there's a lot of data on how people are losing muscle mass.
[00:26:21] If they're not brought on a GLP-1 and then off it appropriately, they gain the weight back.
[00:26:28] And so, yeah, if you're more of just a rent-a-treadmill type of facility,
[00:26:32] A, I think those are, they're going to have trouble irrespective of GLP-1s.
[00:26:36] But the opportunity for PT and strength and coaching throughout that process,
[00:26:41] I actually think it's a major opportunity.
[00:26:43] And so we've started seeing, I think, the Ozempic GLP-1 intent,
[00:26:48] whether it's search or a website visitation or a purchase of a product,
[00:26:52] start to correlate not just with the high-end, like the Equinox lifetimes of the world,
[00:26:57] but also being a really valuable and good customer market fit across the industry.
[00:27:04] Yeah.
[00:27:05] It's GLP-1, I feel like I've talked about exhaustively over the past year.
[00:27:11] I mean, okay.
[00:27:13] So the thing that irks me, and I've talked to a lot of people,
[00:27:16] is that it sucks that we're in this situation that we have so much obesity,
[00:27:21] so much metabolic sickness.
[00:27:24] A lot of it's due to the food companies.
[00:27:25] A lot of it's due to an active lifestyle.
[00:27:27] And they've made a lot of money on it.
[00:27:30] Pharma companies are coming in, and they're bringing a magic pill,
[00:27:35] which everyone's been waiting for, for a very long time,
[00:27:37] and they're making a ton of money on it.
[00:27:39] Now, if you can just put that side for a second and just look at it's happening.
[00:27:44] Yep.
[00:27:44] But it's a tremendous opportunity, right?
[00:27:46] It really is.
[00:27:47] And, you know, I just wonder, I mean, I saw something,
[00:27:51] it was in The Morning Brew that was published a few weeks ago
[00:27:54] about how actually it looks like obesity has gone down a couple percentage points.
[00:27:59] So to me, that's enough.
[00:28:00] Like, I don't even know, I haven't fact-checked that,
[00:28:02] so people, please do.
[00:28:03] I saw a report, I think it's the first time in like 28 years that obesity has gone down.
[00:28:09] It was like 2% or 3%, so it was percentage points, so it was meaningful.
[00:28:12] Right, right.
[00:28:13] And so, yeah, I mean, I think that's enough for me to say,
[00:28:18] okay, well, let's really dive into it.
[00:28:20] And there's a lot of great companies out there, obviously, you know,
[00:28:22] Miura and Lindora, and you can probably name a bunch of other ones
[00:28:25] who seem to be successfully doing it.
[00:28:27] And I think it's starting to get past the wave, too, of like,
[00:28:30] you know, it's the kind of affluent, mostly female,
[00:28:34] some male crowd who just want to lose 10 to 15 pounds and look good, right,
[00:28:38] in their 40s and 50s.
[00:28:40] I think it's starting to get past that.
[00:28:41] I agree.
[00:28:41] Right?
[00:28:42] So, you know, I guess from that standpoint, that's a really good insight.
[00:28:46] I mean, do you, when you look at that type of data,
[00:28:49] if I'm a health club, right, I'm thinking about,
[00:28:52] okay, I want to start taking advantage of this trend.
[00:28:54] What recommendations do you have for us as an industry?
[00:28:57] Is, like, obviously, you have to invest, like, a little bit of time
[00:29:00] in, you know, in the medical professionals
[00:29:02] and making sure, you know, your scope of practice is, you know,
[00:29:06] aligned with your state and all this.
[00:29:08] There's a lot that goes into it.
[00:29:09] But, yeah, give us some insights on how can we start to move forward with that.
[00:29:12] Yeah.
[00:29:12] I mean, if you take, let's, you gave an example.
[00:29:15] Let's say you have a woman who's 55 years old
[00:29:17] and she wants to lose 15 pounds.
[00:29:19] But let's say she loses 12 pounds of fat but 8 pounds of muscle.
[00:29:23] For the average 55-year-old woman, that's a lot of muscle to lose.
[00:29:26] That's a problem.
[00:29:27] And it's a problem for their overall metabolic health.
[00:29:30] And so I think if we look at BMI and weight in general,
[00:29:33] like, there's a lot of tools that all weight is not the same, obviously.
[00:29:37] And I think this is something that I was listening to an interview
[00:29:42] of the CEO of Novo Nordis the other day,
[00:29:44] who's a biopharm manufacturer.
[00:29:46] And they're in a phase 3 clinical trial of a GLP-1 pill.
[00:29:50] So you don't even have to take shots.
[00:29:52] It's going to be lower cost.
[00:29:53] So to your point, this is not going anywhere.
[00:29:55] It'll become more accessible, lower cost.
[00:29:58] And so, A, I think there's an opportunity now from a marketing perspective.
[00:30:03] Like, we used to see, like, why do people join a health club?
[00:30:06] It's to look good and it's to lose weight.
[00:30:08] Not universally, but that's the number one thing we see in all the data.
[00:30:11] So these leading indicators of people searching and seeking out Ozempic,
[00:30:15] whether they get on it or not, I think is a way to better acquire prospects.
[00:30:19] That's more just on the V side.
[00:30:20] I think that's something we're seeing.
[00:30:22] I think how do you change how you serve your member?
[00:30:26] I think you're still going to have a physical location.
[00:30:29] I think both digitally and in person, this is not rocket science,
[00:30:34] but being able to personalize the services you provide an individual,
[00:30:37] whether on a GLP-1 or not, but especially if they are,
[00:30:40] is going to be different, right?
[00:30:42] Depending on what their goals are.
[00:30:44] And it's not just what they do in the gym.
[00:30:47] It's what they do out of the gym.
[00:30:48] So, like, nutrition, I was reading, listening to the same interview,
[00:30:51] they're recommending a 220% increase in protein for women 55 plus that are on GLP-1s.
[00:30:57] That's a lot of chicken and steak, right?
[00:30:59] To do that.
[00:31:00] And strength training.
[00:31:02] And so that's a massive opportunity.
[00:31:03] And so maybe instead of, again, I'm generalizing, obviously,
[00:31:07] but instead of maybe that 55-year-old woman who's trying to lose that 15 pounds,
[00:31:11] she comes in and hops on the treadmill for half an hour.
[00:31:13] Maybe she needs to talk to someone on your team.
[00:31:16] Maybe that's a PT opportunity.
[00:31:17] Maybe she needs a circuit training plus, like, some nutrition guidance.
[00:31:21] So I think there's no one-size-fits-all,
[00:31:25] but I think providing a holistic health space and wealth of knowledge
[00:31:30] can lead to, I think, revenue opportunities around GLP-1s and otherwise,
[00:31:36] as I think the behaviors in and out of the club are going to change drastically
[00:31:39] with these types of drugs.
[00:31:42] Yeah.
[00:31:43] You know, it's really interesting.
[00:31:44] On the flight here, it actually hit me like a ton of bricks.
[00:31:48] And I have a lot of these conversations, obviously,
[00:31:50] but I'm going to be speaking on another podcast outside of our industry
[00:31:54] that's good size and, you know, they'd want to ask, like,
[00:31:57] what's my insights on it?
[00:31:58] And I was like, you know what?
[00:32:00] I think whether we know it or not or we're conscious of it or not,
[00:32:04] our industry is going over a major rebrand.
[00:32:07] We're going from fitness to whatever you want to call it, longevity,
[00:32:11] preventative health, wellness, whatever you want to call it, right?
[00:32:14] It's moving towards that now.
[00:32:16] And it's just happening.
[00:32:18] It's not like we collectively said, hey, we're going to rebrand, right?
[00:32:20] And we went through this whole rebranding process.
[00:32:22] It's just happening.
[00:32:22] Because I think, you know, traditionally,
[00:32:24] if you ask someone five, ten years ago what they thought about fitness,
[00:32:26] they're going to think about bodybuilding.
[00:32:28] They're going to think about six-week fat loss programs, right?
[00:32:31] Eight-minute abs.
[00:32:32] Eight-minute abs.
[00:32:33] Yes, right?
[00:32:34] So just, you know, a lot of, like, marketing garbage, right?
[00:32:37] Really.
[00:32:37] I mean, hey, no offense to bodybuilding.
[00:32:39] No.
[00:32:39] It's fantastic.
[00:32:39] I'm a huge Arnold guy.
[00:32:41] Loved all the muscle magazine.
[00:32:42] Absolutely.
[00:32:43] So, I mean, I think that's something where,
[00:32:46] especially what you guys do,
[00:32:47] is when we start talking about the broader scope of preventive health and wellness,
[00:32:52] that's something where we can really start to leverage data
[00:32:55] to get more people in and really speak to that 80%.
[00:32:58] So that gets me really excited.
[00:33:00] And I'd love to hear your thoughts and maybe some action items
[00:33:03] that people will start to take, obviously, with what you guys do too.
[00:33:06] So I...
[00:33:07] Hey, friends.
[00:33:08] This episode of The Future of Fitness is proudly brought to you by TeamUp.
[00:33:11] Since launching in 2012, they've consistently had one mission.
[00:33:15] Facilitate the best customer experiences
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[00:34:17] That is G-O-T-E-A-M-U-P dot com.
[00:34:25] So I think I have a similar line of thinking.
[00:34:29] And one thing, we have a sign in our office that says,
[00:34:32] being healthy is hard.
[00:34:33] And I think it's true.
[00:34:34] Like, it's a thing you need to do repeatedly.
[00:34:37] We all have our ebbs and flows, and life happens.
[00:34:39] And it's not just physical, it's mental.
[00:34:42] And so I think to the extent,
[00:34:44] whether it's with V or yourself or with another partner,
[00:34:47] that you can use data to better serve your population,
[00:34:51] that's incredible.
[00:34:52] And I think the tools out there
[00:34:54] make that a lot more accessible
[00:34:56] to different brands and partners.
[00:34:58] And I think that's a net positive for the full ecosystem.
[00:35:01] I think on that 80%,
[00:35:03] we sometimes call them the unreachables
[00:35:05] in different industries,
[00:35:07] but you need to meet the consumer where they are.
[00:35:10] And so one, it sounds nuanced,
[00:35:13] but I actually think it's almost like a mentality shift
[00:35:15] is they are a member of your club,
[00:35:18] of your nutrition coaching service,
[00:35:20] of your studio,
[00:35:20] but they're a person or a consumer.
[00:35:23] And so thinking about them as a consumer
[00:35:25] and being able to look at data
[00:35:26] and what they do in their everyday life holistically,
[00:35:30] as these other things like GLP-1s
[00:35:32] or coaching,
[00:35:32] all different corporate wellness solutions,
[00:35:34] they become even more important
[00:35:36] for you to better serve them as a member.
[00:35:38] And so I think the number one thing you can do
[00:35:40] is educate yourself,
[00:35:42] both whether it's on GLP-1s
[00:35:44] or this rapidly innovating,
[00:35:46] quote unquote, AI landscape.
[00:35:48] And I think the best way to learn
[00:35:50] is to start to run tests,
[00:35:51] like start small,
[00:35:52] but say like,
[00:35:53] hey, how can we use data
[00:35:54] to solve this very practical business problem?
[00:35:57] And let's run a test
[00:35:58] and let's expand from there.
[00:36:00] And I don't think it's a,
[00:36:02] it's not a destination,
[00:36:03] it's a journey in terms of
[00:36:04] it's GLP-1 now maybe
[00:36:07] and other things and it's AI,
[00:36:09] there's going to be waves of different things.
[00:36:11] I think we are though,
[00:36:12] to your point,
[00:36:13] at an inflection point
[00:36:15] with this industry
[00:36:16] of those that are able to adapt
[00:36:18] and provide a service
[00:36:20] physically and digitally
[00:36:22] that's data driven
[00:36:23] and personalized
[00:36:24] and proactive
[00:36:25] to their members
[00:36:26] that serve them as,
[00:36:28] serve their whole life
[00:36:29] are going to be able to
[00:36:31] have better business
[00:36:32] and health outcomes overall.
[00:36:34] So I think it's an exciting time,
[00:36:35] but it's,
[00:36:36] change is scary.
[00:36:37] And so I think
[00:36:38] finding ways to start small,
[00:36:40] that would be my recommendation.
[00:36:42] Change is scary
[00:36:43] if you're invested in the past.
[00:36:45] I think if you're looking at the future,
[00:36:47] it's actually quite exciting.
[00:36:48] I think it's exciting.
[00:36:49] I think
[00:36:50] people don't like uncertainty,
[00:36:52] right?
[00:36:52] And if they have something that works,
[00:36:53] changing that,
[00:36:54] it can be scary.
[00:36:55] I think even like for V,
[00:36:56] it's a,
[00:36:57] we live in a rapidly changing AI landscape
[00:37:00] and which is exciting and scary.
[00:37:04] If you can,
[00:37:05] and maybe this is just the,
[00:37:06] the entrepreneur or business person in me,
[00:37:08] but if you can identify
[00:37:09] very clear business problems
[00:37:11] that are measurable,
[00:37:12] that you can use data
[00:37:15] to hypothetically solve
[00:37:16] and then go test and iterate,
[00:37:18] it becomes less scary to your point.
[00:37:19] Then it becomes exciting.
[00:37:20] It's like,
[00:37:20] Hey,
[00:37:20] what if we could predict,
[00:37:22] we could serve this subset of people
[00:37:24] that we think are on GLP ones
[00:37:26] very differently.
[00:37:27] Not only would they stay longer,
[00:37:28] but we could probably sell them
[00:37:29] premium services.
[00:37:30] They'd have better health outcomes.
[00:37:32] We could acquire a dip.
[00:37:33] Like maybe our current member
[00:37:35] is not our member of the future.
[00:37:36] So our marketing may change for prospects
[00:37:38] at your point.
[00:37:39] It's super exciting.
[00:37:40] I think as long as you identify
[00:37:41] business problems and apply.
[00:37:43] Yeah.
[00:37:44] I got you here.
[00:37:45] So I got to ask you
[00:37:46] the existential questions.
[00:37:47] Oh,
[00:37:49] I'll do my best.
[00:37:50] I mean,
[00:37:51] there's a couple of things,
[00:37:51] right?
[00:37:52] I mean,
[00:37:52] I'm,
[00:37:52] I'm pretty optimistic about AI in general.
[00:37:55] I'm not going to ask you,
[00:37:55] you know,
[00:37:56] the classic question,
[00:37:57] is it going to be Terminator
[00:37:58] or is it going to be,
[00:37:58] you know,
[00:37:59] utopia?
[00:38:00] I've covered that a lot
[00:38:01] on this podcast,
[00:38:02] but I think the thing
[00:38:02] that a lot of people are listening
[00:38:04] are probably thinking is like
[00:38:05] my data and my privacy.
[00:38:08] 100%.
[00:38:08] Right.
[00:38:09] So is this just something,
[00:38:11] this is just the world
[00:38:11] we live in now.
[00:38:12] I mean,
[00:38:13] if I have my phone,
[00:38:14] I mean,
[00:38:14] I know I'm volunteering
[00:38:16] my data everywhere I go.
[00:38:18] Right.
[00:38:18] But it doesn't make me
[00:38:19] feel good about it.
[00:38:20] Right.
[00:38:21] So when you like,
[00:38:23] when you go to sleep at night
[00:38:24] and you think about
[00:38:24] your data privacy
[00:38:25] and you have a family
[00:38:26] and kids
[00:38:26] and all these things,
[00:38:27] like,
[00:38:28] you know what?
[00:38:29] What optimism
[00:38:30] or what caution
[00:38:32] do you have
[00:38:33] for people
[00:38:33] about their own data?
[00:38:35] Man,
[00:38:36] that might be
[00:38:36] a new episode
[00:38:37] that I don't know
[00:38:38] if a lot of people
[00:38:38] would want to listen to.
[00:38:39] It's a deep topic.
[00:38:40] So I think
[00:38:41] if we rewind
[00:38:42] a little bit
[00:38:43] to,
[00:38:43] let's say,
[00:38:44] the last 20 plus years
[00:38:45] of the internet
[00:38:46] and mobile era,
[00:38:47] I think
[00:38:48] the advertising model
[00:38:49] is not new.
[00:38:50] I think
[00:38:51] the scalability
[00:38:52] of which people
[00:38:53] had access
[00:38:54] to free products,
[00:38:55] namely,
[00:38:55] social media
[00:38:57] and search.
[00:38:58] It's the old saying,
[00:39:00] if you're not paying
[00:39:01] for the product,
[00:39:01] you are the product.
[00:39:02] In this case,
[00:39:03] it's 100% true.
[00:39:05] I think what is changing,
[00:39:07] both at the federal level,
[00:39:09] irrespective of health data,
[00:39:10] just consumer privacy data,
[00:39:11] a lot of states,
[00:39:12] like Washington,
[00:39:13] just came out
[00:39:13] with a MyData,
[00:39:15] MyHealth directive
[00:39:16] that's pretty transformational.
[00:39:17] I think we're going
[00:39:19] to move
[00:39:19] to an era
[00:39:20] of consent
[00:39:22] and instead
[00:39:23] of opting out,
[00:39:24] opting in
[00:39:24] for certain data sets
[00:39:26] and I think
[00:39:27] people need to be
[00:39:28] very aware
[00:39:29] of that.
[00:39:30] Now,
[00:39:31] I think
[00:39:31] that could change
[00:39:33] business models.
[00:39:34] I think consumers
[00:39:35] like things for free
[00:39:36] so they're going to be
[00:39:37] like,
[00:39:38] are you willing
[00:39:38] to pay $10 a month
[00:39:39] for a social media app
[00:39:41] instead of giving
[00:39:42] your data?
[00:39:43] I think
[00:39:44] the mass market answer
[00:39:45] would be no
[00:39:46] but I think
[00:39:47] it will at least
[00:39:48] be more apparent
[00:39:49] to you
[00:39:49] that you are
[00:39:50] sharing your data
[00:39:51] whereas today
[00:39:52] maybe it's like
[00:39:53] a quick I agree box
[00:39:54] or you have to click
[00:39:56] on like a sublink
[00:39:57] to a sublink
[00:39:57] to opt out
[00:39:58] and like speak
[00:39:58] to someone on the phone.
[00:39:59] I saw in the fitness industry
[00:40:01] there's a new
[00:40:02] consumer privacy output
[00:40:03] that you need
[00:40:04] to be able
[00:40:05] to cancel your membership
[00:40:06] as simply as you join.
[00:40:08] That's a major thing
[00:40:09] in this space,
[00:40:10] right?
[00:40:10] And so
[00:40:12] what I'm optimistic
[00:40:13] about is I think
[00:40:14] some of these
[00:40:15] regulatory changes
[00:40:16] which regulation
[00:40:17] has a lot of negatives
[00:40:19] but it's going
[00:40:19] to start to make
[00:40:20] consumers more aware
[00:40:21] of when they are
[00:40:22] sharing their data
[00:40:23] and if they do share it
[00:40:24] I think there's
[00:40:25] awesome technology
[00:40:26] to use that data
[00:40:27] so I think
[00:40:28] that's really good.
[00:40:29] I think
[00:40:30] the downside
[00:40:31] to that
[00:40:31] from a business level
[00:40:32] is if there's
[00:40:34] less data
[00:40:34] and less efficiency
[00:40:35] the prices
[00:40:37] are going to go up
[00:40:37] because there's
[00:40:38] a higher cost
[00:40:39] to attract
[00:40:39] or retain
[00:40:40] and so I think
[00:40:41] it's a balance.
[00:40:42] My hypothesis
[00:40:43] personally
[00:40:44] this is not
[00:40:44] a V hypothesis
[00:40:45] is a lot of consumers
[00:40:47] as long as they're
[00:40:48] getting value
[00:40:49] whether it's
[00:40:50] personalization
[00:40:51] access
[00:40:51] they're willing
[00:40:52] to give their data
[00:40:53] and as long as
[00:40:54] they have appropriate
[00:40:54] visibility
[00:40:55] and consent
[00:40:56] of more of a
[00:40:57] an opt-in
[00:40:58] versus an opt-out
[00:40:59] I personally
[00:41:00] am okay
[00:41:00] with an approach
[00:41:01] like that
[00:41:01] and I think
[00:41:02] it will serve
[00:41:02] the full ecosystem.
[00:41:04] I think also
[00:41:04] the businesses
[00:41:05] need to be regulated
[00:41:06] on how they use
[00:41:07] that data
[00:41:07] do not resell
[00:41:08] that data
[00:41:09] as well.
[00:41:09] So going to
[00:41:11] the existential
[00:41:12] piece
[00:41:13] I think
[00:41:13] data's everywhere
[00:41:15] the internet
[00:41:16] is like
[00:41:17] take
[00:41:18] the chat GPTs
[00:41:20] of the world
[00:41:20] there's almost
[00:41:21] infinite data
[00:41:22] out there
[00:41:22] we work in
[00:41:23] very regulated
[00:41:24] environments
[00:41:25] not just in fitness
[00:41:26] but with
[00:41:26] some of the largest
[00:41:27] health plans
[00:41:28] and biopharmas
[00:41:29] and so
[00:41:30] people need to
[00:41:31] have control
[00:41:31] over their data
[00:41:32] they need to
[00:41:33] understand it
[00:41:33] especially with kids
[00:41:34] you need to
[00:41:35] understand what
[00:41:36] your kids are doing
[00:41:37] and what data
[00:41:37] they're sharing
[00:41:38] and I think
[00:41:39] businesses
[00:41:40] are going to
[00:41:41] start to
[00:41:41] need to be
[00:41:42] more careful
[00:41:43] on A
[00:41:44] do they own
[00:41:44] this data
[00:41:45] that's one thing
[00:41:45] if you're listening
[00:41:46] to this podcast
[00:41:47] and you're in
[00:41:47] the fitness space
[00:41:48] do you own
[00:41:48] your member data
[00:41:50] the answer
[00:41:50] might not be yes
[00:41:51] to be completely
[00:41:52] honest
[00:41:52] and B
[00:41:53] how do you
[00:41:54] use it
[00:41:55] in a way
[00:41:55] not to nerd out
[00:41:56] too much
[00:41:57] but that's
[00:41:57] probabilistic
[00:41:58] and meets
[00:41:58] consumer privacy
[00:41:59] and health
[00:42:00] privacy laws
[00:42:01] but still help
[00:42:02] you serve that
[00:42:03] member
[00:42:03] and so
[00:42:03] I think
[00:42:04] we're going
[00:42:04] to see
[00:42:05] massive shifts
[00:42:06] there
[00:42:06] and I think
[00:42:07] there's an
[00:42:07] 80 to 90
[00:42:08] percent chance
[00:42:09] that AI
[00:42:09] is a massive
[00:42:10] efficiency
[00:42:11] and a really
[00:42:12] really good
[00:42:13] utopian scenario
[00:42:14] but we need
[00:42:15] that 10 percent
[00:42:15] is devastating
[00:42:17] that 10 percent
[00:42:17] risk
[00:42:18] and so we need
[00:42:19] to put in place
[00:42:19] the right guide
[00:42:20] rails
[00:42:20] and it's moving
[00:42:21] fast and it's hard
[00:42:21] yeah
[00:42:22] yeah it's the
[00:42:23] regulation can't
[00:42:24] keep up with
[00:42:25] the advancement
[00:42:25] of the technology
[00:42:26] which is
[00:42:27] yeah that's
[00:42:29] you hear the
[00:42:30] congress hearing
[00:42:30] and the senate
[00:42:31] hearing and
[00:42:32] someone's asking
[00:42:32] does the AI
[00:42:33] connect to my
[00:42:34] internet router
[00:42:35] and they're
[00:42:36] on the AI
[00:42:36] regulation
[00:42:37] committee
[00:42:37] that's what
[00:42:38] scares me
[00:42:39] because you're
[00:42:39] just like
[00:42:40] oh boy
[00:42:40] we're a bit
[00:42:41] behind the
[00:42:42] eight ball
[00:42:42] here
[00:42:42] but I think
[00:42:43] in general
[00:42:44] companies
[00:42:44] they want
[00:42:45] to make
[00:42:45] money
[00:42:45] and they
[00:42:46] want to
[00:42:46] provide
[00:42:46] shareholder
[00:42:47] value
[00:42:47] they also
[00:42:48] want to
[00:42:48] do good
[00:42:49] but there
[00:42:50] are going
[00:42:51] to be bad
[00:42:51] actors
[00:42:52] and so
[00:42:52] I think
[00:42:53] there's both
[00:42:53] things that
[00:42:54] will be put
[00:42:55] in place
[00:42:55] for consumers
[00:42:56] and businesses
[00:42:56] that hopefully
[00:42:57] provide checks
[00:42:58] and balances
[00:42:58] yeah
[00:42:58] well said
[00:42:59] I would love
[00:43:00] actually to see
[00:43:01] social media
[00:43:02] platforms go
[00:43:03] to a paid
[00:43:04] membership
[00:43:04] I would too
[00:43:06] and I think
[00:43:06] they're like
[00:43:07] I would call
[00:43:08] it more of
[00:43:08] like a
[00:43:08] relationship
[00:43:09] economy
[00:43:09] than like
[00:43:10] a paid
[00:43:11] one
[00:43:11] that's where
[00:43:12] I think
[00:43:12] like deviating
[00:43:14] slightly
[00:43:14] but you
[00:43:15] think of
[00:43:15] like meta
[00:43:15] for example
[00:43:16] having assets
[00:43:17] like Instagram
[00:43:18] and Facebook
[00:43:18] but they also
[00:43:19] have WhatsApp
[00:43:19] where you can
[00:43:20] message
[00:43:21] you can also
[00:43:22] in other
[00:43:23] countries
[00:43:23] interact with
[00:43:24] businesses
[00:43:25] and purchase
[00:43:25] products
[00:43:26] so they can
[00:43:26] take
[00:43:26] they can
[00:43:27] monetize
[00:43:28] that way
[00:43:28] and so
[00:43:29] when you
[00:43:29] stop becoming
[00:43:32] the product
[00:43:33] as the consumer
[00:43:34] I think
[00:43:34] that's a
[00:43:34] really good
[00:43:35] thing
[00:43:35] and I
[00:43:36] think
[00:43:36] it's more
[00:43:36] likely
[00:43:38] that it's
[00:43:38] based on
[00:43:39] let's call
[00:43:40] it commerce
[00:43:40] between consumers
[00:43:41] and businesses
[00:43:42] and the platforms
[00:43:42] monetizing that way
[00:43:43] than getting
[00:43:44] the average
[00:43:44] person's probably
[00:43:45] not paying
[00:43:46] 5, 10, 20
[00:43:46] be a month
[00:43:47] for something
[00:43:47] that's free
[00:43:48] today
[00:43:48] in terms
[00:43:49] of a social
[00:43:49] media
[00:43:50] but I don't
[00:43:51] work at
[00:43:52] Meta
[00:43:52] and I have
[00:43:52] no idea
[00:43:52] what they'll
[00:43:53] end up
[00:43:53] doing
[00:43:53] but I
[00:43:54] think I'm
[00:43:54] optimistic
[00:43:55] as well
[00:43:55] it'll shift
[00:43:56] that dynamic
[00:43:57] yeah
[00:43:58] awesome
[00:43:58] Spencer
[00:43:59] thank you
[00:44:00] for doing
[00:44:00] the last
[00:44:00] question
[00:44:01] ask
[00:44:01] is
[00:44:01] people
[00:44:01] are
[00:44:02] listening
[00:44:02] to this
[00:44:02] they want
[00:44:03] to reach
[00:44:03] out
[00:44:03] to you
[00:44:04] obviously
[00:44:04] if they're
[00:44:05] interested
[00:44:05] in learning
[00:44:06] what you
[00:44:06] guys do
[00:44:08] also
[00:44:08] what can
[00:44:09] we help
[00:44:10] you with
[00:44:10] as an
[00:44:10] industry
[00:44:11] what do
[00:44:11] you guys
[00:44:12] need
[00:44:12] right now
[00:44:12] so
[00:44:12] two part
[00:44:13] question
[00:44:13] I guess
[00:44:14] to finish
[00:44:14] for sure
[00:44:15] so we
[00:44:15] do a
[00:44:16] bunch
[00:44:16] of AI
[00:44:16] workshops
[00:44:17] so if
[00:44:17] you
[00:44:17] want
[00:44:18] to
[00:44:18] learn
[00:44:18] more
[00:44:18] about
[00:44:19] AI
[00:44:19] or
[00:44:19] technology
[00:44:20] that
[00:44:20] described
[00:44:21] today
[00:44:21] my email
[00:44:22] spencer
[00:44:23] at
[00:44:23] v.co
[00:44:24] no M
[00:44:24] and our
[00:44:25] website's
[00:44:25] v.co
[00:44:26] so you can
[00:44:26] reach out
[00:44:27] that way
[00:44:27] in terms
[00:44:28] of the
[00:44:28] ways the
[00:44:29] industry
[00:44:29] can help
[00:44:30] us
[00:44:30] I think
[00:44:30] as
[00:44:31] talked
[00:44:31] about
[00:44:31] earlier
[00:44:32] the more
[00:44:33] we can
[00:44:33] understand
[00:44:33] the real
[00:44:34] pain points
[00:44:35] of different
[00:44:36] portions of
[00:44:37] the prospect
[00:44:37] or member
[00:44:38] journey
[00:44:38] and how
[00:44:39] technology
[00:44:39] could solve
[00:44:40] those problems
[00:44:40] whether it's
[00:44:41] cost per
[00:44:42] acquisition
[00:44:42] LTV
[00:44:43] or it's
[00:44:43] operational
[00:44:44] costs
[00:44:44] or it's
[00:44:44] staffing
[00:44:45] or it's
[00:44:46] reporting
[00:44:46] and analytics
[00:44:47] or data
[00:44:47] structuring
[00:44:48] I think
[00:44:48] we are
[00:44:49] constantly
[00:44:50] trying to
[00:44:51] listen to
[00:44:51] the market
[00:44:52] and iterate
[00:44:52] and find
[00:44:52] those business
[00:44:53] problems
[00:44:53] so if
[00:44:55] anyone's
[00:44:55] ever
[00:44:55] open to
[00:44:56] a discussion
[00:44:56] on from
[00:44:57] sort of
[00:44:58] just a
[00:44:58] an
[00:44:58] entrepreneurial
[00:44:59] business
[00:44:59] lens
[00:45:00] if we
[00:45:01] can't
[00:45:01] underwrite
[00:45:01] it
[00:45:01] we'll tell
[00:45:02] you we're
[00:45:02] not the
[00:45:02] right fit
[00:45:03] or we
[00:45:03] can't
[00:45:03] solve
[00:45:03] it
[00:45:03] but we
[00:45:04] always
[00:45:04] like to
[00:45:04] listen
[00:45:05] and learn
[00:45:05] yeah
[00:45:05] awesome
[00:45:06] and you
[00:45:06] guys are
[00:45:07] a lot
[00:45:07] of fun
[00:45:07] to talk
[00:45:07] to
[00:45:07] I
[00:45:08] always
[00:45:08] enjoy
[00:45:08] it
[00:45:08] so
[00:45:08] reach out
[00:45:09] to
[00:45:09] we
[00:45:09] we
[00:45:09] we
[00:45:09] we
[00:45:09] we
[00:45:09] we
[00:45:09] South
[00:45:10] Park
[00:45:10] so
[00:45:11] absolutely
[00:45:12] we'll
[00:45:12] keep
[00:45:12] it
[00:45:13] light
[00:45:13] when
[00:45:13] we
[00:45:13] nerd
[00:45:14] out
[00:45:14] on
[00:45:14] AI
[00:45:14] we'll
[00:45:14] still
[00:45:14] have
[00:45:15] fun
[00:45:15] doing
[00:45:15] it
[00:45:15] yeah
[00:45:16] awesome
[00:45:16] ladies and
[00:45:17] gentlemen
[00:45:17] Spencer
[00:45:17] Honeyman
[00:45:18] thank you
[00:45:18] sir
[00:45:19] hey
[00:45:20] wait
[00:45:20] don't
[00:45:21] leave
[00:45:21] yet
[00:45:21] this
[00:45:22] is
[00:45:22] your
[00:45:22] host
[00:45:22] Eric
[00:45:23] Malzone
[00:45:23] and I
[00:45:24] hope
[00:45:24] you
[00:45:24] enjoyed
[00:45:25] this
[00:45:25] episode
[00:45:25] of
[00:45:26] future
[00:45:26] of
[00:45:26] fitness
[00:45:26] if
[00:45:27] you
[00:45:27] did
[00:45:27] I'm
[00:45:28] going
[00:45:28] to
[00:45:28] ask
[00:45:28] you
[00:45:29] to
[00:45:29] do
[00:45:29] three
[00:45:29] simple
[00:45:30] things
[00:45:30] it
[00:45:44] review
[00:45:45] number
[00:45:46] three
[00:45:46] share
[00:45:46] put it
[00:45:47] on
[00:45:47] social
[00:45:48] media
[00:45:48] talk
[00:45:48] about
[00:45:48] it
[00:45:49] to
[00:45:49] your
[00:45:49] friends
[00:45:49] send
[00:45:49] it
[00:45:50] in
[00:45:50] a
[00:45:50] text
[00:45:50] message
[00:45:50] whatever
[00:45:51] it
[00:45:51] may
[00:45:51] be
[00:45:51] please
[00:45:52] share
[00:45:52] this
[00:45:52] episode
[00:45:53] because
[00:45:53] we
[00:45:53] put
[00:45:54] a lot
[00:45:54] of
[00:45:54] work
[00:45:54] into
[00:45:54] and
[00:45:55] we
[00:45:55] want
[00:45:55] to
[00:45:55] make
[00:45:55] sure
[00:45:55] that
[00:46:14] have
[00:46:15] a
[00:46:15] great
[00:46:15] day