Episode #418: The Hype Cycle of Fitness Technology: Staying Focused on Priorities | Garrett Marshall from Xponential Brands

Garret Marshall has been in the fitness industry for 20 years, starting way back (kind of "falling into it") in 2003. His first job was teaching swimming lessons to kids at Lifetime Fitness where he stayed for five and a half years. Prior to that, he was heavily involved in athletics growing up and playing hockey after school. 

Over the years he had "every job you can think of" in the health club world. Garrett's currently President of Fitness Streaming for Xponential Fitness. He and Pete discuss how Xponential is investing in R&D to build out various digital platforms and making it a part of their revenue mix. They also chat about the history of personal training revenue and how digital platforms may only bring in / appeal to a smaller percentage of members. (Perhaps, at least initially.) 

Marshall shares his insights on the importance of aligning bricks and mortar with online programming and connectivity for fitness businesses to succeed. Recounting the state of the industry years ago, he says, "I still remember back going back to the Fitness on Request days, when that was really the first product of its kind . . . and then you fast forward 10 or 15 years later and you see, well, you really can't have an elevated spin experience if you haven't incorporated technology that shows riders their biometrics performance metrics throughout the ride!" 

This episode is a must-listen for anyone interested in the future of the HALO sector! 

Some key moments: 

[00:07:49] Fitness technology adoption evolved despite early objections.

[00:10:03] Managing technology overload and priorities.

[00:17:06] Xponential's Mission: Accessible boutique fitness worldwide.

[00:22:00] Personal training revenue: Don't worry, it's growing!

A few key takeaways: 

1. Digital technology is becoming an important revenue stream for fitness studios, but it is still a small part of their overall revenue mix.
2. Incorporating technology into the fitness experience has become essential to providing an elevated experience, but companies should align technology with the core value(s) they provide to customers.
3. Fitness executives should prioritize and calibrate new technology introductions to avoid getting overwhelmed.
4. Streaming/digital exercise programs, etc provide lower price points and wider accessibility, and can possibly assist in bringing in more customers to fitness studios.

Click here to download transcript.