The health industry has always been an interesting market to be following. Mainly because there are many lessons that we can learn from this industry. Considering our unique biology it seems that a lot of people spend plenty of time theory crafting what is the best possible solution and create more and more products to add to the mix.
With more Americans gaining weight, there was a push to wear tracking gadgets. People started to count their steps, count their calories, and be mindful of what is actually in the food that they are eating.
While some of those things are good to keep in mind, the results have been less than desirable. People have been gaining weight as opposed to losing weight.
As a result this has created a surge of people looking for better grade food and companies have been providing it as well.
But what’s more important than that is what they have been doing about sleep.
What companies are doing
Just like any other massive trend in the health industry, many companies have jumped onto the bandwagon.
UnderArmour is in the midst of making PJs.
Many companies have created various apps to track sleeping.
Gym programs have started to encompass sleep into their training and have “sleep coaches.”
Fucking Apple has made a sheet that tracks your sleeping and there’s pillows that shift about to prevent you from snoring.
While all of this stuff may seem nice and luxurious, the question I want to be asking is this:
How useful is all of this going to be? How much value will all of this stuff give you?
I mean sure, each thing has a lot of value behind it. Tracking your sleep may seem like a nice thing. But not to sound like Cindy Lou from that live action How The Grinch Stole Christmas movie:
“Isn’t this a bit much?”
Because as Dr. Seema Khosla, the chief medical officer at North Dakota Centre for Sleep tells her patients the same simple sleep regimen.
Consistent bedtime and rise time, limited screen time (unless you need it for work), avoid
caffeine ,and a wind-down time before bed.
In the end, these are all things that are free to use and can be easily done when you train yourself to follow through with these things. But people don’t want that.
They’d rather spend $150 on some PJs designed for sleeping better.
My point is that the industry is teaching us a lot about value. When is there too much of something that the value that we get becomes marginalized?
This isn’t to say that a market can get “over-saturated” I don’t believe that. As long as people see value in something, they’ll get it. But it’s important to consider how much that our customers actually get out of the items and services they purchase.
When does what we provide become obsolete to them?
Because I can save 100% of my money by teaching myself tips and strategies to create a wind-down time regimen for bed time. That would be far more useful than any PJs, sleep scanners or pillows could offer me.
There will always be alternatives no matter where you look, but in the end, you want to be mindful of what it is you are delivering. Is what you are providing worth the price you are putting it at. Are you over-delivering above most people to warrant the higher price? Why are you selling at a lower price point than everyone else?
Have the reasons be clear as to the price, but also that it coincides with the value that you are delivering to some degree.
To your growth!
Eric S Burdon