dis/talk4
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transcriptwk4.docx
TRANSCRIPT
Transcript
Harvey Spevak Learning from Other Industries
Some examples of how we look at other industries and take in some of those initiatives and brought them back to Equinox could be in the form of touch points. So by example, I’ll give you two examples of those.
If you go into a hotel, and we’ve all become accustomed to either the piece of chocolate on the pillow or the sanitized toilet seat with the piece of paper wrapped around it, right? It’s a cue to you that the bed has been cleaned or the toilet is fresh and clean. So one of the things we’ve done, and we did this many years ago, is in our cycling studios, or more commonly known as our spinning studios, after each class the whole studio gets completely wiped down by our maintenance team, and fresh towels get put on each bike. So it’s the same cue that you get from hospitality that says, “This has been cleaned and I don’t have to bring a towel to the class.”
Another good example from hospitality is in five-star hotels you typically get branded skincare—lotion, shampoos, that you use in the shower in the bathrooms. So we, during the recession, a great example of how we think about the business, during the recession we entered into an exclusive partnership with Kiehl’s, the luxury skincare company, and we exclusively feature Kiehl’s products in our showers and our sink areas. Well, you say, “Why did you do that?” That certainly added cost to us, our members were ecstatic when we did that. But that was a cue from hospitality.
If you look at the consumer world we’re living in today, where everything is changing so dramatically, particularly around technology, whether it’s direct technology or technology driving it, you have things you talk about big data, you talk about on-demand services like Uber, you talk about specialized and customized boutique type experience. And so how have we responded? Well, SoulCycle is the uber boutique, no pun intended, but uber boutique studio experience in our industry. It’s the hottest cardio party in the country. So we have that, and we’re growing that very rapidly. And then we’re doing some things which I can’t share sitting here today, but we’re doing around technology that is going to inform how we interact with our member, better understanding their behavior on a going-forward basis. And being able to segment and customize content programs and services better than we ever have for them.
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