Moov is one of the most innovating fitness wearable companies of today, by delivering the world’s most motivating and efficient fitness experience through a personalized fitness coach, based on artificial intelligence (Moov, 2018). Originally they were founded by three entrepreneurs with a feel for technology that had a same goal in life: get back in shape.
Since there were already many companies competing in the fitness wearable industry, Moov had to find a segment of the market that shared a similar set of needs that had not been fulfilled yet, to provide a new value proposition for consumers. They did this by adding a new aspect to an already quite personalized product such as a Fitbit: training advice and tips based on artificial intelligence. Instead of just focusing on the amount of calories you burn, or the amount of steps you take in combination with a mobile application, Moov also gives you real-time feedback on the way you’re exercising. Whether it’s running, lifting weights or other activities, it will give you tips in order to improve your performance and remain injury free, which tailors experience to each consumer individually (Mobasher et al, 2000). By participating as a consumer, Moov will be able to better analyze your training and increase the overall consumer driven value, while also maintaining a quite personalized customer relationship. This joint profitability leads to maximized payoffs for both parties involved. The institutional arrangements and environment is hard to elaborate on, since Moov only interacts with the consumer directly, it has no other partnerships. One aspect of the institutional environment could be privacy of the users, but since Moove needs the data to be able to provide the best customer experience, users are probably okay with sharing their data.
The company is now working towards offering a platform of applications, specially made for the activities that are being tracked. They are continuously updating their wearable devices and coaching mechanisms to keep a leading edge on competition (Hardwick, 2017). Also, since Moov actively collect data from their users to improve their coaching technologies, they can also use this data for more insights about their users. This data can be seen as a key resource, since it can lead to further enhancement of their services, but also find new ways of providing value for their customers to increase lock-in.
One of their first products consisted of an AI performance coach through a fitness tracker, which was an enormous success. Through the use of a crowdfunding page, they managed to reach their $40k goal within 90 minutes of the opening (Crook, 2014). One of the ways that Moov differentiated itself from competition, was by involving the consumers from the start of the project. They knew that identifying the right customer segment was not enough, but that active involvement of the consumer was necessary to come to the most value providing service possible (Kaulio, 1998). By using crowd sourcing as a tool for generating ideas for their new product and information pooling, they made sure that their crowdfunding campaign was a success.
Not only have they found ways to gather funding for new projects from consumers, they also provide ways to interact with other users that use Moov. People can share their results with friends and people that are on the same level as them, while also keeping track of their progress. Furthermore, by using hashtags that are linked to Moov, users can link their photos to to the website to share it with others. Users of Moov can easily find each other through their Instagram accounts, and many people have used this as a way to stay motivated by keeping each other updated about their progress. By providing this platform to share and collaborate with other consumers, Moov can actively promote their product and service. One of the downfalls of the value proposition that Moov provides, is the constant need of data to be able to offer the best service possible. As long as people are okay with sharing their data, this should not become a problem, but it might be important for Moov to take this into account for their new products and services, when they further develop and enhance their business model. But until then, I invite you to give Moov a try to reach your fitness goals in 2018!
Crook, J. (2014, February 28). Moov Fitness Tracker Passes Its $40K Crowdfunding Goal In 90 Minutes. Retrieved February 18, 2018, from https://techcrunch.com/2014/02/28/moov-fitness-tracker-passes-its-40k-crowdfunding-goal-in-90-minutes/
Hardwick, T. (2017, February 23). Moov Fitness Coaching Tracker App Receives Major Update. Retrieved February 18, 2018, from https://www.macrumors.com/2017/02/23/moov-fitness-coaching-tracker-app-update/
Kaulio, M. A. (1998). Customer, consumer and user involvement in product development: A framework and a review of selected methods. Total Quality Management, 9(1), 141-149.
Mobasher, B., Cooley, R., & Srivastava, J. (2000). Automatic personalization based on web usage mining. Communications of the ACM, 43(8), 142-151.
Moov (2018). Moov Fitness Coach. Retrieved February 18, 2018, from https://welcome.moov.cc/