Mindbody Keeps Your Business Model in Tip-Top Shape
New Year's fitness resolutions are already hard enough to keep, but it's even more difficult when the classes you want to go to are always booked up. Mindbody, a cloud-based provider of business management software focused on health and wellness, introduced a new dynamic pricing strategy to help fitness studios get consumers the classes they want. Rick Stollmeyer, Co-Founder, Chairman, and CEO of Mindbody, joined us to discuss the new feature.
Thoughts of dynamic pricing could cause consumers to become concerned about surge pricing similar to the strategy used by Uber. Stollmeyer shares why consumers shouldn’t be afraid, saying it works both ways. Dynamic pricing can go low enough to attract price sensitive users, but high enough to provide decent growth margins to build a sustainable business.
Stollmeyer also chats about the company's pilot program with Google and breaks down what they learned from the partnership. He says it was a success and Google expanded integration nationwide. The key result was bringing people in to the platform who weren’t already engaged in the wellness community. Stollmeyer sees VR and AR as an opportunity to expand even more.
American businesses that rely on Chinese goods are reacting with muted relief after the U.S. and China agreed to pause their exorbitant tariffs on each other’s products for 90 days. Many companies delayed or canceled orders after President Donald Trump last month put a 145% tariff on items made in China. Importers still face relatively high tariffs, however, as well as uncertainty over what will happen in the coming weeks and months. The temporary truce was announced as retailers and their suppliers are looking to finalize their plans and orders for the holiday shopping season. They’re concerned a mad scramble to get goods onto ships will lead to bottlenecks and increased shipping costs.
Shopping expert Trae Bodge discusses how talks between the U.S. and China is good news for now, but uncertainty remains for back-to-school and the holidays.
Jake Traylor, White House reporter at Politico, joins Cheddar to discuss how Trump is aiming to lower drug prices and how it differs from Biden's approach.
Sheryl Palmer, CEO of Taylor Morrison, talks tariff uncertainty, being a female leader in a male dominated industry and what homebuyers need to know. Watch!