Welcome to the Arena from ICR – Conversations with Today's Innovators & Business Leaders Jim Barr, CEO at Nautilus — Don't Sweat It: The home fitness trend is here to stay
Summary:
While gyms were closed, and most of the population was stuck at home during the pandemic, the home exercise equipment category saw a huge boom in sales. With this came increased consumer appetite for connectivity and consolidation of their fitness experience across all the products in their home gyms.
Today's guest is Jim Barr, CEO of the iconic fitness brand Nautilus Inc. Also falling under the Nautilus umbrella are well-known brands like Bowflex and Schwinn. Before joining Nautilus, Jim was Group President of Richie Brothers, a global leader in sales of used industrial equipment, and Chief Digital Officer at Office Max, where he led the transformation of its online and omni-channel experiences.
In this episode, Jeff and I talk about how Nautilus managed the huge surge in demand for their products during the pandemic, how they've used digital technology to transform the customer experience, and how getting your team right is a key driver of success.
Highlights:
- Jim discusses the current landscape of the home fitness industry (4:12)
- Jim gives a breakdown of his strategic business plan North Star (7:15)
- Jim talks about Nautilus' huge growth in digital members and how this was achieved (10:24)
- Jim explains how a diverse portfolio of products has helped Nautilus grow (12:40)
- How did the pandemic affect Nautilus' supply chain demand and how has this changed? (14:24)
- Jim takes us through his personnel changes, and how this has benefitted Nautilus (16:11)
- Jim talks through the pivot that Nautilus made to AI, machine learning, and vision and motion capture technologies (18:04)
- Jim discusses industry competition and the power of the Nautilus brand (20:30)
- How can diversity in retail channels manage risk? (23:21)
- Jim talks about having a long-term view can help investors understand your story (25:31)
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If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, elizabeth@lowerstreet.co.