@MatthewFitbit, @KateFitbit, @AlessFitbit, @LanuzaFitbit: Please escalate to relevant management personnel.
Fitbit, Inc. SWOT analysis (an outsider's perspective):
Strengths: Fitbit core business offering is represented by an array of wearable devices that vary from stylish to hidden. Fitbit was an early entrant to the connected fitness tracker market and has largely maintained its early adopter customer base as well as grown to include later adopters. The concept of wireless hardware trackers coupled with software is innovative and Fitbit was one of the first and strongest innovators in the arena. Fitbit designs devices and contracts for their manufacture with an overseas manufacturer(s). Fitbit imports the devices and sells them to resellers and directly to end users through its versatile distribution network. Fitbit designs and distributes software for use in tandem with the hardware component. The software (a service component of the hardware purchase price) offers a centralized platform to view and manipulate user inputs from Fitbit's multiple devices such as its pedometer and scale with fat sensor and offers additional inputs such as tracking of fluids consumed, calories consumed, estimate of calories burned, activity tracking, and sleep tracking. The Fitbit experience does not exist without the software. The interface can be accessed via a web browser or mobile app on multiple mobile platforms. To encourage adoption, Fitbit dedicated itself to making its customers’ data completely accessible by them, enabling customers to export their own data and manipulate it how they saw appropriate.
From “Our Competitive Strengths” section of Fitbit’s most recent 10-K filed 3/1/17 for the period ending 12/31/16: “Broad mobile compatibility and open API. Our broad mobile compatibility and open API enable a large health and fitness ecosystem that provides additional value to our existing users and extends our reach to potential new users. Our users can sync their Fitbit devices with, and view their online dashboard on, their computers and over 200 mobile devices, including iOS, Android, and Windows Phone products. This broad compatibility, combined with our market-leading position, has enabled us to build what we believe is the largest community of connected health and fitness device users.”
Weaknesses: Before going public, Fitbit personnel were eager to listen to Fitbit customers’ feedback and develop hardware and software improvements. After going public, Fitbit has struggled to keep its early adopters and other existing customers happy. Fitbit emphasizes new product releases while letting older but still relevant products and software solutions fall by the wayside. Fitbit also struggles to maintain a cogent customer support front. Customer phone support is unaware of the existence of hot-topic software functionality issues well documented on Fitbit’s own online forum. Amateur service tactics leave the sophisticated customer, once upon a time loyal and excited, feeling helpless and resentful.
Opportunities: The market for wireless fitness tracking solutions is still young and there is plenty of room for innovation, growth, and failure. Fitbit’s biggest opportunity is to get out of its own way, stop stepping on its own feet, and do what the company was once so great at: listen to feedback and create solutions based on the feedback. Don’t distrust or ignore customers who are providing this crucial (and free!) service. The life cycle of devices is generally limited by the number of charge cycles the nonreplaceable batteries are capable of. With regular use, a device may last 1-3 years, after which time it will need to be replaced. Fitbit has a unique opportunity to so engage its existing customer base that its customers will purchase new Fitbit devices at the end of their previous devices’ lives (The converse of this is also true in that Fitbit may so alienate its existing customer base that those sophisticated customers will choose to purchase their fitness tracking solutions from other providers).
Threats: At present, Fitbit’s strongest threat, arrogance, is generated or nourished internally. External threats are in the form of competitors’ products that are just-as-good-or-better than Fitbit’s and standing ready to happily welcome Fitbit’s abandoners.
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