Mindbody Announces Product Improvements and “Zero-Cost Software” Potential with Mindbody Marketplace
Posted: November 20, 2023 in Suppliers
SAN LUIS OBISPO, CA – Mindbody, a leading experience technology platform for the wellness industry, announces a series of significant product improvements to better support the tens of thousands of fitness, beauty and wellness businesses it serves. Notably, the company aims to be a “zero-cost software” for all customers by driving revenue to its customers through the Mindbody Marketplace, with the potential to offset the cost of its product completely.
“This past year, we’ve taken the time to listen closely to our customers’ needs and heard their rallying cries for improved reliability, customer service, and tools for revenue growth,” said CEO of Mindbody, Fritz Lanman. “We’ve made substantial investments to enhance our product in these areas—and are committed to helping our customers tap into the Mindbody Marketplace to gain new customers and more revenue.”
The Mindbody Marketplace, with 2.4 million active consumers, offers Mindbody customers the unique ability to reach the largest global pool of wellness shoppers. Enhancements in Marketplace tools such as Promoted Intro Offers and Price Drop dynamic pricing give businesses a low-cost and low-risk way to convert consumers into direct clients.
The average new Mindbody customer is generating 36% more revenue within their first six months on the platform, and many Mindbody customers are completely offsetting their software costs with recurring revenue from clients who discovered them on the Marketplace.
“Many of our customers who are using Mindbody to the full potential are already offsetting their software costs with revenue, but we want Mindbody to be a “zero-cost” software, or better, for all our customers,” said Lanman. “The potential of the marketplace is in the data—and as a key differentiator that is exclusive to our customers, we will continue to put resources into its growth.”
Lanman, having just surpassed his one-year milestone as Mindbody’s CEO, has brought on top tech leadership to refine and enhance the backend of the core Mindbody product—ultimately reducing system interruptions by 80% and increasing global uptime to 99.9%. Investments in staffing, improved training and systems, and new AI tools, have led to customer service phone response time reduction by 70% and email responses by 50%.
AI and ML (machine learning), together with Mindbody’s scale of booking data (more than 500M transactions per year), power sophisticated new tools that help Mindbody customers identify their clients who are most likely to churn or prospects who have the highest potential to spend. These insights allow businesses to make informed marketing decisions—reaching their customers and prospects at the right time, with the right message.
“We’re focused on raising the bar for ourselves, and these improvements are just the beginning of what we have in store for our valued customers,” said Lanman.