YouSaid · the spoken record

Brett Maloley

lines on the record: 64
first: 2017-10-24
most recent: 2017-10-24
sittings or episodes: 1
sources: podcast

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“Platforms reduce the friction between effort and results, and they thrive in industries that are very large, very stagnant, very underserved. So I love platforms in general because their ability to scale is unlike any other model. I've seen. And in the fitness industry, it's almost perfect because we see this massive market that hasn't changed in close to five decades and really lacks utility to the consumer. So there's only so long the commercial fitness industry can continue to grow with a 60% inactivity rate and a 50% attrition rate. Yet it is continuing to grow. And we know that 16.5% of the country belongs to a health club. And that number? 16.5%. And that number's staggering if you think about it. I think Ursa, the International Health Rack and Sports Club Association in their global report from 2015.”
2017-10-24 · Invest Like the Best · Brett Maloley - Ladder: The Fitness Marketplace - [Invest Like the Best, EP.60] · IDENTIFIED FROM THE TRANSCRIPT · source
“So it's kind of a tipping point to some extent where we start off with digital and then potentially in person is a little higher in volume at the beginning. But as the relationship gets stronger, there's the potential to reduce in-person. And it can always be brought back in the event that you're going through a rot or things happen because there are so many variables at play here.”
2017-10-24 · Invest Like the Best · Brett Maloley - Ladder: The Fitness Marketplace - [Invest Like the Best, EP.60] · IDENTIFIED FROM THE TRANSCRIPT · source
“And get a plan from them, I would follow that process to a T because I've already established a relationship with them that drives accountability because we know that accountability is the direct result of a relationship, either with yourself or with someone else. For people that are already self-accountable, there are a lot of great products, calorie counters, food logs, different things of that nature. That's not really us. We exist for the larger part of the market that needs a little help relative to accountability. And for a lot of people, they don't have it within themselves. They also don't have anyone within their sphere of influence that can hold them accountable. So in a lot of ways, we strive to create relationships with people or between people rather that can drive accountability. And over time, as the relationship becomes stronger and stronger, I envision the in-person reducing.”
2017-10-24 · Invest Like the Best · Brett Maloley - Ladder: The Fitness Marketplace - [Invest Like the Best, EP.60] · IDENTIFIED FROM THE TRANSCRIPT · source
“As far as the ratio specific. In everything we've done, we've tried to focus on the science of behavioral change. And we've tried to create a product that is mindful of how behavioral change works. So accountability is that secret sauce. That's the thing that products in entities of any kind in the space are always trying to drive. Because we know it comes down to some variation of ability. So do you have the resources, the understanding? Do you have the motivation and the accountability? So do you want to do it? And then the trigger. Is it constantly mindful to kind of contribute back towards the motivation? So a lot of what we're doing is building a relationship. Once the relationship becomes stronger, then I think the in-person reduces. So like I have coaches that I haven't spoken to or seen in decades, if I was to communicate with them,”
2017-10-24 · Invest Like the Best · Brett Maloley - Ladder: The Fitness Marketplace - [Invest Like the Best, EP.60] · IDENTIFIED FROM THE TRANSCRIPT · source
“Frequently in person, where the backbone becomes the digital relationship. And then we're plugging and playing in person care where it's needed, creating more of a dynamic pricing model that even further reduces the barrier of entry to the consumer. I envision a world where everyone works with a coach and potentially more coaches, building out that action care team that can actually make people live healthier lives and I think ultimately happier lives as well.”
2017-10-24 · Invest Like the Best · Brett Maloley - Ladder: The Fitness Marketplace - [Invest Like the Best, EP.60] · IDENTIFIED FROM THE TRANSCRIPT · source
“So when someone asks me what ladder is, it's a platform that enables more people access to health and wellness professionals. So in a space that is hamstrung by the logistical inefficiencies and it is purely an exchange of time for money, we believe we have a solution through driving a hybrid of digital and in-person coaching that can scale the earning potential of the coach, improving their core competency and monetizing their unused time while simultaneously delivering a far more affordable coaching solution, but more importantly a more effective one because we believe that the sweet spot is that hybrid between digital and in person. So by no means are we trying to replace in-person training. We're trying to create an ecosystem where instead of 10% of gym members working with a coach, roughly 5.1 times per month, we have all gym members and furthermore all people working with a coach.”
2017-10-24 · Invest Like the Best · Brett Maloley - Ladder: The Fitness Marketplace - [Invest Like the Best, EP.60] · IDENTIFIED FROM THE TRANSCRIPT · source
“Of the ways that we do things and make some changes. And I think most industries go through similar paradigm shifts in the commercial fitness industry is a lot younger than most people think. So we're excited to continue to build ladder into what we believe will be one of the most significant changing agents in paving the way for the future of the industry.”
2017-10-24 · Invest Like the Best · Brett Maloley - Ladder: The Fitness Marketplace - [Invest Like the Best, EP.60] · IDENTIFIED FROM THE TRANSCRIPT · source
“To create the future of the industry. So working with the commercial fitness industry, an industry that for a long time has had a tough time working with technology because there's the huge dichotomy between the commercial side of the space and the direct-to-consumer side of the space. We wanted to champion the commercial side of the space, work hand in hand with the gyms to drive a superior solution that ultimately, in my opinion, allows them to not only thrive, but simply survive in the future. Because as more and more opportunities and offerings become available, an industry that in the purest sense just lacks so much utility likely won't survive. But that's okay. We just need to make some changes because we still have so much going for us, speaking on behalf of the commercial fitness industry. We just have to reexamine some of the...”
2017-10-24 · Invest Like the Best · Brett Maloley - Ladder: The Fitness Marketplace - [Invest Like the Best, EP.60] · IDENTIFIED FROM THE TRANSCRIPT · source
“A month you get a gym membership with unlimited tanning and unlimited child care and you can bring a friend. So it doesn't add up. It doesn't make sense, but we still have 75 million gym members paying 20 bucks a month and we still have 7.5 million personal training clients paying 350 bucks a month so that the opportunity, in my opinion, is massive. But it needs to be done collectively. So at a certain point after I had gone through the selling fitness equipment and started my first company and exited from that and started my second and sold that and then I was a CEO of a small publicly traded company for a short period of time couple years we took that private. We started ladder and with ladder it was really about taking everything that the industry has taught us and using it”
2017-10-24 · Invest Like the Best · Brett Maloley - Ladder: The Fitness Marketplace - [Invest Like the Best, EP.60] · IDENTIFIED FROM THE TRANSCRIPT · source
“I wanted her job. And I told her that. I want to someday have your job. And I got the job. I started selling equipment. And it was probably no longer than six months until I realized I didn't want that job anymore. I wanted to be the CEO of Life Fitness. And over the course of my early career, I would just move to the next biggest thing until a point where I ultimately realized that the best way to help the commercial fitness industry is to help change it because it's still fairly young and it's very big, but it hasn't changed much. And at this point, it just isn't offering enough utility to the consumer. The value of a gym membership is actually a negative delta at this point. So for $10.”
2017-10-24 · Invest Like the Best · Brett Maloley - Ladder: The Fitness Marketplace - [Invest Like the Best, EP.60] · IDENTIFIED FROM THE TRANSCRIPT · source
“Everything I could about it. I would talk to anyone who would listen about where it had come from and where it was going. And then I needed to get a job. And there I was in Boston back at my parents ready to take on the commercial fitness industry. And I got my first job at Life Fitness selling treadmills. And it's so interesting because I remember my first interview, a woman named Phyllis Dannon who still works at Life Fitness who is, I think, the executive vice president of sales now has been there for a long time. She used to work with my father. She's interviewing me. And Phyllis is tough. She has a reputation in the industry as being very aggressive and she's become very successful, impactful with the development of companies like Planet Fitness and some other big fitness companies. But she asked me what I wanted to do in the industry. And I remember at the time thinking,”
2017-10-24 · Invest Like the Best · Brett Maloley - Ladder: The Fitness Marketplace - [Invest Like the Best, EP.60] · IDENTIFIED FROM THE TRANSCRIPT · source
“And it was all focused on the fitness industry. Why did this happen? Who started this? When did this come about? And it was like walking through a museum of the commercial fitness industry. So, I'm starting to meet all these people and spend time with all these men and women who literally started the fitness industry as we know it today. And that does something really special to a young person because it makes a lot of things seem within reach, right? So when you see when you go to a gym and you realize that this is one of 200 of these gyms that exist in the world, that feels very big and feels like potentially something that is bigger than you're capable of to some extent. But then when you meet the person who started that and realize that he is just a regular guy that had been there early and had an opportunity to do something and did, it becomes a lot more palatable. So that summer to me was an awakening. And I became obsessed with the industry. I would read everything.”
2017-10-24 · Invest Like the Best · Brett Maloley - Ladder: The Fitness Marketplace - [Invest Like the Best, EP.60] · IDENTIFIED FROM THE TRANSCRIPT · source
“Lot about, and I had met a couple times, but I didn't really know him. So here I am in Santa Barbara living with an older gentleman that I didn't really know in a trailer on his property. And he owned a company that sold flooring to Jim. So turf, suspension, wood floors, and him and my dad worked together. I always say that summer was when I uncovered my passion for the fitness industry. So picture a 22-year-old kid that is completely up in the air relative to how he is going to spend the rest of his life because he had thought about doing one thing, playing baseball, and now he realizes that that's not going to happen. And I would ride my bike to the office every day. We would eat breakfast together and lunch together and dinner together. No TVs on the property. It was a summer of talking and reading.”
2017-10-24 · Invest Like the Best · Brett Maloley - Ladder: The Fitness Marketplace - [Invest Like the Best, EP.60] · IDENTIFIED FROM THE TRANSCRIPT · source
“I grew up in the fitness industry. My dad was a part owner of some health clubs and then started a company that sold fitness equipment. So growing up, it was always there. For me, it was baseball and the fitness industry. And boys have a very close relationship with their fathers. And for me and my dad, it was baseball and fitness. And my whole life, I thought I would play professional baseball, and that's what I would do forever. And when I realized that that wasn't in the cards, I got into the fitness industry. And in retrospect, it makes a lot of sense why because that was the last thing that we had in common. And it was an easy segue. So I moved out to Santa Barbara after I stopped playing baseball and I lived with one of my dad's best friends, his business partner, and a guy that I had always heard.”
2017-10-24 · Invest Like the Best · Brett Maloley - Ladder: The Fitness Marketplace - [Invest Like the Best, EP.60] · IDENTIFIED FROM THE TRANSCRIPT · source