I was pleased to read that The Gym Group, the UK low-cost gym operator has, for the first time, analysed the social value it creates. Social value allows a business to translate its inputs and activities into social impacts.
A gym exists to facilitate exercise, but as a society what we care about is whether health is improving by preventing lifestyle-related disease and if people feel better about their lives and are more fulfilled. I illustrate this below. It is possible to put a monetary value on this because we know the costs to treat disease, the savings by reducing doctor visits and the ‘value’ that people place on their wellbeing.
As a society, we were not moving enough before Covid-19. Following a year-long pandemic, this has become considerably worse. Now there is an opportunity, as well as an important social responsibility as businesses reopen, to carefully support people back to better health.
For the past year, I’ve heard people argue that indoor exercise venues are essential. Now as normality returns, I believe they are.
Social value methodology. I have taken The Gym Group’s reported annual average social value of £490/person x total members (Dec 2020) = £283 million (approximate).
Crafting a compelling strategy
We want to support organisations in developing a strategy that helps to create a compelling proposition for its customers but one that also creates significant societal value. Please do contact me if this resonates with you.