Strategic Renewal & Business Model Diversification
The task
Freeletics is a provider of digital fitness coaching "anytime, anywhere" with personalized training plans. The company had grown strongly up to the start of the project and the future market prospects for the core offering were also very positive. At the same time, the pressure increased due to tougher competition, as well as new offers, e.g. with "smart" devices or digital live offers. Therefore, with the help of venture.idea, the management decided to strategically renew its competitive position and diversify the business with new offerings that would create new competitive advantages for future profitable growth in the medium to long term.
The project
A core topic of the project was the systematic development of newer offerings that generate new competitive advantages for future profitable growth in the competitive environment of Freeletics. Furthermore, it was part of the project to establish the appropriate methodology in the company as well as to accompany the company in the process. This included establishing an innovation approach (to systematically develop innovations aligned with the company's goals), a new organizational model (to work on the above challenge in a cost-efficient and lean way given the size and scope of the existing, growing core business), and a new methodology (to reduce project risk without sacrificing quality and depth of results).
The result
Upon completion of the project, Freeletics had repositioned itself as a multi-product company with a second novel business model. In addition to its previous core business (Freeletics Coach), the company launched the innovative STÆDIUM offering - the world's first strength gaming experience that enables strength training, gaming experience, AI and smart training devices. At the same time, the company was empowered to execute projects like this independently in the future.