New metrics to measure wellness ROI among key themes at Global Wellness Summit
To attract investment and build sustainable wellness programmes and communities, we must promote a new system to measure their success. This was among the key topics during the first two days of the Global Wellness Summit in Mexico City.
Speakers discussed the necessity for both quantitative and qualitative ways to measure the success of wellness initiatives in spas, workplaces and communities.
During a panel session entitled “Wellness Communities on the Rise: How Should we Measure & Attract investment?” spa developers suggested that return on investment (ROI) is an out-dated model as it does not take into account the social and environmental benefit of wellness.
They also analysed the importance of measuring the impact that wellness has on price point and making that clearer to potential investors. Alfredo Carvajal, president of Delos Living, shared figures that show the wellness bedrooms he pioneered in MGM Grand in Las Vegas, US, are charged at a 28% premium but also generate much better customer reviews and return rates. “Rather than return on investment, we need to measure return on wellness,” he said.
Meanwhile, speaking on corporate wellness programmes, Dr Kenneth Pelletier, clinical professor of medicine at the Universities of Arizona and California, shared some statistics that show that companies with workplace wellness programmes generate on average 200% better return for their investors. Of course, this is not solely down to wellness, he said, but rather an indicator that those companies that value their employees are also more innovative.
He added, “ROI is rapidly being replaced by value of investment (VOI), which also takes into account employee retention, satisfaction and wellbeing, all of which has a significant effect on profit.
Other key topics discussed at the summit, which is currently taking place in Mexico City from November 13-15, have included the potential for highly personalised medical wellness programmes and the need to integrate technology into wellness for enhanced results and profits.