Dietary supplements are big business. If you have been thinking about how to tap into this market, this three part series can help you with the tools that you need to succeed.
Did you realize that a massive 68% of adults in the U.S. use dietary supplements? By any standards this is a sizable market and one that you need to tap into. Creating a thriving line of private label supplements is a solid strategy in terms of your business success. Nutritional supplements are more popular than ever, so it’s a great time to think about focusing your business vision in this direction.
Impress your established customer base with in-house versions of supplements. A line of own-brand supplements can increase your sales, encourage repeat purchases and establish customer loyalty.
It might seem like everyone is competing to sell high-quality supplements that stand out from the crowd, so you need to get it right. Are you up for a challenge? This isn’t necessarily an easy task but bear in mind that the market for high-quality probiotic supplements has increased by over 20% in recent years. There is plenty of market space for everyone if you offer well-made and marketed products.
A successful marketing plan can have dozens of strategies to help it to succeed. Differentiate your products from the others out there with a strong marketing plan. Here are some pointers to get you started on the right path.
Know your target audience
Consider your customers’ demographics first and foremost, and you are more likely to make a good return on your investment.
Demographics is the study of characteristics of a population and is an umbrella term for information on factors such as age, gender, location, marriage status, number of children, the level of education or income, employment or even ethnicity. Psychographics is the area of research that includes details about lifestyle and interests plus people’s attitudes and values.
These identifiers can help you to determine those who will be most interested in your product or service. Target your advertising campaign to these individuals and increase your likelihood of success.
If you identify people who are interested in healthy living, they are more likely to become clients, and the more you know about them, the easier it will be for you to target their needs and appeal to them.
Let’s say you are marketing a probiotic product. Your research identifies that the best people to target are both genders between the ages of 18 and 34. Price is highly influential for this age group, so you need to make your product very economical. This approach means a higher likelihood of attracting the right customers.
Dividing the market up by gender is a common strategy especially with products aimed at improving or supporting health. A woman experiencing the menopause is very likely to have different needs and requirements than a 30-year-old man who wishes to increase his muscle bulk.
In the realms of sports nutrition, the genders are now virtually equal in their interest in protein shakes and meal replacements. Bearing this in mind with marketing strategies is essential.
The price is right
The shelves in the store are packed with a range of supplements, which means yours must have a competitive edge. Any new kid on the block must be comparable to the competitors in terms of quality but price your private label supplement lower than the most popular to tempt consumers to try it out.
There is danger in pricing your product too low, however. Some consumers are not attracted to “value” lines and will be put off a purchase by the lower price, even if the product in the packaging was the same.
Remember your target audience demographics? They show their worth here. Young people are probably more interested in a lower price item than well-paid executives in their 40’s.
It's possible to offer the consumer better value without damaging your brand with a value label by considering a marketing strategy where you sell your products as specials including 'buy one, get one free' or 'buy the second one half-price.' This way you can appeal to more than one segment of the market.
Have you prepared your marketing plan or even started the marketing process for your supplements? What have you learned so far?