The Supplement market is growing globally. With market reports showing year over year growth, there’s profit for the grabbing here.
In the last fifteen years, the nutritional supplements market has seen some of the biggest developments in research, technology and more regulated manufacturing leading to phenomenal industry growth. It’s now a multi-billion dollar industry with emerging players eager to step into the market with products claiming to promote good health, offer proactive support for condition-specific health and generally help consumers compensate for the nutritional gaps in their diets. The surge in sales of nutritional products can be traced to increasing consumer interest in natural, herbal and nutritional solutions which, in turn, has given rise to a number of competitors all vying for consumer attention and a piece of the profit.
In such a competitive environment, how can you as a supplement business owner get an edge over hundreds of competitors? There’s no magic formula but following these 7 tips is a sure-fire way to get your products the attention they deserve.
1. Attractive packaging
An eye-catching label design is bound to get immediate attention at the point of sale. Differentiation is the key to successful packaging and establishing brand perception. The right color schemes, a creative label design and convenient packaging all combine to give your potential customer a visual impact that is hard to miss. However, visual appeal is not enough. A customer needs to know more about your product in order to make an informed decision to purchase. The information you provide on the label should be clear and persuasive highlighting the uniqueness of your formula over others.
2. Well-formulated product
Consumers are savvy these days. They pick up on the latest buzz on natural ingredients, nutrients, and herbs and study the efficacy and safety of each. Even traditional ingredients that have stood the test of time receive positive consumer support. A well-formulated product is bound to resonate and bolster interest in your product
3. Use a GMP-certified supplement manufacturing facility
GMP certification shows the manufacturer has gone the extra mile to comply with manufacturing guidelines laid down by the Food and Drug Administration (FDA). It also shows that the company is willing to be audited by an independent third-party, like the NSF. For a supplement business owner, this could be your best friend. The FDA has already mandated that products must contain what their labels claim. In spite of this, many products still fail the test and efforts are on to enhance transparency in the supplement industry. Partnering with a GMP-certified contract manufacturer means you can be sure your products are being produced with the utmost care. You can also take comfort in the fact that only quality ingredients are being used and the manufacturing process undergoes a thorough inspection at every stage. You can sell your product with confidence knowing that your product contains the specified ingredients in their proper proportions according to the claims made on your supplement label panel.
4. Premium products attract more sales
In order to address the growing demand of transparency in the supplement industry, there are various third-party certifications which, according to SPINS (a market research firm based in Schaumburg, Ill) are popular with marketers of supplements. Market research shows that certifications and associations like the NSF, QAI Certified Organic, USDA Organic, NSF Certified Gluten-Free, and the Natural Products Association may help attract more sales. Packaged Foods reported sales of gluten free products rose 34 percent annually from 2009 to 2014 and is expected to continue growing at a rate of 19.2 percent annually through 2019. Other certifications include animal welfare-related claims and Fairtrade USA.
5. Provide a consistently great customer service
Improve customer service, increase sales. In 2011, American Express conducted a survey and found that customers are willing to spend 13 percent more with companies that provide outstanding customer service. This front-line staff defines how customers perceive your product and brand. Over time, great customer service generates loyal customers. Dissatisfied customers are not averse these days to venting their grievances on social medial platforms, quickly tarnishing the goodwill and clean reputation you’ve built over a number of years. Make your customer service one of your greatest assets.
6. Make use of digital marketing
Digital marketing is a cost-effective way to grow targeted traffic to your website, build your brand image, and increase sales. In this day and age, not having a digital presence could put your supplement business out of competition and may leave you fighting for survival.
7. Keep abreast of the latest trends in nutraceutical research
Work with your contract manufacturer to see how you can incorporate the latest nutraceutical research in your formulations that better meet the health needs of your customers. New or unique ingredients tend to drive more sales. Keep an eye on market forecasts to help you strategically plan your product line. For instance, Future Market Insights predicts that the “vitamin supplements segment is expected to account for larger revenue share percentage of 38% by 2020, followed by fish oils/Omega 3-6-9. Additionally, fish oils/Omega 3-6-9 segment is anticipated to account for 16% of the total revenue market by 2020, exhibiting a CAGR of 13.2% through the forecast period.” Future Market Insights also anticipates growth to the following condition specific health supplement areas:
- Supplements that enhance general health will draw the largest revenue by 2020
- Supplements that increase energy levels is predicted to grow 13.3 percent CAGR between 2015 to 2020
- Supplement that help to improve immunity, maintain heart health, digestive health, and bone and joint health are expected to grow significantly during 2015 to 2020.
Functional Ingredients has its own list of the 12 most popular ingredients that they predict will change the world which is worth taking a look at if you’re planning to add more products to your inventory.
Maximize these 7 tips for your supplement business and you’ll be in a better position to gain a competitive edge over your rivals. Partnering with a GMP-certified supplement manufacturer, like NutraScience Labs, who can offer a variety of third-party certifications along with innovative, well-formulated products is one way to make sure you’ve got a product worth the bang for your buck.