10 Steps: How to Start a Successful Supplement Brand
The supplement industry is a very competitive market and without taking the necessary steps, a supplement brand could fail very quickly.
A lot of people have been coming out with fantastic ideas that could be huge. Their biggest issue is they haven't done the proper research and planning before launching.
In order to have a successful business, you need to have a high-quality product, a researched target market, proper marketing methods, consistent distribution, cover all legal bases, and all finances under control. Bringing all of these departments together and organized is not easy, especially to keep it cost effective and make a profit!
Follow these 10 Steps below to have a successful supplement brand.
Fill a Gap in the Market/Identify an In-Demand Product!
To have a successful product, you need to solve a problem or fill a gap in the market. What is hot? What are people looking for? Whether it be the Ketogenic diet, Autogaphy, or any other popular diet, you need to make sure the demand is high and there is hype built around the product.
Not all supplement segments are very lucrative but picking a very niche segment is what will set you apart. Other big current markets are Nootropics, Probiotics, Sports Nutrition, and Longevity.
Identify and Define Your Target Market!
After you figured out what is hot and what you want to sell, you need to identify and define your target market.
Who are your key customers?
What do they have in common with each other?
Where does my target market buy their products?
What social media does my target market use?
Will my product help my target market?
Will my target market be excited about my product?
Are their obstacles to reach my target market?
How can i overcome these obstacles?
Failure to identify these key questions could lead to the failure of your business. Find out who cares and why.
Check Out the Competition!
In order to have success in the supplement industry, you need to know what your competition is doing. Along with knowing your competition, you should be aware of their pricing, marketing strategies, and content strategies.
What are their prices?
How are your competitors setting their prices? Are you going to be a higher quality? Are you going to be a middle priced product?
What kind of value they are bringing their customers?
Value can mean a few different things, but you should be taking a look at any kind of value your competitors are bringing to their customers. This value could be as simple as listing the benefits of their product, having a monthly subscription so it is easy for customers to always have enough product and never run out, a blog with details on the industry and educating them on best practices, etc... There are so many ways to give value and if you recognize what your competitors are doing, it will be easier to be up to par, or even better than your competition.
Who is your competition targeting?
Look at your competitor's marketing and notice how they are bringing in customers. It could be simple social media marketing, TV ads, and notice who they are targeting. You can tell by listed benefits, people in the ads, and from questions listed in the ads.
What tools are your competitors using to better their business?