Starting your own dietary supplement brand is one thing, but expanding your dietary supplement brand – that’s another matter entirely!
You’ve done it! Actually, let’s rephrase that: You’ve done it and you’re still doing it. Your dreams of launching your own dietary supplement brand have become a reality. With the help of your manufacturer and some other key players – your product has made it from concept to shelf and business is booming.
So what’s next? Have you’ve started to play around with the notion of adding another supplement (or two!) to your business’ product line? For all those who are considering level two of the dietary supplement manufacturing adventure, we’ve gather three tips that we know are worth keeping!
3 Tips for Expanding Your Dietary Supplement Product Line
Tip #1: Don’t underestimate the value of customer feedback.
Even for those who aren’t looking to expand their product lines, customer feedback is a great way to generate additional insight into almost every aspect of your business model – from product to process! Reaching out to your current customers with the help of a set list of questions or a survey is a great way to figure out what you’re company’s currently doing right and where there’s opportunity for improvement and long-term gains.
Tip #2: Don’t skip the competitor and market research.
Along with looking for customer feedback, taking the time to see what your competitors are doing and evaluating the state of the marketplace as a whole is a must.
Along with being a great way to help you establish the potential value of your new venture, a simple and effective way to help your new brand (and your current one) stand out from the competition is to take to the time to recognize what they’re doing, how they’re doing it, and how your company can do it better.
Tip #3: Learn from your past experiences.
As we’ve already established, if you’re reading this then there is a very good chance that you’ve managed to make it through the process of bringing a dietary supplement to market at least once. If this is the case, then there’s one question that you must ask yourself: Now that I’m thinking of starting the dietary supplement manufacturing process all over again, what can I do differently?
Whether it’s making changes to your projected timely, your budget, how you allocate your resources or something else entirely – there’s a good chance that there’s something that you can do better (that will save you time, money, or resources) this time around.
Choosing to add another dietary supplement to your product line is no small decision. That being acknowledged, there are dozens of resources out there to help you make get your next dietary supplement product off to a good start!