The following is an excerpt from an article written by our Executive Vice President, Vincent Tricarico, that was published on NutraceuticalsWorld.com. To read the full article, please click here.
4 Must-Do Steps for Every New Health and Wellness Brand Owner
Business is booming within the health and wellness industry, especially in the U.S., where it’s valued at a robust $52.5 billion—the world’s biggest market size. Although it’s a competitive field, there is still high consumer demand, so now’s the time to get in.
But how do you get started? Just as with any business, there are four must-do steps every new health and wellness brand owner must take that could make or break a new business.
Everything needs to be in sync for the project to work, from distribution, marketing, legal matters, customer service, financial planning, and your sales process. Getting all of these details to align isn’t an easy task, but it can be done if planned and implemented strategically.
1. Create Your Concept & Write Your Plan
It doesn’t need to be perfect; you just need something to keep you focused. It starts with finding your passion—the number one ingredient in any successful business, but especially one where you will be offering a message of health and vitality. If you aren’t passionate about the driving force of your business, how will any investor, customer, employee, or vendor be passionate about it?
Ask yourself if your concept is sustainable and scalable. Does your idea have legs? Will it survive the ups and downs of entrepreneurship? Your concept needs to play to your strengths and focus on where you can outperform your competition.
Focus on the white space, the place where customers’ needs aren’t being met, and figure out how you can fill it in. The nutraceutical industry has a lot of white space that’s always evolving. Create your story in the space you feel most confident you can win in.
Remember the four Ps (product, place, price, and promotion), but don’t forget about two additional Ps (plan and pivot). The health and wellness space is fast-moving; even the best-laid plans of an entrepreneur will need the flexibility and ability to pivot as market conditions and customer behavior dictates.
Finally, remember your “why.” You need to know what is driving you, why you care about your pursuit, and how you communicate it. Health and wellness is an industry that requires personal connection; our “why” grounds us to focus on why we do what we do every day. Stay disciplined enough to try to be something to someone, not everything to no one.
2. Do Your Research
Understand ingredients, know the relevant clinical data, and research effectiveness when developing your product. This is particularly important in the dietary supplement space because consumers demand it.
Today’s consumers of health and wellness products are more knowledgeable than ever before. They are holding brands to greater accountability standards for ingredients, packaging, sustainability, and impacts on communities. They are looking for simple, effective products that provide a real benefit. The days of stuffing labels with dozens of ingredients are long gone.
Do your homework on vendor partnerships in all areas of your business. Look for experienced partners who can provide outstanding and consistent service to your business. The cheapest option isn’t always the best, and neither is the most expensive. Do your research and ask questions.
Another important piece of the puzzle is deciding on your customer acquisition model. There are some great options out there, including pay-per-click, blogging, media buying, setting up a brick-and-mortar store, direct sales, launching your website, or selling your supplements on popular online marketplaces like Amazon and at trade shows. Thoroughly investigate the models and find the one you can work with best. You can always try one option and if it doesn’t work for you, just try another. You’ll find that one or a handful of these tactics help you sell more products than the others.
Get all of Vincent's must-do tips by reading his full article on NutraceuticalsWorld.com.