Supplement startups are nothing new. In fact, the supplement market is one of the oldest industries in existence. However, that doesn’t mean it’s not difficult to get into the game and stand out from the crowd. And while many supplement companies succeed by selling cheap products at high margins, that approach isn’t necessarily ideal for everyone—especially if you’re trying to build a sustainable business that provides value to customers and invests in its own growth over time. There are many factors to consider when you start a new supplement company, and here are 6 of them.
Product Quality
The quality of your product is paramount. This is true for any industry, but especially when it comes to supplements. Consumers expect premium-quality ingredients and manufacturing processes in the products they consume, and their expectations are rising. A high-quality product can mean the difference between success and failure for your company. Customers expect quality ingredients, quality manufacturing processes, and products that have undergone nutritional supplement product testing.
When looking at quality ingredients, customers want products without many fillers. They also want purity testing for materials before they are added to the supplements. Additionally, it’s essential to watch for cross-contamination in the manufacturing process.
Finding a Manufacturer
It’s important to find a manufacturer that is willing to work with you, and that can produce the product you want, for the price you need. Additionally, you’ll need to ask questions like how many units can you order at once, how quickly they can manufacture them, and more. You’ll also want to find out if they have access to suppliers for raw ingredients or if you need to find them yourself.
Pricing the Supplement
Pricing the supplements is a key factor in your success. The supplements should be priced based on quality, cost of manufacturing and packaging, market research, and competition. When you’re starting a supplement company, you’ll need to make sure you can turn a profit while also producing a quality product.
Your pricing strategy depends on your costs, your competitors, and your value add. While competitors might offer a slightly lower price, you may be able to price your supplements higher if they add unique value or have premium ingredients.
Building a Marketing Plan
When you’re starting a supplement company, you’ll need a robust marketing plan. Do you plan to offer the products online only or will you be taking your product to stores? Will you operate through affiliates? These are important considerations as you build your marketing plan. You’ll need a social media strategy, a content strategy, and a PR strategy as part of your plan.
Social media is a great way for your customers to connect with you and learn about the benefits of your products. You can do this by creating a Facebook page or an Instagram account and posting engaging content on it every day.
Content is crucial for giving potential customers more information about what sets your brand apart from other similar companies in the same category as yours; it should be original, interesting, and relevant to them. The best content nowadays is videos that are engaging.
Press releases are another option for your marketing strategy. If your company is going national, you can release a statement about where to find your products in local markets.
Branding the Supplements
Branding is the process of creating a unique name, symbol, or design that identifies a product or service. Brands are one of the most important parts of marketing your supplement business because customers will remember them long after they’ve forgotten about the product itself. Customers often look for products with a certain color label for instance if they can’t remember the name of the brand.
Create a Website
Whether you plan to sell online or you will be wholesaling to storefronts, you need a website. You’ll want to choose a web designer who understands your business needs and your plans for future expansion. This can help them design the right elements for your site. Websites should be easy-to-navigate, informative, and have all the information that anyone needs to get in touch with you. You can even share quality control information publicly via your website to be transparent in your processes. A good website can be used to gain consumer trust before they ever buy from you.
