As a manufacturer we have seen supplement companies come and go over the years. It’s difficult to launch a new company or even just a new product. We benefit when you succeed, so our goal is to not just manufacture great products, but to help your company be its best. Over the past 2 decades our company has grown to meet the needs of successful supplement brands, and we would like you to learn what made the best succeed. Avoid these 6 big failures when you launch your supplement products.
#6 Failing to Do Comprehensive Research
Before you ever start planning a supplement line you need to know your chemistry. The supplement industry is competitive. You won’t stand out if your formula is less effective.
If you are selling white label stock products, you’ll need to make sure you are selling the supplements your audience needs. That’s more than a gut feeling, it’s time-consuming market research.
For the businesses that are creating a new formula, even more commitment is required. Our job is deliver your custom formula exactly as you specify. If it turns out your customers aren’t satisfied, you’ll be stuck with a large inventory that you can’t get rid of. Be sure that:
- Your custom formula performs at the level you want it to
- Your customers need the product you are creating
#5 Products That Don’t Differentiate Themselves
With the caution of the previous tip in mind, it’s not a bad idea to develop your own supplement formula. In fact, it’s cheaper to run a custom supplement line than ordering a stock product in low volume. The minimum order for a custom formula is 750 bottles. At that volume we can give you a custom formula cheaper than a low volume order and brand the bottles with your own labels.
Understanding supplement recipes and developing your own unique product is one of the best ways to get a competitive edge in your market. The hard part is all of the time testing and developing a formula you know your customers will love.
#4 Ordering the Wrong Quantity
New supplement companies ask us all the time what our minimum order quantity is. The answer is just 1 bottle. You read that correctly, with NuCare fulfillment services you can white label a supplement line 1 order at a time with zero inventory
If you are just starting a new business, or if you’re unsure how your existing customer will respond to a new supplement product, then testing a supplement line can be a great way to minimize risk while defining what your final product will look like.
#3 Selling a Product Instead of Meeting a Need
Talk to your customers before you try to sell them anything. Whether you are an online nutrition blog or a well-established gym franchise, you can’t be sure people will buy your product until you talk to them about it. Ask what products they currently use and what they would like to see improve. Dig into details about pricing and see if people are willing to spend more, or if they need a less expensive option.
Sometimes the best products serve a niche audience that doesn’t have many options. People with rare health conditions will often have strong online support communities, but limited dietary supplement options depending on how rare their condition is. Extremely niche communities tend to be more engaged and eager to buy new products simply because the product is first to market. If you are familiar with a niche community like this then pay close attention to where there needs are.
#2 Bad Marketing
Starting a business in 2018 means you are going to use social media. Failing to do so gives your competitors a free advantage.
You’ll need to focus your efforts on the social media platforms your audience is using the most. A great content strategy will be key to your business standing out from the rest. Be unique, and don’t be afraid to take risks to reach your audience. Your product needs to be great, but when advertising your goal is to be an entertainer and storyteller that your customers find appealing.
#1 Failing to Plan
The number 1 mistake new supplement brands make is that they get started without a plan for how to sell their products. Their formula may be top-notch, their labels perfect, but without a sales strategy the business flounders. You do not want to be in this position.
Before you ever start the supplement manufacturing process, talk to your potential customers to determine what their most pressing needs are. Then decide how you will communicate with them in the future about products you know they can’t pass up. Once you have determined a process for selling, also known as a sales funnel, then you can start figuring out costs, volumes, and profit margins.
Good luck on your business journey, and if you ever have any questions please contact us using the form below.