If you are a marketer in the nutritional supplement industry, then you understand this business is hyper-competitive, and the trend is not expected to slow down any time soon. Statistics show the industry is expected to have a Compound Annual Growth (CAGR) of 6.2 percent for the next decade.
Every day we witness many start-ups sprouting up. That’s why for every player who wishes to stay afloat in the industry, they need to embrace innovative go-to-market strategies. These strategies will help your business stand out from the crowd.
Now more than ever, customers are well-informed on these products. Therefore, if you want them to differentiate your brand from the rest, you must embrace an innovative approach in your marketing strategies.
In this regard, we will explore some useful go-to-market strategies that are coming up that will help your brand flourish.
Direct 2 Consumer (D2C)
With the era of Amazon, Facebook, Instagram, and other e-commerce platforms, middlemen are becoming a thing of the past. Most of the supplement brands have integrated direct-to-consumer techniques to engage and reach their customers.
D2C refers to a scenario where a manufacturer ships supplements directly to customers without involving middlemen and traditional stores—they only use e-commerce infrastructures. This innovative go-to-market strategy makes the process of buying and selling supplements easy and user-friendly.
More importantly, according to a recent study, over 70 percent of American consumers look for products online. So, the process is now helping the supplement brands create awareness to potential customers.
The customers can now search brands easily, compare prices, and make an informed decision due to the diversity of products in the e-commerce platforms.
Just when you thought Amazon and other online purchase platforms have shaken things up in the supplement industry, subscription services are becoming the next wave of innovation in this market. This is because of the desire by clients to obtain sustainable and high-quality supplements regularly without them needing to take care of supply.
By integrating subscription services, the brand gains loyal customers that continue purchasing from them month over month, their revenue stream is stable and predictable, and the brand can focus it’s marketing efforts on obtaining new customers while having a known client base that can provide User Generated Content (UGC), recommendations and bring their friends.
Every brand needs to have a personalized touch with their client to stay afloat. But, what is personalization? This is the process where you meet your customer’s demands more efficiently and effectively while making the necessary interaction to improve the customer’s satisfaction.
According to Nutritional Outlook, the personalization approach as a marketing strategy, is rapidly expanding. In 2018 alone, over 450,000 consumers took the Personalized Nutritional Assessment with different supplements brands. These assessments involved building a special questionnaire to evaluate the client’s specific needs.
Such personalization assessments, will provide you data and feedback that will help craft special supplement pills customized to your customer’s needs, tastes, and preferences.
By undertaking this process, customers can enjoy supplements just tailored for them, instead of carrying cumbersome pill bottles bought over-the-counter. This marketing strategy together with the subscription technique is always a great plus.
Do you want to enjoy a 20 percent head start over your competitors? Studies shows that 1 out of 5 American supplement users prefer to deal with transparent companies. Being transparent means embracing openness and straightforwardness in your business dealings.
While most of the American supplement manufacturers are not integrating transparency in their undertakings, most of the consumers want to know the due processes involved. They want transparency in ingredients, their sourcing, their benefits, and they want to know how the product will help them to meet their overall wellness goals.
Necessity is the mother of invention. This adage has never been truer taking into account the number of supplement brands competing out there in the market. A brand that wants to have an edge over competitors, is the one that will use its resources to invest in innovative go-to-market strategies. That’s an important characteristic that differentiates the supplement brand that will be successful from the one that flops. Brands that use innovative go-to-market techniques will be able to reach more customers, engage with them better, create strong brand loyalty, and create brand awareness to potential customers.