Tip 1: Identify a product that is in demand
Not all supplements will bring in money. The very first step before you start your own brand is to identify a product that has a market and is trending. An example of a market would be groups or individuals who are trying to lose weight, gain muscle, improve brain function or improve their nutritional intake/overcome the deficiency.
Tip 2: Choose a market and define its needs
When you choose a product, the market it caters to should be clear. It is important to define all the needs of that market in order to cater to them. It is not why you think your product is important, it is why they think the product is important. A few questions to help you define your market are below
1 – Who is my customer? What do my customers have in common?
2 – Why does my customer need this product? What need does the product fill in the market?
3 – Can my product meet the needs of my customers? What are the obstacles?
4 – Where do my customers shop? Can I sell through these channels? What are the social media/informational outlets used by my customers?
Tip 3 – Know your competition
You need to set yourself apart from your competition. The key is convincing your customer that you have something that other brands don’t have. It isn’t enough to be similar to the competition. There are several factors to consider
1 – Price – know your competitor’s price for the products. You might want to price at a lower point. If you decide to do this, make sure you still have a profit that allows you to succeed.
2 – Your competitors target customer – it is important to know who your competitor is targeting. When looking at target consumers, you may be able to broaden the market for your target consumers in comparison to your competition by doing proper research.
3 – Marketing – know which tools your competitor uses to reach its target customers. You can find new ways to introduce your product in order to gain a customer and stand out from the competition.
4 – Claims – what do they claim their product can do? Do they have disclaimers? How is your product different? By adding claims that your competition does not have, you can set yourself apart. This may involve making changes in product development and can be costly.
Tip 4 – Planning your customer acquisition strategy
Acquiring your customer can be done through various outlets such as
- Media buying
- Setting up your brick and mortar store
- Direct sales
- Starting your website
- Selling your supplements on e-commerce platforms like Amazon
- Trade shows
Using several of these might also be useful. It is important to be a step ahead of the competition in acquiring customers and their marketing strategies.