Just a year ago, sales in the supplement industry fell. The reason, still somewhat unknown, doesn’t seem to be cause for alarm. In fact, the NBJ Supplement Business Journal insists that there is no reason for concern. But while panicking does nothing, perhaps this dip in sales is a wakeup call to do better - to further immerse ourselves in our work and perhaps even push ourselves to keep moving forward despite a small setback.
Ebbs and flows are part of natural business cycles, but as online sales rise from 10.8 percent to 14 percent, there is hope for what’s to come. For example, let’s consider probiotics - they are showing up more than ever and in forms that were never seen before. People have come to expect them beyond pill form, and that’s a good thing for the functional food and beverage sector. The bottom line is this: consumers are still looking for products with functional, nutraceutical ingredients such as probiotics, omegas and vitamins as a means of minimizing nutritional gaps in their daily diet, or to boost their wellbeing.
So what does growth mean for you? What should you do to further your sales and increase business success? The following is our advice when it comes to growing and launching new products that your consumers demand.
- Invest in your online presence
Increasing your brand story can make your product more interesting to consumers. You can achieve this through brand packaging, storytelling, and engaging with your customers on various social media platforms. When you tell your brand story and increase your online presence and engagement, you add a human touch by creating a meaningful, personal connection to the buyer. A story invites customers in on a relatable level rather than hitting them with a boring sales pitch. By investing in your online presence and improving consumer loyalty through storytelling, you enhance the perceived value of your product.
- Think outside the pill format of supplement delivery
Stand apart from your competitors’ products and successfully meet consumer demand by connecting with their buying mindset. Consumers are increasingly seeking ways to update their supplement intake beyond the pill format. By creating diversified products that are effective, safe, and meet the demands of your customers, you are choosing to grow with, or possibly even lead, the trends of the industry. This will generate those increased sales and the business growth desired.
- Promote sustainability
Consumer concern for our environment and sustainability is growing. Our Ahiflower ingredient, for instance, promotes sustainability by helping to decrease the demand of fish oil from our dwindling fish populations, while also far outshining other plant forms of omega-3s. Ahiflower is the richest, effective, combined omega-3+6 source from a single plant. Because of this growing consumer demand, formulators are consistently seeking pure, sustainable, traceable sources of ingredients that are as biologically close to natural, while containing the most essential nutrients, as possible.
By applying these attitudes towards growth, you are sure to see them in your own business – despite dips in the industry. Focusing on your own success and improvement will ensure you outshine the competition and sustain development regardless of the market.
Follow the Stratum Layers for successful product launches.