The growing nutraceutical industry requires implementing specific marketing strategies to set your product apart, increase sales and grow your nutraceutical business in the US.
The nutraceutical industry is one of the fastest growing industries in the United States. A combination of a rapidly aging population and an increasingly health conscious younger generation has led to exponential growth across all nutritional industries. The nutraceutical industry alone has grown at approximately 7-8% annually over the last decade and is projected to continue expanding. This increase in demand has predictably been accompanied by a flood of new products into the market, creating a very competitive environment for marketing your nutraceuticals product.
When marketing nutraceuticals, follow these key steps:
Know your target market.
When selling a product, knowing your audience is of the utmost important. The marketing strategy you develop for your nutraceutical should be targeted around a very specific demographic. Statistical analysis of this demographic can help to determine the best ingredients, labeling, marketing and distribution streams that will most appeal to your target audience. For example, a pre-workout supplement may most appeal younger to middle-age health conscious adults. A great deal of consumer research data shows that this population prefers natural, healthy products with clean labels and simple ingredients. This age group is also very tech savvy and spends a lot of time on the internet, and respond better to internet advertising than other methods. These are important considerations when developing your nutraceutical marketing strategy. An experienced marketing company can help you determine the best demographic for your product, to create the most efficient marketing strategy possible.
Create a Quality Product.
In an endless sea of products available to the masses, your product should stand out among the rest. Quality ingredients in a superb product is what consumers will be looking for. When sourcing ingredients, compromising on quality to save on costs will only hurt your company in the long run. Consumer reports show that when making nutraceutical purchasing decisions, consumers today place greater emphasis on the quality of the ingredients than the retail price.
Build an Attractive Brand.
A first impression can make or break any relationship, this applies to brands and products just as well as interpersonal relationships. The first look at your brand’s labeling, website, and informational marketing materials can determine whether that customer is yours for life, or is lost to a competitor. Marketing nutraceutical products begins in the name. The product’s name should be easy to remember and reflect in some way the health benefits inherent in the product. Websites and marketing materials should be clean, user friendly and appeal specifically to your target demographic.
Market Your Nutraceuticals with a Clear, consumer-friendly Label.
Your label is the face of your product, it should look professional, attractive, be easy to read, and designed with your target demographic in mind. Again, professional design and marketing services should not be overlooked when creating your label. This is especially true for international nutraceutical developers. The United States Food and Drug Administration (FDA) has very specific and unique label compliance regulations that dictate the health claims able to be made in the marketing of nutraceutical products. Failing to consult a professional with experience in FDA label compliance could result in your product being legally barred from US distribution, a costly and time consuming process to rectify.