The demand for nutritional supplements and sports nutrition products continue to show signs of growth thanks to the ever-growing concern for health and wellness. Over the past few years, more enterprising individuals are entering the industry bearing the next best thing in dietary supplements and sports nutrition.
But as with any business, dietary supplement startups face certain challenges that business owners have to overcome if they want to be successful. This includes developing a viable product supported by scientific evidence and efficacy, branding, distribution, and positioning.
Scientific evidence plays a vital role in the viability of a nutritional supplement. What you’re selling need more than just a simple proof of safety and animal studies. The health-giving claims of your products need to be supported by sound research.
It will also help if your product isn’t only backed up by science but also has a unique selling proposition that will help it stand out from the crowd.
There are so many ways that consumers can purchase supplements these days. Just one click on Amazon or even social media conjures up dozens of offerings from different brands.
For early-stage supplement companies, it’s better and far more manageable to focus on a specific demographic and build a strong position in that segment rather than selling to everybody.
Establishing a strong, if not dominant position, in a group lets you direct your resources to customers with a high potential for sales growth, interest in your product, and loyalty to your brand.
Building a strong brand identity can be challenging for smaller supplement companies. People’s attention span tends to be short so you need to develop a kind of branding that sticks and that leaves a lasting impression to your customers. Conforming to your target market’s values and needs while having a unique style, voice, and tone provides distinction.