The global dietary supplements market is expected to reach $210.3 billion by the year 2026, with a compound annual growth rate of 8.4%, and is expected to hit $317.04 billion by 2030.
Best of all, supplement businesses have low overhead, require no new employees, and have a business model that is based on monthly subscriptions, which offer high residual recurring revenue, creating long lasting value and predictable income.
Market Advantages for a
Built-in credibility, safety and efficacy
Physician created brands can demand premium prices
Increased differentiation with a physician-backed supplement line
Steady growth of interest in non-pharma alternatives
Ability to leverage science and clinical studies
FDA allows health practitioners to make broader supplement claims
Greater latitude and freedom to leverage clinical data
Competitor analysis is a critical step to determine sales volumes, what is selling, and what mistakes to avoid. Quaintise uses proprietary software to determine Google search volume and Amazon sales results for products addressing your areas of specialty. The following questions need to be answered:
What ingredients are highest in demand within your area of expertise?
What are the top selling supplement brands within your area of specialty (including sales volumes and number of units sold)?
What do the top selling products sell for?
What does the branding of leading products look like?
What is the marketing, advertising, messaging, and formulation of competing products?
Do competing products sell on Amazon, their website, retail?
Creating Your Unique Brand and Name
There is a lot that goes into creating your own unique supplement brand line. Having a strong brand name is crucial. Labeling and packaging can influence 70+ % of purchasing decisions. And typically, branded ingredients have a premium cost but can also include strong clinical studies that support their efficacy.
How can we differentiate your brand?
What do you want your branding, labels, packaging, website and messaging to be?
Are you willing to be featured on your brand’s packaging?
Do you have any current branding materials that you would like to use?
Are there colors or designs that you like from competing brands or from other industries?
Formulation Process and Manufacturing
A lot of thought must go into formulation and the manufacturing process of your physician-backed supplements. Your supplement line needs to have the proper planning and formulation process. You also want a strong contract manufacturing partner who will support you and ensure that there is a high level of quality control testing. You also want to ensure your supplements are manufactured in a cGMP compliant facility, located in the USA.
How many different products do you want to launch with?
Do you want to use branded or non-branded ingredients?
Are your ingredients supported by clinical studies that we can leverage?
Do you have ingredient sources, or do you want us to identify the best sources for you?
How many units do you want the initial run to be? (This will determine the best contract manufacturing partner for your needs.)
Your Customer Acquisition Model
Do you plan distribute via your medical practice, retail, online marketplaces such as Amazon or Walmart, or through your own online web site?
Do you want us to arrange a fulfillment partner to fulfill your online orders?
Are you willing to do PR so that we can promote you as a subject matter expert to build your online visibility?
Do you want to focus on Google ads, videos on YouTube, have your web site featuring you as the spokesperson, as well as social media, blogging, affiliate networks, email marketing, and other channels for the purpose of building your website traffic?
Do you want to offer a subscription model for your supplements?
Do you want to use social media influencers?
Do you want to build a major presence on Amazon or Walmart?
Your Advantage as a Medical Expert - Identifying Your Target Audience
Who is your target clientele for your product line?
What products or pain areas do you want to focus on?
Where does your potential clientele buy their products?
Where do they obtain information about their products?
Will your supplement line be able to support or solve your target customer's issues?