Market Your Private Label Supplements Without Breaking the Bank
How to Market Your Private Label Supplements Without Breaking the Bank Every health retailer knows that private label supplements play a key role in a successful inventory strategy. The best private label products have the potential to increase sales and drive repeat purchases while the worst have the ability to clog shelf space. In order to market private label supplements successfully, you should be prepared to do your due diligence. After all, what truly measures success is whether or not customers are purchasing and satisfied with their results. To help you market your private label supplements without breaking the bank, we’ve gathered a few pointers to get you started.
1 – Determine Your Product Mix
Before contacting a private label supplements manufacturer, you need to ask yourself a couple of questions to determine your product mix. How do you want the private label supplement to work with your existing products on the shelves? Will it be a commodity, a premium supplement, or be marketed for use alongside your other products? Answering these questions upfront will not only affect your marketing efforts but help you determine which private label formula will best suit your business goals.
2 – Establish a Pricing Strategy
Next, you need to address your pricing. If you offer the lowest price, your brand could be seen as cheap or low quality. Or better yet, you could experience issues raising the cost to meet market expenses. On the other end of the spectrum, if your product is too expensive, you run the risk of turning off potential buyers. When it comes to private label supplements, the price should be competitive (in-line) or slightly before your highest-quality products in your store. This will help draw people to your products more easily. As a general rule of thumb, prices should be 10 to 20 percent lower than a national brand. Or, if you have multiple private label supplements, you can position one at a higher price and the other lower.
3 – Define Your Target Market
After you’ve decided how you’ll price and sell your private label supplements, it’s important to identify the characteristics of your target audience. Failing to do so can result in unsuccessful campaigns and wasted marketing dollars. You can read more on defining your buyer persona(s) here.
4 – Conduct a Competitive Analysis
Think of your audience as the cake and your value proposition as the icing. Your supplement business won’t be successful unless you can find a way to position yourself unique from or better than your competitors. Having high-quality private label supplements isn’t enough if they’re similar or priced close to other brands. Understand how your competitors operate by assessing each of these areas: What do your competitors charge for their products? What are the overall industry price ranges for the product? What types of customers are they targeting? What is their reasoning? What tools and media are they using to reach potential customers? What claims are they making about their product(s)? Have they yielded positive results? If they haven’t, what are they doing wrong? What disclaimers have they made with their product(s)?
5 – Invest in Eye-Catching Packaging
Once you’ve chosen a highly qualified supplement manufacturer, it’s time to design your labels and packaging. Aim for clean, professional-looking fonts and imagery. If working with multiple products, we recommend working with a graphic designer to create a cohesive, eye-catching display for your supplements. In addition to a good aesthetic, it’s also crucial that your labels include the FDA’s required nutrition and ingredient information. We have a fantastic resource to help you run through these checklist items – you can access it here.
6 – Explore Affordable Marketing Options
After designing your labels and packaging, you can begin the process of developing a marketing strategy. In addition to in-store promotions, consider building a branded website and conducting a launch campaign on social media. Blogging and email marketing are great ways to build traffic and nurture your audience.
Pro Tip: Something important to note is cohesion. Make sure any graphics being used are appealing to the eye and in line with your branding.
It All Starts With Finding a Qualified Supplement Manufacturer
Having a supplement business is both rewarding and hard work. Many people have great ideas, but fail to carry out their marketing strategies effectively. In order to be successful, you need to align all aspects of your business around a single purpose. To learn more about private label supplements and adding new products to your arsenal, reach out to our team today [email protected]
