Whether you are a beauty studio owner, personal trainer, physiotherapist or simply someone who loves a healthy lifestyle – private label supplements are a great way of combining your passion with business. Since the supplement industry has experienced steady growth and shows no signs of slowing down, more and more entrepreneurs sell their own private label products. But before placing your products on the market, you need to know the following areas.
It might be tempting to choose products for your brand because you think customers will buy them but there’s a risk linked to that approach: your products might sit on shelves or in warehouses collecting dust.
To avoid it, you need to identify a niche you plan to fill and conduct market research. It will help discover products that are lacking in the intended market and have the potential to attract customers. Analysis of the competition will also help you to determine what products are already offered in your chosen market.
Remember: there is no one-size-fits-all approach, so take the time to consider what dietary supplements you would like to specialize in.
It is crucial to know who you will be selling your products to and what their needs are. People interested in a healthy lifestyle are a broad target group. You need to narrow it down.
Are you targeting women who wish to improve their skin and hair quality? Seniors who want to support joint health? Athletes who focus on boosting their performance?
The more specific it is, the better. It makes it easier to focus your marketing efforts on a smaller group of people who are more likely to buy your supplement.
Don’t forget to identify the needs of your target group and places where those people spend time and money. It will help you not only identify sales points for your products (online, retail, or both) but also choose marketing channels and create your brand.
Let’s say your brand is intended for seniors who want to support their joint health. You probably won’t choose an online shop and an Instagram marketing campaign, as that isn’t where they usually spend their time and money.
The right price is an essential prerequisite for the success of your private label supplements. Pricing depends on several factors, one of them being your potential customers.
Keep in mind that if they are generally willing to pay more for certain products (e.g. beauty supplements), lower prices might deter them. If a product is normally sold for €40, but you offer it to your target group for €20, customers may not buy it. They will say the product costs less because of poor quality, even if it is not the case.
Our CEO Martin Guniš has this advice for newbies who are serious about selling private label supplements:
“Start with one product. Don’t build a portfolio of 15 products right away just because you want to fill the space on your website. It’s better to start small than have a warehouse full of products nobody wants. Opt for white label, and don’t create custom formulations without previous experience in this industry. And finally: all-in-one dietary supplements might not be a good choice.”
When you understand the market, your target group and pricing, you can start looking for a reliable manufacturer. In our article, you will discover 6 criteria that will help you find the right private label supplement manufacturer.
If you seek guidance on choosing the right products for your target group, don’t hesitate to contact us. We will be happy to help.