Creating your own supplement brand can be an amazing opportunity with more consumers leaning towards natural alternatives and healthier lifestyles, the supplement market is only growing.
Companies are offering white labels and custom formulations now giving access to pre-made products as well as creating formulation from ingredients yet to be seen in any other supplement on the market.
These are truly exciting times for those looking to solve problems for their niche.
However, creating a supplement brand is not a walk in the park. Once you have created a product, you have marketing, distribution, sales, customer service, insurance and more. Today we will go over Pureformance Nutritions checklist to ensure you start off on the right foot!
First Step – Find your market
Most entrepreneurs start out trying to create a formula, we found what works best is identifying your market. This gives you more information about what products you should make.
How to Identify your market
- What market do you want to be in? EX: Sports nutrition, Bodybuilding, weight loss. Pick a market you like there are profit margins in every market.
- Who are my target customers? What characteristics do they share? Try to be as specific as possible.
- What problem am I trying to solve in this market? Product taste? Quality ingredients, transparency issues.
- Why do my target customers need this product? What needs will this product meet for the members of my target market?
- Where do the consumers in my target market typically shop? Will I be able to sell my products through these channels?
More in depth information on finding your target https://www.inc.com/guides/2010/06/defining-your-target-market.html
If you aren’t sure how to define your target market or gain the answers to all of the questions above, consider conducting customer surveys or focus groups to get the information you need.
Step Two: Identify the product
Once you know your target market and who you’d like to sell to, start to research what they like to buy. Athletes like recovery based products, weightlifters like products for strength, and businessmen like products for mental performance.
In these product markets you want to see how the customer is reacting to the current products, do they enjoy the taste? Is price too high? are the ingredients of quality? Identifying the problem will result in an easier sell to the current consumer base.
Step three: Check out the competition
Your business won’t be successful unless you can find a way to set yourself apart from the competition.
We thought having a good product was all we needed when we first started, however, this was not the case. Most consumers are not familiar with reading labels. you must be able to convince your target consumers that you have something the other brands don’t.
In order to begin this process, you must first understand how your competitors operate. Analyze each of the following characteristics.
- Price. – What do your competitors charge for their products? Price per serving, do they charge shipping?
- Target consumer. – What types of customers do your competitors target? Biohackers? Weight loss? Gamers?
- Marketing. – What tools do your competitors use to reach their target consumers? Instagram, Amazon, click funnels, or click bank?
- Value claims. – What do your competitors say their product can do? What disclaimers do they include on the label?
This should give you a good start on how you can market to their existing clients with your new product.
When it comes to price, for example, you may be able to set yourself apart by selling your products at a lower price than the competition.
Or you can look to create the best product possible and target customers looking for the best product.
Finally, with regard to value claims, you can boost the appeal of your products by making claims on your label that cannot be found on the labels of similar products. All natural, or the use of patented ingredients.
For example, you may be able to get a certification the competitors don’t have.
Keep in mind that this is one of the hardest ways to set yourself apart from competitors, as making significant changes to the product development process is often expensive or difficult.
The goal is to find a balance between the best product and whats cost effective to stay in business.
Step four: Create a relationship with a manufacturer
Most people hate this process, I know we did when we started! You are not sure who to work with, you don’t know how good their formulations or flavor experience is which can really set you apart from other brands.
A few things to consider when looking to establish a relationship with a manufacturer.
- Compliance- You want to ensure who you are working with have the right certifications like an FDA approved facility and GMP requirements.
- Talent– You want to ensure they can design a product that works, and taste good. If you are looking to create something new an different an experience formulation expert should be considered.
- Affordability– Resist the temptation to choose a manufacturer based on price alone. However, make sure that the manufacturer you choose provides the services you need at a price that works well with your business model.
Step five: Create your supplement
After going through steps 1-3 you should have a good understanding of what product you should develop.
Here are a few things to look for when creating a formula.
- Effect- What are you looking to experience? They can be as simple as more energy, or complex targeting dopamine receptors to increase mood.
- Taste – Customers on average prefer a product’s taste since this is the first thing they experience, not the effect. What flavors concepts will do well in your market? There are not many fruit punch protein powders for a reason.
- Ingredients– These really affect the taste, typically the more effective or natural a product the harder to flavor. However, a good R&D company can tweak with enough time to create something great!
Overall having an idea of the customer’s experience when they are using the product will give you a good idea on how to make a formula rough draft.
Step six: Become a company
Now that you have a product that works great and taste amazing the next step is to create your business.
Things to think about
- Set up legally to sell
- Get insurance
- Set up fulfillment
- Start selling
Getting started in the supplement manufacturing business is challenging, but once your business is established, you will enjoy a rewarding career.
Follow the steps above carefully, and you will build a supplement business that has a good chance of success.