Selling supplements online is a fantastic opportunity if you want to start a business. The numbers speak for themselves:
The supplements market was worth $37 billion in 2016, and growth will remain steady through 2026. As obesity rises, more people are looking for weight loss solutions, which will continue to drive growth for years to come.
While the picture looks rosy for the supplements industry, selling supplements don’t come without challenges. It’s a highly competitive industry.
Read on to find out how you can sell supplements online and beat the competition.
1. Have the Right Foundation
Your entrepreneurial success with the foundation you set for yourself. You have a number of decisions to make before you build a website and sell your first product.
In marketing, there’s a concept that goes way back called the 4P’s. That refers to the things you need to have in place for a successful campaign.
The 4P’s are:
Each one of the 4P’s play a major role in your success.
You have to have the right product. In the supplements industry, you can sell just about anything to anyone. You need to be able to narrow down your niche into one or a few related products.
Will you sell supplements targeted towards athletes? Maybe you’ll want to sell natural pain remedies.
Another question you’ll need to answer is whether or not you’ll have your own branded supplements to sell or if you plan to sell someone else’s supplements.
Where will you sell your products online? You can sell supplements on your own website, on Amazon, through other vendors like VitaminShoppe if you plan to create your own brand.
When you’re choosing your place, there are pros and cons to each. Should you sell on Amazon, you need to understand Amazon’s A9 algorithm to be found, not to mention pay for FBA fees. Selling on your own site means that you need to invest in marketing your site.
This is pretty self-explanatory. Your product’s price needs to be set in a way that’s competitive, fits your target market, and ensures that you have a profitable business.
Promotion is how people will find out about your products. This is covered in more detail later on.
2. Have the Right Partners
Up and down the supply chain, your success depends on your partners. No matter how you sell supplements online, you’ll need to work with a manufacturer.
They can already produce an established brand that you can sell or white label products under your own brand.
How will your inventory get handled? That will largely depend on your sales channels. For example, if you sell on Amazon, you can use their warehouse as an FBA seller.
One other partner that needs careful consideration is a funding partner. You’re going to need capital to get your business started. You can visit this page to learn more about that.
3. Build a Brand
A brand that’s trustworthy is worth a lot in the marketplace. Your brand is going to be your most valuable asset, regardless of the products you sell online.
A brand is essentially a promise that you make to your customers. Look at the great brands of today. Nike sells athletic products for everyday athletes. At the core of the brand is the belief that anyone can be an athlete, no matter their circumstances or age.
Volvo sells cars that are safer than all others. Pepsi sells the coolest carbonated sugar water, while Coke sells the happiest. What are you promising customers? Better performance? Weight loss?
A strong brand is going to be a vital part of your business if you sell only on your website or if you sell your own white label products.
If you sell someone else’s product, you can leverage other brands. You’re still going to have to build a brand that tells consumers why buying products from you is a better option.
4. Tell a Great Story
Telling a great story coincides with building a great brand. Storytelling is ultimately how people will relate to your brand.
People want to connect with the companies they buy from on an emotional level. The more someone connects, the more they buy.
Your stories can be customer success stories or your personal experience. The main points of your stories should touch on the emotional journey your customer experiences when they’re looking at supplements.
5. Create Your Marketing Plan
By this point, you should have 3 out of the 4P’s outlined. Now, it’s time to work on the 4th. Promoting your online supplements business is the engine that drives business.
How and where you promote will largely depend on your sales channels. For example, if you only sell on Amazon, you’re going to need to focus on Amazon PPC ads and Amazon-specific SEO.
If you sell on your own e-commerce site, your advertising options are more open. You’re going to pick the ways that will generate the most traffic to your site for a little investment.
6. Use SEO & Social Media
Speaking of two ways to create online traffic for little money is through social media and SEO. Granted, you have to be an expert at both to see results, but it can be done if you put in the time to learn.
One way to leverage these platforms is through a blog. You can have articles that answer questions your customers have. An article like which supplements you should take is a good example.
You can then promote the posts on social media and optimize them so they appear in search engines.
7. Leverage Influencers
If your audience is on Instagram, you’re going to want to check out the world of Instagram influencers. These are people who have large a following on Instagram and get paid to promote products.
Selling Supplements Online Is Possible
The key to selling supplements online is having a great foundation and marketing strategies. As more people look to supplements to help them with their fitness and weight loss goals, now is the perfect time to start selling supplements online.
Would you like to have more great tips at your fingertips? You’re going to want to read these accounting tips now.