The market for dietary supplements has skyrocketed since the start of the pandemic. This is because consumers have become more conscious of their health and wellbeing, which makes them turn to supplements for support. As such, now is the perfect opportunity for brands to launch their new and innovative supplements into the market.
Although launching a new product can be a long and complex process, proper planning can set you up for success. It is important for brands that are looking to step into the dietary supplement industry with new products to create a thorough pre-launch plan before starting the actual manufacturing process.
A pre-launch plan allows brands to fully cover all their bases to guarantee a successful launch. Below is a breakdown of must-do steps to kick off your successful pre-launch plan for your new dietary supplement.
1. Conduct Market Research and Branding
The first step in creating a pre-launch plan is to conduct market research relevant to the product you are looking to put on the market. There are multiple things you will need to research for a full understanding of your needs. These include the supplement you want to create, the current state of the market, your potential competition, and your target market. Once you have gathered all the relevant information, you will be able to better understand and assess the product landscape and identify where you want to shine and what will differentiate you from others. Based on your research, you should also take this opportunity to use the information you gathered to set clear goals and objectives. Think about how you will define success once your product is launched — Will you be looking at target sales? Leads? Conversions?
On top of conducting market research, you should also brainstorm on the kind of branding you want for your new product. Your branding will ultimately differentiate you from the competition. Make sure to research the current trends in the dietary supplement industry. This will help you understand what consumers want and what they’re looking for in a product. Brands that are able to successfully capture the interest of their target audience will be able to gain more market share.
2. Brainstorm Opportunities Based on Your Research
Now that you have an understanding of the current state of the market, it’s time to brainstorm for opportunities based on the research conducted. As you consider the types of ingredients and packaging materials to use for your new product, think back to the research you’ve done. Ask yourself: Which ingredients are trending? What can make my brand stand out? Finding the right materials based on your research will lay out the foundation of your launch success.
Once you have decided on the baseline ingredients and materials that you need, you should decide whether you will be manufacturing your new supplement in-house or outsourcing to a supplement co-manufacturer. This is a vital decision because it greatly affects the costs and logistics of creating a product for your business. Manufacturing your product in-house can be quite costly and time-consuming, especially if you don’t have the proper resources and equipment to create the supplement. Partnering with a supplement manufacturer will help ease and improve the whole process from start to finish. Outsourcing to a GMP-certified co-manufacturer can ensure that you are in compliance with manufacturing requirements, and it will give you more time to focus on the consumer/marketing side of the business. Look for the right partner who understands your brand vision and has the ability and the certifications to bring your product to life.
3. Plan for Your eCommerce Website
Deciding which channel or platform to sell your products on is important due to distribution and shipping logistics. The fastest and easiest way to build your eCommerce presence and commercialize your products is to use either Amazon or Shopify.
Currently, Amazon is the largest eCommerce platform for businesses, with many brands from the supplement industry and beyond. Countless consumers trust Amazon when it comes to online shopping. In fact, the number of consumers who use Amazon is continually growing throughout the years. Building your brand on Amazon will allow you to tap into this large market of consumers.
Shopify, on the other hand, is an easy-to-use platform that allows brands to seamlessly manage orders, shipments, payments, and insights all in one place. Shopify’s user-friendly interface ensures that brands get a complete eCommerce experience. Shopify also has an integration with Amazon that allows you to manage your Amazon listings from your Shopify website.
Regardless of the platform you choose, you should make sure that you have all the right tools to promote your supplement and connect with both your current and potential customers. If you already have a website, make sure to create relevant content, keywords, and backlinks that optimize your SEO efforts. Optimizing your SEO will help you boost your brand presence in the long run, which is why it is an essential strategy to focus on.
4. Research Fulfillment Options
In this digital age, there are thousands of on-demand options for dietary supplements. Brands that want to capture more market share must go above and beyond consumer expectations. That’s why it is important to deep-dive into your fulfillment options.
So, what is fulfillment? It is basically the steps in which an order is delivered to a customer. Brands need to make sure each of their orders reaches their intended owner. Although it seems like an easy task, due to unavoidable delays and back-ups, fulfillment can become quite costly and can be unmanageable when done in-house.
To avoid these risks, brands should think about FBA, dropshipping, or partnering with a 3PL fulfillment partner. Working with the right partner will alleviate the burdens that come with eCommerce fulfillment. However, brands should keep in mind that all fulfillment channels are not 100%. Each has its own pros and cons. When deciding which fulfillment channel to use, make sure to review them at length and consider which method fits the needs of your company best.
Finding success begins way before a product is launched. Companies that can properly plan and prepare their product launch ahead of time will be able to fare better than their competition. All the steps listed above are essential to the successful creation of your pre-launch plan so make sure to review and integrate them into your pre-launch process. Although this outline may help you start your pre-launch plan, there is no need to go on this journey alone.
Paragon Laboratories walks you through each step of your pre-launch plan so that you can focus on the growth and success of your business. Having been in the business for over 50 years, we have the knowledge and the know-how to help you succeed in bringing your new products to market. Contact us for more information today.