The food supplement market in France weighed 2.1 billion euros in 2020*. The pharmacy remains the consumers’ favorite place for their purchase. However, e-commerce is booming and has been growing in the double digits since 2017*.
In this context, how to create a brand and enter the food supplement market fast?
Here are 3 key steps to succeed in your action:
1 – Know your market
Even though your concept idea may be excellent, it is not enough to guarantee success for your food supplement product. Indeed, you must really understand the food supplement market in order to optimize your product’s positioning.
To begin, competition survey (benchmarking) will allow you to know about existing food supplements. Thus, you will know what is already offered to the consumer and you will figure out which novelties and which competitive edge you can develop.
Moreover, to ensure your own credibility when interacting with potential partners and obtain quality service, knowledge of your key market elements is an asset (size, main players, product segmentation, distribution channels, regulation, evolutions and trends)
Finally, do not forget the essential: your customer target. You must highlight the consumer benefit brought by your food supplement. A common mistake is to offer an original product but that does not meet a consumer need. If you do not satisfy a need shared by your target population, then your food supplement will struggle to find its place on the market.
2- Formulate “right”: find the right conception balance
As soon as your market knowledge will be validated, you will get a more precise idea about the food supplement(s) to create.
But how to structure nutraceutical formulations that fulfill several desires, several benefits? How to have a clear enough marketing message so that the consumer fully understands their food supplement purchase?
At this level, you need to set up a formulating strategy. Your formulating strategy must gather all the elements of your market survey, while integrating the values that make your food supplement brand unique. The more coherent the formulating strategy, the more the consumer will understand your product and will be ready to buy it.
Therefore, for your food supplement, choosing uncluttered formulations with a precise benefit axis, can prove relevant for your communication clarity.
Finally, it is important to tune the innovation level brought by your food supplement. Sometimes, a very innovative product can take time to be understood and accepted by the consumer. The chosen level of innovation must adapt to your turnover estimation (cf. Business Plan).
3- Find the right manufacturing partner
Once you will have elaborated your food supplement formulations, you must rely on one or more manufacturers for their production.
Where to find them? How do you know which partners are good in terms of expertise, follow-up and price?
In fact, each manufacturer has their specialty: a technology (a dosage form), a production volume, an ingredient typology…
Besides, its availability, lead time compliance and quality levels are criteria that will have an impact on the success of your product’s launch.
During your researches, you must look out for each of these elements.
Hence, if you would like to enter the food supplement market, taking these 3 key steps into account will foster your turnover success.
On the other hand, if you are an industrial or already existing player who wants to boost or rethink your brand or launch new products, you will get more by integrating these 3 steps into your action plan.
Of course, Kares-up can support you for each of these 3 steps. Our method will adapt to your goals in terms of timing, detail and price. Our purpose is to make you save time and money by ensuring the success of your brand launch.
Raphaëlle DA COSTA