While growing and evolving constantly year-on-year, the supplement industry could be a profitable business opportunity in today's time.
With the rising health and wellness industry, several new segments have evolved proving the potential they carry for being successful in today's time. One such segment is the dietary supplement industry that has emerged as one lucrative segment in the last couple of years.
According to reports, The Indian dietary supplement industry is believed to carry the huge potential for interested investors along with the modern-day consumers. The Indian dietary supplement market is believed to grow at a CAGR of 20 percent from 2015 to 2022.
While growing and evolving constantly year-on-year, the supplement industry could be a profitable business opportunity in today's time. But there are certain points that need to be considered in order to make your business successful.
Sushil Khaitan, Director & CEO, Pure Nutrition says, "The rapidly growing supplement industry in India has increased the demand for quality supplement products in the market. Since the new age consumers are willing to spend more for a better and healthy lifestyle, the supplement industry is believed to emerge as one evergreen business segment having no limits."
Mentioned below are key points that one should consider before starting their own dietary supplement business.
Selecting your Target Audience
Most of the young entrepreneurs/business owners forget the first rule of establishing a business: that is choosing your target audience. Remember that targeting the entire market could be a risky step as it will require a lot of time followed by efforts and money.
Therefore, it is recommended to have a clearly defined target audience, making things easy for the brands to execute their offerings via strategies. Targeting a specific group of people increases the chance of making sales along with reducing the loss factor.
Focus on the Best Supplements
While browsing through the Internet, one could easily understand that there are hundreds of supplement products available in the market, teaching that not all the supplements are of good quality. Thus, it becomes mandatory to research and understand the supplement products before you start selling them.
"Quality and pricing are two factors where we are focusing on. We at Pure Nutrition are reducing the price of the supplement products along with assuring that we provide the best supplement products available in the country. Quality is something that can't be ignored or compromised with," adds Khaitan.
It's very important to focus on the quality of the supplements one provide in today's time. One could cut-down the pricing
While being in the initial stage of your business, you could start the process by choosing those products that are approved by the Medicines and Healthcare Products Regulatory Agency (MHRA). This would create a sense of trust and loyalty among your consumers, generating sales for your business.
Opt for a Good Marketing Strategy
Marketing strategies always have a vital role in any business success. It is believed that a good marketing strategy could create awareness of a brand, resulting in getting loyal consumers for ages. While setting up your business, you could start with this procedure individually or could take help from marketing experts.
But make sure that your marketing plan is based on health benefits rather than just pure aesthetics.