The competition in the supplement industry is higher than ever, not only do you have to compete with thousands of other companies but also compete with companies with billions in revenue who can outspend you. This means you have to be smarter with your marketing and utilize up to date strategies and techniques to give you the upper hand.
The key to supplement marketing is focusing on lifetime value, your products can’t help your customers with single purchases, your products need to be apart of your customer’s lifestyle to provide the most impact. In order to achieve this building, a relationship with your clients should be the focus of your entire marketing campaign. Your goal shouldn’t be to be in the ordering business but to be in the reordering business.
Our entire supplement marketing strategy needs to focus on how to build a customer for life and not just selling one of the purchases, this can be achieved by creating a great product, at a great price with great service.
Once we start to look at customers over a lifetime vs the ROI on a single purchase, that allows us to invest more time on a single customer. If you can build a business where customers love you
Understand consumer behavior
As marketers, we’re constantly trying to analyze consumer behaviors, however, we seem to constantly forget the two biggest consumer behaviors that drive our business.
The main two consumer behaviors are new customers and existing customers.
Both of these consumer types are motivated by very different factors.
What you’ll find is that it’s almost impossible to sell larger bulk products to customers who have never tried your products before.
These customers want to make sure they like your supplement before investing in bigger packages.
This is why sample packages tend to convert a lot higher with newer customers, but don’t convert well with existing customers.
What you’ll find works well is to have a front end offer that you promote heavily on your website to push new customers who haven’t experienced your brand before.
If you can master the art of acquiring new customers, then you’ll never have to worry about growing your business as you have the ability to bring in new customers at will.
Existing customers have different buying patterns when compared with new customers, while newer customers are looking to lower financial risk and not motivated by cost per serve because they don’t want to spend too much when trying to see if they like the product.
Existing customers are much more value motivated, they tend to look at the cost per serve and are much more willing to purchase higher ticket products because they have experienced your brand before.
This is why you can be more aggressive with your marketing and promote offers such as kilo tubs of protein powder to someone who is an existing customer.
Blue ocean strategy
Once upon a time, you could start a supplement company and because there wasn’t much competition, you could succeed easily because it was a blue ocean, but as more and more supplement companies joined the market, the ocean started to become red and bloody.
Blue ocean strategy refers to targeting areas with lower competition and owning that space.
If you try to start a protein company, you’ll find it really hard to succeed against billion dollar companies, however, if you can specialize and find a specific market to serve and anticipate their needs, for example, protein for mixed martial artist and you can develop a product that helps them perform at their best, the competition disappears.
Is there a submarket that you could target your product to and serve at a higher level?
What you’ll often find is by targeting specific groups you can learn their needs more than any other company can.
One thing you need to understand is that you don’t create traffic, traffic already exists, you just need to find it.
There are tons of influencers out there that have access to your target market.
Which influencers your partner will depend on your product and how much you have to invest. If you’re just getting started with your company and you don’t have much capital to invest, you might find it tough to partner with bigger influencers with hundreds of thousands or millions of followers who know their worth and will charge it, but there are heaps of influencers with thousands or tens of thousands of followers who might partner with you for free products or a small fee.
Some influencers will even accept affiliate programs, what you could do if you’re just getting started is offer a free sample and a promo code for their followers and give them a kickback for each purchase.
Master paid advertising
Paid advertising is one of the best ways to scale your business, while organic traffic is great, it can be unpredictable and be gone at any moment, however, you can spend as much as you want with paid advertising and generate as much traffic as you can afford.
If you do want to invest into paid ads, you need to start measuring the return on investment, if you don’t you can find out that you lose money really quickly.
There are two main platforms that are currently used for paid advertising which are Google and Facebook.
Google paid advertising is a fantastic way to put your brand in front of people who are actively searching for your product, while the cost per click is typically higher than other advertising methods, the traffic typically converts at a higher rate.
Facebook has a cheaper cost per click but has a better ability to target specific demographics, however, people who are on Facebook typically aren’t looking to make a purchase.
Which platform you choose will vary depending on your business model, let’s say you sell protein to MMA fighters, there isn’t a lot of search volume in Google for “protein for MMA fighters”, but you can target MMA fighters on Facebook and sell them your protein powder. But if you sell protein to women, for example, there is significant search volume on Google to target, but if you use Facebook, not all women want protein.
Build your 1000 true fans
When people start their supplement company, they feel they need to have hundreds of thousands of customers in order to be successful.
But if you can build a list of 1000 true fans who love what you do who are passionate about your supplements, you can build a successful business.
Most supplements need to be bought regularly to be effective, so if you have 1000 true fans who purchase your supplement once a month, you have the base for a thriving supplement company.
80/20 rule for traffic
One of the biggest mistakes supplement marketers make is spending all their time on platforms that don’t generate results.
The reality is that 20 percent of your inputs generate 80 percent of the outputs.
But people tend to waste 80 percent of the time on the activities that bring in 20 percent of the results.
This can take a lot of self-awareness and dig into the numbers but if you can identify the 20 percent of activities that are driving 80 percent of the results and double down on those activities and eliminate the 80 percent that brings in 20 percent of the results, this can help improve your marketing efforts dramatically.
There is a major difference between marketing offers and marketing products.
The problem with products is that competition can easily come and replicate your product and undercut you on prices.
Offers, on the other hand, are unique.
An offer can be a bundle of products that your customer needs to complete the result they’re looking for.
Let’s use the same example from before and create a protein supplement for MMA fighters, could you include a protein shaker, a recipe book that shows how they could use the protein to maximize recovery between sessions and a coupon code to receive $10 off their next purchase?
This provides more value and is hard for other protein companies to compete with.
The central theme of what I’m writing is focus.
Your goal should be to eliminate what doesn’t work and focus on what does and double down on it.
Build up your tribe of 1000 true fans and provide more value you to them because they will be your bread an butter.
The reason we focus on the 1000 true fans is that it gives us a great foundation to grow from.
The front end product is designed to introduce our customers to the brand and the back end products are designed to turn them into true fans.
The supplement market is getting saturated, which means you need to find sub-markets to serve and provide value to, once you’ve found your niche, creating marketing material becomes easier because you know your target market perfectly and you know their wants and needs.