Sheldon Baker06.11.10
Gregory (Greg) Stephens is vice president of strategic consulting with Natural Marketing Institute (NMI) and has 30 years of specialized expertise in the nutrition and pharmaceutical industries. At NMI he specializes in strategic consulting and market research in the areas of health, wellness and sustainability. His background includes sales, marketing, strategic planning, clinical research and regulatory affairs for companies such as Abbott Nutrition (Ross/Abbott Labs) and Nurture, Inc. He received a Bachelor of Science degree in Human Nutrition from Georgia State University and has been a registered dietitian with the American Dietetic Association for several years. Greg is a frequent author of published articles and serves on the editorial advisory board for Nutraceuticals World magazine. He is also the magazine’s “Business Insights” colulmnist. He has spoken at industry events such as Natural Products Expo, SupplySide, American Dietetic Association, American Healthcare Association and the American Society on Aging.
Health E-Insights: What's one new trend you see taking shape in the dietary supplement industry?
Mr. Stephens: Thinking of the future of health and wellness, one trend I’m seeing is a bifurcation of the market. That is, consumers seem to be gravitating from the center to be either a passionate, die-hard health food (supplement) shopper or those more skeptical but increasingly see benefits of supplementation as part of a healthy lifestyle. The latter presents an interesting and growing mainstream of the food, drug and mass-market segment. They are not looking for the fountain of youth or the latest, trendiest pill or potion, rather they are looking at the body of scientific substantiation, safety profile and incorporating these tools into their health and wellness regimes. Of course in our world there will always be a market for products claiming immediate, profound and oftentimes hard to believe results.
Health E-Insights: In your market research do you see more consumers using supplements?
Mr. Stephens: The use of supplements is definitely increasing, although not multivitamins and minerals—that use has been relatively flat over the past few years. Where we see growth is in products that I sometimes refer to as specialty or disease-specific supplements, including such products as glucosamine, omega 3s and probiotics. According to NMI’s most recent Health and Wellness Trends Survey, 45% of U.S. adults have used these products in the past year. That’s up over 100% from 2000 when 22% of adults used them.
Health E-Insights: Might the push toward preventative care drive more people to learn about dietary supplements?
Mr. Stephens: Sure. We clearly see it with the emerging market for Baby Boomers. We Boomers simply refuse to slow down and we look for all means available to help maintain a healthy, active and meaningful life. One challenge I see is selling preventative health. In general, U.S. consumers notoriously want to see or feel immediate results. For example, if you take a supplement for joint pain and you don’t feel improvement by the time the bottle is exhausted, repeat purchase is unlikely. The same is true when taking a supplement with the benefit of preventing heart disease (in the future)—a lapse in usage is likely. Certainly compliance is positively affected by such factors as a family history of heart disease. A more powerful incentive is a tool for measuring the benefit, like a home cholesterol test kit. Once approved and widely available, non-invasive home test for a variety of conditions should have a significant effect on sales. Again, products have to deliver what they promise. Otherwise, once the next latest and greatest supplement is picked up by the media, the fickle consumer may be moving along.
Health E-Insights: According to your definition of success, how successful have you been so far?
Mr. Stephens: Defining success has evolved…in a rather cyclical manner…or maybe cynical. In the bohemian days, simply a blue Colorado sky, good friends and free-time in the backcountry sufficed. As the years passed, financial success inevitably came into the picture. But after years of counting rungs on the ladder I find myself measuring success through warm relationships…and once again, the blue sky, a salty breeze and time to savor it all.
Health E-Insights: What book are you currently reading?
Mr. Stephens: I have quite a commute to the office and have indulged in books on CD. I’ve probably read more books in the last two years than the previous 10. Given my Southern heritage, for an escape I often enjoy Grit Lit and am currently reading Strange as This Weather Has Been by Ann Pancake. Even more relevant with the recent events in West Virginia mining.
