By Vincent Tricarico, Executive Vice President, Twinlab Consolidation Corporation & NutraScience Labs05.03.21
Business is booming within the health and wellness industry, especially in the U.S., where it’s valued at a robust $52.5 billion—the world’s biggest market size. Although it’s a competitive field, there is still high consumer demand, so now’s the time to get in. But how do you get started? Just as with any business, there are four must-do steps every entrepreneur needs to take that could make or break a new business.
Everything needs to be in sync for the project to work, from distribution, marketing, legal matters, customer service, financial planning, and your sales process. Getting all of these details to align isn’t an easy task, but it can be done if planned and implemented strategically.
1. Create Your Concept & Write Your Plan
It doesn’t need to be perfect; you just need something to keep you focused. It starts with finding your passion—the number one ingredient in any successful business, but especially one where you will be offering a message of health and vitality. If you aren’t passionate about the driving force of your business, how will any investor, customer, employee, or vendor be passionate about it?
Ask yourself if your concept is sustainable and scalable. Does your idea have legs? Will it survive the ups and downs of entrepreneurship? Your concept needs to play to your strengths and focus on where you can outperform your competition.
Focus on the white space, the place where customers’ needs aren’t being met, and figure out how you can fill it in. The nutraceutical industry has a lot of white space that’s always evolving. Create your story in the space you feel most confident you can win in.
Remember the four Ps (product, place, price, and promotion), but don’t forget about two additional Ps (plan and pivot). The health and wellness space is fast-moving; even the best-laid plans of an entrepreneur will need the flexibility and ability to pivot as market conditions and customer behavior dictates.
Finally, remember your “why.” You need to know what is driving you, why you care about your pursuit and how you communicate it. Health and wellness is an industry that requires personal connection; our “why” grounds us to focus on why we do what we do every day. Stay disciplined enough to try to be something to someone, not everything to no one.
2. Do Your Research
Understand ingredients, know the relevant clinical data and research effectiveness when developing your product. This is particularly important in the dietary supplement space because consumers demand it.
Today’s consumers of health and wellness products are more knowledgeable than ever before. They are holding brands to greater accountability standards for ingredients, packaging, sustainability, and impacts on communities. They are looking for simple, effective products that provide a real benefit. The days of stuffing labels with dozens of ingredients are long gone.
Do your homework on vendor partnerships in all areas of your business. Look for experienced partners who can provide outstanding and consistent service to your business. The cheapest option isn’t always the best, and neither is the most expensive. Do your research and ask questions.
Another important piece of the puzzle is deciding on your customer acquisition model. There are some great options out there, including pay-per-click, blogging, media buying, setting up a brick-and-mortar store, direct sales, launching your website, or selling your supplements on popular online marketplaces like Amazon and at trade shows. Thoroughly investigate the models and find the one you can work with best. You can always try one option and if it doesn’t work for you, just try another. You’ll find that one or a handful of these tactics help you sell more products than the others.
3. Connect
Know your customer, interact with them, and listen to them. Stick to what resonates with your audience. The health and wellness space is big and bold. Find your niche and be relentless in how you cater to them.
Be strategic in building your social media followership. It’s better to have 1,000 followers who are engaged customers than 100,000 followers who never buy. Give consumers a reason to engage in the community you build around your brand. Health and wellness products are sold by personal connection so bring as much of you into your brand as possible. Create blog content that speaks to your customer base. Become a trusted source of information and pursue how you create value for your consumer.
Offering creative promotions is a massive component of health and wellness sales. Always know if your offer is better than your competition’s.
Attend networking events either online or in-person when COVID-19 restrictions ease. You can learn so much from others and can create powerful connections that can help your business move forward.
4. Build Your Team
Establish your company’s key values and then build a team that complements those values. Your values will help guide you through the hiring process. Building your company’s culture around those values and recruiting a team that embraces them will positively affect all aspects of your business. So, using creative features like team building and performance incentives will keep your employees motivated and help you retain quality talent.
Now ... Just Do It!
Be a fearless decision-maker. Be tireless in the execution of your plan. Focus on delivering what your brand and product promise. Focus on what is in your control. Be demanding of yourself; it will reflect in the positive on your customer. Capture meaningful data points, evaluate, adjust, and keep going. Above all, always remember your “why.”
With 21 years of direct-to-consumer and business-to-business experience, Vincent Tricarico is a respected executive in the dietary supplement industry and is well known for his ability to consistently build and grow successful teams that produce results. He currently serves as Executive Vice President for Twinlab Consolidation Corporation and NutraScience Labs, where he oversees sales, marketing, and operations. For more information: 855-492-7388.
Everything needs to be in sync for the project to work, from distribution, marketing, legal matters, customer service, financial planning, and your sales process. Getting all of these details to align isn’t an easy task, but it can be done if planned and implemented strategically.
1. Create Your Concept & Write Your Plan
It doesn’t need to be perfect; you just need something to keep you focused. It starts with finding your passion—the number one ingredient in any successful business, but especially one where you will be offering a message of health and vitality. If you aren’t passionate about the driving force of your business, how will any investor, customer, employee, or vendor be passionate about it?
Ask yourself if your concept is sustainable and scalable. Does your idea have legs? Will it survive the ups and downs of entrepreneurship? Your concept needs to play to your strengths and focus on where you can outperform your competition.
Focus on the white space, the place where customers’ needs aren’t being met, and figure out how you can fill it in. The nutraceutical industry has a lot of white space that’s always evolving. Create your story in the space you feel most confident you can win in.
Remember the four Ps (product, place, price, and promotion), but don’t forget about two additional Ps (plan and pivot). The health and wellness space is fast-moving; even the best-laid plans of an entrepreneur will need the flexibility and ability to pivot as market conditions and customer behavior dictates.
Finally, remember your “why.” You need to know what is driving you, why you care about your pursuit and how you communicate it. Health and wellness is an industry that requires personal connection; our “why” grounds us to focus on why we do what we do every day. Stay disciplined enough to try to be something to someone, not everything to no one.
2. Do Your Research
Understand ingredients, know the relevant clinical data and research effectiveness when developing your product. This is particularly important in the dietary supplement space because consumers demand it.
Today’s consumers of health and wellness products are more knowledgeable than ever before. They are holding brands to greater accountability standards for ingredients, packaging, sustainability, and impacts on communities. They are looking for simple, effective products that provide a real benefit. The days of stuffing labels with dozens of ingredients are long gone.
Do your homework on vendor partnerships in all areas of your business. Look for experienced partners who can provide outstanding and consistent service to your business. The cheapest option isn’t always the best, and neither is the most expensive. Do your research and ask questions.
Another important piece of the puzzle is deciding on your customer acquisition model. There are some great options out there, including pay-per-click, blogging, media buying, setting up a brick-and-mortar store, direct sales, launching your website, or selling your supplements on popular online marketplaces like Amazon and at trade shows. Thoroughly investigate the models and find the one you can work with best. You can always try one option and if it doesn’t work for you, just try another. You’ll find that one or a handful of these tactics help you sell more products than the others.
3. Connect
Know your customer, interact with them, and listen to them. Stick to what resonates with your audience. The health and wellness space is big and bold. Find your niche and be relentless in how you cater to them.
Be strategic in building your social media followership. It’s better to have 1,000 followers who are engaged customers than 100,000 followers who never buy. Give consumers a reason to engage in the community you build around your brand. Health and wellness products are sold by personal connection so bring as much of you into your brand as possible. Create blog content that speaks to your customer base. Become a trusted source of information and pursue how you create value for your consumer.
Offering creative promotions is a massive component of health and wellness sales. Always know if your offer is better than your competition’s.
Attend networking events either online or in-person when COVID-19 restrictions ease. You can learn so much from others and can create powerful connections that can help your business move forward.
4. Build Your Team
Establish your company’s key values and then build a team that complements those values. Your values will help guide you through the hiring process. Building your company’s culture around those values and recruiting a team that embraces them will positively affect all aspects of your business. So, using creative features like team building and performance incentives will keep your employees motivated and help you retain quality talent.
Now ... Just Do It!
Be a fearless decision-maker. Be tireless in the execution of your plan. Focus on delivering what your brand and product promise. Focus on what is in your control. Be demanding of yourself; it will reflect in the positive on your customer. Capture meaningful data points, evaluate, adjust, and keep going. Above all, always remember your “why.”
With 21 years of direct-to-consumer and business-to-business experience, Vincent Tricarico is a respected executive in the dietary supplement industry and is well known for his ability to consistently build and grow successful teams that produce results. He currently serves as Executive Vice President for Twinlab Consolidation Corporation and NutraScience Labs, where he oversees sales, marketing, and operations. For more information: 855-492-7388.
