How to Capitalize on Supplement Trends
In the supplement industry it can seem like there’s a hot new supplement popping up every day. With the industry moving so quickly it can be tempting to want to jump on every new product that comes along but that can be very difficult.
While it’s not always a good thing to jump on every trend it is important that you have the ability to pick and choose which trends to take advantage of. You must put yourself in a position to act on trends that your customers/demographic are crazy about and fit perfectly within your brand. This is one way that you can dominate your niche!
Here are a few tips on how to take advantage of supplement trends.
Keep Cash Flowing
In order to act on trends you need the cash to get the job done. There’s no way that you can quickly jump on the next big thing when your cash is all tied up. That’s why its essential to pay attention to your cash flow. Many times all you have to do is look to your inventory to find out where all your cash is being held up.
Many supplement sellers order in the largest quantities they can in order to get the best price possible. While this does have the benefit of saving some money in the short term, it can cost you in the long term.
The only place that inventory is an asset is on a balance sheet, otherwise it’s a liability. If you buy too much of the wrong supplement you’re in trouble. You’ve not only potentially lost money on that inventory you also just cost yourself the opportunity to make a move on the hottest new supplement.
Act Fast, Act Smart
One of the most important things you can do when trying to jump on a trend is to do it early. If you wait too long to see how the trend develops you might lose your opportunity to get in on the ground floor. Acting fast isn’t good enough though, you also want to act smart.
If you go all in on a new product with a promising outlook you could end up being burned if it doesn’t pan out the way you had hoped. Remember that in order to continue being able to take advantage of trends you need to stay agile. So before you decide to jump in with both feet try testing it with your toe first.
You can do all the research in the world but nothing will tell you as much as testing out the product yourself on your own audience. This can mean doing a “limited time” test offer or doing a test launch to a limited audience.
Polling your audience can be a good place to start but it won’t tell you everything. Henry Ford once said, “If I had asked people what they wanted, they would have said faster horses.” While people can say one thing in a poll, their actions might be different in real life.
Once you’ve tested out how the supplement trend works for you and your brand, it’s time to decide if you’ll go all in or if this trend isn’t for you. The process of finding and testing new supplements becomes faster and easier the more you do it and develop your process. So while this might sound lengthy and expensive, it’s a lot cheaper and more rewarding than blindly betting on an unproven concept.
3 Keys to Find the Right Supplement Manufacturer
There are a lot of supplement manufacturers out there but when it comes to helping you stay on top of the trends you need to be picky. If you want to succeed at making the most of supplement trends, your manufacturer needs to check three main boxes
- Low Minimum Order Quantities (MOQs)
- Carries the Trendiest Supplements
- Fast Turnaround Times
1. Low MOQs
Like we discussed before if you’re going to act fast and test small quantities of supplements you’re going to need a manufacturer who can work with you on those small orders. If a manufacturer has MOQs excessively high MOQs that makes working with small batches tricky.
2. Carry the Trendiest Supplements
There’s no way for you to sell the trendiest supplements if you’re manufacturer can’t even get them for you. Really good manufacturers will follow the trends early on and watch them for months or years waiting to move when the time is right.
3. Fast Turnaround Time
With an industry that moves as quickly as supplements it’s important that you find a manufacturer that can promise you a fast turnaround time. Some supplement sellers who buy from China find out the hard way that you can lose out when your product takes weeks or months to arrive.
At Quality Supplement Manufacturing we offer the hottest private label supplements on the market with low MOQs and fast turnaround time. We want to see our customers succeed and that means dominating the market with a fast response time.
The Takeaway
Making a move on supplement trends can mean a lot of work and planning ahead. From keeping a tight leash on your inventory and cash flow to testing new products and finding the right supplement manufacturer, you’ll need to be thoughtful with how you pursue new market trends. Nailing the right trend can be extremely lucrative though which is what makes it all worth it in the end.
At QSM we offer some of the hottest supplement ingredients on the market like MCT Oil and BHB salts as well foundational must haves like multivitamins and fish oil, Get a quote today.
