We have all probably heard the maxim, “Don’t put all your eggs into one basket.” This saying is wise because it reminds us not to focus all of our resources or efforts on only one area (if a farmer puts all of his collected eggs into one basket, what happens if he drops the basket?). You wouldn’t spend your entire marketing budget on one advertisement, but what about your product line?
Diversity is a good thing in retail and in life. Having a diverse line of products will keep your business booming if one of your best selling supplements suddenly takes a dive in popularity. Diversifying your product line leads to longevity as a brand. Consider Coca-Cola, MTV, Apple: all of those brands started out specializing in one product, but since have expanded their offerings and thus their influence. This is not to say that you can’t overextend your brand, of course. If you diversify your product lines correctly, though, your brand will climb to new heights.
1. Adapt to current trends
This is probably the most obvious way to diversify your product line: simply add new products. What is today’s hottest ingredient for dietary supplements? What diet trend is sweeping the Hollywood elite? What nutrient are new scientific studies lauding? The answers should be your next product.
2. Incorporate different forms of popular products
Same item, different delivery. If Supplement X is a best seller as a capsule, why not offer it as a tablet, a liquid, or even a powder? Offering these products in different forms allows you to cater to a wider audience. Some Consumers prefer a tasteless powder mixed into their morning smoothie, while others are fine with taking a few capsules at lunch. Before you make any changes to your products, take heed: Always consult with a chemist/pharmacist/ another scientific professional to make certain that the effectiveness of the product will not be affected in any way.
3. Add a premium line
This would be the route of luxury. You could incorporate premium ingredients into the products. Consumers will pay for what they perceive as superior merchandise. You might also want your new line to focus on natural or organic products. True, these ingredients will be more expensive for you, but your Consumers will expect to pay higher prices for higher quality.
4. Appeal to a niche
Thousands of Americans are gluten-free. They include people who suffer from Celiac Disease (an autoimmune disorder which affects digestion) and individuals who have given up gluten for dietary reasons. If you know anyone who is gluten-free, then you’ve probably heard how difficult it is for that person to find products that do not contain gluten. Diabetics face the same issues with sugar. Some people are so allergic to a substance (tree nuts, peanuts, etc.) that they cannot ingest products that were made in a facility that also processes their allergens. Such individuals would eagerly purchase products that were certified to be free of wheat, gluten, sugar, soy, or other allergens. Likewise, many consumers look for products certified as containing only non-GMO ingredients.
5. Augment your existing product line
Do you offer a skincare item, like a facial cleanser? Why not introduce an anti-aging moisturizing cream, a facial toner + serum, and a mud masque? If you sell a Biotin supplement, consider selling supplements for other B Vitamins like B3 and B12, or a B-Complex. This is a simple method of building your existing line: if you sell X, why not sell Y and Z? Finally, consider adding a corollary to your line for the other gender: men, for example, have slightly different facial skin care needs than women.
A quick note on skin care products:
Skincare routines were built on morning and night regimens (cleansing, treating, moisturizing, and protecting). Large retailers like Amazon have steered brands away from the regimen system in favor of “one-hit wonder” treatments. While these single products are trending at the moment, the top brands in the skin care market are products built around the regimen philosophy. Purveyors should also understand the science behind skin care: few if any products are effective for every skin type. Diversification, therefore, helps you better serve your Consumers (e.g., by offering skin care lines for normal skin, dry skin, oily skin, etc).
We always advise our Clients to thoroughly research the markets and then build out their launch schedules. However you decide to diversify, Private Label Supplement will be here to guide you every step of the way.
We want to help you get the most out of your new product line. From marketing strategy to website design, our solutions give our Clients an advantage over their competitors. Contact our Sales Managers at 855-209-0225 (US Press 2 for Sales) to find out more information and pricing on our services. While you’re on the line, ask our representative how you can save $7-$10K in the process.
All my best,
Stefani Thionnet
Stay focused and never give up!
