Reasons To Private Label Supplements
All you have to do is walk into a grocery store to see that dietary supplements are a big business. Pills, powders, and capsules make up nearly five percent of grocery sales in the United States. It’s estimated that half of all Americans take a multivitamin and approximately one in five U.S. adults has tried an herbal supplement. In total, Americans spent about $21 billion in 2015 on herbal supplements and vitamins. If you include protein powders, supplements are a bigger market than all organic foods combined.
Why You Should Start Private Labeling Supplements
So how do you get a piece of the supplement pie? With private labels. By definition, private labeling is products that are manufactured by one company and marketed under another brand. It’s simple to private label, cost effective, and gives your company a competitive edge. There are many benefits to using a private label manufacturer. Check out these top five reasons your company should private label right now.
Get New Business
Private labeling your herbal supplements is a great way to break into another market and attract new business. Since your supplement is being sold with your own unique label, you’ll be able to find new customers you might not be able to reach under another’s brand and label.
Create Your Brand
Your product is a reflection of your company. You want to make sure you are representing yourself in the best way possible. Creating a private label gives your company a brand consumers can identify with. Your brand is identified by its appearance and a quality label will help your supplements stand out on the crowded shelves. Launching a product that isn’t a national brand can be risky, but it can also lead to big rewards. Creating a label that accurately represents your brand, your company, and your story can bring to the table products that are credible, and perform well.
Provide More Value
In the last few years, consumers have become more savvy when it comes to their buying habits. They are doing their research and looking for more value. Private labels are providing the value consumers are looking for by offering the same brand name quality consumers are used to at a 20-30% discount.
Ability to Adapt
As a retailer, you have unique knowledge about your customers and their needs. Use this knowledge to your advantage by responding to what customers are buying and what they are asking for. Frequent evaluation of your product offerings can often be the difference between success and failure. When you private label, you have more freedom to change up your offerings, based on the consumer’s needs and wants.
Advance on Your Competition
Private label supplements are usually less expensive to produce. These lower prices are then passed on to your consumer, providing the same quality of a branded product, without the extra expense. The cost difference is often large enough to allow you to offer lower prices to your customer, while still keeping higher profit margins. Your competition won’t be able to keep up with your quality herbal supplement at a lower price.
Other benefits to choosing private labeling include:
- Easily expand product range
- Ability to market on your own
- Saving time and money
- Taking advantage of unlimited customization options
- Gaining customer credibility and loyalty
Don’t let your competitors get the edge. Private labeling herbal supplements will give you the competitive edge you need to go up against the larger brands.