You’ve decided you want to start a supplement company. Good idea! Supplements are a major part of the wellness industry, and a business that sells supplements can be highly lucrative if managed well. Plus, you’ll be working to make other people’s lives better, and what could be better than that? All those folks out there wondering what affects penis health or how to navigate menopause more easily can turn to you for help.
With that in mind, it’s important to think about how to make your brand as successful as possible so that, at the end of the quarter, you’re looking at an increase in revenue and not contemplating bankruptcy. What three traits make a supplement brand a success? Read on to learn.
1. There’s no “I” in OKRs.
Your company is only as strong as the team members who work to make it strong. Sure, this means you should focus on hiring the best people in the first place, but it also means that you need to provide employees with the tools to be the best they can be to work together as a team. One methodology that many successful brands use, whether they’re selling supplements, vape pens, or anything else, is OKRs (an acronym that stands for Objectives and Key Results).
OKR methodology was popularized by John Doerr, a venture capitalist who used OKRs to help companies like Google meet company goal after company goal. The true OKR meaning, as taught by Doerr, has to do with setting clearly defined objectives and measurable key results that can be used to get all your team members in alignment when it comes to meeting business goals. Employee engagement is key to meeting business goals from this quarter to next quarter, but you can’t expect them to be engaged without understanding what each individual should be doing. Use OKR methodology for goal setting, and see your revenue fly.
2. Know your niche.
Especially if you’re just starting out, don’t bite off more than you can chew. There are plenty of people in the United States who will be looking for supplements, so you don’t have to try to corner all the markets at the same time. Actually, studies in recent years have shown that up to 76 percent of Americans take dietary supplements of one form or another, so take your time, and figure out your niche. Then, once you’ve conquered that, take on another sector next time.
For example, let’s take erectile dysfunction. This is a common condition, affecting some 30 million men in America. Nevertheless, individuals may feel shame about erectile dysfunction, penis size, or other erection issues impacting intimacy or fertility. That means that there’s a large market of folks out there looking for a supplement brand they can trust with their erection-related issues. While it’s an ambitious goal to reach 30 million people with erection issues, by defining your niche and focusing on this one area, you can be more clear about marketing.
3. Don’t be afraid to try new things.
Let’s say that you started by helping a specific sector of men who suffer from erection-related challenges, like premature ejaculation. Just because you’re marketing to an audience with penises doesn’t mean that they’re your only audience. The best way to ensure brand growth is to make smart ventures into other sectors as well. There are plenty of people, men, and women, who are wondering what to do if your relationship missing the spark. Sure, some of them will be having difficulty in their sex life because of erection problems, but others may need support when it comes to mental health or heart disease. A plethora of health conditions can affect sexual activity and intimacy, not to mention the staleness that sometimes comes with being in a long-term relationship. This is good news for your brand because it’s a natural area for growth that’s not too far from the direction you’re already headed.
Starting a new business takes hard work, and these are just three ways in which to move your company goals forward. Consider these a great way to get started, but remember—no ambitious goal is too ambitious as long as you plan well and put in the work to get there.