The health product industry is one of the most popular industries to carve a niche in; almost every person is looking for that next product to help keep them healthy and content. With the industry valued at over $4.2 trillion dollars, there are many opportunities for business owners to develop a new specialty. In this article, Keith Orie discusses the steps needed to create a successful business around a health product.
The health industry is massive when it comes to areas that your business can specialize in. The key is to find a product or market that you are passionate about, as passion and dedication shine through when marketing your product. Many business owners look to a condition or ailment they suffer from, or something that impacts someone they love.
Even if you aren’t a medical expert or have a degree in medicine, there are many avenues to research and explore the condition you are trying to find a solution to. Many potential customers take heart in resonating with personal experiences, whether you share your own or experiences of those involved. Many conditions people deal with on a daily basis that are popular niches include digestive health, weight loss, skincare, fatigue, healthy eating, and anti-aging.
In any business arena, one of the key marketing tactics is to determine who the target audience is for your product. What slice of the pie do you plan on carving out for your product? Who do you wish to serve? Once you have identified the product or condition you wish to solve a need for, the next step is to decide who will benefit from that solution. For example, if your product promotes weight loss, you must decide if you are targeting men or women, and what age demographic to appeal to. Products are more likely to fail if you adopt a one-size-fits-all approach and make the assumption that your product can cover the entire market.
Selecting a target audience then determines the avenues of marketing your product; younger generations appeal to marketing campaigns through social media outlets, whereas older populations may appeal to tv and radio campaigns.
Once your business has taken off and you have seen some small victories in adoption and sales, it is just as important to keep that momentum going. As the health industry is constantly evolving with new research being uncovered, ensure your product offering stays up to speed with market trends. Adapt and update your marketing materials and websites to guarantee your message on the benefits of your product continues to appeal to the needs and desires of your target audience.
Continued success also means identifying new marketing streams. Some products see an increase in sales when bringing on a micro-influencer to help promote the product. A smaller Instagram influencer or social media presence can provide credibility and trust to your product as it becomes more established.
If your brand finds success in one product offering, consider expanding your offering to broaden the spectrum of your market share. Success in offering a solution to women may enable your business to extend a credible product solution to men as well.
Keith Orie is the owner of Advanced Medical Sales LLC, a Texas-based company selling premium-grade durable equipment to medical specialists to help them effectively treat patients through non-invasive pain relief procedures.