Capitalizing on the Surging Dietary Supplement Market
The sharp shift in consumer conscience and behavior to take steps to live a healthier life has been drastic. This seismic shift has impacted the way fast food chains create their menus and conduct their marketing, has affected the doctor-patient relationship, and has opened the door for new businesses to step in and offer solutions to the pressing need to live a healthier lifestyle.
With close to a third of the over $80.0-billion global vitamin, mineral, and herbal supplement (VMHS) market coming from the U.S., this is clearly much more than a hipster and health nut craze. People are making much more conscious decisions about what they put into their bodies and their behaviors need to be understood in order for businesses to engage and capture this new kind of consumer.
The Self-Educated Consumer
Particularly in the VMHS industry, you must understand that you are dealing largely with a self-educated consumer. Over 70% of Americans are either checking or verifying information about their health over the Internet, which means they have decided largely to take matters into their own hands, making trust in a product a top concern. Prescriptions aren’t necessary for VMHS, so reputation, transparency, and verifiable proof of your product working should be at the top of your list when beginning any type of marketing campaign.
Couple this with the fact that TV programs like The Dr. Oz Show have nurtured consumers’ need for preventative, alternative means of health care; no longer are they turning to their family doctors for traditional medications after the fact. Instead, it has become increasingly important for consumers today to find trusted means outside the doctor’s office of preventing any ailments before they happen.
Age of Population
Much has been made about the aging American population and what that means for the U.S. economy. From housing to hospital care concerns, questions continue to rise about how America will deal with its elderly. However, businesses and marketers involved in the VMHS industry should consider the aging demographic as an opportunity.
One statistic that stands out is that more than a third of VMHS purchases in the U.S. have been made by seniors 65 or older. That’s a huge number and gives marketers a clear indication of which consumer is leading the way in this market.
No Brand Leader in VMHS Market
The VMHS market is absolutely wide open, with the top five manufacturers holding less than 25% market share. And although online sales are increasing, specialty stores are still a major source of purchase.
Stats like this should also excite marketers, as they signal opportunities in several channels, with the chance for success being just as good in either. A marketing plan should still be focused and directed at a specific target, but not having a clear leader means a level playing ground for anyone who can create a product that can gain some traction.
With a company like Macromark being a leader in executing multiple forms of marketing campaigns, including e-mail marketing and direct mail, they are a strong first step to increasing the brand awareness of your VMHS product. And just as consumers in this market are looking for a product they can trust explicitly to improve or maintain their health, Macromark is a company that can be trusted to deliver an effective campaign to reach these consumers.
Teichner, W. and Lesko, M., “Cashing in on the booming market for dietary supplements,” McKinsey & Company web site, December 2013; http://www.mckinseyonmarketingandsales.com/cashing-in-on-the-booming-market-for-dietary-supplements.
“U.S. unprepared for housing needs of aging population,” Harvard University web site, September 2, 2014; http://news.harvard.edu/gazette/story/2014/09/u-s-unprepared-for-housing-needs-of-aging-population/.