5 Steps to Launching a Physician Backed Supplement Company
The Market Opportunity
The global dietary supplements market is expected to reach $210.3 billion by the year 2026, with a compound annual growth rate of 8.4%, and is expected to hit $317.04 billion by 2030.
Best of all, supplement businesses have low overhead, require no new employees, and have a business model that is based on monthly subscriptions, which offer high residual recurring revenue, creating long lasting value and predictable income.
Market Advantages for a Physician-Backed Supplement Line
Built-in credibility, safety and efficacy
Physician created brands can demand premium prices
Increased differentiation with a physician-backed supplement line
Steady growth of interest in non-pharma alternatives
Ability to leverage science and clinical studies
FDA allows health practitioners to make broader supplement claims
Greater latitude and freedom to leverage clinical data
The 5 Steps to Success
A comprehensive roadmap to launching your physician-backed supplement company
Step 1
Comprehensive Market & Competitor Analysis
Competitor analysis is a critical step to determine sales volumes, what is selling, and what mistakes to avoid. Quaintise uses proprietary software to determine Google search volume and Amazon sales results for products addressing your areas of specialty. The following questions need to be answered:
- What ingredients are highest in demand within your area of expertise?
- What are the top selling supplement brands within your area of specialty (including sales volumes and number of units sold)?
- What do the top selling products sell for?
- What does the branding of leading products look like?
- What is the marketing, advertising, messaging, and formulation of competing products?
- Do competing products sell on Amazon, their website, retail?
Step 2
Creating Your Unique Brand and Name
There is a lot that goes into creating your own unique supplement brand line. Having a strong brand name is crucial. Labeling and packaging can influence 70+ % of purchasing decisions. And typically, branded ingredients have a premium cost but can also include strong clinical studies that support their efficacy.
- How can we differentiate your brand?
- What do you want your branding, labels, packaging, website and messaging to be?
- Are you willing to be featured on your brand’s packaging?
- Do you have any current branding materials that you would like to use?
- What is the marketing, advertising, messaging, and formulation of competing products?
- Are there colors or designs that you like from competing brands or from other industries?
Step 3
Formulation Process and Manufacturing
A lot of thought must go into formulation and the manufacturing process of your physician-backed supplements. Your supplement line needs to have the proper planning and formulation process. You also want a strong contract manufacturing partner who will support you and ensure that there is a high level of quality control testing. You also want to ensure your supplements are manufactured in a cGMP compliant facility, located in the USA.
- How many different products do you want to launch with?
- Do you want to use branded or non-branded ingredients?
- Are your ingredients supported by clinical studies that we can leverage?
- Do you have ingredient sources, or do you want us to identify the best sources for you?
- How many units do you want the initial run to be? (This will determine the best contract manufacturing partner for your needs.)
Step 4
Your Customer Acquisition Model
- Do you plan distribute via your medical practice, retail, online marketplaces such as Amazon or Walmart, or through your own online web site?
- Do you want us to arrange a fulfillment partner to fulfill your online orders?
- Are you willing to do PR so that we can promote you as a subject matter expert to build your online visibility?
- Do you want to focus on Google ads, videos on YouTube, have your web site featuring you as the spokesperson, as well as social media, blogging, affiliate networks, email marketing, and other channels for the purpose of building your website traffic?
- Do you want to offer a subscription model for your supplements?
- Do you want to use social media influencers?
- Do you want to build a major presence on Amazon or Walmart?
Step 5
Your Advantage as a Medical Expert – Identifying Your Target Audience
- Who is your target clientele for your product line?
- What products or pain areas do you want to focus on?
- Where does your potential clientele buy their products?
- Where do they obtain information about their products?
- Will your supplement line be able to support or solve your target customer’s issues?
Testimonials
I have had the pleasure of working with Quaintise in developing a premium line of supplv ements from scratch. These brilliant marketing experts have done everything from creating the HPD Rx brand, package design, formula concepting, organize our contract manufacturing, develop our Amazon store and listings, built our website and manage all of our advertising. In less than 2 years, we now have thousands of happy customers and profitable revenues exceeding $1 million. I could have not done this without Quaintise’s talented team – they are the very best.
-Monte Swarup, MD, FACOG
Quaintise is an invaluable partner to our business. Their creativity and expertise helped us move our brand forward in our highly competitive supplement industry. Their standards of excellence and commitment go beyond exceptional. The rebrand process was thorough, and hit all the high marks needed, they are a pleasure to work with. We highly recommend them.
-Logan Wroolie
Next Steps Let’s Talk
Quaintise has the expertise in creating a Physician-Backed Supplement Line. It will require an initial investment of at least $150,000 over a year-long term, depending on how many products you are going to market with.
To learn more
Call us at: 1-310-758-4970
Email us at: info@quaintise.com
