The nutraceutical market is booming. Here’s what you need to know in order to make your product stand out in the crowd.
With the US population aging and rates of many chronic diseases continuing to soar, consumers are in need of new products that promote health and wellness. Nutraceuticals, with their emphasis on natural health benefits, are one popular option.
Nutraceuticals, which have been positioned as a natural alternative to pharmaceutical treatments of physiological problems, have seen substantial growth in recent years. The global market is worth roughly $241 billion and is projected to reach $373 billion by 2025.
Nutraceutical marketing, however, can present something of a challenge for people without true domain expertise. With that in mind, let’s take a closer look at a few key tips for optimizing your nutraceutical marketing.
Understanding What Motivates Buyers in the Nutraceutical Market
Nutraceutical development is often targeted at physiological conditions that have a nutritional component. Certain diseases have dietary risks that are related to disease progression; other diseases simply do not have a long list of viable medical treatments. Patients that fall within these groups, naturally, are highly motivated to seek impactful medicines or supplements.
Smart nutraceutical marketing is aware of these distinctions, and should make an effort to target and activate consumers and patients who are being poorly served by traditional healthcare approaches. Brands should also be cognizant of buyer preferences within this niche; for example, nutraceutical buyers want green and sustainable product packaging.
Finding Where Nutraceutical Prospects Live Online
Buyers of nutraceuticals blur the line between patients and conventional consumers and this is reflected in their online behavior. When developing a nutraceutical marketing strategy, brands should focus on health and wellness websites, patient support groups and any channel where large numbers of people with medical issues congregate. That said, brands should also focus their marketing efforts on the segment of the nutraceutical audience that is motivated more by wellness, fitness and preventive medicine.
Differentiate Your Offering
The nutraceutical market is highly fragmented, with a few large multinationals at the top and thousands of small players operating in the industry. In order to stand out in this landscape, companies need to differentiate.
The problem is, most companies are selling variations on the same products. This means that branding is a critically important differentiator. The brands that do the best job of developing a valuable brand and building awareness will be in the strongest competitive position.
Leverage the Latest Technological Tools
If your nutraceutical brand isn’t devoting significant resources to cutting-edge digital marketing, you’re putting your organization at a significant disadvantage. Digital outreach, whether it’s via programmatic ads or social media campaigning, is critical. Without it, you can’t properly segment and target your audience and gather important insight into the efficacy of your marketing efforts.
Savvy brands go one step beyond traditional approaches and employ more sophisticated digital tools, including geo-targeting and search-based targeting, then support these efforts with advanced analytics that offer deeper insight into campaign performance.
Partner with a Third Party When Necessary
Let’s face it: Many nutraceutical brands don’t have the in-house expertise to develop the kind of tech-centric campaigns that move the needle. In cases such as these, it makes sense to work with an outside marketing agency.
Choosing the right agency is imperative, however, as few have true nutraceutical domain expertise. Without that key element, you simply can’t create informed and authoritative advertising and marketing content. If you choose to opt for an external agency, make sure that your partner has experience with the nutraceutical niche.
Why Bigeye is the Ideal Partner for Nutraceutical Marketing
At Bigeye, we are domain experts in the realm of nutraceutical advertising and marketing. This allows us to create campaigns that are highly targeted, strategically sound and easily scalable without breaking the bank.
Contact us today for more information about what Bigeye can do for you.