In Singapore, the number of ageing populations with several chronic diseases is on the rise. People heavily rely on supplements to improve their health conditions and ensure optimum well-being. That is why more and more supplement brands are evolving in the country. The sale of dietary supplements is likely to reach USD 613 million by 2026. (https://my.nzte.govt.nz/article2/the-competitive-landscape-in-singapores-supplements-market)
Are you in the supplement business? Want to boost the success of your brand? Whether you offer dietary supplements or oral supplements for skin, there are certain mistakes you must avoid. It is the key to building a successful and profitable business. Read the blog to know more!
1. Focusing More on the Price than Quality
Not all supplement brands manufacture their products. Especially, companies who are new to the business and do not have the right resources and facilities consider outsourcing the manufacturing process. When looking for an ideal partner, often brands collaborate with manufacturers offering low-cost manufacturing services. However, it isn’t a smart decision.
A point to note here is that a few dollars more or less per unit may not affect your business much. But the quality of supplements can make or break your brand. So, partner with soft gel or gelatin capsule manufacturers who can guarantee the best quality products.
2. Lack of a Specific Target Audience
When you start a supplement business, you cannot target anyone and everyone. Doing so can give rise to a lot of confusion and affect the profitability of your brand. You need to target a unique group of consumers only. Defining your target audience will enable you to make informed decisions about the ingredients to use, the packaging, and the marketing techniques to leverage.
3. Not Investing in Market Research
You may be very passionate about your supplement brand. However, if you do conduct market research, it can cost you much in the long run. Market research will enable you to understand the demand for different supplements and get an idea about customer preferences. As a result, you can gain accurate data to get started with the formulation and manufacturing process. Today, several manufacturing companies also offer supplement brands the necessary support for market research.
4. Not Preparing the Right Questions for the Manufacturing Partner
Without interviewing potential manufacturing partners, it is not possible to collaborate with the best one. As a supplement brand, you must be ready with your questions relating to their experience, manufacturing process, quality of ingredients, and more. Also, ensure they are familiar with the regulatory environments and know the best practices of the industry well. Partnering with the right manufacturing company will enable you to deliver high-quality supplements to the customers and accelerate business growth.
The supplement industry is becoming more and more competitive. To thrive in the market and succeed, you cannot afford any mistakes. Now that you are well aware of the common mistakes, it is time to avoid them. Are you in search of a top-rated supplement manufacturing company in Singapore? If yes, partner with APD Pharmaceutical for the best outcomes. Apart from supplement manufacturing, the experts can also assist you with packaging sachet manufacturing and more.