15 min
Condition-Specific or Multifunctional | Supplement Industry Product Development the Joshua Schall Audio Experience
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- Business
Is the future of product development within the supplement industry heading towards more condition-specific or multifunctional formulation approaches? This juxtaposition in supplement industry product development approaches has been on mind for a while now...and there are so many considerations at play here coming from both the brand-level and supply side of the supplement industry, but also with how it all interacts to consumer behavior. We know that ingredient advances are enabling formulators to create products that can address a broader cluster of health conditions. At the same time, supplement brands are finding opportunities in smarter, more targeted products that appeal to specific subsets of consumers. While condition-specific is not a new approach in the supplement industry, it has gotten more prominent in the last few years though because of the overwhelming product proliferation within the supplement industry. Alternatively, we would be ignorant if we didn’t believe a subset of consumers appreciate convenient multifunctional products that can meet several wellness goals. But there’s also some other attributes at play in this condition-specific versus multifunctional debate. Though there's no central “best” approach to attack the supplement market, I'll explore this debate by looking at purchase criteria like price, personalization, marketing, and sales channel strategy. To further add depth to this content, I also included snippets of a recent conversation I had with Richard Wang, the CEO of ingredient company NuLiv Science, at the SupplySide West tradeshow.
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Support this podcast: https://podcasters.spotify.com/pod/show/joshua-schall/support
Is the future of product development within the supplement industry heading towards more condition-specific or multifunctional formulation approaches? This juxtaposition in supplement industry product development approaches has been on mind for a while now...and there are so many considerations at play here coming from both the brand-level and supply side of the supplement industry, but also with how it all interacts to consumer behavior. We know that ingredient advances are enabling formulators to create products that can address a broader cluster of health conditions. At the same time, supplement brands are finding opportunities in smarter, more targeted products that appeal to specific subsets of consumers. While condition-specific is not a new approach in the supplement industry, it has gotten more prominent in the last few years though because of the overwhelming product proliferation within the supplement industry. Alternatively, we would be ignorant if we didn’t believe a subset of consumers appreciate convenient multifunctional products that can meet several wellness goals. But there’s also some other attributes at play in this condition-specific versus multifunctional debate. Though there's no central “best” approach to attack the supplement market, I'll explore this debate by looking at purchase criteria like price, personalization, marketing, and sales channel strategy. To further add depth to this content, I also included snippets of a recent conversation I had with Richard Wang, the CEO of ingredient company NuLiv Science, at the SupplySide West tradeshow.
FOLLOW ME ON MY SOCIAL MEDIA ACCOUNTS
LINKEDIN - https://www.linkedin.com/in/joshuaschallmba
TWITTER - https://www.twitter.com/joshua_schall
INSTAGRAM - https://www.instagram.com/joshua_schall
FACEBOOK - https://www.facebook.com/jschallconsulting
MEDIUM - https://www.medium.com/@joshuaschall
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Support this podcast: https://podcasters.spotify.com/pod/show/joshua-schall/support
15 min