The Best Way to Add Branded Private Label Supplements to Your Product Line
If you’ve built line of products for your business, an easy way to add additional revenue is to add branded private labels. Branded private labels allow you to get to market very quickly. It saves you a lot of time and money as you do not have to invest your resources into research and development, testing and labeling. In fact, many big nutrition/supplement companies actually use branded private labels. Consumers are unaware of this and buy based on the value of the brand. To help you profit off this opportunity, here are a few ideas for using branded private labels.
5 Great Ways to Use Branded Private Labels
1. Enter a New Market
A great way to use private label supplements is to enter a new market. For example, if your business has established itself in the diet market, you can expand into the joint health market by adding glucosamine, chondroitin, collagen and fish oil supplements as private label supplements. This can help you enter specific markets like weight training, running and even competitive sports.
2. Test New Product Ideas
Testing a new product idea is a necessary part of growing a supplement business. Under traditional means, it would be quite expensive to figure out if a product works. Fortunately, branded private labels allow you to test your idea affordably. All you need to do is to find a company that has the formulations you’re looking for and do a small test run with the private label supplements. You can even create branded private labels that are customized to your needs.
3. Add New Products as Upsells
Many familiar products like Vitamin C and Vitamin D are hard to market due to the large number of competitors. However, adding these products as branded private labels can be a great way to upsell your customers. For example, a Vitamin D and Vitamin K formulation would be a great offer to a customer that has just bought fish oil from you. Adding these upsells can increase your average order, profitability and customer lifetime value.
4. Create a New Brand
Sometimes the problem with adding new products is that you’ve built a brand based on narrow product line. Certain products just don’t fit with your existing brand. Using branded private labels, you can launch a new brand to go with your new products. It’s just a matter of coming up with the logo design, brand visual presentation and strategy to get your line going without reeducating your customers or going through a re-branding process.
5. Use Specific Products as Customer Acquisition Tools
Customer acquisition can be tricky. But one way to get customers into your database is to set up specific products to generate customers. For example, an affordable glucosamine/chondroitin supplement can be very attractive to a big group of consumers as this product tends to be pricier than other supplements. Adding this product as one of your private label supplements can be an excellent way to acquire customers for your business.
These are some of the best ways to use branded private labels for your business. Private label supplements present a great opportunity for businesses that are open to expanding through a bigger product line.
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