Wellness is the new frontier. People worldwide are embracing wellness to look after themselves holistically – ensuring that their minds and bodies are cared for. It’s an incredible passion to turn into a business, and with so much demand, there’s a ton of potential to launch a wellness business.
In this guide, we’ll look at how to turn your wellness products into a business, exploring all of the key factors you should consider before you take the plunge into your new business venture!
1. Do Your Market Research
The problem with any trending endeavour is that many people may have similar ideas to you. Launching your business into a very saturated market may make it difficult to launch your product. It’s important to conduct market research to understand your competitors’ strengths and weaknesses and where your target demographic is so that you can market your service or product directly to them.
To do this, you first need to define your business type to do the right research type. For example, suppose your wellness business combines medical treatments with wellness for holistic care. In that case, it may be best to do biopharma market research to understand the key areas to market your services and gain customer engagement.
2. Identify Ways To Stand Out
Your market research can help you to see what type of wellness business is succeeding in the current market and what has potential. However, you still need to find a way to ensure that your product offers something that will draw customers’ attention to it. Ask yourself:
- What specific things can my service or wellness product help with that others? (e.g stress, migraines).
- Why is my service/product more effective than others? (e.g. it treats stress and migraines, while others do one or the other).
- Why is my product more appealing than others? (e.g. it’s a quicker, easier-to-use treatment than others on the market).
Identifying these things will help you with the next step: crafting a marketing campaign for your business.
3. Create A Targeted Marketing Campaign
Now that you’ve done market research and identified why your wellness product or service is unique, you’re ready to start pushing it to your target demographic. There are a few ways you can do this, for example:
- Social media advertising campaigns
- Search Engine Optimisation
- Google Advertising
- Billboards
- Direct mailing
- Posters
When considering your marketing, consider your audience. For example, a direct mailing campaign (where you send letters to advertise your service/product) may have little effect on a younger audience, who are likely to throw away a flyer posted through the door but have a much larger effect on older people who receive most of their information through the post.
Likewise, a targeted social media campaign can help you reach many younger, tech-savvy people but may only get the interest of older audiences who are present on social channels. It’s all about using your market intelligence, to be specific, and not wasting money on campaigns that won’t get your target audience interacting with you.
4. Consider Your Ethical Values
A major issue within the wellness community is people taking advantage of people’s desires to better their health as they know it’s a good way to make money. These companies often burn fast and bright, having an initial boom before people realise they’re a scam.
Ethics are, therefore, a huge part of increasing your wellness company’s longevity – genuinely having the desire to improve people’s lives through your business is an important element which will continue to draw people to the treatment you offer. It will also help you build a positive reputation within the wellness community – which goes a long way regarding customer loyalty.
5. Ensure You Have Your Qualifications In Order
This one may sound obvious, but as wellness is closely related to healthcare, you must have your qualifications before selling some treatments and products. For example, you may have created a new vitamin supplement that you think has fantastic results, but you will need a licence to sell and market it commercially.
You’ll notice that many big wellness brands are certified by medical professionals and boards, even massage companies. You can only promise medical results with certification, so you must ensure you have all your licences and qualifications ready before you sell your products.
6. Build A Wellness Community (Network!)
Building a community isn’t just about customer loyalty. It’s also about building a community of fellow wellness business owners. As much as market research and competitor research is vital, it’s also important to build connections with other people in the industry. Brand collaborations can help you start your business, and finding people who want to help raise you and share insights can be incredibly valuable.
Are You Ready To Launch?
We hope these tips on how to turn your wellness products into a business have helped you to envision the best ways to get started on your business journey. We wish you all the best with your new wellness venture!
