Boss Lady

Steps to run a successful wellness brand

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With the pandemic focus on health, there has never been a better time for the $4.4 trillion global wellness industry. Looking to become a player in the field? In terms of business ideas, it’s a pretty solid bet.

Now more than ever, people are concerned about their mental and physical health. From beauty to fitness to nutrition to mindfulness, there’s an ever-growing list of areas in this sector that are prime real estate for establishing a lucrative company. But business success isn’t guaranteed here — especially when the competition is only getting tougher.

Whether you’re looking to get off on the right foot or make a splash with your existing business, here’s how to run a successful wellness brand.

Find your specialty

It seems like just the other day that CBD became the hottest health trend, yet there are already thousands of different cannabis brands fighting for a slice of the pie. The App Store is home to hundreds of fitness apps and you can probably find dozens of skincare clinics in your city.

In other words, there are many people doing the same thing – even in seemingly niche sectors. Identifying as just another wellness brand is no way forward. It’s important to determine how you can differentiate yourself first.

Have a mission

Health-focused businesses thrive on having a relatable mission. The purpose of your brand needs to be something your target audience believes in — they need to be excited about seeing your company achieve its goals. You also need to have an authentic voice. Consumers’ BS meters are particularly sensitive to wellness brands, so it pays to be real.

Provide value

To stand out from the competition and keep customers coming back for your product, you have to make a better offer. This involves providing value. For example, you can post informative articles or videos on your website and social media pages. Some companies run competitions and host giveaways. Having a loyalty program is another option.

You can also offer your customers post-purchase support, which opens up the possibility of partnering with another business to deliver a more compelling offer. It’s a good idea to first determine what your target audience considers valuable, such as by running a survey.

Get out there

Another key factor for success in today’s wellness industry is knowing how to market yourself. Of course, the internet is an ideal starting point. Establishing your online presence will quickly and affordably expose your brand to a global audience. Partnering up with relevant influencers proves to be a particularly effective strategy here.

Don’t forget to create a website and social media profiles. Listing your company on Yelp, Google My Business and the like will further improve your presence while bringing in useful feedback from customers.

Network

You don’t have to be alone in this endeavor. Networking with other players in the wellness industry can equip you with invaluable knowledge and resources, especially when you’re just starting off. You can attend industry events, participate in online forums, and join social media groups.

Be sure to stay up-to-date with the latest happenings in the health sector. With a keen eye, you can identify new trends and capitalize on them before your competitors do. This is also key to understanding and attracting your customers.

Find funding

Finally, it’s worth taking a moment to identify some funding sources. If you need an extra cash boost, consider angel investors or crowdfunding. A small business loan is another potential option. What will work best depends on the type of company you’re starting. Get creative with your pitch and show why your company is the one to invest in.

Conclusion

From here, it’s mostly a matter of doing your research and putting your knowledge into practice. The best time to get started is right now.

About Susan Alvarado

susana@thebusinesswomanmedia.com'

Susan Alvarado is a business trainer and advisor specializing in HR and communications strategies

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