The growing concern about leading a healthier lifestyle, intolerances, and allergies has allowed the rise of functional dietary supplements, making them part of an emerging and high-demand industry.
When developing a dietary supplement, it is necessary to consider many factors, regardless of the type of product you want to market, there are legal and fundamental considerations that define success or failure, especially in the ever-evolving nutraceutical industry.
7 Product Development Steps You Should Know About
1. Establish the idea of the finished product
To develop a product, it is necessary to visualize its characteristics and how you want it to be presented to the market. An essential part to consider is that the product should respond to a consumer need that is not covered by current products on the market.
2. Know the product and the competition
It would be best if you established the real and objective value of your product and how it would be positioned in the market compared to the competition. This allows you to modify the presentation, price, and market strategy of your product so that it is better placed in front of the consumer.
3. Product presentation language
The language defines your audience as it is how you will make your product known. The choice of language is critical because if the consumer is not clear about the functions of your product, they will not want to buy it. The language and the way of expressing yourself are essential when creating a connection with the consumer and the product.
4. Country of commercialization
The marketing requirements of dietary supplements differ in each country, depending on state or local regulations. These all must be considered before choosing the correct marketing channels.
5. Regulations and production
Dietary supplements are products for human consumption, so they are regulated on several different levels, including ingredients, production, and distribution. Besides, the marketing of the product ingredients should match what is already proven with scientific evidence that supports its benefits. Marketing a product that does not meet regulatory standards is an illegal act, which is why professional advice is recommended.
6. Product development: Organization plan
No matter how good a product is, to develop it and achieve success in the market, it is necessary to organize a plan. The development of dietary supplements can be divided into three main phases:
• Product development: Ingredients, production, presentation.
• Commercial structure: Constitution of the company and all legal regulations.
• Human resources: Structuring administrative and commercial functions that facilitate response to unforeseen events.
7. Adequate time for planning
During product development, planning is as important as the time for execution. Even unforeseen events that change the course of planning must be considered. Time allows evaluating the scope and success of the product and making changes if necessary.
Contact our experts at BevNutra Solutions today to get started with your product development process!