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Direct Marketing of Nutraceuticals - Dr. R. B. Smarta Nutraceutical market is growing extensively in recent times. Some of the reasons for this market growth are higher incomes, imperative use of health products technology, product development, science driven formulations and heritage, increased consciousness about health, increasing competition etc. Taking the rising competition into consideration, it is essential that the companies portray their products by highlighting their best features in the best possible ways to consumers. Thus, the focus shifts to marketing. The paramount for maximizing the profit through sales of nutraceuticals is marketing them correctly and to appropriate target consumers. Companies need to develop and implement marketing strategies that best suit their product. After implementation of the strategies, it needs to be continuously monitored and analysed, making necessary changes that will ultimately support and strengthen their foothold within the market. The first step in developing a successful marketing plan is to understand the market. Every marketing decision made will directly affect the sales and your bottom line hinges on having a strong knowledge of your specific target audience and current industry climate. The nutraceutical market is rapidly changing due to constant advances in technology, clinical studies, changing regulations, and new ingredients. A focused strategy will help to overcome the market volatility found within the supplement industry, as well as create value for the customers. Direct Marketing The marketing strategy that has greatly evolved during the recent years is direct marketing. Direct marketing is a channel which allows businesses to communicate directly to the customers, with various advertising techniques. Direct marketing can be practiced by businesses of all sizes. The focus on consumers, communication, data and accountability is emphasized in direct marketing. Therefore, besides the actual communication, pre and post-campaign analytics and measurement of results, are the integral part of any good Direct Marketing campaign. Direct marketing is a low cost way of reaching to consumers with a message. Direct marketing can be one of the most effective ways of getting leads and selling good prospects. It is also used to sell products without direct human intervention. It is not only useful for marketing but also for retention of old customers & maintaining a good relation with them. Direct Marketing techniques for Nutraceuticals and nutritionals Some of the direct marketing approaches for nutraceutical products are: Retail OTC selling Over the Counter marketing activities focus on consumers with minimum doctor’s involvement. It leads to the availability of drugs at a cheaper rate with increased information of the products. OTC selling encourages consumers to use these products as a first line of defence, thereby reducing the cost of health management. Because of their easy availability and safety profile, these products are advertised and marketed freely so that maximum consumers are educated and so as to treat minor ailments at home using OTC products and nutraceuticals as first line of defence. Specialized outlets The Indian company Himalaya uses the specialized stores as one of its marketing strategy for its supplements and other products. A company may have its own specialized retail outlet or there are also stores specialized for nutraceuticals or supplements. Consumers perceive these specialized stores positively and they tend to buy food and health supplements more from a specialized store than the medical or other stores. Direct to consumer selling and MLM (Multi-level marketing) Direct to consumer selling and MLM are considered of being synonymous to direct selling. Some companies like Amway and Herbalife combine two strategies of marketing like Direct-selling and multi-level marketing. Independent Business Owners’ (IBOs) may market products directly to potential customers and may also recruit (sponsor) and train other people to become IBOs. IBOs may earn income both from the retail mark-up on any products they sell personally, plus a performance bonus based on the sales volume they and their down-line (IBOs they have sponsored) have generated. People may also register as IBOs to buy products at discounted prices. Amway provides training to the IBOs on products and business skills through the sale of ‘business support materials’; for example, DVDs, CDs, books, websites, seminars, and business conventions. Digital marketing Digital marketing extensively uses electronic media to engage consumers. It includes both Internet as well as Non-Internet channels. While email marketing is the most widely used and also the most popular methods of marketing because of inexpensiveness and ease of testing and tracking, the direct selling on internet has also become one of the hottest sales channels in the nutrition and supplements market. E-retail is another tool gaining popularity in today’s times. E-retail allows consumers to shop online over the Internet. The varied options available under the aegis of e-retail make it the most viable option for marketing by reaching out to huge number of consumers of all segments and categories. Online tools like display ads and social media are also becoming increasingly popular providing several opportunities for marketers to specifically target consumers. Mobile marketing is another means of marketing involving use of cellphone, smartphone and tablet. Mobile applications are another way of directly reaching out to consumers with smartphones. Another way of reaching out to consumers is telemarketing and voicemail marketing which involves contacting the consumers via the phone & business voicemail systems. The primary goal for telemarketing is increasing lead generation for business whereas voicemail marketing is popular for business-to-business as well as business-to-consumer applications. Marketing via television involves infomercials and commercials. Marketing via television also includes home shop networks giving a consumer the ease of shopping via the television. Direct response radio includes airing of ads on the radios with a ‘call-now’ prompt on a toll free number. Another way of marketing prompting a measurable response from the consumer is marketing via print media i.e magazines, newspapers, etc. through advertisements, redeemable coupons or a QR code. Why choose direct marketing? Direct marketing does not require substantial capital investments or additional business development. It fits into the shifting consumer trends. Among the various marketing strategies employed direct marketing is one of the cheapest ways to market one’s services and products. Direct marketing is easy to track and specifically focuses on target consumers. Also, the positive results of digital marketing can be measured directly. This metric is known as the 'response rate,' and it is one of many clearly quantifiable success metrics employed by direct marketers. Measurement of results is a fundamental element in successful direct marketing. The Internet has made it easier for marketing managers to measure the results of a campaign. This is often achieved by using a specific website landing page directly relating to the promotional material. A call to action will ask the customer to visit the landing page, and the effectiveness of the campaign can be measured by taking the number of promotional messages distributed and dividing it into the number of responses (people visiting the unique website page). Another way to measure the results is to compare the projected sales or generated leads for a given term with the actual sales or leads after a direct advertising campaign. The Shift in Nutra Marketing With the evolution of technology, changing perception of consumers, for the nutraceutical companies, adapting to these changing times has become quite mandatory. These aspects are already leading to drastic changes in the marketing world. The way to engage customers has changed in the recent years. The evolution of digital technology is so vast that it is incomparable to any other means. Thus there is a need to adapt to these new marketing strategies. Digital Marketing for Nutraceuticals Digital marketing is evolving as a powerful tool for marketing nutraceuticals and nutritionals as it enables the marketer to target and track many aspects of marketing. Digital marketing has picked up a lot of pace in the last few years. The trend in marketing has shifted from Traditional Marketing Tactics towards Digital Channels. The digital marketing modes such as Email Marketing, Social Media, Mobile Apps, e-Marketing, Website, Virtual Rep, and Closed Platforms are considered as field force independent modes. It has been observed that the online supplement sales have increased in the recent times and are expected to accelerate further. The Consumerlab.com reported that 44% of consumers purchased nutraceuticals online in 2010. This indicates that customers are exploring non-traditional channels to obtain information and purchase goods. The marketing channels used now-a-days clearly denote that the marketing tactics are in favour of Digital marketing, websites, digital sales promotion and social media rather than printed sales materials. Way forward Looking at these aspects, we can say that in marketing the focus of nutraceutical industry should be on incorporating new and upcoming technologies such as e-marketing in order to develop business through marketing. To exploit this trend, companies must incorporate digital marketing as a means to promote the available products and establish a link with the tech savvy consumers. - Published in NuFFooDS Spectrum Magazine Sources Digital Marketing Boosts Nutraceutical Market, By Brianne Vaskovardzic HBR, The New Basics of Marketing https://hbr.org/2014/07/the-ultimate-marketing-machine