Most nutrition and health supplement companies are experiencing massive competition and yet at the same time the industry is expanding and growing.
According to Forbes, the nutritional supplement market is one of the fastest growing industries in the world. It brought in $32 billion in revenue in 2012 alone with projections to double that by 2021; according to the Nutrition Business Journal.
This surge in competition is due to a multitude of factors. First, demand is increasing because of the aging Baby Boomer population and other health-conscious consumers are exposed to an over abundance of health information. Second, many health consumers are turning to the Internet to research and educate themselves before buying supplements. With the uncertainty of Medicaid and Medicare people feel the need to stay healthy and they are seeking alternative ways to do it. Additionally, more and more health products are entering the market, through private labeling, making competition even worse.
If you’re like most nutritional supplement marketers you’re already noticing the swell in competition or will be soon. According to Partnership Capital Global, a leading industry expert since 2000, “The industry has gone mainstream”.
With the explosion of the Internet as a marketing tool, the private labeling boom and the entrance of private investment capital, a perfect storm of heightened competition for all nutritional supplement companies has been created.
As a result, companies ranging from small to large and private to public are now scrambling to increase market share in order to develop and sustain growth.
Most supplement marketers who relied on word-of-mouth from consumers have switched to Internet Marketing.
A recent survey from ConsumerLab.com reported that 44% of consumers purchased supplements online.
And this is expected to grow at roughly 8% per year through 2018. This means that your online website is going to be contributing to the lion’s share of overall profits.
But despite these changes across the industry, some nutritional supplement marketers are NOT gaining more leads, they’re online sales are flat and they are losing strategic positioning for long term success due to, rising competition and the fast pace at which the online nutritional supplement industry is growing.
No matter what state your website is in, you can attract high paying customers in droves…
Using the little known but effective techniques I’ll be showing you in this 7-part article.
Imagine what your supplement company would feel like if you could double or triple your conversion rates and revenue without increasing your traffic.
That’s exactly what happened to one supplement marketer, and he isn’t the only one doing this.
Health conscious buyers are inundated with information and are already looking for answers online, which means they are primed and ready to buy – if you know how to effectively leverage each of the 5 steps in this report.
What would your supplement company look like if you can get a lot more of your existing traffic to buy from you?
You can easily do exactly that if you follow these 5 steps to optimize for more sales.
But first let’s demystify the word “optimization”…
When most marketers think of website optimization they think of Search Engine Optimization (SEO), in an effort to drive more traffic.
Smart marketers think of Conversion Rate Optimization (CRO), the practice of increasing the amount of actions visitors take. Usually in the form of sales, lead opt-in, etc., without increasing traffic.
But even smarter marketers think of Total Revenue Optimization (TRO)
With TRO marketers place a strong emphasis on increasing conversion rates, but place an even greater emphasis on increasing the total revenue of the company.
This is done by increasing the average value of every single customer that comes through your website. So, if a customer is normally worth $100, the smarter marketers goal is to get that amount to $200.
But… to fully maximize the value of each and every customer, you need to know these 5 steps.
Step 1 – Offer a Lead Magnet
A Lead Magnet is an irresistible offer that compels your target market to give you their contact information, or namely their email address.
Think of this like as the first engagement a prospect might have with your company.
Unfortunately, most websites don’t offer anything for a visitor to do other than to buy. Yet most first time visitors are not yet ready to open up their wallets without getting to know you a bit first.
Your lead magnet is what attracts these prospects to start a relationship with you. Gone are the days where people openly give companies their emails just to be on their newsletters. Maybe after they have a relationship and purchased from you, but prior to that their email address is a coveted secret. In todays world of savvy online shoppers, you have to offer something of value in exchange for the start of that relationship, which is where your lead magnet comes in.
Step 2 – Your Welcome Mat
After a visitor raises their hand and opts-in, it’s time to layout your welcome mat.
The welcome matt is a little know tactic that has enormous power to boost the effectiveness of your lead magnet and at the same time segment your most valuable leads, your buyer-leads, by offering them something to purchase.
Most eCommerce companies fail to do this critical step. Almost everyone just simply sends that opt in visitor to a thank you page and that’s it.
Step 3 – Your Core Offer
The Core Offer is your flagship product or products.
This is where most marketers focus their time and energy.
Crafting, refining and improving the core offer is both an art and a science. But when done right you can increase sales on just the core offer alone even without steps 1 and 2 or the remaining steps 4 and 5 that we haven’t gotten into yet.
The core offer can be treated as a separate buying funnel all together and therefore improved in and of itself.
Step 4 – Your Profit Maximizer
This step combined with steps 1 through 3 as the name implies can truly maximize your profit like nothing else.
A Profit Maximizer can be an up-sell (offering someone something else to buy) a cross-sell (offering them a related product) or a subscription (offering them monthly continuity / recurring billing, although in the supplement space you have to be very careful with this one), it all comes down to maximizing your profit after the initial sale.
Step 5 – The Return Path
Now, let’s up our marketing game with step 5.
So far, you’ve got more customers thanks to the tripwire and through optimizing your core offer.
You’ve got more customers coming into the funnel thanks to the lead magnet. And thanks to the profit maximizer you’ve increased average transaction size.
Now through the Return Path you want to get customers to come back again, and again, and again, and increase the frequency of repeat purchases from the traffic and leads you’re already getting.
All five steps combine together to double and can even triple your revenue if applied correctly. In future articles we’ll be looking at each of these 5 steps individually and diving deep on how to use each one more effectively, So stay tuned. We’ll also go into a 6th bonus step that adds gasoline to your sales fire.
There Are Three Funnels Every Health Supplement Business Needs To Build A Multi-Million Dollar Empire…
The problem is most dietary supplement companies only have one funnel. Through our work in the online health space, we’ve had the opportunity to observe hundreds of health businesses. What we’ve uncovered are the three critical funnels that each work together that make the difference between the average supplement company just selling on Amazon and a multi-million dollar health empire and compiled our findings in the book below. Click here to get the ebook delivered right to your email for FREE.
