Getting rich from health food business – Is it difficult?

We will not discuss the size of the dietary supplement market or the business opportunities in this article. Instead, NanoFrance wants to emphasize HOW you can successfully run a health supplement business!

We all agree that this “fat cake” is currently attracting many investors. High attractiveness means high competition. So how can you not only survive but also gain a solid foothold? As one of the leading dietary supplement manufacturers in Vietnam, and a strategic marketing consulting partner for many dietary supplement businesses, NanoFrance has some suggestions for you as follows!

I. Don't get rich on "dirty" functional foods

If you want to get rich, you must have a stable business. If you want a stable and sustainable business, product quality is the prerequisite. You will not be able to get rich sustainably if you sell “dirty” health food products. “Dirty” here means low-quality products:

• The formula is not guaranteed to be safe and has not been tested by authorities.
• Manufacturing process does not comply with GMP
• Products that have not been evaluated for quality have been brought to the market.
• Production materials are not guaranteed

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For special products like dietary supplements, put the health of consumers first.

II. The first step to start a health food business is: Market research

This is an important step but is often overlooked by many people. About 80% of businesses fail simply because they do NOT research the market. We need to understand this research step correctly! Market research focuses on the following 4 points:

1. What do customers need?

Start with customer research, focusing on meeting customer needs. Before this stage, you should “narrow down” the customer group you are targeting such as:

• The subject is female.
• People who want to gain or lose weight
• Elderly

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Focus on “satisfying” the desires of a group of customers first. For example: For the elderly with weak resistance, old age diseases, difficulty absorbing nutrients… → Need a product line that can protect overall health and prevent diseases.

2. What's "hot" about the medical and pharmaceutical industry in general?

Once you have a basic idea of ​​your product, research to see if there are any current breakthroughs in medical research. Including them in your product will give you a “first mover advantage.” So which aspects should you focus on?

→ A new, highly effective form of functional food preparation has appeared

→ A certain medicinal herb has been proven to be effective in supporting the treatment of disease.

→ Changing production technology helps improve product efficiency

3. What product lines are trending?

Your product can increase its success if it applies the “trend” factor. It is a fact that: Currently, Vietnamese dietary supplements “follow” foreign trends a lot in terms of: Outstanding medicinal ingredients, design, dosage form… Not only businesses update trends, but consumers are also very quick to find unique products. When researching the market, don’t ignore this factor!

4. Research other health food business competitors

“Know yourself and your enemy, and you can fight a hundred battles with no danger of defeat.” After you have determined the product you want to sell, research and evaluate your competitors who are also doing the same business as you. Remember, don’t forget to evaluate all aspects of your competitors: products, distribution methods, sales, etc.

III. Distribution channels for functional foods in the 4.0 era!

If you want to successfully run a health food business in the current 4.0 era, choosing the right distribution channel is also very important. You can combine both Online and Offline channels:

Offline distribution channel for dietary supplements

Distributing products at pharmacies, opening a store with your own brand... are all relatively popular forms of offline distribution but not new. In particular, if you open your own store, you need to invest a relatively large amount of money...

Which online channel will be the trend for selling health protection foods?

In this 4.0 era, online distribution channels are on the rise:

• Selling on Facebook: boost sales by running ads, livestreaming...
• Selling health food on e-commerce sites: Lazada, Shopee
• Selling through Website
• Introduce products through Tiktok

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So what will be the good sales channels in the future? According to NanoFrance's assessment: All of them will still be trends. The important thing is whether they are SUITABLE for your products or not! There are some product lines suitable for selling on FB and Tiktok livestream channels. But there are some that are suitable for distribution on e-commerce.

⇒ Advice: Don't ignore any distribution channel. Try distributing and evaluating, then draw your own conclusions.

Do you know what you need to do to effectively run a health food business? Do you need to produce functional foods? Need advice on marketing strategies? Need guidance on products and markets? Don't forget to contact NanoFrance for more detailed advice!