Keeping up with the needs of your customers is vital to the success of any business. When it comes to supplements, customers want access to the latest ingredients and newest health trends. Whether it be CBD or Keto, consumers choose brands that can keep up with their interests. Keeping an ear to the ground continues to be a winning practice for successful entrepreneurs. Thanks to the wonderful world of the internet and the explosion of e-commerce, keeping up with the latest trends in your industry has never been easier. In this article, we’ll go over some simple ways to predict the next high selling product that will delight both you and your customers.
Trend reports are a great way to streamline the market research process. Trend publications use their own resources to scour the web and various sources for the latest innovations. While some publications like The Cool Hunter and Trend Hunter are made to inform consumers, there are others like Trend Watching and SpringWise that offer useful data and reports for informing your next business decision.
Trend publications operate through the use of trend ‘hunters’ or ‘spotters’. These are teams of individuals who are dedicated to uncovering the latest in consumer habits and interests.
Once the publication determines an innovation shows promise (by their own internal standards), they release details that can be used by investors and entrepreneurs. These are great resources for staying ahead of the supplements industry and maintaining a working knowledge of the latest diets and ingredients.
Product review blogs are another option for tracking emerging trends. Similar to trend reports, product review blogs (like Uncrate) provide readers with decision-making information about new and innovative products.
Another great resource for uncovering new trends is Youtube. Youtube and social media alike give you an intimate look into the buying habits, interests, and expectations of your potential customers. Social media has transformed into an open forum, where many consumers go to discuss emerging products, ingredients, and health trends. Maintaining an active social media presence with your core demographic will provide you with a solid foundation for sourcing new possibilities for your supplements brand.
More specifically, Youtube serves as a great resource for discovering new buzzworthy products. Youtube reviews take product review blogging to the next level. The product review community is alive and well on Youtube, with the more popular channels earning millions of views for each post. Much like you, Youtubers must stay on top of the latest innovations, guiding their viewers in the decision-making process. In terms of market research, you can use these reviews to determine which products are worth your investment—which ones represent a fad versus those that represent an emerging market.
There are industry-specific reviewers, as well as general reviewers. Industry-specific reviewers stick to one niche, whether it be fitness, home goods, clothing etc. Industry-specific reviews offer you a look into the interests of consumers that are likely already interested in your niche and are more swayed by useful information than viral fads. General reviewers dedicate their channels to finding the best products out there, regardless of niche. These types of videos have a higher tendency to feature viral products, as these channels appeal to a much wider range of consumers.
Google Trends is a free tool that takes the guesswork out of finding new trends for your supplements business. Google Trends allows you to type in terms related to your niches like CBD or Keto supplements and shows you data that illustrates the interest in that topic over time.
The tool offers you several filters that help you restrict your search by location, industry, and time range. Google Trends is perfect for comparing different trends to determine which will perform best for you. Google gives you a bird’s eye view into whether your search topic is experiencing an upward or downward trend.
Owning a private label supplements brand means having on-demand access to the best products when you need them. The best way to take advantage of this access is to stay on top of your customer’s interests. Before launching any new product, market research should be an integral part of the process. Without proper insight, you could find yourself investing in a product that may not be as popular or profitable as you assume. Staying on top of trends is important for maintaining a relevant relationship with your audience. With these simple methods of research, you can arm yourself with the best tools for understanding the evolving needs of your customers.