3 Ways To Grow A Supplement Business Online
This is not a bragging post. This is a sample of what’s possible when you understand the 3 ways to grow your supplement business. That positive ROI didn’t all come the first day these people bought…
1) Acquire more customers – It’s the most obvious one, and it seems to be where many businesses focus most of their energy. Herein lies the secret – acquisition is actually NOT where the most profit is made. It’s necessary – but it’s actually not the biggest source of profits!
2) Increase the size of the transaction – We call this getting the average order value up. This is what media buyers such as myself like to work on the most. With conversion rate optimization we can increase the day 1 value of a customer. Then we can afford to spend more in advertising to acquire those customers and it makes strategy #1 much easier.
In the supplement space, I’ve found that healthy AOV is usually somewhere between $100-$150. When you have an offer that does better than $150 you’ve got a REAL winner and should be scaling that as high and fast as you can.
3) Increase the frequency of the transactions – A lot of supplement companies add in continuity programs, getting the product on monthly autoship. That’s a common way to increase buying frequency. But you also should be taking maximum advantage of remarketing to your buyers to get them more of what they want. Nurture your email list with good content and irresistible offers.
Give them additional supplements to buy that will enable them to get even better results with what they bought. Offer products as an affiliate to them if it will bring them value you can’t offer yourself. Note that on average an autoship buyer will last 4 months – so if you can get buyers to order in bulk at a discount on the backend then you will likely make more than by trying to get them to stay on autoship, which is usually harder.
Credit for the 3 ways to build a business goes to direct-response marketing legend Jay Abraham – that’s who I learned this from.