Getting established in the wholesale market for vitamins and supplements can be a challenge. There’s a lot of competition and many brands wanting to sell their products directly to consumers. However, you can still build a profitable business by pursuing a more traditional route and partnering with a medical institution.
The traditional route to market for most vitamin and supplement businesses is through specialized pharmacies and healthcare providers. While this may be an effective route for generating sales and building a brand name, it doesn’t offer the most flexibility for scaling and controlling expenses. In order to be most profitable, you’ll want to look into other options including joining an online marketplace such as Shopify or Marketcraft and utilizing a tool like Amazon Associates to build a successful business.
The Benefits Of Partnering With A Medical Institution
One of the great things about partnering with a medical institution is that you’re not just getting a product to sell, you’re getting access to a group of patients who may be interested in your product. Your job as a business owner is to educate them about your product and how it can be beneficial to them – not to push your product.
With a medical institution as a partner, you’re getting an already established group of customers who have good reason to trust you. Your product will be backed by a credible company and you’ll be able to offer certain benefits to them as part of the partnership. In many situations, you’ll also be able to provide them with additional products or services that they might not have access to individually.
If your product is for cancer patients, you might be able to offer them support through a medical institution’s social media platforms or even send them packages of your products to try. They may also qualify for discounts or be able to get a special treatment plan that includes your product.
How To Get Started
To get started, simply contact the administration office of the medical institution you have partnered with and ask them if they have a partner program. Most medical institutions will have a page on their website where they list all of the companies and individuals that they have partnered with. You can also send them a quick email asking if they’re interested in becoming a partner.
If they are interested, they’ll forward your email to the appropriate person who will then get in touch with you to set up a meeting. During this meeting, they’ll go over the terms of the partnership and how your company will benefit from being a partner.
You need to prepare a presentation to show them how you’ll benefit their patients and how you can be of value to them. Be sure to include the following in your presentation:
- A short summary of your company
- The size of your customer base
- How you’ll handle and ship their product
- The costs associated with the program
- The terms of the partnership
At the end of your presentation, be sure to ask them if they have any questions and then let them know when you can begin fulfilling their orders. Hopefully, this article will help you get started on the right foot and build a successful business.