Marketing P’s For Establishing A Successful Wellness Business
Not just for wellness business, the basic P's of marketing remains a foundation stone even today for every business.
Marketing is a simple word that holds the utmost significance in today’s business world. A successful business has several processes like the planning of products, manufacturing them, selection of a distribution channel, and targeting the right audiences.
Independent of the various business sectors that currently exist in India, marketing can undoubtedly be considered as the backbone of any successful business thriving in India.
The Indian Health & Wellness Industry
The rapidly transforming Indian health and wellness industry is the prime reason why more entrepreneurs and business investors are emerging in order to invest in this industry. Having been a stagnant industry once, the sector has unfolded in becoming one of the lucrative and profitable sectors for investment.
Wellness franchisors/entrepreneurs that are willing to grow their business in different regions should focus on marketing that can bestow them with fruitful results. Since the world of marketing is very diversified and dynamic, there are some basic principles that wellness business owners could focus on for expanding and growing their business.
Place
Place or location of the availability of products/services is very important while running or expanding a particular business. Especially when lots of wellness brands are switching to both the online and offline platforms, it’s mandatory to decide a place for selling your products or services.
Sushil Khaitan, CEO & Director, Pure Nutrition says, “In this era of globalisation, the whole world is a market place. Consumers can be reached anywhere across the world. Conventionally, Pure Nutrition has an offline presence in multiple metros and Tier 1 cities as well as a strong online presence through our website and across e-commerce sites like Amazon, Flipkart etc.”
Product
The service and (or) good that you are/will be providing to the customers is one of the most important elements in marketing. It’s well said that if one dreams about a successful wellness business, it’s mandatory to never compromise with the quality of products that will define your brand in the long run.
“For any business, goods or services make up the product that effectively resolves the need of the consumer or market. Pure Nutrition specializes in nutraceuticals made purely from plant-based supplements that have higher bioactivity levels to ensure better absorption in the human body. It is imperative for any business to distinguish its product offering to stand out amidst the clutter,” adds Khaitan.
As a franchisor/entrepreneur, you could try innovating and designing the image of products, determining your competition. Customer support along with warranty and guaranty are other key features that could be contemplated.
Price
It’s vital to understand that the product should always represent good value for money. After the quality of the product, pricing is another key element that determines the sale of one’s products or services. Especially when the competition is so stiff in the Indian wellness industry, it’s paramount to determine the pricing of the products/services, depending upon the current trends and competition.
Today, one famous tenet is that the customers are ready to spend a little more for something that suits their requirement. Thus, wellness investors should keep product and price simultaneously in mind in order to utilize the marketing tool for the betterment of their business.
Promotion
One of the common task or challenge business owners experience is generating awareness of their brand. Since communication tools have rapidly evolved in the last couple of years, the promotion of a brand has become a major factor. The promotion elements of marketing can include tools like sales promotion, personal selling, PR, advertising and others that could be wielded for spreading a brand’s awareness and message to the right audiences.
