The health and wellness industry has an incredibly positive outlook, thanks to an increased interest in becoming healthier. Consumers have been adopting more natural approaches to maintaining their health in recent years. Many pundits point to platforms like Instagram and its focus on physical appearance and the COVID-19 pandemic and people getting creative by finding ways to exercise indoors as two major factors contributing to this industry’s rise. Regardless of whatever factors ultimately have made the biggest impact on the sector, one fact remains: you can make a good amount of money as a savvy entrepreneur entering into the health and wellness vertical.
That being said, just because it’s possible to make money in the industry doesn’t mean it will happen overnight. The field is definitely more competitive now than it was five or ten years ago. With more and more advertising dollars being spent on social media websites like Facebook and Instagram based on interests and remarketing, potential customers likely see your brand as much as possible they are your competitors. Even so, there are a few strategies to consider when it comes to increasing your sales and profits in the health and wellness sector. Using CPQ software, you can improve your margins and scale your sales in impressive ways. Read on to learn more about CPQ tools and how they can serve as a key component of your success moving forward.
What is CPQ, and is it right for my business?
If you haven’t been in business long, you may be a wonder to yourself, “What is CPQ software?” CPQ stands for “configure, price, and quote” and refers to a type of software or tool that allows you to process orders of complex products much more effectively. Keep in mind that just as dietary supplements’ popularity is rising, so, too, is interest from consumers interested in customizing the products they’re purchasing. On the one hand, offering a more personalized experience is purely about appealing to your customers’ egos since they’ll be more invested in something they have a hand in tailoring to their own tastes. On the other hand, this sort of personalization is as much about function as it is about broadcasting a customer’s identity. Just like someone’s favorite latte is customized to their tastes and dietary needs, dietary supplements can be similarly marketed and sold with the right CPQ tool.
CPQ software makes it easier than ever to configure, price, and quote orders, complete with a product configurator that allows you to control what options customers have throughout the sales process. Some CPQ solutions even integrate with your CRM platforms, such as Salesforce or Microsoft Dynamics, making your e-Commerce sales even more powerful. All of this makes it easier than ever to package differently configured products and get them to your vendor, sales rep, or customer.
How can I ensure that my supplement manufacturer can work with me and CPQ?
Of course, not every supplement manufacturer has the ability to work with a product configurator and Salesforce CPQ. This is why it’s important to always go with one, single business when manufacturing private label supplements. If you have to parcel jobs out to different businesses to manage manufacturing, distribution, and fulfillment properly, you’re adding several potential points of failure to your sales channels.
As such, it’s always a good idea to look for nutritional supplement manufacturers that handle the production of private label supplements end-to-end. This way, you know that you’re not going to run into problems with the small businesses or distributors who rely on your product to make their own bottom line and quickly pivot to a different manufacturer of the company you’re using can’t integrate CPQ into their workflow.