The health and nutrition supplement market has been steadily growing steadily over the last few years due to an overall rise in our health awareness. But new digital marketing trends and the way we consume in general has also spelled some important changes for the market; one of the biggest of which is the entry of affiliate marketing into this huge arena. The following industry insights explain why affiliate marketing has also jumped onto the trend.
Rapid Market Growth
According to Euromonitor market firm, the current sales value of the dietary supplement industry is USD$90 billion and is expected to be worth $112 billion by 2018. Asia-Pacific is set to be the regional market with the highest growth for the following five years; a result of an increase in disposable income.
Due to the arrival of new discoveries and trends, product categories such as weight management supplements have changeable sales behaviour. On the other hand, the prevention of chronic diseases segment is expected to see steady growth as the population in developed countries is aging.
According to the Nutrition Journal, dietary supplements are used mainly by people who have adopted a healthier lifestyle and habits. People who use nutritional supplements are usually physically active and practice a holistic approach to wellness.
The increased use of digital platforms and mobile devices is shifting the way consumers buy and is expected to keep driving market growth until 2020. In addition to an increased interest in preventive healthcare, consumers are also relying more on technology to research for product advice and information before purchasing.
Convenience is one of the most important aspects shaping consumer behaviour. Time is more valuable. In order for companies to maintain competitiveness, their products should be tailored, targeted and easy to find and buy. Technology has opened many opportunities for businesses to step up and improve their customer’s experience.
Technology not only helps consumers make more informed decisions, but also enables the sharing of shopping experiences with other customers. Health conscious consumers are now adopting wearable healthcare devices and using apps to monitor their health and fitness performance.
Affiliate Marketing Opportunities
As competition increases and more information is available, a health and supplement business’ PR strategy is fundamental. Product reviews and recommendations are both effective ways to increase brand awareness and product positioning online – and these are the basis of affiliate marketing.
When health, consumers and technology meets, affiliate marketing becomes an important player. According to a study from MOZ which looked at how much consumers rely on online reviews when deciding which product to buy, 67.7% of respondents said they are influenced by online reviews. More than half of the respondents also considered online reviews as a fairly, very or absolutely important when making a decision.
Companies have also acknowledged the effect online reviews have on their business. The same study revealed that companies risk losing as many as 22% of customers when they find only one negative review. This risk increases as the number of negative articles are found by customers when researching a product.
It’s clear that what is published online about a product or brand and can be found through a simple search will definitely have an impact on a company’s earnings. The rapidly growing health and nutrition supplement market is no exception. As a result, affiliates should be a fundamental part of businesses current and future business strategies. Affiliate marketing will not only help generate sales leads and content about the brand, but will also also a business to gain control of their search results and improve their customer’s experience.