Until now, the Nutraceutical industry strategy for launching products has been based on selling product characteristics and its supposed benefits for the consumers of the product. This ‘product-centric’ strategy had as key decision-makers the R & D and Purchasing departments, defining the products to be launched on the market in accordance with scientific evidence or based on people’s general beliefs.
The value proposition of the Monteloeder is a change of strategy which involves a profound transformation versus what has been done until now. The aim is to focus the attention on what the consumer actually experiences as well as the management of that experience while consuming the product. This is done by establishing a dialogue with each consumer in order to make it as pleasant as possible for the individual and a unique, easy and simple experience of product consumption.
The tools that enable the new value proposition are:
- Baseline data on product consumption experiences: there is extensive scientific basis on the effects of the product in significant populations of consumers. Specific clinical trials of the product along with the scientific literature of the ingredients and active ingredients, leads to statistically defining what the consumer experiences or will experience.
- User ‘always-on’ technology”: mobile technologies, apps and wearable devices provide the opportunity to start and manage a concrete dialogue with an individual consumer of the product in an ‘always-on’ strategy that is needed for a particular and holistic approximation to the health management experience. High possession rates, connectivity, and a wide capabilities range make mobile technologies ideal for use in the nutrahealth industry.
- Smart Apps: artificial intelligence and advanced programming techniques grant the means to interpret the data collected from the consumer and make recommendations adapted to the characteristics, particularities and location of the individual. Furthermore, they manage to both advice and proactively guide the consumer through the journey of product consumption.
- Big Data: individualized management of any experience of consumption requires managing a large amount of data because many individual parameters are measured and stored. In fact, big data technologies for managing and extracting information of the individual and collective data collected are already available for the general use.
- Health data repositories: general availability of mHealth platforms – like Apple’s Health or Google’s eHealth Fit – serve as a repository for all health data as well as parameters and information about an individual. The information stored in these repositories can come, not just from the App, but from multiple sources such as commercial applications, the user/consumer or even generated by the Smartphone itself.
Based on this data, a more holistic management of the individual’s health can be implemented allowing for recommendations of other product journeys or treatments.
- Know-how of similar marketing approaches: architectures, known for enabling the development of services for the purpose of managing the consumer user experience, have already been tested and successfully implemented in other sectors. However, the supplements and functional food sector still has a rather primitive approach to the marketing of products thus there is a huge opportunity for small and dynamic companies like Monteloeder.
We believe that we can offer our partners solutions to the new era that is approaching.
In the next article I will talk about the implications that the digital revolution will have in the different business processes of the nutraceutical industry.
Arturo Lizón Nordström, Ph. D
Chief Executive Officer
Related articles:
https://www.monteloeder.com/blog/2018/09/vitafoods-asia-workshop-digital-technology/
https://www.monteloeder.com/blog/2018/06/will-digital-health-really-save-money-in-health-spending/
https://www.monteloeder.com/blog/2018/05/digiceuticals-for-healthcare-effective-solutions/
