Can Radical Transparency (& Traceability) Be An Effective Strategy For Supplement Brands?

Can “radical transparency” be an effective strategy within the supplement industry? While this subject matter exploration began almost a decade ago through various strategic management consulting projects, it has also found its way into many of my content pieces (maybe at times with slightly varied terminology like traceability). But the inspiration behind this current radical transparency content has roots in what first motivated me to investigate the management philosophy. A few weeks ago, I’m scrolling LinkedIn and see this business story shared that had an image of this fluorescent neon yellow stick pack supplement and its founder that looked familiar (but I couldn’t instantly recognize him). After opening the article, I got enough information that identified why I knew Michael Preysman (i.e. he founded the disruptive fashion brand Everlane) and the supplement brand name (i.e. Magna), that was dubbing itself “the world’s first magnesium powered daily hydration formula.” And you might be asking…what does a guy from the apparel industry know about how to start a supplement company anyways? But here’s maybe the crazy thing…that few pundits want to acknowledge about today’s supplement industry, winners/losers are rarely created by solving some complex science problem with a vitamins, minerals, and supplements (VMS) product. That being said, Micheal Preysman did correctly spot a potential market opportunity in that most adult Americans are magnesium deficit. Furthermore, he had conviction in connecting that “supplements trend” and leveraging a sequence of other dimensions shaping the future of the supplement industry with a key “driver of demand.” Now…all these “sound strategic decisions” doesn’t mean Magna will be successful on any level, let alone to the $200 million revenue mark like Everlane, but it does increase the probability of that result. But more importantly to the main focus of this content…if brand authenticity is upheld, and Magna acts consistent with its tagline “for those that play the long game,” then it could also help disrupt the supplement industry by channeling some of the “radical transparency” elements that Everlane championed within the fashion industry...and combining it with supply chain traceability strategies of Ritual vitamins. But my latest first principles thinking content will explore if this level of combined radical transparency (and traceability) could really work within the supplement industry. TBH this “build model” hasn't even been attempted to a large degree within the supplement industry, but that doesn't mean I don't wholeheartedly believe it would be successful because of the distinctly bold strategic narrative. Now by saying that…I also acknowledge the sheer difficulty required to pull it off at the highest level. But as the famous proverb says, “there is only one way to eat an elephant: one bite at a time.” Because that's what trips up too many entrepreneurs when they look at pursuing radical transparency (or traceability), it's not required to eat the elephant in one bite. Instead, it’s initially about embracing the spirit of these pursuits. After that…it comes down to breaking down the pursuit down into more manageable SMART goals, setting expectations (or standards), aligning company incentives, and then understanding that it’s an endless opportunity to do better. And that’s because there is no “project” endpoint when pursuing radical transparency (or traceability), it’s a “process” of constant improvement.

#supplements #transparency #strategy

I appreciate each and every one of you that took even a moment of your time to watch this video. I know your time and attention are your biggest assets and I hope you got adequate value in return from this content. Thank you from the bottom of my heart!

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About Joshua Schall of J. Schall Consulting:
Joshua is consumer packaged goods (CPG) Strategist and Entrepreneur that focuses on the product categories of value-added (or functional) food, beverage, beauty, and nutritional supplements. He was an early advocate for digital grocery optimization and is an expert at the entrepreneurial ideation to consumerization cycle. Recently, he has shifted that decade of knowledge into early-stage investments, board membership, and public speaking engagements. His YouTube channel is a walk through his daily life and a peek into his business musings. Enjoy a look into his life through the lens!

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#josh_schall #joshua_schall #j._schall_consulting #josh_schall_consulting #radical_transparency #transparency #traceability #supply_chain_traceability #supply_chain_trends #supplements #supplement_industry #everlane_radical_transparency #michael_preysman #magna_hydration #supplement_brands_to_trust #how_to_start_a_supplement_company #mark_glazier_nutrabio #supply_chain #supplement_industry_supply_chain #ritual_traceability #business_transparency #pricing_strategy #strategy

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