Succeeding in the rapidly changing health and wellness industry
Rapid changes in the health and wellness marketplace are being driven by many factors, including shifting consumer profiles and needs, new products and service innovation, and disruptive new market entrants. New, effective strategies are needed and can often mean the difference between survival and success.
L.E.K. Consulting is an expert advisor in the health and wellness arena, supporting companies across the healthy living economy. We have an extensive track record in the nutritional supplements (vitamins, minerals and supplements, and sports nutrition), beauty and personal care, fitness, and consumer health segments. Our clients include many leading brands, manufacturers, ingredient suppliers, retailers/operators and service providers in those categories.
Our practice is enhanced by insights and expertise from our adjacent vertical practices in food and beverage and pharmaceuticals. We apply our deep industry experience and worldwide resources with services that include growth strategy, buy-side/sell-side M&A, digital strategy and transformation, analytics strategy and enablement, and organizational strategy and performance improvement.
Key questions every health and wellness company should ask
Our experienced professionals have a thorough understanding of the challenges facing companies in the health and wellness marketplace. We encourage our clients to ask themselves a few key questions:
How do we best respond to evolving consumer needs in a segment characterized by high levels of consumer confusion and rapid innovation? How do we evolve our offer to account for the different preferences of the next generations of consumers?
How do we best serve consumers’ holistic fitness needs in a hybrid, omnichannel world where no single modality or venue is sufficient?
How do we optimize our pricing and packaging strategies to maximize value?
How do we become an omnichannel leader with simultaneous success across direct to consumer, Amazon, and brick and mortar retail channels?
How do we successfully enlist healthcare practitioners in the specification, recommendation, and/or distribution of health and wellness solutions? What incentives and economic models are required?
How do we harness the power of AI to identify, create and deliver better, more personalized well-being solutions?
How do we increase the efficiency and effectiveness of our critical internal processes (e.g., procurement, new product development, demand forecasting) to be consistent with industry leaders?
Where do interesting M&A opportunities exist, and what real assets can we acquire? How do we separate substance from fad?
How and where do we grow globally when consumer, competitive, channel and regulatory landscapes differ across markets?
How to Price in a Post-COVID, Post-Inflationary World
Consumer businesses have faced dramatic increases in input costs over the past 24 months, primarily due to the lingering impact of COVID-19. To avoid profit erosion, most responded by passing these cost increases on to consumers in the form of higher prices. But consumers, concerned with a potential recession, are adjusting their spending behaviors. Business leaders should review pricing principles and ask themselves how they can make pricing a strategic lever that drives revenue and margin growth.
Creating the Multichannel Offering That Is Right for Your Business
New technologies and features are enabling retailers to improve customer experience and change how they engage customers in stores. The array of choices makes finding the right path forward for your business challenging. We discuss the issues these technologies address and explain how they can help you make key decisions in designing your own unique multichannel approach.
Introduction to the Customized Diet
Learn more about the multiple drivers of personalized nutrition, such as healthier eating and the “quantified self,” and explore exciting opportunities in nutritional supplements, weight management and fitness companies.