Rapid changes in the health and wellness marketplace are being driven by evolving consumer needs, new product innovation and competition from new entrants in this market. 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 that promote healthy living. Within health and wellness, we have a long track record in the specialty nutrition/nutritional supplement, healthy/functional food and beverage, beauty and personal care, weight management, fitness and consumer health segments. Our clients include many leading brands, manufacturers, ingredient suppliers, retailers and service providers in these categories.
Our practice is complemented with insights and expertise from our adjacent verticals in food and beverage and pharmaceuticals. We apply our deep industry experience and worldwide resources with services that include growth strategy formulation, consumer segmentation, new product and service offer development, channel and pricing strategies, M&A support, international expansion, and more.
Key questions and challenges
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 (Millennials and Gen Z)?
- What is our strategy to win in a marketplace that is evolving rapidly as outside entrants from other segments (e.g., food, pharma) and/or other regions move aggressively to stake their claims?
- How do we optimize our pricing and promotional strategies to maximize value and create win-win solutions for brands and retailers?
- How do we best position ourselves for growth given the ongoing rise of Amazon/ecommerce in the specialty nutrition category? How do we develop direct-to-consumer channels?
- How can we organizationally position ourselves to drive innovation in the health and wellness category (such as by delivering personalized nutrition solutions)?
- 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 take our model overseas, where consumer, competitive, channel and regulatory landscapes differ?
COVID-19 in the US: Consumer Insights for Businesses — Edition 4, Part 1
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COVID-19 in the US: Consumer Insights for Businesses — Edition 1, Part 2
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