Case Study: Prosper

Designs by Benu Creative, 2020

We were approached in September of 2020 by a couple of local entrepreneurs, Ace and Lucas, who had ambitions of launching a new supplement company. But, both being business owners already, they were busy with their current daily operations and so they were seeking some help getting this newest venture off the ground. 

Ace owns and operates a couple of gyms in Medford, Oregon and has developed supplement products in the past. Lucas, a contractor and cancer-survivor, was a member of Ace's gyms and had taken his supplement advice in the past and found great success on his road to recovery. The two now wanted to partner to develop a line of products which embodied the journey that Lucas and so many others go through as they strive to get back to good health. 

We started, as we do all projects, with extensive market research. I like to begin as broad as possible and slowly refine the microscope, so we started by looking at the supplement industry as a whole. What are the major factors affecting the market? What are the larger trends? While the market was seeing steady growth year-over-year and some macro trends remained, unsurprisingly, the supplement market in 2020 was significantly affected by the COVID-19 pandemic, driving consumers to seek out more vitamins, minerals, cold, flu, and immunity supplements, as well as supplements for stress, anxiety, and sleep. 

More than two in five (43%) supplement users reported that they’ve changed their routines since the beginning of the pandemic, with 91% of those changes being an increase in supplement intake, such as by adding new supplements to their existing routines (46%), taking the same supplements more regularly (25%), or increasing doses (22%) (Nutraceuticals World, 2020). People were suddenly giving much more attention to their overall health and immunity and, as a result of the pandemic, economic uncertainty, new work conditions, etc., were more stressed than ever. According to a Gallup Poll conducted last spring, 60% of American adults experience daily stress and worry. The number of people that report feeling stressed is up 14 percentage points this year, compared to the 2008 recession when stress levels only rose 3 percentage points (Gallup, 2020).

CRN, 2020

In addition to the market trends, we started looking at which ingredients and types of products were trending up and down. We quickly realized that a product that offered multiple vitamins, herbs, botanicals, and minerals in a single bottle would be attractive to consumers looking to cut down on having to purchase multiple products for the same benefits. 

We then moved into more consumer-based research, attempting to better understand these health-conscious, stressed-out Americans.

We learned a lot about buying habits and some of the other factors influencing purchase decisions in the vitamin aisle. For example, consumers are extremely likely to solicit professional consultation, whether from their doctor or a dietitian and so it would be important to try to appeal not only to end-users but to the nurse practitioners and doctors recommending our products. Sustainable, economically-friendly products are becoming a major driver of purchase decisions for consumers and trust and confidence are both extremely important factors for users in the dietary supplement category. Consumers are more likely to respond to simple, clear, direct messaging and in a survey of 1,000 adults in the U.K. and U.S. by Ingredient Communications, 50% of people said they are more likely to buy a product if they can recognize all of the ingredients listed on the label (Ingredient Communications, 2020). 

Now we were starting to get a clearer picture of our audience and began to develop our target customers and user personas. 

The final scope of research we conducted was on the competitive landscape, getting to know our competition, learning what was working and what wasn't and determining all of the ways we could improve on the current model. Once we had the landscape mapped, we were able to position ourselves more accurately in terms of price, value, brand, etc. 

From here we were able to begin the branding and product development. 

We began articulating the company's mission statement, its values, its name, its story, its strengths and weaknesses and value proposition, its tone and voice, etc. All of which was informed by our market and consumer research and designed to speak directly to our target customers. 

Working with a creative team, Benu, we developed a brand which was simple, approachable, catchy, and whose name, Prosper, inspired confidence and ambition. The colors were punchy and comforting and guaranteed to grab someone's eye as they walked down the vitamin aisle. The mark, a lotus, symbolizes beautiful growth out of a muddy pond and is an image which consumers, like Lucas, can identify with as they journey towards good health. 

On the product side, we partnered with a reliable manufacturer and food scientist who helped us develop straightforward, simple, effective products, again, directly informed by our research. Ultimately, we created two products to start off with, one targeting immunity support and the other stress relief, which utilize high-quality, sustainable ingredients and meet all of the specifications that our consumers demand. 

As our final deliverable, we synthesized everything into a comprehensive business plan for Ace and Lucas, to serve as a roadmap for the future. The products are expected to hit the website and shelves in Q1 of 2021, so keep your eyes peeled and try Prosper for yourself.