Credit: Sandra Welchering
If you’ve ever been confused about what vitamins can do for you and which vitamins you should be taking, Walter Faulstroh and Brad Helfand can relate; they were once baffled consumers, too. They’ve since learned a lot about vitamins and are now CEOs of vitamin companies—HUM Nutrition and Vous Vitamin, respectively—that offer consumers personalized products and advice. In this episode of the McKinsey on Consumer and Retail podcast, they speak with McKinsey’s Monica Toriello and Sandra Welchering about personalization and other major trends in consumer health and wellness. The following is an edited transcript of the conversation. Subscribe to the podcast.
Monica Toriello: One of the big trends in consumer products today is personalization. If a company can use data to accurately tell you, “Here’s a product that you want or that is right for you” or “Now is the time for you to buy this product,” that’s going to be an increasingly big competitive advantage for the company. This might be especially true in consumer health and wellness, which is a $1.5 trillion market growing at 5 to 10 percent each year, as a recent McKinsey report has said.
Personalization is now becoming a differentiator in vitamins and supplements, which is one category within consumer health and wellness. Today we’ll hear from the CEOs of two innovative vitamin companies: Walter Faulstroh of HUM Nutrition and Brad Helfand of Vous Vitamin. In separate interviews, Walter and Brad spoke with me and with McKinsey associate partner Sandra Welchering, who is based in Berlin and is one of the leaders of McKinsey’s work in consumer health and wellness.
Before we hear from the CEOs, Sandra, you’ve studied the consumer health landscape, and there are lots of start-ups. Why were HUM Nutrition and Vous Vitamin interesting to you? Why did you decide these two were worth learning more about?