Okay, you know I’m always digging for real-world stories that can actually help us build better businesses. I stumbled on a fascinating piece from Entrepreneur about Jeff Byers, the CEO of Momentous, a supplement company. He did something pretty wild: he killed a product that was bringing in half a million dollars a month. Yeah, you read that right.

At first, I thought, “Is this guy crazy?” But the “why” behind his decision is pure gold, especially for founders navigating a market drowning in noise.

Byers basically realised the product, while profitable, didn’t truly align with Momentous’ core values of trust, transparency, and a focus on fundamental wellness. In a supplement industry often slammed for misleading claims and shady ingredients, he doubled down on authenticity.

According to a study by the Council for Responsible Nutrition, a significant percentage of consumers (79% to be exact) prioritize trust and transparency when choosing supplements. So, Byers wasn’t just being noble; he was tapping into a deep consumer need. Cutting a popular product demonstrated to customers that Momentous values honesty and reliability over short-term gains. That’s something you can’t put a price on.

This move isn’t just a feel-good story; it’s a strategic masterclass. By removing a potential source of distrust, Byers strengthened his brand’s reputation and fostered deeper loyalty with customers who were in it for the long haul. Think about it: word-of-mouth marketing from a loyal customer is far more valuable than any ad campaign.

Moreover, in 2023, the global dietary supplements market size was valued at USD 163.91 billion and is projected to grow from USD 177.70 billion in 2024 to USD 327.85 billion by 2032, exhibiting a CAGR of 7.93% during the forecast period. (Source: Fortune Business Insights). Byers seems to be banking on the idea that ethical, transparent brands will be able to capture a much bigger share of this market in the long run.

So, what can we, as founders, learn from this? Here are a few takeaways:

5 Key Takeaways for Every Founder:

  1. Values Above All: Don’t compromise your core values for a quick buck. Long-term success comes from building a business you believe in.
  2. Transparency Wins: In today’s market, consumers crave authenticity. Be open and honest about your products, processes, and intentions. This fosters trust, and trust builds loyalty.
  3. Focus on Quality: Prioritize the quality and effectiveness of your products over chasing trends or cutting corners. In the end, quality is what keeps customers coming back.
  4. Think Long-Term: Don’t be afraid to make tough decisions for the sake of long-term sustainability and brand integrity.
  5. Listen to Your Gut (and Your Data): Byers clearly saw the writing on the wall, both from a values perspective and likely from customer feedback. Pay attention to both.

This story isn’t just about supplements; it’s about building a business with integrity. It’s a reminder that sometimes the most profitable decisions are the ones that seem counterintuitive at first. Food for thought, right?

Frequently Asked Questions (FAQs):

  1. What was the product that Momentous discontinued? The article doesn’t specifically mention the name of the product.
  2. How can transparency benefit my business? Transparency builds trust with customers, leading to increased loyalty, positive word-of-mouth, and a stronger brand reputation.
  3. What are some examples of transparency in business? Examples include openly sharing product ingredients, manufacturing processes, company values, and addressing customer concerns honestly.
  4. Why is trust important in the supplement industry? Because supplements directly affect health and wellness, consumers need to trust that the products are safe, effective, and accurately labeled.
  5. How can I identify my company’s core values? Reflect on what’s most important to you and your team, what principles guide your decision-making, and what you want your company to be known for.
  6. What should I do if a profitable product doesn’t align with my values? Carefully evaluate the long-term impact on your brand and consider whether the financial gains outweigh the potential damage to your reputation and customer trust.
  7. How can I measure the impact of transparency on my business? Track metrics like customer satisfaction, brand mentions, customer retention, and employee morale.
  8. Where can I find more information about consumer preferences in the supplement industry? Look for studies and reports from reputable organizations like the Council for Responsible Nutrition or market research firms.
  9. Does focusing on values mean sacrificing profitability? Not necessarily. By attracting loyal customers and building a strong brand reputation, focusing on values can actually lead to increased profitability in the long run.
  10. How does cutting a product impact employee morale? Communication is key. Explain to your team the reasoning behind the decision and how it aligns with the company’s overall vision. This can actually boost morale by showing that the company stands by its values.