Natural Cure Labs - Company of the Year
Company: Natural Cure Labs, St. Petersburg, FL
Company Description: Natural Cure Labs is a certified minority-owned dietary supplement manufacturer. With a portfolio of immune support focused products, Natural Cure Labs offers an award-winning, science-based approach to natural health. Natural Cure Labs has operations in New York, California, and Florida with a nation-wide distribution network in 33 states and coverage in most major online marketplaces.
Nomination Category: Company / Organization Categories
Nomination Sub Category: Company of the Year - Health Products & Services - Small
Nomination Title: Natural Cure Labs
Organization:
Natural Cure Labs is a certified minority-owned dietary supplement business established in 2015 with the mission to bring quality, transparency, and compliance to the world of natural products. The company is based in Florida, with operations in New York, New Jersey, Colorado, and California.
History:
Lacking access to affordable medicine or insurance, the founder of Natural Cure Labs sought to provide a naturopathic solution to personal health which was economically accessible, effective, and safe. The company is committed to providing natural products to the 28.9 million Americans without health insurance, and the 58 million adults who suffer from "medication insecurity".
Past Performance:
Driven by an obsession with quality, the company has an enviable record of success, including:
+150% revenue growth and +170% unit sales growth year-over-year since inception
+20,000 net-new annual customers
+1,300 monthly product subscriptions
Expansion to 33 new US-based warehouses
Addition of 9 new naturally derived products
Channel diversification to +16 marketplaces including Walmart, Amazon, Wish, Overstock, and others
Significant industry recognition, including “Best Health & Wellness Nutrition Manufacturer” (2020 North America Business Awards) and “Dietary Supplement Supplier of the Year” (2020 Fitness and Nutrition Awards), among others
Attached supporting materials:
Links to Webpage, Amazon Storefront, and Press Release activity - demonstrate legitimate business practice
Pet supplements page – shows the addition of new pet nutrition brand
Monthly subscriptions – shows support for +1,300 subscribers
Website traffic – provides support for % increase in traffic
Research team – demonstrates the company’s commitment to research and compliance
Customer reviews – offers a sample of the over 1,800 public reviews for the company
Image of awards – some of the 2020 formal industry recognition
North America Business article – Long format industry recognition
Art Beauty Podcast - Interview with Founder and CEO discussing the company and products
Despite significant market challenges in 2020, Natural Cure Labs championed several company initiatives focused on the betterment of their employees and community.
2020 Business Achievements
- 158% revenue growth and 173% unit sales growth in 2020
- Launched new line of pet nutrition, VitaTails, with a 38.7% Unit Session Percentage and +60 five-star reviews in the first 6 months
- Won several awards including “Company of the Year” 2020 Stevie, “Product Manager of the Year” 2020 Stevie, “Best Health & Wellness Nutrition Manufacturer” 2020 North America Business Awards, and “Dietary Supplement Supplier of the Year” in the 2020 Fitness and Nutrition Awards)
2020 Operational Achievements
-Migrated website to a commerce-friendly platform, resulting in an increase of 820% in visits, 817% unique visitors, and 971% pageviews over the previous period
-Onboarded a secondary 3PL provider and added 5 additional warehouses to increase US domestic coverage
-Expanded to 12 new online marketplaces including Newegg, Homvare, Overstock, Rakuten, Tophatter, and others
-Launched new Affiliate Program, Wholesale Program, and new B2B channel to better serve practitioner offices and healthcare communities
-Shifted all 3rd party Laboratory testing to an ISO 17025 accredited lab for compliance
2020 Community and Employee Achievements
- Engaged in hiring several young minority team members from underserved communities (Latin America, South Asia)
- Launched a new 401(k) program for eligible employees
- Founder and CEO was awarded “40 Under 40” by the University of Florida and “Top 50 Tech Visionaries” by the 2020 InterCon awards
- Donated free products to community members suffering from COVID-19
2020 was an exceptionally challenging year due to the COVID-19 global pandemic including:
Market & Operational Pressures
-Exhausted inventory levels following6 months' worthof inventory sales in 20 days in March 2020
-Collapse of supply chain resulting from global trade halt resulted in Out Of Stock for 16 weeks
-Squeezing of manufacturing capacity in Q2 2020 due to stay-at-home orders caused further delays
Competitive Pressures:
-8 new competitor products / brands were launched in 2020 competing directly with our hero product with an average price point -17% less than our own
-Illegal review and ranking manipulation by competitors (Ex: 200 new product reviews generated in just 6 days)
-Increase of Ad Spend of 772% in 2020 (vs. 2019) to maintainprofitability and rank
Despite these significant challenges, Natural Cure Labs used the opportunity to refocus the company on providing trustworthy and quality products for customers and managed to stay profitable and grow its business and operations.
Notable 2020 accomplishments in response to these pressures:
-Launch of three new products in 2020 including Elderberry Immune Complex, Thyroid Support, and Biofilm Blend
-Expansion of product line to United Kingdom via distribution and reseller partnership
-Won several “Amazon’s Choice” badges and maintained search ranking
-Grew subscription business to 1,300 subscriptions
-Dispatched 12 press releases championing our commitment to compliance, quality, and trust
These achievements are similar or greater than those of prior years, which in a year as difficult as 2020 is a testament to the passion andintegrity of the company.