Sep 19, 2016
Industry: Consumer & Lifestyle
Main Products: Nutritional Supplements
Established: Retail 2003; Direct Selling 2009
Employees: Over 200
Ownership: Publicly Traded
Though still considered a relatively new company, LifeVantage has the distinct advantage of international name recognition, a direct byproduct of becoming the official jersey-front sponsor for the major league soccer team Real Salt Lake (RSL).
“For us, it is important to give back and support our community, and sponsoring Real Salt Lake allows us to do that. We are only conducting business in 10 countries, but recently RSL played a game which was televised in 17 countries. The sponsorship allows us to expand our brand exposure beyond our current reach,” says Darren Jensen, President and CEO of LifeVantage.
LifeVantage manufactures products to improve health and enhance energy and athletic performance. The company is the maker of the Protandim® line of ‘scientifically validated’ dietary supplement, the TrueScience® Anti-Aging Skin Care Regimen, Canine Health®, the AXIO® energy product line and the PhysIQ™ smart weight management system. LifeVantage wants to meet the need of the Baby Boomers and Generation X to look young and feel young.
“People are aging and they not only have the desire to live longer but healthier. No one wants to live longer but be stuck in a bed. We want to be healthy. LifeVantage is on the cutting edge of where the market is and where it will be going in the foreseeable future. Our mission is to become the world’s leading authority in Nutrigenomics, so our products are based on science and research. And, we are producing the only nutritional product proven by the National Institute of Aging to fight aging and increase life in male mice,” Jensen says.
Gone are the vitamins and minerals of yesterday. Today’s products, Jensen says, are complex and backed with a tremendous amount of research and science. Introducing consumers to this in a manner which makes sense and is easy to understand is a difficult task for a direct sales company.
“We have a network of tens of thousands of distributors. It takes time to ensure they are properly educated and trained to explain the product to the consumer. There are a lot of products out there,” Jensen says. “We have to differentiate ourselves in a way that makes sense. We have a compelling story backed by science, but how do you get attention in the first place? How do you get people to try it? It’s difficult in a crowded global market.”
For LifeVantage, the manufacturing process is a global one. The company collaborates with leading scientists all over the world and ingredients are also sourced worldwide. “But two of our core product lines are manufactured in Utah, and our skin care line is also manufactured in Utah. Our distribution is also local. We validate our manufacturing process from the growers to the point of shipping,” Jensen says.
Challenges: Globalization. “By seeking to be a global company, we have to understand governing institutions around the world,” Jensen says. “Every country recognizes nutritional products differently. Are they drugs? Food? Nutritional supplements? Keeping current with the global regulatory environment is a major challenge.”
Opportunities: Expansion. “We are only in 10 countries at this time,” Jensen says. “That leaves the rest of the planet knowing nothing about the products LifeVantage has for them. But we know people are looking for products just like ours. Even in the United States alone, the market is massive. We know we are just scratching the surface of what is possible.”
Needs: Talent. “If you have the right people with the right skills and the right knowledge, you can do anything,” Jensen says. “We want to find the right people for our company and then keep them, not only our distributors and preferred customers, but our employees as well.”
Alicia Cunningham is editor for CompanyWeek Utah. Contact Alicia here to inquire about having your manufacturing or supply-chain business profiled in CompanyWeek Utah.