No matter what the size of your company, the challenges are much the same.
How do we stay competitive and ahead of the market as we face a new business environment like none we have ever seen? As little as a year or two ago it was easy to capture some market share. The only requirement…Just show up!
Those days are gone.
Some predict as much as 80% of the vape businesses in existence today will be gone in the next two years. Whatever the actual number, will you be one of them?
Manufacturers are especially distracted right now by the potential threat stemming from the prohibitive cost of the Pre-Market Tobacco Application (PMTA). Advocacy groups and industry members all along the supply chain are focused on support of Cole-Bishop to move the Predicate (grandfather) Date. Meanwhile, litigants attempt to knock down the FDA Deeming Regulation entirely or at least push back the PMTA submission due date.
Many are expressing optimism about these efforts, and believe if the Predicate Date is moved to August 8, 2016, all will be right with the world again.
But all of this is also a distraction from an equally-dangerous and far more certain threat…
Far too many in the vaping industry are missing an even greater threat posed by the certainty of mandatory GMPs (Good Manufacturing Practices) which are required of all manufacturers in every FDA-regulated industry. The FDA’s GMP requirements for the vaping industry will be announced and phased-in sooner rather than later.
If nothing is done to encourage, educate and assist vaping industry manufacturers to work now on moving rapidly toward general GMP compliance (in absence of the industry-specific ones), the number of US manufacturers could drop significantly, from presently too many, to less than fifty, certainly too few.
This will cause huge losses all along the supply chain, and a loss of market share back to tobacco.
If you’re an e-liquid brand owner already on the path to GMP compliance, then you’re probably looking for a way to break through the noise in a crowded market, to educate your prospects on the importance of doing business with companies poised to remain in business through the FDA’s implementation of GMPs.
It’s not easy, is it? Getting retailers to understand why they should care, and then giving them the tools to tell the difference between contenders and pretenders… it eats up the clock on the sales cycle and drives up customer acquisition costs dramatically.
Or, if you’re an e-liquid brand owner that is not up to date with the regulations, you may be looking for more information and resources on GMP compliance.
Whatever your situation, the Vape Industry Business Exchange was founded to help.
Introducing VIBE – Vape Industry Business Exchange.
VIBE is the first industry trade group supporting the vape business. Founded by industry veterans Norm Bour and James Arbaugh, VIBE has engaged board members and industry experts from every branch of the industry, and could be the best chance we have to survive the bumpy roads ahead.
How VIBE helps shop owners:
- Group buying power-
- Attain even higher margins in high volume shops.
- Never let high MOQ’s stop your small town shop from getting great prices
- Great rates on services like, legal, insurance and business consulting
- VIBE-Qualified suppliers who are certified to be on the path to FDA compliance
- Industry information, training and professional support for your small business
How VIBE helps E-liquid brands:
- Connect to our marketplace of vape shop owners who are serious about aligning themselves with the right suppliers, are trained by our online courses and by the community
- Become VIBE-qualified, showing you are on the right path to compliance while getting all the extra help you need to reach the finish line
- Shared PMTA development expenses – split the cost of the science, testing and reports between multiple juice brands and drastically reduce your out-of-pocket expenses
How VIBE helps the industry:
- Vape retailers will have power in numbers, helping them to maintain the big buying power they have enjoyed even as supply drastically shrinks
- VIBE will also help serious retailers make the right choices on inventory to avoid losses as well as regulatory penalties
- VIBE will bring manufacturers the help they need to remain in business, thereby reducing the effects of an oncoming eLiquid supply crisis
- VIBE will help every part of the supply chain to identify and do business with those who are serious about long term sustainability rather than just making a quick buck.
Join us for the VIBE Launch Sequence, a series of three webinars starting next week. The first is on Tuesday, July 18, at 5:00 p.m. PST, 8:00 p.m. EST. Find out how we can all harness the power of collaboration to solve the biggest challenges facing our industry. These free webinars will explain what VIBE is all about and how you can benefit.
To your success,
The VIBE team
Webinar#1 – July 18, 2017
We will introduce VIBE to the world and show you how retailers can help you survive the inevitable dip in the industry.
Webinar#2 – July 20, 2017
This webinar is all about the much anticipated Guaranteed Sales Program – an innovative new way for retailers and juice brands to sell more juice with less risk
Webinar #3 – July 25, 2017
This webinar will detail how the Guaranteed Sales Program will help juice brands acquire more customers with less effort and less cost.
Webinar #4 – August 1, 2017
This webinar will cover how the Guaranteed Sales Program gives retailers a risk-free way to test-market certified eLiquid brands, and continually refresh new brands to test in their stores.
Webinar #5 – August 3, 2017
This webinar covers the VIBE certification for juice brands and how it will be essential for saving the industry from implosion.
NOTE: If you register for any one of the above webinars after the date of first showing, you’ll be able to watch the replays with the same link.
Author: Jesse Plautz
Jesse is the Digital Marketing Director at VapeMentors and Chief Technology Mentor. He is an ecommerce and internet marketing expert with a background in business and technology.