LifeVantage Announces LV360, A Modern Approach to the Evolving Direct Sales Industry
LifeVantage Corporation (Nasdaq: LFVN) announced its strategic transformation initiative, LV360, aimed at enhancing the Consultant and Customer experience. Key features include the launch of Evolve, a new compensation model, and the Rewards Circle customer loyalty program, set to debut on March 1, 2023. Over 10,000 Consultants participated in the announcement via a global broadcast. The initiative aims to strengthen market position and address evolving consumer trends with new products, enhanced e-commerce, and extensive training sessions scheduled globally. The company's focus remains on solidifying its reputation in health and wellness.
- Launch of LV360 initiative aimed at enhancing Consultant and Customer experience.
- Introduction of Evolve compensation model expected to improve Consultant earnings.
- Rewards Circle loyalty program to strengthen customer retention.
- Execution of extensive training and promotional events globally to support new initiatives.
- New product launches including Rise AM™ & Reset PM™ System and LifeVantage D3+.
- None.
New Consultant Compensation Plan and Customer Loyalty Program Lead Out on Innovations Across the Entire Consultant and Customer Experience
SALT LAKE CITY, Jan. 19, 2023 (GLOBE NEWSWIRE) -- LifeVantage Corporation (Nasdaq:LFVN), a leading health and wellness company with products designed to activate optimal health processes, announced major transformation initiatives today including Evolve, an innovative approach to Consultant compensation.
“We call this strategic transformation ‘LV360’ because we looked at not just one aspect of our Consultant and Customer experience, but every touchpoint in our model. We have been laying the groundwork for this shift over the past year with updates to things like our incentive program as well as product differentiation and positioning,” said Steve Fife, President and Chief Executive Officer of LifeVantage. “Each element of this groundbreaking transformation was designed in response to evolving consumer trends, while also supporting growth opportunities and multiple paths to earned success for our Consultants, previously known as our Distributors. It’s truly an undertaking that is the first of its kind in this industry.”
LV360 initiatives were announced to Consultants during the Rock the Rhythm event on January 18, 2023. The event was simultaneously broadcast in the U.S., Australia, New Zealand, and Japan markets, to an audience of over 10,000. In addition to Evolve, LV360 initiatives include a new Customer loyalty program called Rewards Circle. Both Evolve and Rewards Circle are scheduled to launch in the U.S., Australia, New Zealand, and Japan on March 1, 2023. These initiatives are planned to roll out to other markets where LifeVantage products are sold and distributed over the next 12 months. New products, the Rise AM™ & Reset PM™ System and LifeVantage D3+, were also announced as the Company continues to advance its product innovation roadmap, building on the strong momentum from its recent introduction of Liquid Collagen. LV360 initiatives also include a revamped e-commerce experience as well as major enhancements to Account and Subscription management.
Several new promotions and incentives will be rolling out in advance of the March 1st launch to help Consultants prepare for the exciting new opportunities that lie ahead. Over the coming weeks the Company will host over 50 roadshows and virtual training sessions globally aimed at developing rising, confident leaders, excited to share this cutting-edge opportunity with others. Regional Evolve events will also be held in March in the U.S., Australia, and Japan to continue field support and training of these new initiatives.
“LifeVantage has always had the reputation for having the very best activating products on the market which has led to years of stability,” said Fife. “What excites me the most about LV360 is that we did not approach these initiatives out of necessity. We approached them with the desire to further solidify our status as the company to watch in the space.”
About LifeVantage Corporation
LifeVantage Corporation (Nasdaq: LFVN), the activation company, is a pioneer in nutrigenomics, the study of how nutrition and naturally occurring compounds affect human genes to support good health. The Company engages in the identification, research, development, formulation and sale of advanced nutrigenomic activators, dietary supplements, nootropics, pre- and pro-biotics, weight management, skin and hair care, bath & body, and targeted relief products. The Company’s line of scientifically-validated dietary supplements includes its flagship Protandim® family of products, LifeVantage® Omega+™, ProBio™, IC Bright®, and Daily Wellness™ dietary supplements, TrueScience® is the Company's line of skin, hair, bath & body, and targeted relief products. The Company also markets and sells Petandim®, its companion pet supplement formulated to combat oxidative stress in dogs, Axio® its nootropic energy drink mixes, and PhysIQ™, its smart weight management system. LifeVantage was founded in 2003 and is headquartered in Lehi, Utah. For more information, visit www.lifevantage.com.
Cautionary Note Regarding Forward Looking Statements
This document contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words and expressions reflecting optimism, satisfaction or disappointment with current prospects, as well as words such as "believe," "will," "hopes," "intends," "estimates," "expects," "projects," "plans," "anticipates," "look forward to," "goal," “may be,” and variations thereof, identify forward-looking statements, but their absence does not mean that a statement is not forward-looking. The declaration and/or payment of a dividend during any quarter provides no assurance as to future dividends, and the timing and amount of future dividends, if any, could vary significantly in comparison both to past dividends and to current expectations. Examples of forward-looking statements include, but are not limited to, statements we make regarding executing against and the benefits of our key initiatives, future growth, including geographic and product expansion, the impact of COVID-19 on our business, expected financial performance, and expected dividend payments in future quarters. Such forward-looking statements are not guarantees of performance and the Company's actual results could differ materially from those contained in such statements. These forward-looking statements are based on the Company's current expectations and beliefs concerning future events affecting the Company and involve known and unknown risks and uncertainties that may cause the Company's actual results or outcomes to be materially different from those anticipated and discussed herein. These risks and uncertainties include, among others, further deterioration to the global economic and operating environments as a result of future COVID-19 developments, as well as those discussed in greater detail in the Company's Annual Report on Form 10-K and the Company's Quarterly Report on Form 10-Q under the caption "Risk Factors," and in other documents filed by the Company from time to time with the Securities and Exchange Commission. The Company cautions investors not to place undue reliance on the forward-looking statements contained in this document. All forward-looking statements are based on information currently available to the Company on the date hereof, and the Company undertakes no obligation to revise or update these forward-looking statements to reflect events or circumstances after the date of this document, except as required by law.
Investor Relations Contact:
Reed Anderson, ICR
(646) 277-1260
reed.anderson@icrinc.com
FAQ
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