Beauty is the Ultimate Retail Category.
Beauty products are the need of the consumer market today. With many beauty brands in the market already, we believe there is still room for more – and this will keep growing. Pondering why? Because consumers today are up for trying affordable beauty products that can last them a while, considering they are easy on the pocket. As of the blog, Is the ‘Beauty Index’ the new ‘Lipstick Index’? Consumers today are sentimental and are always looking for ways to feel better, with shopping being their favorite pastimes . For example, for a beauty enthusiast, nothing perks the spirit faster than a brand-new lipstick. That exactly gives you the answer to should you launch a beauty brand? Yes, you should!
Having said that, it is essential to know that in the beauty brands market, the competition is real – with many brands having the same offering, customers can easily divert to another brand. Thus, it is essential that you are clear about your investment strategies and have a business plan in mind. Understanding that there has been a rise of celebrity beauty brands in the market, the need for certified beauty experts is essential to balance out the beauty brands market. Seeing the statistics, it’s predicted to exceed $716B by 2025. And $784.6B by 2027.
Apart from this, living in the time of the internet, make sure your business idea revolves around having a digital strategy and that relies heavily upon digital marketing – because that can make or break the deal. Got that sorted? You’re almost there then!
Here are a few things that you should know before you launch a beauty brand:
Survey your potential customers & market validation
The only way you can excel is by understanding who your customer is. A great way to go by this is to study your competitors, read beauty reports and review secondary research on the beauty industry. Knowing who your customer is will help you sell your products better because not every time who you think will buy your product actually buys it. Hence learn with research and experience as you go!
Identify the Right Source of Investment
A great way to start funding your beauty brand is to go for crowdfunding - this could be through friends and family, angel investors and revenue-based financing. This helps take a start from home, and you can always return them back!
Focus on a unique selling proposition
It’s not a good idea to go for product categories and focus on having limited products in your product portfolio. This will help you develop a scalable business and generate leads that will translate into customers; where it is true that having more products means something for everyone, but it's a big no for startups. Start with one or two products and, with time, introduce more products to suit your customer base.
Develop your business models
Don't target customers, instead go for retail partnerships, B2B and extend your business model to cater to diversified clients. The direct-to-consumer business model is an ecommerce business model that works by selling directly to consumers without using brick-and-mortar stores, wholesalers, or platforms like AMP Beauty or Etsy. For this, collaborate with different brands or give out freebies on stores that suit your customer base. This is known to generate more sales!
Marketing Strategy is key
Going viral is like winning the lottery, but this is not a realistic case. Your beauty brand will take time to have its well-suited customer base, and it takes time to create a demand for your product; hence just stay motivated and keep working. A good way is to go for influencer marketing for your products and give out promo codes; this means reaching out to your target market, which brings in sales. Keep your goal to become a brand that is a part of consumers' daily routine, and let them swap your product for the product they already use!
Best of luck with starting your beauty brand – you got this. Have a glimpse of the amazing content at Beauty Boss Club and stand out in the beauty industy.
Let us know in the comments if this blog helped you; we would love to hear your stories!