4 success factors to have your own successful cosmetic brand!
We often get asked, what does it take to not only start your own successful cosmetics brand, but how do you then take it to the next level? A lot of people think if they have a fantastic product in fancy packaging with a great website, and their friends all love it, they will have a sure fire success – but unfortunately it takes a lot more than just that to really be successful in this highly competitive industry. Read on to find out what it takes to make it!
Success factor #1: Have an ‘Effective Consumer Profile’
Do the market research to really get to know your consumer profile. Make sure it is a very specific consumer profile – their age, gender, income, occupation, education, family and children status, lifestyle, beliefs, interests… everything about this person. Make sure it is specific: for example, age should be a 10-year band maximum. You want a specific consumer profile because you want to be able to attract as many people as possible that fit that consumer profile – you will invariably attract those outside that profile, but if you are not specific enough with that consumer profile, you won’t properly know how to develop a product to fully meet (and exceed) their needs, nor how to price it right or market it effectively. Once you have a detailed consumer profile, you need to cross check it for its effectiveness and potential. If that consumer profile does not have great opportunity, refine it until it does, and then use the ‘Effective Consumer Profile’ as your basis on which to build the other success factors listed below!
Success factor #2: Make sure the product is fantastic for that profile
Once you’ve established your effective consumer profile, now have the product formulated to be exactly what they are looking for – and make it really fantastic. For example, everyone needs to clean their body everyday – but what exact needs and benefits is your ‘Effective Consumer Profile’ looking for from a product, and what unique results can you offer them? How should it look, feel and perform and what price should it be? Know what they ‘need’ and then exceed this need by incorporating innovation – attend trade shows, leading exhibitions (like in-cosmetics) and your local industry events to build your network and find out about the latest innovations and product trends relevant to your region/s. Don’t just have a product because it’s already out there and you think you can do better at a better price – have a truly fantastic product that fully meets (and exceeds) your ‘Effective Consumer Profile’ needs with innovation they really want to try, and make sure they’ll love that product!!!
Success factor #3: Make sure the right message is in the right place at the right time
That ‘Effective Consumer Profile’ will not only tell you exactly what they are looking from a product, it will also tell you what message will attract their attention, where that message needs to be, where the product needs to be available and how often you’ll need to advertise to get their attention. Make sure your message is clever (but compliant) for that profile and is promoted in the right combination of media sources several times – it takes more than just a few exposures to take them from interest to purchase!
Success factor #4: Make sure you’ll have the financial stamina
Just how much you’ll need to invest to get your brand off the ground or to the next level will depend on so many factors – how big your range is (how many SKUs), your distribution plans, your media plans etc.; but one thing is for sure – you need to make sure your ‘Effective Consumer Profile’ can see the right message enough times (and then some more!) to actually purchase your product, plus know where to purchase it – and you’ll need to make sure you can financially sustain that exposure for the required time it takes! Make sure you have a suitable project plan, which will not only give you times and dates for product, promotion and launch, but also track your budget and expected results, so you can check where you are at and where you need to be along the way. It should be projected for 3 years before you even start – if you fail to have that plan then you’re really planning to fail.
This is an amazing but highly competitive industry that we all love being a part of – harness your passion for this industry with the right combination of success factors and with the right plan, you will get there!
So, altogether, here is a visual summary of what it takes to have your own successful cosmetics brand:
Do you want to create your own cosmetic brand or cosmetic line? Or maybe you have been selling on a small scale at the markets, to family and friends and now want to take the next steps?
You can have the best product in the world, it is not going to be successful if your consumers are not aware of it!
The Cosmetic Brand Essentials workshop provides an overview of what you need to think of when planning your personal care products and business! It also provides you with a FREE ebook, FREE Business Plan template, pricing strategy and all the things you need to think of PLUS industry guidance on what is normal and necessary for the personal care industry.
These workshops are included in our Diploma of Cosmetic Brand Management. Study these workshops with us and get $195AUD OFF your study fees if you enrol in our Diploma of Cosmetic Brand Management later!
Contact us for more information to get the learning and answers you are searching for no matter where you are located in the world! Contact: firstname.lastname@example.org