5 tips for Starting your Beauty and Cosmetics Business: Despite uncertainty in the retail industry, the cosmetics business has skyrocketed. According to The NPD Group, a company that focuses on market research, the beauty businesses managed to contribute 45 per cent of the industry’s total gains last year.
The cosmetics market is expected to continue to rule the retail industry for the next few years. That means this could be a great year for those who want to try their luck in the market. That being said, starting a beauty and cosmetics business can also be harmful, if managed with poor planning.
Now that more and more makeup brands are emerging with creative marketing concepts and strategies. One of the strategies is to optimize your marketing efforts with the best Marketing Automation Software. We can offer you the No.1 Marketing Automation system in Singapore to help you integrate marketing in an automated software system.
Besides that, in this article, we have put together a few tips that can be your guide to your journey in the beauty and cosmetics business.
Keep Up with Trends & Know What Consumers Need
You can’t run a successful cosmetics business without following the trends. If you want to be one step ahead of your competitors, then try to be more up to date than them. You can subscribe to a variety of well-known beauty websites to stay updated on their latest products.
Don’t forget to read a lot of fashion articles, watch makeup-related videos on YouTube, and keep up with beauty trends on social media. This will help you develop ideas for your cosmetics brand.
You can also conduct surveys to find out what kind of beauty products consumers currently need, what they haven’t gotten from other cosmetics brands, and why they choose to use makeup products from certain brands. This can help you innovate on your own products.
Discover Your Brand Personality
What kind of impression do you want to make when someone encounters your makeup brand for the first time?
You have to think carefully about the kind of brand identity you want to build. Do you want your brand to be known as an eco-friendly makeup brand? Do you want people to see it as a cosmetics brand that promotes women’s empowerment?
The majority of consumers want brands that care about social and environmental issues. Therefore, it would be great if you could take a stand on a social or environmental issue and engage your customers to tackle it together.
Add More Value to Your Products
Today, the number of beauty brands out there is almost countless and they are competing with each other to be the most remarkable one. Figuring out what your competitors are doing will help you create better ideas. You can apply concepts that are similar to theirs, but try to add more value to your products.
You can take the example of Fenty Beauty by Rihanna. The newly-launched cosmetics brand successfully made a huge breakthrough by releasing a wide range of foundation shades that are more applicable to all skin tones, especially dark ones.
Rihanna figured out what other brands had not offered and what was most needed by women of color. Many dark-skinned women complained that they were having trouble finding foundation shades that perfectly suit their skin tones. Thanks to Fenty Beauty, now that more and more makeup lines are releasing diverse foundation ranges.
Choose a Niche Existing in the Market
Choose a specialisation in which you have previous expertise either manufacturing or marketing cosmetics. You might be familiar with selling organic makeup, eye care products, mineral cosmetics, special effect makeup,and lip care products, for example.
Concentrate on the cosmetics sector that you are familiar with in order to properly organise and manage your business. Focus on a certain area of cosmetics expertise or passion. In the early days of your business, don’t try to sell or make too many goods at once which might make it difficult to set, manage and grow your business.
As a business, when you are concentrating or focusing on a niche, another advantage or benefit which will be enjoyed by you would be that you can design the brochure, the branding and everything in accordance with the niche or the consumers which you are basically focusing or concentrating on. This will help you get an easy access to this niche and woo or even influence them to buying or even trying your product and becoming a loyal group of consumers.
Design a Good Logo
For any business, identity is important and people or the consumers will recognise an entity from its name and the logo which is representing its name and the reputation or the brand identity. So, while we’re setting a business in the cosmetics industry or the beauty industry, it is vital that you have a good and memorable logo which is designed and developed by experts.
This will help you fetch not only business but also brand reputation and credibility that will be remembered and memorised by people. It is only when they remember the name that they will approach your brand when they are buying the products as there are a lot more players in the industry and within the market competing for the same consumers with similar products.
So, you can only get them by creating a difference and launching with a logo and name which will stay close to their heart. The logo should have a unique concept and an extraordinary use of the designing elements like the typeface and colours which will help you draw the attention of your potential and targeted consumers. It is important that you have designer expert who could design or develop a logo that will do justice to your business and the products sold by you.
