You might have thought about it or even given it a head start before starting a beauty brand there are certain things you should look out for but one things it’s harder when you starting afresh especially when you are without experience.
From understanding how to follow through with your ideas to knowing where to find your motivation, as well as understanding your market, there are plenty of issues to consider.
According to the founders of Glossier, Deciem and the likes the key to success really is; and regardless of how and why they set up their companies, they all revealed that which ensured their success: They were unique and Curious to find out how they managed to stand out from the crowd?.
Firstly it’s always advisable you have people workout certain things for you like market research, natural ingredients to make an authentic product, private labelling and so on although it might come at a cost but it’s actually worth it.
How to stand out from the crowd.
Niche your product and develop a pricing plan.
Lynda Falkenstein, author of Nichecraft, warns: “Good niches don’t just fall into your lap; they must be carefully crafted. Many entrepreneurs make the mistake of claiming they can do many things and be good at all of them. Smaller is bigger in business, and smaller is not all over the map; it’s highly focused.”
Finding a good niche for your beauty business isn’t easy, but it can be done with a good buyer persona
The first step in creating a profitable niche is figuring out who you want to sell to. You can’t do business with everybody, especially if you are just starting out. If you cast too wide of a net, you will risk exhausting yourself and confusing potential customers. In short, the more specific your target market, the better.
Even large, successful companies have niches. For example, L’Oréal Paris is a mass market beauty brand. You can expect to find their products at a drugstore like CVS or Walgreens. But MAC, on the other hand, is an upscale brand. You can find it at stand alone stores or upscale department stores. Each brand has its own draw and its own target audience.
Answer these questions to gain clarity and narrow down the persona of your ideal customer.
What is your customer’s…
- Marital status/family size
- Income level
- Education level
Identify an opportunity gap
To identify an opportunity gap, ask “What can I do differently or better than what everyone else is currently doing?” An opportunity gap may exist in improving a product, in finding an untapped market, or even in marketing more creatively than your competitors.
Identify Your Unique Skills, Talents, and Angle
Once you’ve identified your ideal customer, it’s time to do some thinking about yourself. You just learned as much as you could about your ideal customer, and it will benefit you to learn as much as you can about yourself, as well.
Questions about you:
- What are 3 of the adjectives people use the most when talking about you?
- What are your top 3 to 5 values?
- What are your passions?
- What problems drive you crazy?
- What accomplishments are you most proud of?
- What is your unique approach to problem solving?
Strategize on How to Make Your Product Distinctive
“Most of the easy-to-solve problems in the cosmetic industry have already been solved. Unless you work for a large company that has a basic research wing you will not likely be able to solve the significant problems like wrinkles, acne, hair loss, hair growth, etc. However, you can solve some of the easier problems that niche markets experience.” – Chemist Corner
If you step into a Sephora, you’ll notice an ocean of beauty products. It’s essential for you to make yours distinctive if you want to stand out. But how can you position your product in a crowded market? Here are a few things to think about when it comes to making a distinctive product.
Differentiate your products based on your values
Your values can help your product stand out on a packed beauty product shelf. Whether it’s your product components or what you do with your profits, there are many ways to make a values-driven product. For example, you could donate a portion of your proceeds to a worthwhile cause or use recycled components in your packaging.
Solve a very specific problem
Most of the problems in the beauty industry have already been solved, so you’ll need to get creative. This goes back to your ideal customer. Tap into an underserved niche and become an expert on their needs, wants, and problems. For example, can you serve women who love fragrance but have very sensitive skin? Or men who want to look great but don’t want to look like they’re wearing makeup? The more specific you can get, the better.