Okay, so your cosmetics brand isn’t the biggest in the world. Not yet. Several brands have broken into the rarified air of the biggest brands in the last couple of years. Analyzing what they did with product development and marketing in mind, we came up with four things that they did that you can do to build the brand you want.
1. Focus on a Few Things You Do Really Well
The temptation is to think your cosmetics brand has to have a product for everything because someone else’s does. They’ve got toner, shampoo, sunscreen. They’ve even got lipstick! Probably, they’re all awesome.
You see small companies run afoul of this in all industries. It’s a pitfall. They’re just doing too many products. All at once. Aside from what it takes to make even one great product, much less a dozen unless you’ve got a lot of capital and personnel, you probably don’t have the capacity yet to compete in multiple markets.
Look at the products you want to produce or are already producing. Which one can you hang your hat on? Which one is already out-performing the rest of your line? Which one is the one you think will rock the world?
Focus on your superstars. When those are “scaling,” then you can expand. You want a foothold. You want something memorable that leaves customers wanting more. Then you can branch out.
2. Ship It. Ship It Quick.
There’s a catch-22 with cosmetics brand production. You have supply. You have demand. And they will never sync up exactly. Keeping ahead of demand—but not too far ahead—is an art! And there will be days you don’t get it right. Read our post about contract manufacturing to see how we can help you with this aspect.
Ask yourself, how do I ensure everyone that will want this product will be able to get it in two days. If you can be like Amazon Prime— two days from order to delivery— most potential customers will be satisfied.
On the other hand, 60% of consumers will “move on” if something will take longer than two days to get.
Once you’re THE BRAND, then you can create strategic “out of stocks” and pre-sales if you want. These can create a real urgency around “buy now.” Until then, be like AVIS and “Try Harder.”
3. Price for Where You Belong Not Where You Are
The final one is the hardest to maintain. Challenger brands often want to disrupt a market at a lower price. It’s tempting, especially if your cosmetics brand has the margins to make it work.
However, look at the brands that you say will be your direct competitors. Price to compete with them.
If you start as a “value” brand, it’s hard to change perceptions. If you think you have a premium product, price there from the start. Some people will say this will slow growth. Ignore them. You set the value of your product. Then it’s your responsibility to provide that value.
4. Find Early Adopters and Give Them What They Want
Find out who your early adopters are and find out what they like about your product. Ask them why chose you. That will give you a significant advantage in marketing for everybody else. Often, early adopters see something in your product that you and your marketing team may not see.
Listen to them. And give more of what they want.
Even though you’re not The Biggest Cosmetics Brand in the World– yet– you can follow their playbook. These recommendations have lead many brands to incredible growth while partnering with Gordon Labs.