One of the keys to business success is discovering unique opportunities that have a high demand and tremendous upside potential. The skin care market is a billion-dollar industry that meets these criteria.
Step One: Getting Started
Like any other business, the skincare model is built on hard work and systematizing your processes. By following basic business principles, a savvy entrepreneur can capitalize on a product that enjoys steady, consistent demand regardless of the economic climate.
Study the market. Do your research. Talk to other business owners and join industry groups to discover new tips and strategies. Study what they do then determine how you can stand out from the crowd. Think outside the box and come up with creative ways to increase demand for your product.
Create a marketing plan. When creating a marketing campaign, the following questions must be answered:
- Who is the target market?
- Where are they located?
- Which demographic is the most lucrative?
- Is there a segment that has been ignored?
- Is there a unique niche within that demographic?
- What are their likes, hobbies, and interests?
- How can I reach the most customers in my target market?
Find your niche. Who do you want to sell your product to?
Targeting the right niche is key to success. For example, anti-aging creams saw revenues of $2 billion in 2015, but the bulk of these sales were coming from women ages 25-34 (Generation Y.)
Analyzing data and identifying a specific target market is key to earning maximum profits and revenues. Find out why they are buying and use the appropriate buzz words that persuade them to buy more.
Step Two: Choosing Your Products
Once you have a plan, it’s time to select your products. There are many products to choose from, but having a niche can help narrow your choices significantly.
Find a manufacturer. Choosing the wrong private label skin care manufacturers can be the difference between success and failure. Here are tips on making the ideal choice:
- Experience. Opt for companies that have experience in the area you want to specialize in. They will have learned which ingredients work well together and which ones don’t, saving you valuable time (and money.)
- Good customer service. There’s nothing worse than being unable to contact your manufacturer or working with people who are rude and unhelpful.
Top characteristics of quality customer service include the following:
- Convenience. Are they easily accessible?
- Personalization. Do they know who you are and what you need?
- Competency. Do they understand what you want?
- Proactivity. Can they help solve problems before they arise?
The better the customer service, the more time can be spent focused on improving profit margins.
- Determine the right packaging. Stock packaging may be ideal because it’s in stock and smaller quantities can be purchased. Choose eye-catching, easy to read labels.
Step Three: Launch Your Campaign
Now that you have your skin care line, it’s time to start selling. Here are a few ways to advertise your products:
- Create a social campaign. Thanks to social media, there are endless ways to slice up your target market:
- Identify your target niche and reach them with laser-focused marketing. Continually dissect your target market and create new campaigns with different content and targeting. The way to win at paid social advertising is to be testing always.
- Ask them to subscribe to your site and offer them exclusive discounts or for sales or for each new customer they refer to you.
- Tweak your landing page. Your marketing campaigns should focus on optimization and be periodically adjusted to maximize return on investment. For example, catch your customer’s attention with page imagery that’s easy on the eyes and compatible on all devices (laptop, smartphone, tablet, etc.) Get them motivated to subscribe to your page and share with their friends.
Is Skin Care Right for You?
The typical private label manufacturers are entrepreneurs who share the following characteristics:
- Passive income
- Freedom from a nine to five
- Seek unique opportunities and fulfillment
The skin care niche has been growing steadily for decades and is projected to continue. For those looking for a new way to make money, the skin care industry may be the business opportunity they are looking for.