In a world with no shortage of beauty products, it’s important to create a product that’s unique in order to compete in the market. A lot easier said than done, I know. In order to help you in the process of both following your passion and profiting from it, here are a couple of key characteristics of how to create a beauty product line that actually sells.
Choosing your launch products
When choosing the products you wish to launch, it’s important to remember the following:
- Have the right mix of products
- Do market research
These two stepping stones are critical to the success and profitability of your company.
Launch with 3 to 4 products
The 3-4 product types you should launch with include:
- Anchor product
- 2-3 complementary products
You want to start your beauty line with 3 to 4 well-chosen products. Starting small will help you launch at a lower cost, and you will be able to test your market to see what works and what doesn’t. But what products make sense to sell in the beginning? I recommend you start out with an anchor product and 2-3 complementary products. Your products should all be different price points so that customers have a few different choices for how much to spend with you.
Start with your anchor product
Your anchor product is the product that brings customers to your brand. Key characteristics of the anchor product should include:
- $10-$20 markup or more if the market will allow
- Fulfills one or more of these:
- Unique ingredients
- Meets a customer need
- Tells a good story
Whatever your anchor product is, it must be compelling to your customers and get them buying your products.
Add 2-3 complementary products
Complimentary products work well with your anchor product. Where your anchor product is the superhero of your brand, your complementary products are like the sidekicks.
For example, maybe your anchor product is no-clump mascara. Some good complementary products would be eye-liner, eye-shadow, and eyebrow pencil. All of these would work well with your anchor product because they both serve the same customer.
Do product research
Identify 1-3 brands you want to emulate:
- Truth in Aging
- Price point
- Themes in customer responses – positive and negative
- What’s missing
Now that you have the basics for the number and type of products to begin with, it’s time to do some competitor research to decide which products to start out with. First, identify 1-3 brands you want to emulate.
Then, do some research. Look at Amazon, Sephora, Ulta, and Truth in Aging. Pay attention to their best sellers. Which products have the most reviews? Then look at their price points to get an idea for how much you can expect to charge for your products. Read the reviews. What do people love about their products? What do they dislike? Can you identify a product or a few products that seem to be missing from the marketplace? Use this information to decide on your anchor product and 2-3 complementary products.
Following these guidelines are sure to help you head in the right direction with your beauty product line. While it’s important to consider your own goals, researching pre-existing profitable products may also give you some inspiration and assistance in developing your own brand.
Ready to start your own beauty product but don’t know how to get started
Learn How to Launch a Beauty Product covers every aspect of starting a beauty business, from creating a solid foundation and getting funding to manufacturing, branding, sales, and marketing. This guided approach keeps you on track and makes the process feel less overwhelming. To learn more about turning your product ideas into reality, sign up for our newsletters and read more about the course here.