The beauty industry may not be the biggest in the world, but its influence and ability to generate profits cannot be denied. The industry is worth around $445 billion, and the average woman will spend around $300,000 on beauty products used on the face across her lifetime. With numbers like this, it’s no surprise that thousands of entrepreneurs are choosing to try their hand at producing beauty products for an eager customer base- and you may even find yourself tempted to try this yourself.
However, before you leap into the seemingly highly-lucrative world of beauty product manufacturing, there are a few things you need to know. Below, we’ve put together a list of three things that truly matter to beauty product buyers; if you want to succeed in this thriving industry, then you need to be aware of the importance of the following…
#1 – External appearance
If you read any beauty blog, you will soon see that the external appearance of a product is incredibly important. While how the product actually works will always be essential, beauty bloggers do make observations regarding the look of the packaging and label. As well as being functional, beauty products are expected to look good on the customer’s dressing table, so you will need to take note of this when choosing your packaging and labeling solutions. How well the product actually works is important but, in the beauty industry, what’s on the inside is not the only consideration for consumers.
#2 – Name recognition
Arguably more than in any other industry, name recognition is important to buyers of beauty products. In fact, name recognition and reputation can be so powerful in the beauty world that many customers will buy products based on brand name – rather than formulation or product efficacy – only.
This may sound disheartening, and could lead you to conclude that the market cannot possibly be penetrated without an established name. However, this isn’t the case – many new beauty brands do gain mass acceptance. Rather than seeking to dishearten you, we raise the point of the importance of name recognition to ensure you are prepared for a potentially slow start in this industry.
As a startup, it will likely take time for you to establish a reputation, build a brand, and tempt consumers to try your products over more established brands. As a result of this, you will have to keep your projections low and manage your expectations. Success in the beauty industry without established name recognition is possible, but it may take a little longer than you expect.
#3 – A conscience
The beauty industry has long been associated with less-than-stellar practices, particularly in regards to cosmetic testing on animals. As a result of years of campaigning against these issues, modern beauty buyers are more ethically-minded than ever. Many buyers will outright refuse to buy products that have been tested on animals; boycotts are common, and more and more consumers now outright expect a brand to be cruelty-free.
This change in attitudes seems to be a permanent one, so you will need to ensure that any products you manufacture adhere to the cruelty-free ethos. As a startup, you can ill-afford to cause customers to turn away due to concerns regarding animal testing, so opt for cruelty-free products from the get-go to ensure you are able to keep pace with consumer expectations.
Conclusion
If you find a winning formula, manufacturing beauty products could genuinely be the big business break you have been waiting for – provided, of course, you ensure you keep the above necessities in mind.