Let’s face it—there are a lot of beauty products out there. You already know that your product has to stand out if you’re going to compete, but of course, that’s much easier said than done.
Here’s how to follow your passion and make a profit, by creating a beauty product line that actually sells.
How to choose your launch products
There are two key things to keep in mind when selecting the products you’ll launch with:
- The right mix of products
- Market research
Both are key components of your long-term success (not to mention income), so we’ll cover them in more detail below.
The right mix of launch products
You should launch with about 3-4 different products. This should include just 1 anchor product, and 2-3 complementary products that can be used as upsells.
This may not sound like much for a launch, but starting small has its benefits. You’ll be able to launch for a much lower cost than if you had a wide array of products, and you’ll be able to observe the response of your market to see what’s working and what isn’t.
Which products make sense to sell during launch? Select one core anchor product that you are confident your customers will love, as well as 2-3 additional products to complement it. All of these should have different price points, so that customers with various types of budgets can still engage with you.
Start with your anchor product
This is the one product that will attract customers to your brand. Your anchor product should meet the following criteria:
- A $10-$20 markup or even more, if the market allows it
- Has one or more of:
- Unique ingredients
- Meets a customer need
- Tells a story
Your anchor product needs to be something compelling enough that people are excited to buy it, and especially excited to try your version.
Then add 2 or 3 complementary products
If your anchor product is the headline star of your brand, your complementary products are the supporting cast. They should work well with your anchor product, without overshadowing it.
For instance, if your anchor product is a no-clump mascara, some good complementary products might be eyeliner, eye shadow, and an eyebrow pencil. All of these serve the same type of customer and meet a similar need.
Market and product research
You’ve probably done quite a bit of this already, but it’s worth suggesting again. Identify 1-3 brands that you want to model in your own product line.
Some good places to start are:
- Amazon
- Sephora
- Ulta
- Truth in Aging
Be on the lookout for:
- Best-selling products
- Price points
- Customer feedback, both positive and negative (capture themes)
- What needs aren’t being met?
Once you’ve chosen a handful of brands that you want to model your own brand after, use popular retailers to do a bit of research. Look at the products with the most reviews. What do people really seem to love, and how much do those products cost? What are the least popular items, and what do people dislike about them?
If you can identify one or more products that are missing, that’s a great place to start when picking your own launch products.
Summary
Choosing the right mix of launch products and doing your market research will ensure that you start out on the right foot with your own beauty product line. Of course, you always want to stay true to your brand identity and your own personal goals, but researching existing profitable products and brands will give you a huge leg up. They may also inspire you and give you some ideas you wouldn’t have come across on your own.
Want to learn more?
For a start-to-finish look at how to build and grow your beauty business, check out our course, Learn How to Launch a Beauty Product. We cover 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.