Samaira, a 24 year old working woman, has just bought a M.A.C foundation for herself worth 6000 INR. Samaira is happy with her shopping as she believes that it’s a profitable investment. Women are not the only shopper for beauty products anymore, men beauty and grooming products are also largely in demand these days. People are willing and ready to spend a good amount of money on cosmetic products in both Indian and International markets.
According to a survey done by ASSOCHAM, 65% of the teenagers claimed that their expense on branded cosmetics has increased by 75% in last 10 years. The cosmetic industry is growing at a Compound Annual Growth Rate (CAGR) of 19%. If you own a business or you’re planing to venture into cosmetic industry, this is the right time.
Apart from the bigger players in the market, including brands like Avon, Maybelline, L’oreal, Amway, Colorbar etc, various SMEs are also making good profit from beauty product businesses all around the world.
In order to sell any product, you need to create awareness among the buyers about that particular product. Marketing does this task of disseminating information about your product or brand among the target audience. Marketing is crucial for generating good revenue in cosmetic and beauty product industry.
Some of the tips for marketing beauty products are:
Define your USP: The market is full of competitors. Therefore, for marketing your products or brand efficiently, you need to decide your Unique Selling Proposition(USP) smartly. USP plays an important role in attracting more and more customers in the cosmetic industry.
Select the target audience according to your products: Decide the target audience according to the needs which your product can fulfill. For example, you are selling an anti-wrinkle face cream, then your target audience will be the people belonging to the age group of 35-50.
Select the medium: For effective marketing results, selection of appropriate marketing medium is very important. Social networking sites, online website, online advertisements and banners, television commercials and fashion related magazines are some of the mediums which can work for marketing beauty products.
Be bold: Cosmetics are all about grooming and uplifting the look of an individual. Keeping that in mind, marketing message should be bold and should develop the confidence of good look to your target audience.
If you have any tips which have worked for your cosmetic business share them in the comments below.