The Cosmetics Industry is no longer what it used to be. It is constantly developing & changing itself to fit the expectations of its customers. The increased awareness of people regarding beauty products has forced the cosmetic brands of today to be more inclined towards using organic, cruelty-free & natural ingredients in their products.
Moreover, it is believed that by 2027, this industry is projected to reach $463.5 Billion. Insane isn’t it? It is no surprise that this billion-dollar industry is very lucrative & requires technological advancements. The cosmetic industry is very dynamic & competitive. You definitely need to lace up & adopt marketing strategies that differentiate you from the crowd. Your marketing strategy should give your startup an edge over your competitors. If that’s what you are looking for, then you are going to love this. Happy reading!
A good & positive Personal Branding can benefit & add a new resource to your marketing strategy. It can bring in extra PR. When you started this startup, you might be filled with so many dreams & aspirations, why hesitate to spread the word about it? You can write blog posts pouring out all your expertise about cosmetics, and tell your story on social media platforms like LinkedIn, Facebook & Instagram. When you share your knowledge about your field, you position yourself as an authority in your niche in the long run. Moreover, this can also help you build and maintain good connections with other influential people in the cosmetics niche.
You need solid Content Marketing to promote your business. The content should be relatable & engaging, at the same time, it should be creative enough to grab attention. Consider creating a 'how-to' or 'DIY skincare routine', or just build a newsletter that is subscribed by your potential customers. You can use this subscriber list to send out interesting content about your industry as well as promotions, coupons & discounts to your potential and loyal customers. Not just written, but video content is a great way to gain engagement & increase brand awareness. However, with the decreasing attention of people, make sure your videos are short & crisp.
In the present times, entrepreneurs are realizing the power of Cooperation and Collaboration and are using it to the fullest. Collaborating with salons, spas, hotels, and other beauty and fashion companies will not only boost your sales but will also increase your brand awareness, and build trust & credibility among your target audience. These collaborations mutually benefit both parties, and this is portrayed by one of the trendiest collaborations of all time - NYX Professional Makeup x Netflix 'La Casa de Papel' (Money Heist). The renowned makeup brand went all out, from getting content creators to creating different looks to even changing their profile picture. The collaboration of these two fandoms was all over Instagram. Additionally, this collection was available exclusively on Nykaa in India.
Now that we are talking about Instagram, we definitely can't skip Influencer Marketing. This is an amazing strategy used by businesses of all sizes. From big multinational companies to small businesses and even startups collaborate with influencers in their niche & reap the benefits. Influencers, especially micro-influencers, have built a community of people who trust them, and your chances of getting more sales & brand awareness increase. In the cosmetics niche, make-up artists & other beauty influencers would be the right fit for you. But before getting into business with them, you must analyze important data about them. You can analyze the potential, influence, followers, and engagement of the influencer of your choice on Social Media.
Referral Marketing is a very strategic marketing tactic that is adopted by different kinds of businesses. In these marketing campaigns, you reward the customer for referring or spreading the word about your startup to others. Consider this as a win-win situation both for you & your customer because the customer gets the reward & you get the word-of-mouth advertising. Not just this, this type of marketing is considered to be the most influential form of marketing. Don't worry! The rewards do not have to bankrupt you. They could be in the form of points, discounts, coupon codes, & similar benefits. You can use your creativity & curate interesting & engaging offers for your customer which encourages them to refer your startup to others.
Affiliate Marketing is the process by which an affiliate earns a small commission in return for marketing a product/service for your startup. The sales made by an affiliate can be tracked through their affiliate links. You can even include influencers in your affiliate program where the influencers are provided with a special code & they get a small commission for every sale you get through their code. You can also include an affiliate program on your website where anyone can sign up for your affiliate program & earn a small commission by bringing sales to your startup. This small commission motivates the affiliates to drive more & more sales, thereby increasing your sales as well as marketing your startup.
In simple words, Guerilla Marketing is presenting yourself in a way that differentiates you from the crowd. This requires not much money, but a lot of creativity in order to benefit from this type of marketing. Among other things, something that you must consider is the strategic selection of the location. Many brands have resorted to creative guerilla marketing tactics for their business. From graffiti & chalk arts on walls to billboards, guerilla marketing has no limitations. You can even use your wit & outsmart your competitors.
Your Packaging has a big hand in influencing the buying decision of the customer & also helps you make a lasting impression on the buyer. Make your packaging very creative, attractive, unique & catchy. Your packaging should differentiate you from your competitors & should represent your startup. Keeping this aside, your packaging should also be budget-friendly. Being a startup you might not have many funds available for expensive packaging, however, there are many cheap yet classy packaging options out there. Last but not the least, since it is a cosmetics startup that we're referring to here, the packaging of your product should be such that it is very convenient to use for the customer.
In this era, if you are not keeping up with the latest Trends, you are surely missing out on a chunk of deals. You have to be well informed about the latest happenings in the cosmetics industry. Keep a track of what are people searching for as well as, spending the most money on. Customization & Personalisation are two such trends that are gaining a lot of popularity right now. The best way to retain & gain new customers is to give them what they want. Make sure you research the latest trends & adapt them to your business. Use your creativity to satisfy the consumers by meeting up to their expectations and giving them exactly what they were looking for.
If you are planning to make a mark in the cosmetics industry, you have to consider a combination of both online & offline marketing strategies. You will constantly face challenges & you will have to prove why your products are worth a try. A competitive industry like cosmetics includes all kinds of big & small players, new products are being launched every other day. Thus, you have to think out of the box & give your customers a reason to shop from your store. Nevertheless, running a startup is definitely not an easy task & we hope these strategies help you in getting to where you want to. Good luck!
What are the new changes in the cosmetic industry?
Cosmetic brands of today are more inclined towards using organic, cruelty-free & natural ingredients in their products.
What is the estimated net worth of this industry in the future?
It is believed that in the next 5 years, by 2027, the cosmetic industry is projected to reach $463.5 Billion.
What are some of the best marketing strategies to follow?
Content Marketing, Referral Marketing, Affiliate Marketing, and Guerilla Marketing are some of the best marketing strategies to follow in the cosmetics industry.