LAUNCHING A PRIVATE LABEL BRAND: 3 KEY THOUGHTS TO KEEP IN MIND
It’s 2017 and perhaps you’ve thought “I want to launch my own skin care/cosmetic collection.” If you are a small business owner, an esthetician, or a cosmetic medical or spa owner, launching a new product brand is a great way to establish yourself in the marketplace and gain additional income for your business.
If a new brand is in your future, here are a few things to consider.
1. Have a plan. Start out with a business plan supported by a marketing plan. Your plan is adjustable and you can change it along the way. Consider it almost like a living document. In the plan, consider your mission statement, your goals, the financial commitment needed for your brand for development and sell-through, your target market, pricing strategy and competitors. It doesn’t take a long time to create a plan, but you need to know where you are going and how much this will all cost. And consider the extra help or expertise that you may need to hire on, even if temporarily, to get your brand launched. THE TAKEAWAY: Create a business plan.
2. Marketing. Alongside a business plan is a marketing plan. Sometimes marketing plans are included at the end of the business plan as an addendum. However you treat it, it’s best to have a marketing plan in place. Once you have thought about your products and created your business plan, how are you going to sell the product through? What PR support or other media will you use to promote your collection? How will you plan new product launches or introductions? This, like the business plan, can have room for adjustments along the way. THE TAKEAWAY: Create a marketing plan as you create your business plan.
3. Start small. Depending on the size of your facility, there is no need to rush into launching a 10 to 20 sku collection. Start with just a few key pieces to give you the opportunity to introduce the products and its special features to your clients. Also, launching with only a few pieces allows room to spare for new product launches in the future. THE TAKEAWAY: A conservative launch is okay.
Bonus point: Hire an expert to help you. Can you launch a brand on your own? Sure, yes, you can. However, like everything else, is this really the one more thing that you want to add to your plate? Adding product development can be a great note for your CV, but if you want to get your product out in a timely fashion, don’t hesitate to bring on the extra help you’ll need to source vendors, finalize the technology, develop formulas, speak in chemist language, or to use as a second eye for design, copy, and marketing.
If launching your own private-label brand is in your plans or if you’d like to learn more, contact me to schedule a consultation to talk through your goals. Email Cherie@beautyedgeinc.com Check out our site www.beautyedgeinc.com
Stay tuned for the next post in this series: “Protect yourself against possible product liabilities.”