#5 Entrepreneurs Share The Mantra One Needs To Follow When Entering Beauty Business
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Beauty is one of those segments in the industry that never loses its growth rate. The last couple of years has transformed the beauty industry like never before. From major beauty brands investing in augmented reality to companies focusing on customization of beauty products, technology has revolutionized the beauty industry for good.
Now and then we see various companies entering the market, but what does it take to sustain in this competitive industry? We spoke to some entrepreneurs who have seen it all and made it through. Here are the mantra you need to follow when entering the beauty business.
Keeping Up With The Basics:
To know and understand the basics are a must. “Before entering into any business Innovation and current offerings in the space, correct target audience, the latent need of the target audience, understanding the market dynamics and sustainability of the product,” said Gaurav Aggarwal, CEO of One Life and director Lasons India.
Understanding Your and Consumer’s Interest:
The first thing to ask yourself is ``What interests you?’’ Ask yourself, ‘Do you have a penchant for skincare’. Choose this industry only if your interest & personality aligns with that of this business.
Going into the integrity of it Jinal Jain & Mahima Doshi, Founders of Anour- Treat YourSelf
Suggest, “Understanding the consumer is of utmost importance. Do a customer survey regarding their needs & wants and then try to fulfill them. With the wave of organic, natural, ayurvedic products; there is a lot of competition in this segment these days. Don’t be afraid of them, try to bring your USP to the table and have a healthy competition.”
Quality over Price and Patience:
One should know that it is a kind of industry where even a little here & there of quality is not acceptable.
“Customers are finicky & sensitive when it comes to applying products to their skin & hair. Quality is the key. Lastly have Patience when it comes to licensing, brand identity & profits.” add Jain and Doshi.
The 5-Step Quick Book:
What better than a quick step book that tells you what it takes to break into the market. Yash Hisaria, Founder, CEO- ST. D’VENCÉ, one of the popular beauty brands breaks it into five steps:
Step 1: Differentiate or die. Too many players with a lot of white spaces.
Step 2: Think of Packaging & Design as an investment in asset creation and not an expense.
Step 3: Understand unit-economies in depth.
Step 4: Shout about your brand and talk to your customer. Are they listening to the same story as you’re saying?
Step 5: Consulting can only help you so much. The only way to learn is to do. Let rejections happen.
Giving a quick 5 step tip of what should be done Bhaskara Pratap Seth, CoFounder - Marketing Manager, Neemli said, “Try to make a genuinely good product. Packaging should be aesthetically appealing. Figure out your competition pertaining to the price point. Find your touchpoints for sales and marketing and you have to be patient, nothing happens overnight.”
The 5-Step Plan:
To enter into any business today, it is necessary to know what your consumers demand. A wide range of options for every product has spoilt consumers silly and there is a lack of brand loyalty. So creating an impact and becoming a distinguishable player in the race becomes imperative and yet challenging.
Sharing a few learnings from his entrepreneurial journey is Girish Suresh Vaze, Director of Aroveda Lifestyle Private Limited and Founder of Ecotique - Premium Natural Beauty Products who said:
Step 1: Category research is secondary to none. Understand your market and spend a good amount of time to dive deep and get meaningful insights. In our case, for example, we analysed the market and found the need to create products that are a synergistic combination of Ayurveda and modern science. This led us to reinvent tradition and use ingredients like saffron, ficus, etc. that have been around for eons.
Step 2: Your product should be something you fully believe in. Because, after all, customer retention is a direct factor of how good your product is and whether or not your customer sees value in it. Go beyond the cookie-cutter approach. Do what your competitors are not doing yet. Source the best possible ingredients and create truly extraordinary products.
Step 3: Connect with your consumers. Hear what they have to say about your product. Customer cohort analysis through feedback received online and offline is the best way to scale a business.
Step 4: Be where your consumer is. Today, people are moving to digital platforms to shop. It is important to be present on these platforms in addition to your own store/website. Being aware of the competitors is something we tend to forget observing. Keeping an eye on newly emerging products and their progress in the market for improving our product proves to be beneficial. A strong market research should be done for knowing the insights.
Step 5: Give your customers confidence in your products with certifications like Made Safe, Ingredient certifications like Ecocert & COSMOS and by following internationally accepted formulation norms like Whole Foods compliance.
Well, nothing helps in business than knowing things from people who have gone through the same journey. The tips are here, now get started!