More than half the products launched each year fall flat within the first few months. By extension, so do the companies behind their creation. Why is that the case? Though a number of issues drive businesses into nonexistence, most revolve around a single factor: the affected companies just aren’t providing what consumers want. This is particularly true in the beauty industry where competition is fierce and abundant, and consumers’ expectations run high.
Understanding What Your Customers Really Want
Finding success in the continually growing beauty market takes a great deal of thought and planning. It also requires finding a target audience and amassing plenty of knowledge about the crowd to which you’ll be marketing your products. Beauty product focus groups can go a long way toward reaching this goal, but it’s important to keep certain factors in mind throughout the development process.
Don’t Create Products
This statement is probably raising quite a few eyebrows, but it’s completely logical and accurate. Consumers don’t want new products. They already have an endless selection online and on store shelves, all of which contain similar ingredients and make the same promises. These days, drawing interest to a company and ushering prospects along its conversion funnel takes a bit of a different approach.
Instead of starting off with a product and trying to market it, create a solution to a widespread problem. Eliminate under-eye puffiness. Smooth fine lines and wrinkles or effectively cover blemishes with less product than the competition. Burn fat safely and quickly without the need for dieting.
Once you’ve solved the problem your target audience is facing, it’s time to introduce the product itself. They’ll already be interested and primed to heed your calls to action to learn more, subscribe to newsletters and ultimately make purchases.Take Research beyond Product Development
Enlisting the aid of members of your target audience can be invaluable in developing new products and services, but public opinion doesn’t only apply to what a company has to offer. Keep in mind, consumers don’t find your products by accident; they find them through marketing. Though having the right marketing strategy in place is the key to business success, the only way to truly understand which campaigns would be most effective is to include the public in their development. Including prospects in the building of marketing campaigns is as important as listening to their needs and expectations when creating products.
Reinvent the Wheel
Countless entrepreneurs focus their efforts on creating revolutionary new products. In the process, they overlook a wide range of opportunities. As mentioned in a recent post from Shopify, the better option is often improving upon existing products or finding new uses for them. Remove synthetic ingredients and replace them with natural ones. Re purpose an effective foot cream as a remedy for dry, cracked elbows. New products don’t necessary have to be new per se. Sometimes, simply adding or taking away an undesirable element is all it takes to sell.
All Things Considered
It’s long been said that the customer is always right. This concept goes well beyond smiling and nodding while an irate customer berates you over bringing her the wrong size shoe to try on. Consumers are invaluable tools in developing brands, products, services and marketing campaigns among other aspects. In some cases, they even provide more information through what they don’t say than what they do.