Starting a new business is one of the most challenging tasks out there, but for those with their sights set on cracking the beauty industry, it can be an even more daunting proposition. Beauty as a marketplace is dominated by international brands with seemingly endless marketing budgets and it can be very difficult for smaller brands to carve out a place for themselves. However, this does not mean that it’s not absolutely possible to make a name for your company and secure shelf space in key retailers. Once your product is on the shelves, it’s a matter of marketing and the crucial word-of-mouth recommendations which can make or break a brand.
Here are some key steps to consider when pitching your beauty product and start-up to a retailer to help you take that first step on the ladder.
Prove Your Product is Effective
Before you make any pitch, it’s important to get your product backed by independent consumer reviews and substantiate any claims you are making about the product’s benefits. Find a beauty product testing company which specializes in beauty claims validation. You can acquire both headline claims and emotional customer responses, both of which will be very powerful in both your presentation and marketing campaign.
Find the Right Buyer & Retailer
Not every retailer will be the right fit for your product, so make sure you meet with a buyer who is likely to be interested in your product. Simply getting an appointment with someone in the industry is unlikely to be worth your or their time, so if you’re pitching a sun-screen lotion, don’t meet with the lipstick buyer!
Research the Retailer
When you have secured your appointment with the right person, it’s time to do your research. What do they usually sell and how do they go about selling? Are they primarily online or do they specialize in in-store promotion? Understanding what they are looking for in their products will help you to tailor your pitch and make it more likely they’ll be able to envision your product as part of their range.
Plan a Bespoke Pitch
The language you use in your pitch is also crucial to success so look at their websites, social media and other marketing communications to gauge how to address them. Some will be informal and verging on cheeky while others will be formal and more serious in tone.
Prepare to be Flexible
Some retailers prefer to launch new products as online-only brands, at least initially. This limits their risk as they can easily adjust their order in the future depending on sales without keeping an inventory of stock. Even if this isn’t what you were hoping for, it’s best to take the opportunity with a view to expanding later. Consider offering exclusivity to the retailer for a limited time as this can make it a more attractive proposition for them.
Tell Your Story
One of the best cards you hold is your unique story. How did you reach where you are today? Don’t miss out on the human side to your brand’s journey as it’s often the most compelling aspect and can be a real advantage over the big brands for both customers and industry buyers.
Know Your Figures
The buyer will want to have all the figures and facts they need to make their decision, and if you don’t know your key information you’re going to come across as unprofessional. You need to be ready to talk margin, turnover, profit, loss, and inventory with ease, so practice until you can do it in your sleep.
Be Honest & Realistic
Don’t commit to more than you can realistically handle. If you’re just starting out and can only produce a certain number of products a month, don’t agree to more just to secure the deal. Failing to fulfill an order will be far worse for your business than admitting you don’t have the resources.
Would you consider starting your own beauty brand?
Let us know in the comment section below.
As always, thank you for visiting and have a great day!
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