Cosmetic Product Launch 101
How to Launch a Cosmetic Product Where Competition is Fierce
The cosmetic industry is a market that’s full of opportunity — but it’s also one where competition is fierce. When launching a new product into this market place, it's necessary to get it just right. It’s important that companies within the cosmetic world know how to navigate the cosmetic landscape to ensure they get things right when it comes to a new product launch. How can your company launch a cosmetic product successfully?
Product launch planning involves fine-tuning the product itself to make sure it captures the attention of your audience. Companies should focus on building a brand following well in advance of the launch via friends and family and social media outlets such as Instagram and Facebook. Encourage customer engagement by asking questions via social media polls and surveys. Consider sending free prototypes to key influencers asking them what they think about the product or perhaps anything they think that could be changed about the product.
This approach has two advantages for a product. First, it provides valuable market intelligence and feedback on the product and second, it helps to create a buzz around the product prior to fully launching the product. It’s a win-win.
Listening to Feedback
Another key component during a product launch is to listen to customers, and capture their reactions to the product. Websites such as Beautypedia and Allure allow customers and reputable bloggers to give beauty product reviews. These types of media platforms are crucial for companies during product launch. It’s important that companies pay attention to feedback and take the good with the bad. The good reactions should turn into testimonials and the bad reactions turn into feedback to improve the product and service.
Define the key message your company wants to send, and make sure you stick to this across all elements of your product’s marketing campaign. What problem does your product solve? What makes you and your product different from everyone else? Determine your brand voice and make sure to follow it across all channels. If you portray your company one way in your Instagram feed and another in your YouTube videos, customers are going to get confused! Keep it consistent.
Find Your Focus
Research and identify the platforms in which your audience is most active, and those platforms that are most likely to influence their buying decisions. There are many different platforms that can be utilized within the cosmetic industry. Contests and giveaways are a great tool for product launches. Additionally, consider including free samples of the new product with existing product orders.
There are thousands of cosmetic products on today’s retail shelves, all of them falling into five distinct categories: skin care; hair care; color cosmetics such as lipstick and eye shadow; fragrances; and personal care products. The cosmetic industry is a highly competitive environment influenced by changing consumer preferences, technology and industry trends. Advertising, promotion, merchandising and packaging can all impact consumer buying decisions in a growing billion dollar industry.
The ideal contract manufacturing and packaging partner is one that has expertise and proven go-to-market strategies across a wide range of product capabilities. Selecting a packaging partner, like GCB, that understands the market preferences for packaging is an important step for your brand.
Good Launch vs. Great Launch
In the end, it’s important to be focused during a product launch. Product launches require extreme focus, patience and can involve trial and error. It’s imperative to have an established framework. The difference between a good launch and a great launch is being clear about what your company wants, how your brand is defined and what your company’s goals are. The success of any new product launch depends upon a variety of factors, from packaging to pricing to clear communication.