If you’ve recently made a connection with a cosmetics manufacturer or already have a longtime relationship with such a company, chances are you often can’t wait to get going with new projects. And while we love enthusiasm, it’s important not to get too ahead of yourself during this process.
At Dynamic Blending, we’re proud to offer numerous cosmetics manufacturing services, from custom lotion to dental products, lipstick manufacturing and plenty in between. While we know there will always be excitement for new products or formulas you’re pushing out, we also regularly remind clients of the importance of taking the proper steps before they call us and start the manufacturing process. Here are a few basic areas to ensure you’ve covered while getting started.
Again, it’s understandable you’re excited about a new product. But you must consider a simple theme: Will others who aren’t in your position be excited about it, to the point where there will be a robust market?
This is an area where you have several avenues of potential research to perform. Much of this will be based on previous sales of related products, which will inform your general demographics and target audiences. You will want to evaluate the locations where you can sell a given product, whether it’s on your own site or in various other locations. You also want to be thinking about factors like ideal pricing (especially compared with manufacturing costs), marketing and branding themes as well.
Scan Your Competitors
While we could technically connect this to the section above, it’s important enough that it deserves its own mention. A huge portion of market research also involves scanning your competitors and the related products they offer – what they’re charging, how the product in question differs from yours, and similar themes.
Maybe you’re excited about a new design, but discover your competitors offer the same kind of product for several dollars less than you could – this could lead to a re-design before you enter manufacturing. On the flip side, if you find out your competitors are actually charging way more than manufacturing costs require you to, there’s a major opportunity here to both offer competitive pricing and create profit.
One other vital area to keep in mind during this process is packaging. Certain products will require very specific packaging and labeling, and not all manufacturers will be outfitted for these areas. If you’re selecting packaging from another source, be very sure to check with your actual cosmetic manufacturer before confirming any purchases just to be sure your choice is compatible.
For more on product details to get straight before contacting your cosmetic manufacturer, or to learn about any of our private label or custom contract manufacturing services, speak to the staff at Dynamic Blending today.