With so many options available when choosing a beauty product, it can be overwhelming for customers to find the right products for their individual needs. In this article we will provide you with useful tips on how to create a portfolio of brands that meet the different needs of your customers.
Gaining the loyalty of your customers is essential, because your business growth and profitability depends on it. If you are a beauty retailer, one of your goals will be to stand out from your competition,so it will be essential to have an effective product portfolio that meets your customers’ needs.
Importance of creating a beauty portfolio
Building a portfolio of beauty products is important because it helps you to live up to what your customers expect from a retailer and keep them engaged with the brands.
A broad portfolio of beauty products also helps you maintain a competitive edge in the market.Customers are always looking for quality and innovative products that suit their different lifestyles.
Therefore, you should be prepared with products for all types of hair, skins, vegan, animal cruelty-free, organic and adapted to trends that are constantly evolving in the environment.
Tips for building a portfolio of products for each type of customer
Understand their needs
The first step in creating a tailored product portfolio is to thoroughly understand the needs and preferences of your customers.
Conduct surveys, organize focus groups and gather feedback on social media to get information on what they really look for in beauty products.
In addition, research the most common trends and concerns in the beauty industry to ensure that your products effectively address these issues.
Once you understand the different types of customers, it is important to identify their needs.. What kind of beauty products do they need? What problems do they face with their skin or hair?
Customers change their preferences and needs over time.. Therefore, it is key that you have a product portfolio that adapts to change.
Segment your customers
Once you have collected the necessary information, it is time to segment your customers into demographic and psychographic groups (lifestyles, desires, fears, interests…).
Examples of segmentation could be: young customers concerned with essential skin and hair care, middle-aged customers interested in anti-ageing products or customers with frizzy hair looking for hair straightening products.
To expand your customer base and achieve higher sales margins, it is important that you have a portfolio of products that meet the needs of different types of customers.
Research your market and those you want to enter
Conduct thorough market research to identify what products and brands are currently available for each customer segment. This will help you understand the competition and find opportunities to stand out.
Examine the unique features of your products and how they compare to existing competitors. This will allow you to develop a unique and attractive value proposition for your target customers. If you start from a global strategy, with these tips you can adapt your products to local requirements to make them more relevant.
Commitment to innovation
R&D is a key element in the world of cosmetics. With the development and marketing of innovative products, it is possible to reach all types of customers, whatever their preferences or physical characteristics in terms of skin type, hair type or other qualities.
Considering how trendsare the determining factor in this world, continuous innovation is the best way to be aligned with them.
EThat is why your product portfolio should be dominated by brands that are innovative,that continually develop and research to launch more and better products for a wide range of users.
Sustainability and animal welfare, a determining criterion
Consumers are increasingly clear that respect for the environment and for animals should be the hallmarks of their favorite brands.
For this reason, they look for products that are manufactured with the utmost care for the environment and have cruelty freecertifications and labels.
Another aspect to highlight in this sense is the choice of brands that produce packaging under eco-design guidelines, also taking environmental awareness beyond the product formulations themselves.
Keep your product portfolio up to date
It is important that you regularly evaluate your product portfolio and update it as necessary. This will help you to keep products relevant and in demand in your shops.
Evaluating your product portfolio will help you identify problems and opportunities for improvement, meeting the changing needs of your customers and maintaining a competitive advantage in the marketplace.
Here it is essential to get continuous feedback from your customers.. Encourage open and active communication through social media, satisfaction surveys, sector studies, etc.
By taking note and applying these actions, you will have a lot to gain in terms of offering products in your establishments that are really in demand by your public. The result, more sales and greater loyalty and prestige in an environment where competition is very high.
From Starbrandswants to help you achieve these goals by offering you to participate in our partner program, through which we can grow together. herefore, we encourage you to ask us for more detailed information,about it, it will be a pleasure to provide it to you.