The 4 Factors You Must Consider Before Your Next Beauty Product Launch
If there’s one thing I’ve learned throughout my 14 years in the beauty industry, it’s that the steps prior to your beauty product launch are often make-or-break.
And, as I witnessed time and time again while helping budding brands reach cult-status level, there are several launch strategies that should not be taken lightly. Regardless of whether you’re selling a $300 anti-aging cream or a $20 beauty blender, the way you launch matters. Getting these steps right early on will help you launch your product with clarity and ensure the desire from your customer right out of the gate.
Keep reading to learn the most common launch mistakes to avoid so you can kick off your beauty brand like a pro.
The 4 Most Common Mistakes Beauty Brands Make During Their Launch & What You Can Do To Avoid It
Many beauty product launches come down to the same few key mistakes. I’m going to share these pitfalls and tie in actionable tips so you can avoid these errors during your next launch.
1. Not getting their pricing right out of the gate.
Pricing is one of the most essential decisions you’ll make for your brand; it impacts every aspect of your business. While it’s possible to change your pricing down the road, over or underpricing your products may leave you scrambling to protect your brand’s reputation and prevent you from getting more sales from the get-go.
In order to get your pricing right, you’ll want to look at a few factors. First, calculate your product costs. Take into account current charges as well as future charges, such as your raw ingredients, packaging costs, product damage costs, returns, sampling, marketing, accounting, and more.
Second, compare the average price per unit of your product vs. your competitors. Make sure you’re comparing apples to apples by using a standard volume metric like milliliters.
Lastly, consider your price positioning and how that appeals to your target customer. Is your customer a bargain shopper looking for quality but always at a good deal? Or are they all about that luxurious, white-glove experience, with gifts and unboxing galore? Depending on your target customer, you’ll want to adjust your pricing accordingly.
When you get into the mind of how your customer shops and what they value in a beauty brand experience, you’ll have the opportunity to leverage pricing as part of your launch strategy and optimize sales consequently.
The takeaway: Do your research and consider factors like market standards, target customer, and operational + cost of goods expenses in order to price your product successfully in preparation for your launch.
2. Not timing your launch with consumer demand trends.
Here’s a fun fact for you: the tenth biggest reason that new businesses fail is due to mistimed product launches, according to the Small Business Administration. Unideal timing could mean launching during a national holiday that’s taken everyone’s attention.
Timing is everything. Plan your launch so that it’s not conflicting with a major political event (definitely don’t launch around Election Day unless your product is specifically tied to this event) or a holiday like Labor or Memorial Day when everyone will be away at the beach with their families (again, unless your product is specifically tied to a vacation/beach theme like a sunscreen).
Have you ever seen an SPF brand launch in the winter? No, that’s because cold winter days are typically not the time where sun protection formulas are on the minds of most consumers.
Take a look at the calendar, at different holidays, themes, events, seasons, etc. and see where your product will most naturally fit with the activities and interests of your target customer.
Insider Tip: Thinking of launching your product or brand during the holidays? Think again. Yes, this is the business time of the season when established beauty brands or brands with investor backing make much of their annual revenue and then some.
However, if you’re an emerging brand looking to strike out hot, it may be challenging to stand out and get noticed in all that holiday noise. Consider launching in January and February where you’ll have more space to grab the attention of influencers and customers alike.