Market Research for Cosmetic Business: 4 Key Points to Conduct a Proper
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Market Research for Cosmetic Business: 4 Key Points to Conduct a Proper

START NOW – Conduct a market research for cosmetic business is an important step you should take first before start your beauty company. 

This will allow you to better understand the market and strategize effectively. So, how to properly conduct a market research for cosmetic business?

Methods to Conduct Market Research for Cosmetic Business

Methods to Conduct Market Research for Cosmetic Business

The first thing you want to know through market research for a cosmetics business is the needs of consumers.

In addition, you can also use this research to find out about the latest trends in the cosmetics industry.

There are several methods that can be used to conduct this research, namely: 

Consumer Survey

Consumer survey is a quite simple, quick, and effective method for understanding potential buyers’ needs and preferences.

You can do it online and offline, depends on the target consumers you want to reach for optimal results.

By the survey, you can find out which products are most in demand and how much its appropriate price range. 

You can also find out about the consumer perceptions about certain brand. Therefore, the survey’s result will help in designing products that meet market expectations.

In-depth Interview

Conducting in-depth interviews with potential consumers is another method you can choose to conduct a market research for cosmetic business. 

Through these in-depth interview, you will be able to dig deeper into the reasons behind consumer purchasing decisions.

This will allow you to  get more specific understanding of the cosmetic products that they are interested in.

This will also allow you to understand about consumer preferences for certain brands and the factors that influence their loyalty.

It is very invaluable in designing more attractive products and optimally meeting consumer needs in the cosmetics market.

Direct Observation and Online Research

The observation method will allow you to see directly how consumers behave in stores or e-commerce platforms.

Additionally, online research utilizing social media and product reviews on e-commerce sites can help understand consumer needs.

In this way, you will be able to get a detailed picture of consumer needs. You can also follow the cosmetics industry’s trends effectively.

As a result, your products will be more able to adapt to the dynamic market demands easily. 

Competitor Analysis in the Cosmetics Industry

Competitor Analysis in the Cosmetics Industry

Competitor analysis is an important part of the market research for cosmetic business that you should not forget. 

Identifying competitors’ strengths and weaknesses will helps you to develop superior and more attractive strategies. You can do the competitor analysis by this following steps: 

Identifying Key Competitors

The first step in competitor analysis is to identify who the main competitors are in the market.

In the cosmetics industry, competitors can come from various segments, ranging from local brands to international brands.

You can search for information about them through official websites, social media, and e-commerce.

Studying Competitors’ Products and Prices

Knowing competitor’s products and pricing strategies is another important information you can get from the market research for cosmetic business. 

Therefore, if they have similar products with the one you will launch, you may need to do some differentiation.

For example, you can carrying the concept of natural ingredients or highlighting certain claims that competing products do not have.

Observing Marketing and Distribution Strategies

Successful competitors usually have effective marketing strategies and extensive distribution channels. Observing it may inspiring you to develop a similar or even better strategies

By conducting a thorough competitor analysis, you can find gaps in the market that competitors may not have tapped into.

This allows them to customize products to make them more appealing to consumers.

Target Market Identification and Consumer Segmentation

Target Market Identification and Consumer Segmentation

Identifying target markets and consumer segmentation are important steps in developing cosmetic products. It ensured that the products will truly meet market needs and preferences.

This consumer segmentation allows business owners to focus on specific consumer groups, making marketing efforts more effective.

Understanding Consumer Demographic and Psychographic Profiles

The market research data will also allow you to know the demographic profiles of your potential customers. 

This demographic data including age, gender, and location of consumers will be the basis for determining marketing strategies.

In addition, consumer psychographics such as lifestyle, interests, and preferences in cosmetic use also help determine the right product.

Grouping Consumers Based on Purchasing Behavior

The result of market research for cosmetic business will allow you to groups consumers based on how their behavior.

For example, you can create the segmentation groups as follows: 

  • Consumers who buy cosmetic products every month, 
  • Consumers who buy only for special occasions
  • Consumers who buy because of certain trends
  • etc

This information can help you to determine which superior products to prioritize.

Identifying Specific Consumer Needs

Each consumer segment has different needs. For example, there are segments that require paraben-free products or products that are safe for sensitive skin.

Adapting the product to these needs will increase the product’s appeal in the eyes of consumers.

Execution Strategy Based on Market Research for Cosmetic Business Conducted

Execution Strategy Based on Market Research for Cosmetic Business Conducted

After obtaining data from market research for cosmetic business, you can start to develop effective execution strategies.

Here are some steps you can take:

Determining the Unique Selling Proposition (USP)

Based on competitor analysis and consumer segmentation, you can determine the USP that differentiates their cosmetic products from others.

This USP can be in the form of superior ingredients, product benefits, or more attractive packaging design.

KBLI Beauty salon can also be a relevant addition to a cosmetic business with a focus on beauty.

Product Development and Innovation

Based on consumer preferences discovered through the market research, cosmetic products can be customized to suit consumer needs.

For example, natural-based products or anti-aging products specifically for consumers in their 30s.

Use of Digital Marketing and Influencers

You may already know that digital marketing, especially social media usage, has a huge influence in building cosmetic brands.

You can use influencers to introduce new products, run giveaways, or provide special promo codes. This method is effective in reaching out more consumers.

Market Testing

Before officially launching a product, you also need to conduct a market test on a small segment to get feedback.

This will allow you to do product adjustments if necessary, so that the product launched truly fits market needs.

With the right market research, you will be able to develop effective strategies that are in line with consumer needs.

If you need some assistant to conduct market research for cosmetic business, don’t hesitate to use Start Now services.

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