Many small businesses are still reeling from the financial impact of the COVID-19 pandemic. As we look ahead to the upcoming holiday season, and beyond that to the new year, smart business owners will be thinking about ways to not only bounce back after a global health crisis but also to grow their brand and increase profitability in 2022.
While you may not have a designated sales and marketing team, that doesn’t mean you can’t take advantage of key strategies used by top industry experts. Implementing one or more of the following tactics will give you a head start on optimizing sales in the months ahead, which in turn will help you grow and scale your private label beauty business well into the next year.
Redefine your target audience.
When looking for ways to increase sales, your customers are a great place to start. Begin by evaluating your target audience: How has it changed since you first launched your business? Did you initially zero in on a specific group or niche but now see more diversity among your buyers? Have you added products that could appeal to more and different shoppers? Consider changing your marketing message to include a broader customer base. This will help you engage with a larger pool of potential buyers and, as a result, pave the way for revenue growth.
Grow your social media presence.
Another way to reach more customers is through social media, especially today. Over 3 billion people worldwide are currently using social media, spending an average of nearly two and a half hours on their favorite sites every day. Still, many business owners fail to use social media to its full potential. Maintaining a strong social media presence—and even selling products directly through social media—keeps your brand in front of your customers at all times and will go a long way toward boosting revenue. We’ve put together a simple guide to help you Grow Your Business with Social Media Marketing.
Expand your inventory.
Expanding your inventory will also help you bring in more sales. Obviously, the more products you offer, the more value you provide for existing and potential customers, so consider adding to your product line in the coming year. If your budget is tight, it doesn’t have to be a huge investment; you can easily start out small with one or two new products to test the waters and see what works. If you have a little more room in your budget, consider taking advantage of the not-going-anywhere hemp beauty trend and adding a line of hemp-infused skin care products to your inventory.
Create a referral program.
Not enough small businesses take advantage of this proven strategy for boosting sales. Creating a referral program is a simple, cost-effective way to essentially put your marketing efforts on autopilot and let your existing customers do the work for you. Retail TouchPoints published an eye-opening article earlier this year on the benefits of referral programs, and it’s worth the read. Consider offering free samples, product discounts, beauty consultations, gift cards, and other referral “rewards” for customers who bring in business by referring their friends and family.
Increase your prices.
Many established beauty business owners are hesitant to increase their prices for fear of losing customers (and, as a result, revenue). However, in the beauty industry especially, buyers are often willing to pay a premium for products and brands they trust. This is especially true if you sell your products in a salon, spa, or high-end boutique, where the clientele often expect a higher price point.
While there is usually a limit or “cap” as to how much a customer is willing to pay, remember too that when you partner with a luxury manufacturer like Onoxa who formulates high-end skin care and beauty products using superior natural and organic ingredients, you can feel confident charging a bit more for your products. Here are some quick tips for Pricing Your Skin Care Products for Profitability.
Attend events—or host your own.
Networking has always been one of the best ways to grow a business. Though they require a small investment, attending larger beauty and personal care trade shows can boost your presence in the industry and allow you to build profitable relationships with manufacturers and other business owners. (Starting your research now will give you plenty of time to put aside the exhibit space fee and money for other expenses.)
If larger events are not in your budget for 2022, you can also look into smaller events such as farmers markets or local artisan fairs. You can even host an in-home event and ask some of your top customers to bring friends and family with them. At the end of the day, the increased exposure for your brand will have a positive impact on your bottom line, and you can expect a nice boost in sales.
Talk strategy with your fellow beauty entrepreneurs.
Whether you recently launched your private label skin care line or you have built an established brand, the Onoxa Insiders Facebook Group is a place where you can go to talk strategy and learn what your fellow beauty business owners are doing to stay profitable and increase revenue as we head into the holiday season and plan for the new year. This is a private, members-only group where Onoxa sellers can learn key sales strategies, get marketing advice, discuss products, and much more. Don’t miss out!
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