When you first launched your custom skin care line, your goal was simple: to offer premium-quality products that would help build your brand, meet the needs of your customers, and give your business revenue a boost.
Fast forward to today. Are your products still relevant? Is your business still keeping pace with your competitors? Are your sales where they need to be?
While your initial goal hasn’t changed, your customers’ wants and needs have changed, which means now is not the time to rest on your proverbial laurels. The following are five good reasons to expand your custom skin care line and offer new products.
1. Stay relevant.
The health and beauty industry is continually evolving in response to consumer demand. What was popular last season or last year may not be what your customers are looking for now, so it pays to stay on top of the latest trends and introduce new products periodically.
A great example is the recent popularity of men’s skin care products; your business could potentially gain an entirely new customer base simply by introducing products geared toward men, such as beard oil. And voilà! You’ve just expanded your market share.
2. Minimize risk.
Any financial expert will tell you that product line expansion, if done correctly and cost-effectively, is one of the best ways for companies to grow and scale their business. It’s simply not feasible to stick with the same three or four products you started with and expect sales to remain steady.
That said, typically there is a period of time after which a product’s popularity will decrease and sales will taper off. If you notice this happening, it’s a good time to reassess your product line, take a look at what’s trending, and introduce something new.
A great way to find out what people want? Ask your customers! Social media has become an invaluable tool for finding out which health and beauty products people are talking about.
3. Raise your average order value.
It goes without saying that new products generate interest, especially if your spa attendants or salon staff are able to demonstrate their benefits during customer services. When you introduce a new product, there is a unique opportunity to upsell or cross-sell that product on top of what your customer is already purchasing; this often leads to a boost in your average order value. Bundling products is also a great way to increase sales.
4. Increase customer loyalty.
When you offer more products, you’re giving new and existing customers more ways to interact with your brand. This is especially true if your product line extension comes as a result of customer feedback. The more you listen to your patrons and pay attention to their wants and needs, the more loyal they will become to your brand.
5. Boost your SEO ranking.
This one’s just smart analytics: Offering a wider range of products on your website means your business will show up more often in consumer search results, thereby reaching more potential customers and bumping up your chance of appearing on the coveted first page.
Adding new products is also a great way to get more product reviews, and positive product reviews boost site ratings, which can help your site rank higher.
Ready to get started?
When considering which products to add to your existing skin care line, first do a little research. In addition to staying on top of what’s trending in the health and beauty industry, it’s important to listen to what your customers are saying. Is there a particular need you can address or a problem you can solve with your product? Again, social media is a great place to start.
Next, look at what your competitors are doing. Is there a product they’ve introduced recently that’s been getting a lot of attention? Are they capitalizing on the latest ingredient trends or packaging innovations while you’re still doing the same old thing? That’s a good indication it’s time for a change.
Finally, talk to the experts at Onoxa.
As the first-ever online platform for custom-branded beauty products, Onoxa can help you discover the perfect products to add to your branded skin care line. Our product catalog is always growing as we continue to add to our selection of expertly crafted, high-end formulas driven by customer demand and backed by science. Call us today at 888-688-2991 or email [email protected] for more information.