The 532 billion-dollar beauty industry is among the largest in the world, with the United States leading the way in market share. For smaller, independent beauty entrepreneurs, that means a lot of competition—especially from larger and more well-known brands.
If it has been a while since you launched your beauty business, or if you have noticed sales starting to taper off, it may be time to consider rebranding.
What is rebranding?
Rebranding is a proven marketing strategy and one that can help inspire new interest in your brand and ignite sales. It involves changing the look and feel of your brand to better engage with your target audience. This may include reenvisioning your brand design—from updating the design of your products labels (including fonts, colors, imagery), to creating a new logo or business name, to rethinking your business goals and values.
Oftentimes, small business owners are reluctant to rebrand, considering the personal connection they have with their brand and the amount of time, energy, and creativity they invested in launching their dream business. However, keep in mind that rebranding does not have to be a major overhaul, and you, as the business owner, have complete control over which aspects you want to change.
If anything, it may be worth doing a little research and jotting some ideas down on paper. With so much competition in the beauty industry today, and with product trends and consumer buying behavior changing constantly, thoughtful rebranding can help you stand out among competitors and boost your bottom line.
How do you rebrand your business?
Successful rebranding involves taking into account three important aspects of your private label beauty business: your customers, your products, and your competitors.
1. Begin with your customers. Think about who you are trying to reach and if your target audience has changed since you first launched your business. Did you set out to sell products to one demographic but noticed the majority of sales came from a different group? Or, have you expanded your product line and now cater to an even broader audience? If so, it may make sense to rebrand to increase your connection with new and prospective customers.
2. Next, focus on your products. You have likely added new items over time as your business has grown and the demand for new products has increased. This is an excellent way to keep pace with the latest trends and ensure your customers do not have to look elsewhere for the products they want and need. No doubt it has also helped you attract new customers or audience groups (for example, you may have added a men’s product line). Rebranding is a smart way to let both existing and potential customers know you are committed to evolving your business to meet their needs.
3. Then, consider your competitors and the market as a whole. What has changed since you first started out? Who are your strongest competitors and what makes them successful? What seems to be driving consumer purchase behavior now as opposed to when you initially launched your brand? All of this can help you craft a successful rebranding strategy that benefits your business.
Finally, think about your initial vision, goals, and values for your beauty business. Have they changed or evolved since you first started out? What about your brand guidelines? Do they still apply? Rebranding can help you more effectively convey your message and ensure your business is promoted in the right light.
What are the benefits of rebranding?
- A fresh look and feel. A good makeover is everything, especially in the beauty industry. Rebranding gives your business a more current, updated look and shows customers that you pay attention to what’s new and now.
- Broaden your customer base. Attracting new customers and expanding into new markets is one of the biggest perks of rebranding. When developing your strategy, focus on what you have added and how it can help you engage with more consumers.
- Stand out from your competitors. Taking steps to differentiate your brand helps to spotlight what makes it unique and positions you as leader in the industry. A strong message and image will go a long way toward setting your brand apart from others.
- Increased revenue and growth. Perhaps the biggest benefit of rebranding is the boost in revenue that comes with refreshing your look, expanding your audience, and offering new products. Not sure where to start? Check out HubSpot’s Ultimate Guide to Successfully Rebranding in 2021.
Not quite at the rebranding stage yet?
Time and again, statistics have shown that businesses that rebrand are those that stay relevant and stay profitable, but maybe you’re not quite at that stage yet—and that’s okay! No matter where you are in your beauty business journey, Onoxa has the premium-quality products, the industry expertise, and the tools and resources to help you make your private label beauty brand a success.
Contact Onoxa today by phone, email, or live chat to learn more,
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