BRANDING

BRANDING

A number of reasons, especially increased consumer awareness and interest in self-care, natural beauty, and anti-ageing products, are causing the beauty industry to boom. 

This is an amazing opportunity for skincare companies!

 If they don’t seize it, it will pass them by. As with most things, this brilliant opportunity brings with it a challenge: With everyone jumping on the skincare bandwagon, there is a lot of competition around, cut-throat competition, to be exact. Every skincare company needs something to make them stand out from the run-of-the-mill crowd. They need to destroy the competition with their individuality and originality while also catching the consumers’ interest and capturing their imagination. They need a hook; they need to prove to the customers why they are better than the rest and what makes them better – which can be very hard. 

Humans are visual creatures. Our vision takes up about 30% of space in our brain, which explains why visuals are vital in boosting sales. For skincare brands, this is a critical piece of information as they have to work on getting their products to look more visually appealing. Some service-based companies rely on word of mouth to expand their business, but little do they know the enormous role the first impression plays in the sales of their products. Within only the first few seconds, a product’s packaging can make or break the sale. Yes, it is that important!

If skin entrepreneurs are to strive for this fierce competition, they have to learn to thrive under pressure and the unavoidable uber-competitive beauty industry. If the question of branding has you scratching your head, we are here to explain all the ins and outs of branding for you.

Everyone has needs for which they depend on products. And a product is designed to meet those needs. When your face is dirty, what do you need? A face wash or gel. That’s where skincare companies come to cash in on the opportunity. There are products available for all sorts of things in today’s market. Think physical goods, beauty goods, services and so on and forth.

In other words, by definition branding is a marketing method in which a business creates its name, symbol and design that can helps customers identify you’re  a brand; this helps to describe goods and give it the necessary characteristics to differentiate them from other goods and services. Branding is fundamental to a business because it is not only what offers consumers a memorable experience and makes them come back again and again by fostering loyalty, but it also enables your target customers to suss your brand out and know what to expect from your company. This is how you get to stand out from the out; this is what sets you apart. This helps your customers decide why you are unique and why they need to come back to you in the near future. Your product is you, essentially!

It is a representation of what you stand for and who you are as an organisation, and how you would like your customers to view you. For all companies (no exception), branding is essential; it encapsulates your ethos and morals as an organisation. You can’t do without it. If you have a company, you have branding. It’s as simple as that.

By analysing how competitive the market is, small enterprises are much more likely to benefit. This includes solo entrepreneurs, online firms, and even freelancers. 

Creating a brand is very critical. A brand can make or break the chances of your success, so it’s imperative all the steps leading to the branding are thought through. One needs many things to create a brand: advertisements, customer care, logo, promotional products and prestige. To build a unique and attention-grabbing professional profile, all of these elements work together to create a brand that people remember for years to come.

Let’s first discuss the fundamentals of branding cosmetics brands – the global beauty market is predicted to grow from $432.7 billion in 2016 to $750billion by 2024. What is branding, and why it is essential?

BRANDING IS HOW PEOPLE VIEW YOUR BUSINESS, YOUR COMPANY, AND YOU, MOST IMPORTANTLY

Good branding inspires people and most of them on a personal level. It increases people’s awareness of your value as an organisation and drives new business. This is how customers recognise you, value you and come back to you.

The logo, the face of the business, is the most crucial element of branding, especially where this factor is concerned. For generating potential sales, branding is vital, and a well-established brand increases the appeal of a company, giving the company more leverage in the industry. Due to its deeply defined position in the marketplace, this makes it a more desirable investment opportunity. There is no trouble drumming up referral business for a good brand. Strong branding typically means a good perception of the company among customers. Because of increased familiarity and perceived reliability because of the name, they can trust and likely want to do business with you. When a brand is well-established, the company’s best and most successful promotional strategy would be word of mouth. The company fosters trust with buyers, potential customers and customers through a professional presence and well-strategized branding. People are more inclined to do business for a company with a polished and competent image. Having a good brand gives the impression of being experts in the industry and makes the public feel like they can trust the company, the goods and services it provides and the way it does its business.

ADVERTISING IS JUST ANOTHER PIECE OF THE PUZZLE OF BRANDING

 Advertising campaigns can better communicate a brand and its desired representation. Advertising strategies, such as using reputable company promotional goods, facilitate developing a clear and attractive advertising campaign that achieves the branding goals. 

If you are wondering about starting a skincare brand in India, you will do well to make a point of answering these questions: Who are you as an organisation? What value can you bring to the table? What difference can you make in people’s lives to make them better and healthier? First off, you need to realise who you are as a brand before expecting consumers to interact with your company and products. If possible, condense all ethos of your brand into just three words. What would these be? You may be a go-getter, science lover and creative. You may be feminine, caring and colourful. Or maybe you have an all-natural approach to things: you like things to be eco-friendly, environmentally sustainable and simple. Condensing everything into a few adjectives will help simplify the process, streamline your branding and direct your branding decisions regardless of what kind of cosmetics business you are trying to create.

HOW DO YOU GET AN EDGE OVER FROM YOUR COMPETITOR?

As mentioned above, there is a lot of competition in the cosmetics world. You need to consider what makes your brand stand out if you want your brand to succeed. Learn from the competition if you have to. Do research, ask people and burn the midnight oil if need be. Building a brand takes a lot of effort and an army of supporters and helpers because no man’s an island. Your point of differentiation is to know what makes you unique and different from what’s already out there. This will make your ideal consumer prefer your goods over others. existing goods. What are your missions and ethics? Not only can your principles guide your internal strategy, but they’ll also help you interact with your customers externally. As a brand, what do you stand for? Your values may be environmental sustainability and safety. Having clarity of thoughts before actually making your making skincare product to sell and setting out to do business makes the journey a lot easier and things much hassle free. Before launching your products, take a step back and put yourself in the customer’s shoes: would you buy this product? And it will answer all your question. With the advent of the Internet, consumers are getting increasingly aware of what’s right and wrong for them. Trying to dupe them will only undermine their confidence in you as a brand and is a surefire way to failure. It’s best to keep your customers’ interest at heart before you sell any good or service.

Your unique selling proposition (USP) is basically the reason why consumers specifically buy from your company. A good USP helps your brand individualise itself. This is what you need to set yourself apart from the competitors, even when you sell almost precisely the same product. The USP is what a brand needs to integrate into their experiences to make the experience unique to their brand and marketing, experiences of your branding and marketing. Some brands opt for a USP based on value or price, others look at brand loyalty, quality, or use case, and some opt for USPs based on social or moral value. Before choosing your UPI, you would do well to remember to ask yourself these questions? Who is the target audience? You would do your business a world of good to ensure it speaks to your ideal customers as you create and introduce a cosmetics brand, but you can’t do that if you have no idea about your customers. Creating an optimised client avatar is advised before starting the branding process. With your goods, who are you targeting? What are your customers looking for in your business? What are their difficulties? For building your brand identity, you will need the following elements 

WALKING THROUGH WRITING A BUSINESS PLAN FOR YOUR BEAUTY BUSINESS

Does the idea of writing down a business plan keep you up at night?

Don’t let the fear paralyse you? Because it’s not really fear; it’s just unfamiliarity. Everything unknown does seem scary at first, but Palmist has your back!

We will walk you through the entire process and explain all the nuts and bolts of writing a business plan for your beauty business. 

Before we delve deeper into the nitty-gritty, let’s first discuss what a business plan is.

BUSINESS PLAN?

A business plan is a document laying out the goals of a business and its strategies for achieving those goals. 

It also talks about the vision, ethos and its general nature. It contains information like the business’s financial potential, background information of the organisation, and the strategies it needs to adopt to accomplish the desired goals. Put simply, it is like a roadmap that leads a business to its success. 

OBJECTIVES OF A BUSINESS PLAN

A good business plan attracts customers and other businesses by making the brand seem credible and less unfamiliar. It helps the business gain people’s trust and creates a climate of trustfulness. After all, people buy what they trust and discard anything unknown. Why, you ask? It’s evolutionary. It’s human nature. While an excellent business plan might not guarantee success, it can most certainly help you significantly reduce the chances of failure.

THE FORMAT OF AN EXCELLENT BUSINESS PLAN

While there’s no standard format for a good business plan – there are a lot of factors – they vary in sizes and content depending on the nature and size of the business and the emphasis placed on certain aspects of the business rather than others.

No matter how big or small, every business needs to address some fundamental issues for the company to succeed. 

Six major pillars of every business are as follows:

  • Sales and Marketing
  • Operations
  • Human Resources
  • Finance
  • Information & Communication Technologies (ICT)
  • Information Management

OTHER WAYS OF CLASSIFYING A BUSINESS

Traditional Business: According to the Small Business Administration, the traditional business plan is the most common. They are standard and much more detailed. They are generally much longer and require more effort.

Lean Business: On the other hand, lean businesses or start-ups are prevalent in the business world. Their business plans tend to be short and don’t generally have a lot of details. If it sounds like your business plan, you will do well to remember to add in more information before you can expect investors to invest in the business. 

THE CONTENTS OF A LEAN BUSINESS PLAN ARE FEW

  • Strategy
  • Tactics
  • Forecasts of Sales, Costs, Expenses and Cash
  • Execution: Assumption, Milestones, Metrics and Schedule

BENEFITS OF A BUSINESS PLAN

A business plan provides clarity to otherwise messy and chaotic ideas. It provides the structure with every business needs. 

Ideally, all businesses need a business plan as it helps keep tabs on the growth and update it if certain needs to be made. It essentially turbocharges the development of a business by making things easier to do. 

And, they are all the more critical for a start-up. Building a business from the ground up can be daunting and intimidating, but having a business plan goes a long way to helping you on your business journey.

WRITING A BUSINESS PLAN

Now that you are familiar with a business plan and how it is critical to your business’s success, let us help you write one.

Your business plan is a guide to your success. It has to be succinct. No unnecessary information is allowed.

A business plan is supposed to be something you look to when feeling disoriented in your business. It guides you back to what you need to do and what strategies you need to adopt to get the success you have been working hard for. 

It is good for a start-up to revise it at least once every week to ensure you are not getting off track.

Every business is unique and has unique needs, but the motivation is essentially the same to help people and make profits. Described below are some vital elements of the business plan for your beauty business

Summary of the ideas: When starting a business, many ideas hit you, so it’s crucial you write all of them down and then summarise all of them to find your motivation and pattern if any. This section should underline your mission statement and the company’s vision. You can include your business’s other details like employees, the company’s location, and its operations. 

Moreover, it’s a good idea to talk about the unique characteristics of your products and services. Mention the entire procedure from raw material to finished products as it helps simplify and clarify things. If your business offers any services, don’t forget to outline them as well. You can also include pricing, products’ lifespan, and benefits to the consumer. Other things that would be worth mentioning are the production and manufacturing processes, any patents the company may have, and proprietary technology. Don’t forget to talk about R&D here. To attract any potential investor or simply accomplish your goals, it will do your business a world of good if you could specify what makes your business different from others.

Analyse the market and your customers: Have you done anything without knowing who you were doing it for? That seems silly because it is. You must understand your target customers: their psychology

WHAT MAKES THEM TICK?

Their aspirations and more. Analyse the weaknesses psychology of your customers and their specific demands. In this age of social media, try sussing out people’s tastes nowadays and what they want and don’t want because this is the information you need to create products and provide services just for them. 

Budget: Just like your household, your business needs a well-planned budget. A business budget should be a flexible and dynamic financial plan of the business’s anticipated revenues and expenses. It’s essential because a budget helps you stay within means and handle any unexpected situations. 

Strategising your marketing ideas: Whether traditional or digital, every business must know how to attract customers and keep them. By strategising your market ideas, you get to not only know your customers but also identify your key differentiators, and an effective market strategy enables you to communicate your value in a consistent fashion. 

THE ESSENTIAL COMPONENTS OF A GOOD MARKET STRATEGY TALK ABOUT THESE

  • What will you offer to your customers?
  • Who will be your target audience?
  • How will you deliver it?
  • Who your competitors are?

You inch your way to the growth you work hard for by answering these questions.

FINANCIAL LITERACY AND PLANNING: IT’S ONE THING TO MANAGE MONEY IN EVERYDAY LIFE AND QUITE ANOTHER TO MANAGE IT IN A BUSINESS. IT’S THE BASICS AND SO MUCH MORE!

It’s not an understatement to say building a business from the ground up is an uphill battle. And not being financially literate and not planning well is a recipe for disaster: you will find yourself in some difficult situations, not to mention the humiliation these situations bring. Financial literacy and planning prepare you to deal with any situation confidently. In this section, make a point of writing about your financial resources, financial statements, balance sheets and other finance-related information. Having this in place helps you guide you back to your intended and desired goal. There’s no reason why businesses should not have this section in their business plan.

HOW TO CHOOSE A BRAND NAME

You have spent a lot of time mulling over the perfect name for your brand. You think and think. You ask other people for ideas, but you are still not convinced with the name you have for your brand.

WE UNDERSTAND THAT COMPLETELY!

You want your brand name to represent who you are; you want it to symbolise your ambition and vision – but you might want to take a step back and rethink what you are doing.

While choosing a brand name that speaks to the nature of the business is essential, it’s not worth getting bogged down because of it—agonising over it for months on end and analysing too much leads to analysis paralysis. 

"THAT SAID, LET’S DIVE DEEPER INTO WHAT YOUR BRAND NAME SHOULD LOOK LIKE"

EASY TO PRONOUNCE AND REMEMBER

It can be very tempting to choose a name that communicates about everything you as an organisation stand for. While this is correct, no business should have a name that talks way more than people need to know. It’s essential to be concise and not choose names that people can neither pronounce nor remember. The simplest name is the best name!

Using tough-to-remember names can get in the way of people becoming customers for you, which only harms the business. 

CURIOSITY-INDUCING

It’s essential to make sure that the names you choose for your business makes people curious about the brand. 

It should pique people’s interests and make them want to know about your brand. The more your brand name triggers curiosity in people, the more they will be willing to check your website and potentially become customers.

BE CREATIVE

Have you ever given a thought to what Google means?

It didn’t mean anything until Google became famous because of its performance in the market. Your brand name does not have to be too literal or mean something; it just has to be creatively easy for people to remember and pronounce. 

It’s incredible how a fruit apple is the name of the world’s biggest technology company. This company got famous because of its bath-breaking and remarkably innovative products, so you will do well to work on your products and services, not just the names.

FLEXIBLE

Another important to be mindful of is how flexible your brand name is. Ideally, it should be a generic name.

Over time, as things and trends change, will your brand have much wiggle room to change your goods and services without impacting the sales or growth of your company?

It’s an important consideration: Your brand name should be flexible and malleable so as to accommodate new inadvertent changes over time.

For example, let’s say the name of your brand is herbalskin.

But having noticed changes in the trend and people’s taste, you want to branch out and dip your toes into a different kind of skincare line. Let’s say science-based products.

Here, you will not have any room to change the product line without affecting the growth and reputation of your brand – it can be detrimental to your brand’s image, and you don’t want that.

UNIQUE SELLING POINT (USP)

Just like your products, your brand needs USP.

USP helps customers individualise your brand. It allows them to see why your brand is not like others ad how you have the edge over your competitors. 

How is your brand going to help people lead a better life? It’s always about your customers. What they like, what they don’t like, what their expectations are and what you can do to meet their needs better. If you can satisfy your customers, the sky’s the limit.

Whether you are a small batch skin care manufacturer or something more, find a unique selling point that works for your brand. It could be something emotional, which makes them connect to your brand on an emotional level – it seems to work well because we are all emotional creatures. Harness the power of social media, make your brand go viral, observe how people interact with your brand and its services, and so much more. 

The point is to do everything in your power to help your customers see why they need to invest their money in you – but in all authentic ways.

SEEK FEEDBACK

This might sound obvious, but obvious things fall out of sight and then mind. No business is perfect, but we can strive to be better and better with feedback from your customers. 

In this day and age, optimise the growth of your business by harnessing the power of the internet. Use online polls, ask for reviews and be unapologetic about the process.

People are more inclined to invest in your products and services if they feel heard and understood. Every business messes up, but if you own up to the mistakes and rectify them to suit your customers’ needs, they will, undoubtedly, want to connect with your brand give you a chance.

Paradoxically, businesses that make mistakes and correct them and never repeat those mistakes are generally considered more trustworthy than those that never make mistakes in the first place.

MARKETING

You can have the best organisation globally and still have people with no clue about its existence. That’s when you need to market your brand, brand your own cosmetics and its unique goods and services. Getting the word out, acquainting people with the fundamentals of your brand and getting customers to understand what sets you apart from others is crucial. 

In this day and age, internet marketing, search engine optimisation, blogs, social media marketing and video marketing are a thing of today. Some market research will give you valuable insight into your target customer’s purchase habits, their position, psychology and much more.

COST OF STARTING A SKINCARE BUSINESS

How can we forget this one? The cost of starting a business is what puts many off.

But if starting a business keeps you up at night with excitement and you can’t imagine doing anything else. It makes sense to bite the bullet. No, you don’t have to have loads of money in the bank to start a business. You can start with a relatively less amount of money. And if you are struggling, find yourself a partner. 

You would do yourself a world of good by researching the product you intend to sell—the cost of product development, sales, marketing and a whole lot more.

“YOU BETTER SHARPEN YOUR AXE BEFORE YOU CUT DOWN THAT TREE”

 

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