Unilever, L’Oreal, Proctor & Gamble. All these household names were once much smaller companies with a much more narrow product range. But how did they get from their humble beginnings to where they are now?
They all employed smart business growth strategies that ensured they were constantly moving forward. Read on for some key strategies you can employ to help take your personal care business to the next level.
Stay ahead of consumer trends
In the personal care industry, consumers are increasingly interested in natural and organic products. All-in-one beauty products with multiple uses are also becoming more popular. The key to successfully implementing this business growth strategy is to make sure you do your research. Thoroughly.
You can stay ahead of industry trends by talking to consumers, subscribing to relevant newsletters, or reading blog articles. When you are knowledgable about the industry, you'll be able to go to market with new products before your competitors. This will help you establish your brand so you can effectively grow your business.
Don’t go it alone
One of the most common pieces of advice for anyone trying to set up and run their own successful business is not to go it alone, but to find the right partners who can help you grow. One key partner that personal care companies must choose carefully is their manufacturer (if they choose to outsource their manufacturing processes).
The right manufacturer with relevant industry experience will be able to help with product formulation, packaging design and creation, pricing, and distribution. They can also help you improve your product along the way, and create new product lines.
Diversify your markets and products
Tied to the two business growth strategies above, it’s important not to focus too heavily on just one product or market. Personal care is a fast-moving and innovative industry. You need to be aware of growth areas you can take advantage of. An example of that could be using trending ingredients as a basis for a new product.
Take essential oils as an example. There is a massive opportunity for growth for companies that use these ingredients in their products, especially as the market is currently highly fragmented. Diversifying your product line and introducing an essential-oil based product is an example of a way to grow your personal care business.
By diversifying your markets and products based on consumer trends, and getting a foothold on the market before your competitors, you’ll be positioning your personal care company for significant growth.
Want to learn more?
Schedule a consultation with one of the experts at Schwartz Natural Cosmetics. We’ll walk you through our process, send you examples of our work, and even ship samples to help your decision-making process. Talk to us to learn how you can expand your business operations and gain from over 50 years of experience.
This blog post is for educational purposes only.