HOW TO MAKE YOUR BEAUTY SUPPLY NEAR ME STORE STAND OUT AMONG OTHERS
The Beauty supply near me is becoming a major trend being searched by hundreds of thousand of people and increasing by the day. So setting up a beauty supply near me store is absolutely a beautiful idea and it must stand out to beat other competitors. The beauty supply industry has been seen to be a very competitive industry over the years in every part of the world. No matter the type of beauty business you are running it’s getting so competitive. Entering this industry means preparing for intense competition from major players who sells at massive discount and have to up to date in the trends and also be innovative in producing new products and services.
There is increasing demand of natural and organic products by the day and there are needs for you to make your beauty supply business stand out from others. The demand for ethnic beauty products has been alarming with reports saying that annual sales of hair, skin care products and makeup is about $3.9 billion a year. Most especially among the black’s which can be categorize as ‘black beauty’ are in search of various gentle and safe beauty products mostly hair relaxers.
Read also: Beauty Supply Supply Store Business Setup
TYPES OF BEAUTY SUPPLY STORE
These are basic types of beauty supply stores which can be started by anyone who tends to open beauty supply store business:
- Sales of locally made or imported beauty products online and physically.
- Manufacturing and selling of own products line; if you are good in that. These products can be sold to retails outlets or small business owners.
- Franchising can be either Home Based Sale whereby products like Mary Kay and the likes of Avon can be sold.
- Franchising can also be through Retail Store such as partnering with Sally’s Beauty supply near you, any Black Beauty supply store near you or can be any closest beauty supply store near you who can provide you franchising opportunity and have build a brand already.
- Independent retail distributor of products.
GETTING SUCCESSFUL IN THE BEAUTY SUPPLY BUSINESS
The success of this business depends on knowing what your client wants and how you can meet the demands, then growth is inevitable.
Also getting to be better than your competitors.
The succession this industry also depends on your ability to anticipate, gauge and react in a well timely and effective manner to changes in consumer spending patterns and preference for beauty products.
Successful Beauty Supply Store must continually adapt to there marketing and merchandising initiatives in an effort to expand their market reach and to respond to changing consumer preferences.
The industry which comprises of beauty supply, beauty products & perfume store and cosmetic stores all have a combine revenue of more than $11 Billion. The industry is saturated where 80% of the top companies have most of the revenue been made.
Keys To Success
• Having an effective marketing strategy.
• Go online and reach out to your customers and maintain them.
• Ensure you have high level and effective customers service.
• Automate every level of your marketing processes and follow-ups.
• Making sure that products and services are delivered just in time.
• Have inventory that matches with customers needs.
• Practice good salesmanship and operational skills.
• Making payment method easier.
• Focus on profit growth, not just revenue growth.
• Be helpful and consultative resource to all.
• Exercise patience when introducing a program, allocate adequate resources and don’t expert quick result.
• Have a flexible business open hours.
• Negotiate with your supplier very well.
• Build solid relationship with your suppliers.
I mean the list can go on and on but lets factors it down to this few majors points. you can also read our blog on how to identify a good beauty supply store near me so you can understand what the customers are really looking out for and go for these things.
TARGET MARKET STRATEGY
Your target marketing strategy involves identifying a group of customers to which to direct your beauty supply products or services.
This strategy must focus on; Listening to and understand your customers needs, representing customers needs to those responsible for products and service delivery, and make sure they are giving what they want.
In developing your strategy for your targeted customers you should strive to understand things like: where they shop and go to school, where they work,party and play, worship, how they spend their leisure time and where they volunteer their time. Their are basic software tools that can uncover the behavior and day to day activities of your customer. It will provide all the behavior or your customers in for of date. Examples of such software are Click funnels and Quantcast.
Who you should target:
Your target market can focus on the following set of people/market. Its best for you to carry out your survey. We can give you some guideline that can help you in carry out survey to determine that various market you should target. They are listed below:
Target Market Place
You can use your sales reps or external sales reps to penetrate the following targeted market places.
1. Licensed Cosmetologist
2. Licensed Barbers
3. Day Spas
4. Make-Up Artist
5. Beauty Salons and Schools
6. Clothing Boutiques
8. Nail Salons
and the list goes on.
Target B2B Clients
This kind of customer comprises of Make-Up artist, Beauticians and Stylist. They would be open to sharing of your technical expertise or sales, as long as you offer them what can enhance their business.
Target Aging Professionals
This class of working class people would want to maintain there youthful image for the extension of their professional lifestyle without showing off their signs of aging.
They would want to makeup the aging part of their body like cover up grays hairs and feel among the youth so this would require they color their hair more frequently and consistently. They would also like to use many skincare products that can help in delaying the wrinkles of the skin.
This class of people can be reach through their various professional associations probably by going online or attending events.
Target Recent College Graduates
This class of people have reached that period in life when they want to experiment with appearance the most because they are more independent than the teenage groups, they tend to make their appearance reflects their new aspiration identities.
Some events such as job interviews, engagements and graduations could make them alter their appearance.
They can be reached via campus newspapers, sampling programs and flyer distributions.
Target Black Women
This I would say is a growing industry. The black beauty industry is going through changes that are leaving a big vacuum in the market for potentially big shifts. it’s still a fertile ground those who have a genuine interest in meeting the unique black beauty needs Mostly the black woman’s hair which is an important aspect of the black female culture.
They can be targeted by publishing articles that will be distributed freely and as flyer to demonstrate your expertise in the industry or you feature your store in Black-Owned Beauty Supply Stores You Should Know
Target Ethnic Groups
You will be focusing your attention to some specific kind of people which are increasingly diverse in economic resources, racial and ethnic background, and family structure. You can create marketing material and setup programs that would be translated into the various languages understood by this communities. The referral program I would suggest would work effectively in this market.
They can be targeted by join the local chamber of commerce and partner with agencies that operate in this regions for easy accessibility of these people.
Ways To Target This Market Listed
The target market listed above can be targeted in the following ways:
Your advertisement should focus on these individual and shops. It should be displayed where you know that it can reach more than 60% of your targeted market.
Social media platform are also another great means of achieving this. Some social media platforms allow adverts to target some certain demography of people with the particular interest of what you are advertising. Example is the Facebook ad which can be use to target this demography of people with ‘beauty’ interest and it will go right to display on there Facebook pages.
You should design a website that display current catalog of your products. This is going to be your most up-to-date source of products information and availability. You must make sure that it is up dated on a regular basis. All the customers that you have advertise to in various forms would be directed to your website so there is need for the website to be updated.
You try and make sure you attend trade shows. you participate either by exhibitor where you will get to exhibit your products and service offered or you attend as a visitor where you go and visit various company that comes to display their products and see how you can partner with such companies to enhance your business.
Competitor analysis in marketing and strategic management is an assessment of the strength and weakness of current and potential competitors. This analysis will help us in providing both defensive and offensive strategic context through which to identify our business opportunity and threats.
I will advice you to continually carry out competitive analysis to ensure your market is not being eroded by development in other beauty supply stores.
This analysis should be matched with the targeted segment needs to ensure that your beauty products and support service continues to provide better value than the competitors.
The competitive analysis needs to be able to show very clearly why your beauty products and service are preferred in some market segments to others offering and should be able to offer reasonable proof of that assertion.
Reasons To Conduct Market Intelligence
The following are good reason to conduct market intelligence:
• In other to predict your competitor likely reactions to your own business strategy
• Consider how your competitors behavior can be influenced in your own favor.
• So you can forecast your competitor strategy.
Source Of Information To Conduct Competitive Analysis
The following can used as sources of information to conduct your competitive analysis reports:
1. Your competitors website and social Media platforms
2. Your competitors customer reviews on their website, other websites and social media.
3. Annual reports
4. Thomas Net
5. Trade Journals
6. Local Chamber of Commerce
7. Trade Association
8. Analyzing competitors’ ad for their target audience, products features, market position, prices and benefits.
9. Market research survey
10. Monitoring service that can track their activities like Portfolio New.com or Office.com
11. Competitors newsletter
12. Review their Yellow Book Ads if any.
13. Attend competitors seminar and workshops listen to their presentations.
14. Attend any trade shows they participate in to view their display.
UNDERSTANDING THE INDUSTRY TRENDS
You have to take time to determine the trends that are impacting your customers and indicate ways in which your customers needs are changing as well as any social & technical changes that will impact your target market.
Keeping up with the latest trends and reports will help management to carve a niche for your business, stay ahead of your competitors and deliver products that your customers needs and want at the same time.
Trends to Look Out For
The following could be possible trends you might need to watch out for:
1. Male Cosmetic on the Rise
The use of male cosmetic ha grown considerably over the last two decades. 92% of men polled in the United State and Europe believed good grooming was important for their professional success while a large percentage of them shopped for their own skincare products.
There are so much opportunity in men’s cosmetic. It’s not as saturated as the female market.
2. Aging Population
This is a promising trend for beauty stores because the older age groups demand more cosmetic, especially anti-aging skin care and other age related products.
Like in the United State the total number of older Americans has increased at a faster rate than the number of young Americans.
3. Online Sales
There are massive opportunities in Online sales, most beauty supply orders are made online with so many Online Store erupting on a daily basis. I mean this is the kind of trends i think every one thinking of taking their store to a different level should embrace. This gives opportunity in consolidating and expand to different geographical locations
There are various tool that you can use to setup an online store such that even as a newbies in computing you can easily create an online store in minutes.
4. Deploy Technology
Integrate technological into various part of the business. Like making provision for customer self service where they would have access to their account which gives them access to protected section of the website of service center store.
Technology should be applied to supply chain management with the use of customized software’s.
5. Combination of Services
Beauty Supply stores now are combining retail and true salon services to their business. This gives the opportunity to provide value additional services where customers can actually make use to their purchased products.
6. Social Media
No doubt social media is mending the world right now and taking over. Almost everyone and every business is present on social media. Using this in communicating with your customers and deepening your relationship which is the core of a beauty suppliers success. Various products offers and giveaways can be communicated via this medium. This i think is the way to go when it comes to direct and effective way of communicating with customers
Lastly, I would suggest you study the best practice of the industries leaders. Their best practices are those methods or techniques that causes increase in customers satisfaction when incorporated into their operations.
The main competitors in this industry are Sally Beauty Supply, Ulta beauty, Sephora beauty, Target beauty, elegant beauty, Walmart beauty, Walgreen and CVS.
Looking at all the listed factors that would make your beauty supply chain business be more successful in this present age. We would continue to update our blog to bring unique information that can helps you.