Marketing beauty product
How do I get a 360 degree view of customers for beauty products? What are pricing strategies to attract millennials?
Where are the best and most affordable channels to advertise? Primary interest is skin care products.
8 months ago
360 degree view of customers
- Start with secondary research. My favorite spots are YouTube vlogs, Instagram, and blogs.
- Review published information. Several industry publications and then market research firms collect and sell a lot of data.
- Nothing works like in-depth discussion. You could start out by interviewing women on Instagram, YouTube, blogs, etc. You can also set up focus groups of these sophisticated end users to get smart because they stay on top of the issues.
- Market survey of consumers. It can be online (e.g. respond to a questionnaire on Facebook) or you can buy mailing list to send them samples and ask for feedback (my favorite is to work with the likes of Birchbox)
What are pricing strategies to attract millennials?
You will first need to do the 360 degree view first because that will help you better define the target market. Millennial is simply an age demographic. Pricing will depend on which segment you would like to target.
Where are the best and most affordable channels to advertise?
Yet again, it will depend on what your target segment is. I might say that Facebook is where everyone spends a great deal of time and it is possible to precisely target your customers, but depending on the product, target, and price point, you be better off getting it on the shelves of Wal-Mart or Neiman Marcus and use coupons in case of the former and hire influencers in case of the latter.
You need to have a proper customer survey by including both male and female and also target all age group people to better understand their need about any specific skin care products. Also conduct this survey in different geographical region. You can also see the trend of currently available market products who are leading in the market.
Regarding pricing strategy, it should not be too high or too low, targeting most of the population. Some people prefer expensive products thinking that they are good in quality while they don't prefer cheap products thinking that they are low in quality and standard. So, price should be optimal targeting most of the population. You can also competitive price based on leading market products.
The best place to advertise is social media and internet. Ads on television is still most popular and demanding.