5 Steps To Consider To Get Your Product Retail Ready.
Now that you have decided to get your product ready for retail, here are some of the things that you need to do in order to ensure that it is ready to retail.
1. Product and packaging
Is your product packaging appealing? This is the first thing your costumers will notice and definitely the key thing retailers will look at. Beauty buyers want to envision how your product will market in their stores and how it will look on their shelves, so your aesthetics are really important. As a beauty brand owner, i.e. skincare, makeup and fragrance (not limited to) you need to have a clear ingredients list detailing all the formulations on the back of the packaging; and ensure you have the right accreditations/labelling on them, for instance, if you are a vegan and/or cruelty free brand and you want to emphasise of that make sure you have the relevant coding/stickers on them.
And don’t forget your barcode! This allows your products to be uniquely identified from the manufacture process through to delivery all the way to the final point of purchase. You also need to think about storage and the environment such as if your products need to be stored in a certain condition/temperature, and if it meets the retail buyers’ requirements.
2. Distribution and production
You need to know how retail distribution works, and what matters to the distributor that you have chosen as each have their own ways of dealing with things such as packaging and shipping, so this is key. Treat your distributor how you’d treat your costumers and find out exactly what they want. You need to know the measurements retailers use to check their products for their stores, as well as how logistics and supply chain systems work, and you can use this as a foundation basis to approach retailers with the products you are pitching. You need to think about how you are going to get your orders fulfilled, and which company is going to do that for you. Assess the fees involved; and do an online comparison to see what fits your budget and pricing needs.
3. Pricing strategy and sales
You need to think about a realistic retail price and prepare samples too. You also need to consider promotional offers as this is proven to increase sales quite dramatically, i.e. are you going to give a free product when someone spends over £30 you need to think about these offers. A popular pricing strategy is price skimming as it brings about a higher return on investment, attracts costumers who are not influenced by price but rather quality and attracts new competition and that can be useful when making business plans for your marketing strategies. In order to achieve higher sales, you need to look the different pricing models and decide for yourself which one is the best for your product(s) and business.
4. Marketing budget
Do you have a marketing plan? If so, do you have a budget in place that covers all your marketing costs? To get a clearer image of your business goals ask yourself these questions:
1) What do I want to achieve with my marketing budget?
2) What are your business objectives for the quarter?
3) Who do I want to reach?
4) How will I reach them via marketing?
5) How many conversions do you need to have to reach your revenue goals?
For small businesses with revenue less than $5 million to allocate 7-8% of their revenue to their marketing and social media strategies, i.e. development costs such as running the website, blogs, sales collateral and promotion costs alongside campaigns, events and advertising. Don’t base your marketing budget on what’s left after you’ve covered your business operational costs, have a whole separate strategy and plan.
5. UK/EU cosmetic compliance
Lastly, for you to sell your beauty products in the UK, you need to be UK/EU compliant. Don’t know if your products meet the rules? We’ve got you covered with our checker. This check is the start of your launch and successful retail in the UK. Completing the check helps you find out what things you may have not yet thought about that are necessary for you to sell your products in the UK beauty market.
We are often asked by international beauty brands what they should know about selling their beauty products in the UK. We have created this online exclusive check that highlight and help you with what you need to know and what you need to do in your plans to enter the UK market. Take our simple compliance checker here.