Product Diversity spurs cosmetics label growth

The global cosmetics industry is growing faster than most other industries, but still, the market is dominated by a few brands. In this post, we'll explore the different ways in which a diverse range of products can spur growth in your cosmetic label's sales.

The cosmetics market is huge and growing rapidly - bigger than the US economy in some cases. Yet while there are hundreds of thousands of brands from all over the world, most consumers only buy from just a handful of them: Estee Lauder, L'Oreal...

These brands are the biggest and most profitable ones, which is why they're able to invest so heavily in advertising, marketing and building their brand. As a result, they've built highly effective distribution channels that allow them to ship their products directly to consumers - meaning that less of your profits end up in the hands of middlemen.

In this post we'll talk about a few ways you can diversify the cosmetics products you sell...

First up, let's look at how your labels can benefit from brand diversity:

1) Your Profits Will Rise Faster If You Sell To A Variety Of Customers.

This is the easiest way to diversify your sales. Customers want to buy from a variety of brands, because they think you're selling the best product out there. If you can offer them more than one choice, then they're more inclined to buy from you. If your labels are too similar, then customers get bored as they always choose the same brands - and that's ultimately bad for your business because it means that your profits will suffer.

The main way you can diversify your labels is by offering products for diverse consumers...

Say you sell a range of moisturisers, but only sell two of them. Then if a different type of customer wants to buy a moisturiser, they're going to seek out the other products in your range - because they don't want to waste money on something they're going to find inferior.

This is why brands like Estee Lauder have diversified their ranges with products that cater for different consumer types. They've included sensitive skin creams, ethnic-themed skincare and multi-tasking foundations - anything that will give them a way of appealing to more than just one type of customer.

How Can You Achieve Product Diversity? Adding an array of different products is easier than you think: Just be sure not to sell too many things that are exactly the same. Don't just stick to moisturising creams: Offer facial moisturisers, and face cleansers too.

Don't sell just two different kinds of foundation and concealer: Sell concealers for different skin types, and tinted moisturisers for the summer.

And don't just sell a few different shades of each product; give customers a variety of shades, as well as multi-pack options so that people can try several products at once. Diversifying your product offering like this can help you grow your sales fast by allowing more people to buy from you.

2) Separating Products Into Different Categories Can Help You Appeal To More Consumers At Once.

If you think that selling a lot of different kinds of products is the key to diversity, then think again. Companies with a diverse product offering can actually end up alienating potential customers by being too diverse. If you sell separate products for different skin types, or different ethnicities, then it's harder to promote them all at once.

A better approach is to group your products into distinct categories. Then you can promote all your products within a category together - no matter how diverse they are.

How Can You Achieve Product Diversity? Separate your products into different categories that appeal to different consumer types. For example, if you sell a floral range of products, then you could group them together under the "floral" category. If you include skin-care products in this collection, then you can also categorise them as part of the "skin care" collection.

If you also add fragrance and bath and shower items to this mix, then it's easy for your customers to find everything they need from one place - no matter how diverse or varied they are.

3) Diversifying Your Product Range Means You Can Sell More Products And Gain More Profit From Each.

If you can sell more products and make each one profit for you, then that means your overall profits will be higher. If you're selling just one product type, say a moisturiser, then it's important to make sure that product is profitable for your business - because if it isn't, then you're no more useful to your customers than any other brand.

The best way to ensure something isn't just a loss-leader is by adding other kinds of profitable products - or even a whole range of them and providing different kinds of delivery options.

How Can You Achieve Product Diversity? Sell different products for different consumer types. For example, sell a range of skincare products for women, and a different range - but still one that caters to women - for men.

Use delivery options to make sure your customer is getting the product they want when they want it. Don't just think about bulk orders; think about small, personalised deliveries of your product as well.

Remember: You can also sell more products by avoiding duplicates altogether. If you have the same product in multiple categories or from multiple brands, then it's less profitable than selling all your products from a single source.

How To Do It: The best way to create product diversity is to sell a range of products that cater to different consumer types. This can be achieved in several ways - here are just a few:

1) You Can Separate Your Products Into Different Categories That Appeal To Various Consumer Types.

2) You Can Sell Separate Products For Different Skin Types Or Ethnic Groups.

3) You Can Deliver Different Kinds Of Products From One Source.

4) You Can Sell More Products By Avoiding Duplicates.

5) Market Yourself To Multiple Customer Types At Once Or With One Offer.

Conclusion: To diversify your product offering and appeal to more consumers, then it's important that you create a range of products that cater to a variety of different consumer types.

By doing this, you can give your customers choice and variety. This can also lead to greater profits for your business - because you'll have more options for delivering what they want at the right price.

The key point here is to sell multiple versions of the same product - or even duplicate products - as long as they are different enough to appeal to diverse customer types. The best way is by doing this through offering different versions and/or delivery options such as multi-packs, value packs and so on.