Article by: Perry Romanowski

If you are going to start your own cosmetic line (or even help your company launch something new) you have to figure out how to add value to your product so you can sell it for more money.  As an individual cosmetic chemist, you will not be able to compete with the big guys on price.  They can always sell products for less money than you.  But you can compete with them on quality, story, design, and formula.  So today’s challenge is to figure out what you can add to your product to justify making it cost 5 times more.

Challenge 09

How can you change your product to justify charging 5 times as much money for it?

 

 

4 comments

  1. Avatar
    Rae

    Not a chemist, but I notice how very pretty or elaborate packaging makes people justify their spending. You’re not really adding to the product, you just change the packaging.

  2. Avatar
    Eliza

    From your top list of 5, Perry (on the forum’s most expensive cosmetic ingredients)

    1. Fragrance
    2. Specialty enzyme ingredient
    3. Specialty feature ingredients
    4. Colorants – Costs a lot but you don’t use much
    5. Polymers

    Raising you with the above being plant based and biodegradable 😉

    1. Avatar
      Perry

      Good idea Eliza. Now, could you convince consumers to pay 5 times as much for those benefits?

      1. Avatar
        Eliza

        I’m working on it 😉

        It all depends on your customer target and the marketing story. ‘
        All natural’ or high end peeps pay at least 5 times the price of general store brands all the time. There are a few angles one could go with: the ‘free of…’ one, the ‘green’ one, the ‘special’ ingredients, the special care one (targeted for a special hair/skin/feature quality like ‘especially developed for sensitive skin’), ‘all natural’ one or the innovative high tech one.

        Depends on the product really.
        Whatcha think?

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