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… read them below or add one }
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.
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
Good idea Eliza. Now, could you convince consumers to pay 5 times as much for those benefits?
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?