In the growing personal care and cosmetics market, brands and manufacturers must constantly produce and innovate. People are craving natural products and the market has changed dramatically. Collectibles sales are declining due to seasonal restrictions and rapidly changing consumer demand. Businesses need to reduce time to market and costs while maintaining creativity to meet changing demands. That is why you should carefully follow these 9 steps to a new cosmetic product development.
The entire purpose of a cosmetics company is to manufacture and sell products. How do brands do this? Everything starts with a concept. Where should you start and what should you consider from the start?
From there, you should follow these basic steps to bring your new cosmetic product to market and take full advantage of your PLM system and the advantages it provides at each stage.
Here are the basic steps for new cosmetic product development:
- Your company should be registered or in the process of registration with application files as proof of it.
- Your business brand and name should be fixed.
- Your business direction should be clear: sales channel, budget, item, and specifications such as product characteristics like product form, appearance, fragrance, benefits, and claims.
- Decide whether to go with a ready product or a custom development, they are two different processes.
- If you do not have a Branding yet, please inquire about a Brand Identity firsts before starting the development of the new cosmetic product
- Please choose one important country for the first production batch. If you want to import into two countries, the MOQ applies per label.
- Please sign the NDA agreement, so that we can openly share confidential information with you, such as formulations with a full marketing concept
- Please have a budget in place and define your target cost besides the retail price
- The MOQ is non-negotiable as there is a fixed cost that has to be covered
If you have any questions about new cosmetic product development, Sourcinglab is here for you. We’re here to help your business take it to the next level and meet the changing needs of the cosmetics and personal care industry. Expand your Beauty Line now, contact us.