As the perfume business is growing, lots of new perfume brands are launched and some even steal the popularity of established high-end brands. Consumer’s priority has shifted toward affordable luxury and authenticity.
Many reasons that determine perfume product sustainability, for example differentiation, profitability, preparation and many more.
Before you jump, how to excel in the perfume business?
Having a breakthrough strategy will ensure your perfume business survives and is profitable. Here are 3 fundamental strategies that you should pay attention to.
1. Target customer
Okay, we know you wanted to jump into the perfume business, what’s next then? Kick-off strategy by defining your target customer. It will make your job clearer and “probably” easier. If you’re looking for upper-middle-class millennials, you might consider a sophisticated and exclusive perfume.
2. Budgeting
It’s very crucial and becomes the starting point of your business. Creating a perfume business isn’t really as expensive as you might think, but it all depends on your target market. If you want a high-end user, you have to prepare a higher budget owing to the fact that the raw materials used generally are more premium.
3. Marketing
Marketing your products nowadays is undemanding and can be done even by non-experienced. But you don’t want your perfume business becoming mediocre. Take advantage of the available marketing agencies around you. There are lots of competent agency companies with good prices that will reach your potential customers.
The global perfume market is expected to grow from USD 30.6 billion in 2021 to USD 43.2 billion in 2028 at a CAGR of 5.0% in the 2021-2028 forecast period. The Asia Pacific market will register fast growth due to the increasing Millenials and Gen Z population, high levels of disposable incomes, and growing working classes.
A very wise piece of advice: try selling online
The triumph of newcomers in the perfume business sector has one thing in common: selling or optimizing their products online. This will reach more people in less time and at an affordable cost. The increase in online sales does not only occur in this line but also in the cosmetic segment.
How much does it cost to set up a perfume business?
Seeing the ease of information, making perfume becomes more accessible to everyone. But how much do you actually have to spend to make a perfume business?
Before considering the whole process, you have to decide where to manufacture your products (unless you’re rich enough to have your own manufactory). The cost of making perfume depends on your chosen manufacturer. If you are a small party, using a tolling service can be very worthwhile. You can contact us, Indocare B2B to create the perfume of your dreams.
At Indocare, you can make perfumes starting from 30 million Rupiah with 1000 pieces. This price is certainly very affordable to start your ambition as a Smartpreneur. You can contact us here.
The supremacy of Indocare B2B:
- Experts in their fields for more than 20 years
- Factory that has been standardized by the government through Good Manufacturing Practice (GMP) and Good Cosmetics Manufacturing Practices (CPKB)
- Integrated and extensive supplier network
- Scientific research support by professionals
- Have a reputation for commendable business conduct
- Widespread international market including in Malaysia, Singapore, Myanmar, Taiwan, Thailand, Vietnam, Cambodia, etc.
