President & Founder of Missing Ingredient, Inc.
What is your brand vision?
You must have a point of difference or a specific category killer. All buyers are presented hundreds of new brands monthly. You must make your packaging unique so it stands out in the sea of other brands. The brand image and all verbiage on the front of the packaging is the most important. It must be clear and state the top 2 or 3 key selling points and product function. Start with hero products and keep SKU’s limited in the beginning.
How much money will I need to get started?
For multi-SKU brands you should plan at least $2 million from brand creation to launch at retail. A brand with fewer SKU’s will of course require less capital. In addition, you should plan a 5 year term before positive return on investment. Most new brands do not realize the cost to retain a qualified chemist who will create formulas with unique ingredients and oversee all required regulatory testing. In addition, you will need a graphic designer for artwork and verbiage for all componentry and packaging, costs for componentry and packaging, fulfillment house, warehousing and inventory. All brand details must be in place before making any presentations to buyers. Competition is great and retail space for new brands is limited. You have one shot to make your very best impression with buyers. Please see other points (added cost) below.
Will I need an infrastructure?
Yes. Not having an infrastructure is the single biggest mistake that new brands make. Many brand creators think they can do it all. They want to be the PR Firm, The Marketing Team, The Trainers and the Sales Force. Impossible. New brands do not know the many different costs and requirements of doing business with each retailer. New brands are so excited if any retailer wants them they jump at the chance for placement without knowing the true cost of doing business. Distribution mistakes may greatly slow brand growth. You need a Beauty Brand Management Company who will present the brand to specific prestige retail partners and open strategic distribution. We are the liaison between all retail distribution and the brand, which includes purchase orders and inventory management issues, training all store staff, provide in-store staffing as required, create store programs and negotiate all space and location. Missing Ingredient, Inc. is your team. Today, buyers will not invest in brands that do not have required support to push retail sales and brand growth.
Will I need a PR Company?
Yes. PR companies will present the brand to all Beauty Editors, Beauty Bloggers, Producers of TV shows and other beauty media outlets. Many will also handle all aspects of required Social Media. Great PR creates brand awareness for retailers and consumers along with supporting distribution. Retailers monitor how many times a consumer has searched for a specific brand on their website. PR drives consumers to websites as well as brick and mortar locations.
What other tools will I need?
Retailers require gratis for trainings, sample packets and deluxe samples for consumers to try and website sample programs, GWP’s for in store events and promotion and brochures for specific product information. Some retailers require tester units or they will charge for the shelf talkers and in store displays. You must have a professional brand website that provides consumers with the opportunity to purchase your products and states, detailed product information, all PR and your current retail distribution.
Dina Cianchetti, President and Founder of Missing Ingredient, Inc. offers 35 years of experience to developed strategic business processes that support your brands growth and vision. Missing Ingredient is your extensive source for Global Beauty Brand Management, Training and Staffing in the “Prestige
World of Beauty”.