Image Credit: The Great Soap Company
You don’t have to be a huge business to start thinking about how you can expand your product line. In fact, this is something that you should always have in mind, since diversifying into several different product lines can help reduce risk, expand your reach, and build on your established brand.
If you’ve started a soap making business, or have otherwise jumped into the cosmetics industry, you’ve probably already got the know how and equipment to diversify a little further. Now, it’s just a question of determining which products will make the most sense for your business.
If you’re ready to start growing your business, it might be time to look into a new product line that can complement or develop your current lineup.
Why Expand?
There is a very high demand for unique candles and soaps, and many people who use Coogar mixers and melters have built strong businesses by focusing strictly on those items. They’ve managed to establish a name for themselves and have carved out their own corner in the industry.
The companies that have gone on to even more success, though, are those that understand how important expanding a product line is for continual growth and increased revenue.
More than that, diversity in your product line can buffer you against unexpected changes in the market. Even if it won’t remove all risk, it can definitely help minimize it when trends suddenly change.
Expanding and diversifying your offerings can help your business in several ways.
- Take advantage of new market opportunities – As trends in the cosmetic, skin care, and beauty industries evolve, so will the demands and desires of your clients. This will open new opportunities in the market where you could establish yourself as a market leader before anyone else.
- Build customer loyalty – Give your customers a reason to keep buying your products. If you’ve already impressed them with your soaps, now you can keep them coming back for other items.
- Smooth out a bumpy road – Every business goes through booms and recessions. If you’ve built your business on a specific product, and that product suddenly goes out of fashion, you could be left with a lot of product and very little revenue. When you branch out like this, you can use your new product line to buffer those rough times.
- Develop your brand – Your brand is a critical part of your business, and you can develop it further by attaching it to a more diverse product line. You can be known for providing a range of great products and rely on your brand to make launching more products in the future much easier.
Why Solid Lotion Sticks?
We’ve previously discussed many of the benefits of solid lotion bars. Basically, these products work the same as other body lotions, they’re just in solid form.
Depending on how you package it, they can look a lot like a bar of soap or a deodorant stick. Either way, they’re meant for use on dry skin, particularly the elbows or heels or other places that are prone to drying out.
Users will simply rub a thin layer over the skin as often as needed, and they’ll get the same after feeling that liquid lotions create. Keep your hands nice and neat while treating those dry patches of skin on your hands, elbows, feet, or knees.
At the same time, your customers can take them anywhere without fear of the lids popping open and spilling in a bag.
Solid lotion sticks are a great expansion product for soap makers because they’re meant to be used only on dry skin. It’s not something to use in the shower like your soap products, but it is something that can help provide better skin care.
These bars also have a wide range of creative possibilities. Want to create something with a unique shape, smell, and appearance? No problem. Want to use some unconventional essential oils? Go for it. Want to package them in a convenient push-up bottle? That’s a good way to go about it.
And the best part is that if you’ve already been making soaps or other cosmetics with Coogar Products mixers and melters, you already have a lot of the equipment you need to start delivering these new products.
When Should You Avoid Expansion?
Now that we’ve gone over the benefits of developing your product line and why solid lotion sticks might be a great way to do it, it’s important to take a step back, analyze your current situation, and make sure this is the right time to do it.
There is a potential for over extension if you dive into too many products at once, especially if your expansion is simply developing the products you already have. Meaning: if you deliver too much of basically the same thing, you could end up cannibalizing your own sales.
This is another reason why you might try different products. Solid lotion sticks aren’t going to affect your soap sales because they’re related (as far as skin care) but very different (as far as how and when they’re used).
Do some research in the market. Make sure that you have the capabilities to produce a new product line and that your audience is ready and wanting some of those new solid lotion bars.
If you take a slow and cautious approach, you’ll be able to grow your business and build a brand across the skin care industry.