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Showing ideas from: Coffee N° 5 with Lara Schmoisman (Lara Schmoisman)
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Niche Market Beauty Product Development Agency
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The discussion highlights the importance of niche markets within the beauty industry, suggesting that brands should focus on specific consumer needs rather than trying to appeal to a broad audience. Entrepreneurs can establish a product development agency that specializes in helping beauty brands identify and target niche segments. This agency could conduct market research to uncover underserved demographics, assist in formulating products that cater to these markets, and guide brands through the entire product launch process. By focusing on niche markets, the agency can help brands create unique offerings that stand out in a crowded market, ultimately leading to better customer engagement and loyalty.
Smart Personalization Platform for Beauty Products
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The podcast emphasizes the need for beauty products to align more closely with individual lifestyles and skin types, highlighting a gap in the current market where many products are generic and not tailored to specific audiences. There is a growing interest in using technology to better understand consumer needs through personalized data, such as AI that can analyze skin type and recommend specific formulations. Entrepreneurs can create a platform that leverages AI technology to offer tailored beauty solutions, allowing users to input their unique characteristics and receive product recommendations that suit their needs. This platform could also educate users on how these products can fit into their daily routines, fostering a deeper emotional connection with the brand and driving customer loyalty.
Loyalty and Continuity Program for Beauty Brands
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The conversation addresses the shift from one-time sales to loyalty and continuity programs in the beauty industry. Many brands are failing to engage customers beyond the initial purchase, leading to lost opportunities for repeat business. Entrepreneurs can create a subscription-based service for beauty products that not only delivers products at regular intervals but also offers personalized recommendations, exclusive content, and rewards for continued engagement. This model not only increases customer retention but also allows brands to build a stronger emotional connection with their customers, ensuring they return for future purchases. By integrating educational content about product use and benefits, this service can further enhance customer loyalty and satisfaction.
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