Building A Breakout Product
It’s a lightbulb moment. For some, a sudden spark of inspiration with a clear vision for a new product, almost like the flip of a switch. For others, it’s a flicker of an idea that takes time to fully evolve into something great, more like a dimmer switch, getting brighter as the idea is worked through.
With thousands of lightbulb moments in the beauty space, how do you assess if your great product idea is worth bringing to market? Is worth investing in?
"As we develop product with brand owners and founders, we start by looking at some key areas and scoring the proposed new product in each area. The higher the number, the greater chance that we’ve got something amazing. "
Denise Dente & Jessica Quick, Founders of Buzz Beaute
1. PRODUCE BENEFITS
Does the product offer a clear benefit and/or decisive solution to a problem? If the problem is widespread and the benefit of the product solves it, your product would score proportionately high because of the large potential customer base.
💡Pimples occur at all ages and are no fun. Starface found a widespread problem (pimples) and provided a unique and fun solution with their pimple patch. A high-scoring product benefit!
2. VALUE PROPOSITION
Does the product offer a specific and unique promise to the target consumer that can be communicated clearly? Thinking in terms of money, will your product be seen as a good value for the solution it delivers?
💡Good Faith, a direct-to-consumer brand created a quality and efficacious skincare and supplement line with an attainable price point to attract consumers that wanted results, but not the hefty price tag.
Do you have a conscience message and does your product story engage the consumer’s emotion?
💡A new waterless beauty brand called Everist is skyrocketing to success because of their innovative product and the eco-optimist, sustainable message helping to combat the over-use of plastic.
Is the concept, technology, or application something that you can own via a patent or other mode of protection? Is it difficult to duplicate? This is really important!
💡While curling hair is not new, the Dyson Airwrap powered by their digital motor for “a continuous flow of air around the barrel, attracting hair to its surface” is patented, defensible, and will take a long time for others to replicate.
Is the product currently relevant and does it appears to have staying power over a long-time horizon? 💡Anastasia Beverly Hills was founded in the '90s by a Romanian immigrate who saw a gap in the market for brows and built an empire with brow services and products.
Utilizing the above analysis to flush out your innovation is truly the first step. Once that is completed, it is time to tackle packaging, a killer name, and a strong commercial strategy to really make the product light up a room.
At Buzz Beauté, we support all lightbulb moments by helping founders and entrepreneurs cultivate and refine their ideas, identify manufacturing and packaging partners, and build the commercial plans essential to achieving the dream of having a successful product.