Private Label Development
- Posted on: May 8 2014
This blog is adapted from the book, Beautifully Profitable / Forever Profitable, © 2014, by Cheryl Whitman
As an extension of a practice or medical spa’s brand – as well as an additional revenue stream – private label skin care products are becoming increasingly important in the market.
A future blog will lay out what is required to set up a private label line that meets or surpasses brand name lines, as well as the pluses and minuses. In that blog, we will direct you to the right manufacturers to meet your expectations, and identify some of the best product line for your projected volume and budget.
However, this blog offers instead three options – the basis for considering whether private labeling is right for you.
Although it may not seem possible, your private label product line can become a reality, and do so with a minimum investment. Generally, there are no large minimums required by those who specialize in compounding private label products. Additional savings can be realized by using your private label line in your back bar and treatment room.
Product lines vary in cost, as well as the length of time it takes to complete the manufacturing process. There are several options based on your budget.
- Option 1: Use Consultants to source 6-8 “private label” stock products based on your input and create a new logo and graphic design to be used on the chosen vendors bottles or jars. This is both a great and an easy way to start selling skincare products with your own brand name.
- Option 2: Professional product creation and packaging experts will source 10-12 “private label” stock products based on your input and create a new logo and graphic design to be used on the chosen vendors bottles or jars. This Option also includes creating the concept and design and for a “Kit” or regimen package. This is a significantly more comprehensive approach than Option 1, and is also a great way to start selling skincare products with your own brand name.
- Option 3: The Platinum Design Package – This Option includes everything described in Option 2, and also includes the design for a brochure or menu of services up to 6 pages, shelf talkers for each product describing the product attributes and helps to “sell” products to the patient. Also includes sourcing and applying your new logo artwork to a shopping bag style of your choosing.
Future blogs will explore private labeling in more detail – for now, consider which approach is right for you, and start planning for how you’ll market and sell those products, how you’ll compensate your staff, and the impact these will have on your practice’s brand image.
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