It is all about Your Target Market
The hair Industry has changed so much in terms of quality vs price. You have to carefully choose the products that will best fit your brands and your target market. Many entrepreneurs fail because they do not understand this simple fact. In this section we break down the hair market in different categories based on the quality of the hair we offer you! Take a moment to read this section so you can make the best decision for your brand. Book a coaching call if you need more help choosing the right products.
Market Research to understand your target market.
Define your Target Market to find products they need.
Find the right Products for your Target Market
Create Marketing Plan that will attract your customers.
The Hair Industry has ONLY 3 Markets
This market is for customers we call baddies on a budget. Customers in this market are looking for conveniency at a low (not affordable) price. Amazon, beauty supplies and Aliexpress wigs fall within this market. The hair in this category ranges from synthetic to low grade virgin hair. Unlike many of the competitors in this market, SITB offers budget wigs that are READY to Wear (bleached Knots, pre-pluck and HD). Because our low budget wigs are ready to wear, you offer value your competitors don't have.
This market is for customers who buy wigs often but want to keep them for a reasonable amount of time, usually one to 2 years. Most buy these wigs to wear on a daily basis, specific events or vacations. The hair quality must be good, don't necessarily need to be able to bleach to 613 but it shouldn't shed nor tangle easily. This hair can be either virgin or raw. Our virgin hairline falls within this category. If you would like to be in this category and sell raw hair, get our Indonesian Hair Vendor.
Most companies claim to be in but the products offered usually don't match the brand nor the quality compared to competitors. You need to understand how good the quality of the hair of your competitors are so you can match the quality and price to attract the right customers. Customers in this category want quality hair that will last them a lifetime. They also love healthy hair that bleaches to 613 and hold a curl. This hair is usually very expensive hence the LUXURY price tag.
FIND YOUR NICHE
There is so much you can offer in the hair Industry. For instance, some are concentrated on hair colors (like sitb), some only offer premade wigs, some ready to ship and some only offer bundles and etc. Find your niche and ensure it fits your brand and what your target market would love to buy from your company.
COVID 19 impact on hair prices and Quality
The reality is that many are still hung up on pre-covid prices and quality. Things have changed! If you noticed, more brands are getting into raw hair due to the currently quality of virgin hair.
Raw Hair scarcity has increased prices
If you take a moment and think about the how many businesses are currently selling raw hair vs how long it takes for someone to grow their hair, it is impossible that we are ALL selling raw hair. The best quality of raw hair costs.