Test your knowledge of
your newly identified market

You've spotted an opportunity to sell your own perfume — a market that is ripe for exploitation. If you are right about this market and if you can put together an appropriate fragrance and promotion, you can make money. This could even be your first step in developing a larger, even more profitable, fragrance-focused business.

But before you jump into this marketing opportunity, test your knowledge of this market. Can it really deliver for you? Quiz yourself on each of these six points.

# 1 — Boundries

How are the boundries of your market defined? Can you point to the borderline at which people will be either "in" or "out"? Are the boundries physical: a city, state, country, or perhaps one or more retail stores? Or are the boundries defined in some other way, such as all who follow your social media? It is important to know where the target market cuts off so that you don't waste resources on non-prospects.

# 2 — The people you are targeting

What do you know about the people you are targeting? Where do they hang out? What social media do they follow? Or, if this is not an online audience, where do they cluster? School, country club, health club, religious organization, non-profit group? Are there influencers in this market that you can work with to spread the news of your fragrance? Have you talked to them? How do you get these people to take action? Do you share a common "language" with them that will make your communications more authentic? You want to know these people really well. They will make or break your promotion.

# 3 — Market size

Within your target market, how many people are highly likely to buy from you? This should be a number, not a percentage, although you may calculate the number from a percentage. This number is very important. First, you are likely to overcount the number of people who will buy from you. (We all do this!) But secondly, your profit will be dashed to pieces if you spend money to producd significantly more inventory than you can sell. If you are at a total loss to judge the size of your target market, run a live market test. This will give you real data on how your market responds.

# 4 — Distribution

How will you provide distribution of your fragrance to your target market? Will you work directly with retailers? Will you provide your fragrance through established distributors in this market? Will you sell direct to the customer, handling the shipping yourself?

Here again, judging the size of your market is important. If you try to sell in too many "doors" (individual retail stores), you will be forced to provide inventory which, at this point, you have no data on how well it will sell. Also, a large distribution network requires sophisticated logistics. You may not be ready for this yet.

If your plan is to take invividual orders yourself, be aware of what is required to pack and ship them. This may involve daily trips to the post office, which you will be happy to make on days when sales are good but this may seem more of an annoyance on solw days when you have only one or two orders to ship.

Remember, if you are going to sell your fragrance, you must have arrangements for putting it in the hands of your customers.

# 5 — Media

What affordable media is available to you to promote your fragrance to buyers in your target market? Without media, you can't promote (unless you are selling door to door), and if you can't promote, you can't make sales. Are there means to communicate to just your target market without the expense of communicating to a much large audience, very few members of which fit your target profile? Do you have social media followers? Will that be the start of your market, people you can promote to "for free?" What media do people in your target market trust? Using media they trust can be helpful in making sales. If your media campaign requires cash, be sure that you have enough on hand to run your entire promotion. If your media campaign is to make use of social media, be sure that you have the time and energy to stay engaged with your market. For some, it's second nature. For others, it can become a real drag.

# 6 — Current state of the market

Will competition exist? When you launch your new fragrance will you simply be giving competitors new ideas they can use to bury you? What pricing will be acceptable in this market? Remember, you must allow for both your production costs and, if selling through distributors and or retailers, the discounts that will be taken at each level. Are you seeing fragrance being sold in your target market? Who is selling it and how are they selling it? Have you ever sold anything in this market before?

Making Perfume By The Quart
Making Perfume By The Quart: A do-it-yourself project book

Many who love perfume dream of having their own -- but it can seem too complicated, too "from another world." Making Perfume By The Quart brings it down to earth for you in ten remarkably easy to understand chapters of instructions that guide you through the complete production process, from concept to finished perfume. But you make just one quart.

Creating Your Own Perfume With A 1700 Percent Markup! (3rd edition)

Perfume is famous for the markup it can achieve, even for a middle market fragrance. While "everybody knows" that perfume costs next to nothing to make (not completely true) the making of it is often considered an esoteric secret. "Creating Your Own Perfume With A 1700 Percent Markup!" details how a 3-person company with no experience created their own fragrance in response to a marketing opportunity that was too good to pass up. The book explains exactly what was done to create a fragrance for that opportunity but it is far more than a history of the author's project. "Creating Your Own Perfume With A 1700 Percent Markup!" lays out every step in the process of creating your own perfume, either as a do-it-yourself project – and without the benefit of automated equipment some compromises and workarounds are required – or full bore professional production under your supervision. Either way you will be producing a quality fragrance at a remarkably low cost. Do you have a marketing opportunity that would be wildly profitable if only you could obtain your fragrance at a ridiculously low cost? "Creating Your Own Perfume With A 1700 Percent Markup!" is the guide you need to do it.

Naming Your Perfume And Protecting Your Name

A really great name, a special name that is just right for a particular perfume or perfume marketer (or entrepreneur with money to invest!) can be worth a ton of money. But few individuals with great ideas ever manage to cash in on those brilliant ideas. Instead they wait while others "discover" their idea, acquire legal rights to it and make all the money while they are left out in the cold without a penny having been earned for what was once THEIR idea.

If you are struggling to name your perfume and are looking for a name that will have real value, "Naming Your Perfume And Protecting Your Name" will help you weed out low value names and point you to names that have better marketing value plus the potential to become valuable assets in themselves.

If you have a great name you want to protect but no fragrance, "Naming Your Perfume And Protecting Your Name" will guide you through the simple steps you must take to acquire a legal right to that name before someone else grabs it! Best of all, "Naming Your Perfume And Protecting Your Name" shows you how to gain strong legal protection for your name without a lawyer and without spending more than pocket change.

Never had an idea for a product name? Never thought much about perfume? "Naming Your Perfume And Protecting Your Name" may stimulate your interest in a whole new game that, when played well, can make you lots of money without your having to leave the comfort of your home office.

How To Launch Your Own Perfume Company: A Simple Business Plan

You can build a perfume business of your own using this business plan as a guide. By following its detailed strategy you learn to identify motivated groups of potential perfume buyers. Members of these groups are near the tipping point of desire for a new perfume. You don't know these people and they don't know you but you know a marketer they trust, one who does not currently sell perfume and might never think of selling perfume were it not for your approach. Here is where you step in with a professional plan, promotion, and perfume to take advantage of this ripe opportunity for mutual profit. Before your first promotion has peaked, you will already be developing a relationship with your next marketing partner. Following this plan, you will gain more and more profit with each new marketing partnership.

Creating your own perfume from dropper bottles: Methods, mechanics, and mathematics

Now when you make your own perfume you can make it fully "commercial" meaning you will be creating a product ready for regular, continuous sales to friends, relatives, and the public! If the fragrance you've made has already won praise, why not share it with others? Some might pay you for it and want it for their web stores or retail boutiques! Creating your own perfume from dropper bottles: Methods, mechanics, and mathematics guides you through steps that can turn your hobby project into a perfume business. Discover how close you are now and how little more you must do to take what you made with essential oils and dropper bottles into a business of your own! For an introduction to this book, watch this video.

How To Create A More Valuable Name For Your Perfume

When you name a perfume you create a valuable asset – the name itself. To sell your perfume you want the most effective name possible. But a good name can have value beyond the edge it gives your sales. In naming your fragrance you are creating a trademark and a trademark can have value independent of the product. The value of that trademark can vary. Much depends on how well, in naming your perfume, you follow the trademark "rules." How To Create A More Valuable Name For Your Perfume first helps you develop a name that will be effective in selling your perfume. It then prods you to make use of certain techniques that can turn a good name into a great trademark, strong and valuable. If you have questions about how to protect a name, How To Create A More Valuable Name For Your Perfume will answer many such as:

  • Can you protect your name yourself or do you need a lawyer?
  • Can you register a trademark without a lawyer?
  • What does it cost to register a trademark?
  • How do I enforce the rights I have established?

How To Create A More Valuable Name For Your Perfume covers both state, federal, and international protection.

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Philip Goutell
Lightyears, Inc.