In the consumer market, price is often associated with quality. Higher the price, the better the quality. However, this does not necessarily stands true. The price of the products is determined by the ingredients and the raw material used to make the product and is fluctuated further as per the market the product targets. Usually, high-end products are targeted at the elite or the upper-class segment of consumers. Whereas the low-end product or a product that is considered to be relatively lower in quality or the ingredients used are not high-end, the price is often kept low for the middle and lower class of the market. The consumer psyche believes in a direct relationship between price and quality and this is what marketers target.
Today, in this article, we will discuss what makes your
cosmetic products expensive and whether is it always the right decision to buy
high-priced makeup products while there exist several other brands and products
that are being sold at a low price, delivering a good result.
Factor Contributing
To The Price Of Your Product:
●
Packaging
When a product is priced, several
elements are kept in place while deciding on the best price for the product.
Apart from the estimation of the cost involved in procuring the raw materials
and the ingredients to make the best quality formula, getting the final product
in shape and packaging also adds up to the cost and thus is reflected in the
price as well. Marketers add up fancy packaging to the product to make it more
appealing to the eyes of the customers. E.g., they may use custom holographic
boxes to let the product peek through the packaging and look
more exciting. The added feature just simply adds up to the cost and is then
reflected in the price.
●
Raw Material Used
The better the quality of
ingredients used, the higher the cost incurred and thus, the higher the price
of the product. This is the reason why some products are priced less while the
same product from any other brand is priced higher. Different formulas,
different ingredients, and different results.
●
Market Positioning
It matters to a great degree how
you position your brand in the minds of your target market. The better the
positioning, the higher will be the foot counts to your store and the more
sales of your product.
●
Demand
Better positioning leads to
increased demand and as the demand increases, the price also rises thus, for
the high-end products, the consumer segment that doe not compromise on the
perceived higher quality of such makeup products is readily willing to pay
higher.
●
Competition
In a competitive market
environment, products are usually sold at competitive pricing which in some
cases leads to higher prices especially when it comes to a product that is
considered a high-end product. These High-end products, when exported, are sold
at an even higher price which tends to alter the consumer psyche who then
associate it with higher quality and convince themselves to buy it despite the
struggle to afford it.
It is to be noted here that good quality, in itself, is a
trait that must not be related only to the price but also to the image of the
product in the minds of the customers. Even if you, as a marketer, price your
product lower, positioning is a tactic you can use to convince the market to
believe in the product that you are trying to sell.
Some High-End Makeup
Brands In The USA
Following are a few of the high-end cosmetic brands in the
USA that are sold at high prices and are perceived and marketed as high-quality
products:
●
Tarte
●
Mac Cosmetics
●
Fenty Beauty
●
Nars
●
Clinique
●
Bobby Brown
Alternative to The
Super Expensive Makeup Brands
A high price does not always confirms high quality. However,
there are makeup brands that promise good quality at relatively lower prices.
Therefore, Instead of choosing expensive makeup products, value for money is
another aspect that plays a very vital role in consumer choices. Therefore, we
have come up with a few makeup brands in the USA that promise good quality at a
reasonable price:
●
Too Faced
●
Benefits Cosmetic
●
Stila
●
IT Cosmetic
●
Laura Mercier
Although, the choice of the right product is made keeping in
mind several factors like skin type, social status, a product that suits the
skin the most irrespective of the price, etc. Therefore, the consequent
decision must be made keeping in mind all these factors and not just the price
alone. However, in today’s crunching economic conditions, without compromising
a lot on quality, the price has to be a determining factor while several
alternatives exist in the market.
Here are some tips for you that might help you choose the
right product for yourself while keeping in mind the above-stated argument:
●
Read Product Reviews
While deciding on the best
product to buy, look for real-time customer reviews on the product website as
they might help you in making your purchase decision.
●
Seek Word Of Mouth
Word of Mouth is another valuable
source of data that might help you in learning the real-time experiences of
people with the products you intend to buy.
●
Stop Experimenting
It is suggested to avoid using
products for the first time without considering their effectiveness. It is
important to understand whether the product is capable of fulfilling its
intended purpose or not. Therefore, thorough market research always helps.