Last week, we told you to imagine your friends 10 years ago vs today and how they looked back then vs now.
And yes, they look better now.
Their dress is better, their fashion sense improved quite a bit and they now care.
I remember back in the days when I was in school, I didn't know what "sunscreen" is.
However, I now try to use it before going out.
If you told me to use sunscreen when I was playing cricket back in 2012 - I would have 100% bullied you to shame.
Things change.
Men Skin Care and wellbeing have been a trend that's only getting bigger every month.
Look at this Google trend chart.
The search for "men skincare" has been doubling every few years and is at an all time high now.
The above is skincare searches for Bangladesh (all gender) - which is also at an all time high.
Bangladesh has many products / services / saloons for the female segment, however, the men segment is still underserved and that's where we think opportunity lies.
You should try to create a brand that specifically focuses on the men skin care segment.
Here's how I will go about it:
Step 1: Decide on products. I would do a hair line, a skin line and a age / longevity line. Imagine things like shampoo for dandruff / hair-fall, sunscreen for male skin, moisturizer for male and biotin / other supplements that help you stay young.
Step 2: I won't launch any of my own products. I will 100% import everything for the first 2 years.
Step 3: Heavy content marketing is the only thing required. I will create videos like:
Why men should care about skincare
What happens if you don't use a sunscreen
Benefit of biotin for a male body
The testosterone effect & more.
No, the videos will not automatically go viral. I will also put some ad budget behind 'em. At least $500 to begin with.
Within 3 years, I will have a business that's doing moderate numbers with decent margin + a customer base that cares.
This is when things get interesting as this is when I will start launching my own product lines to replace the existing ones I sell.
No more imported dandruff shampoo - use our own one.
No more foreign biotins - here's one that we produce.
That's when your profit margin will also skyrocket - as you won't have to deal with import taxes anymore.
In 5-7 years, you will have one of the strongest men skin care and health brand in Bangladesh.
I won't worry about offline marketing (partnering with gyms for example) in the first 2-3 years. I will go 100% online.
Do you think it will work?
I think it will.
Why don't you take the week and think about it?
And of course, if you like today's Friday - tell your friends to join B1NANCE UPDATE
We will chat next week.