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When does it make sense to invest in a perfume?

The thought of marketing your own perfume and making a pot of money from your efforts is tantalizing, but when should you do it? When is the time right? There are times when it makes no sense at all to put your money into a fragrance... and times when "you'd be a fool not to do it." Here are some guidelines that can help you spot golden opportunities and avoid costly errors.

The Market

It makes no sense to develop a fragrance unless you have a market – a market that in some way you "own." A market is nothing more than people – people who you have serious good reason to believe will be receptive to your offer of your perfume.

Note that not only must these people – your market – be receptive to your perfume, you must have a way to communicate your offer to them. This suggests, rightly, that your market, like all markets, is a grouping of people who, if having nothing else in common, can be targeted by you and reached. This the need for media: communications channels through which you can reach your potential buyers. And, note well, it is important that you have the ability – time, money, knowledge, experience – to use the media skillfully.

As to this market itself, it cannot be just a general feeling that "all women like perfume" or "everybody is looking for a new perfume". There must be something specific that will connect you to this market and this market to you. Your opportunity lies in this connection.

Look at some examples. Think of any celebrity – Taylor Swift, Beyonce, Justin Bieber, Sean John, Antonio Banderas – none of their fragrances would have existed were it not for the enthusiasm of their followers for them. This enthusiasm for the celebrity is what sells their perfumes, not the scents or the packaging.

You don't have to be a celebrity to have a following. My own "P" Cologne sold well because I had, in my marketing, created a fantasy theme which attracted a large number of people who would willingly spend money with me to share in that fantasy. You can read about the development of this fragrance in my book, Creating Your Own Perfume With A 1700 Percent Markup!

You don't need a million followers to make a new perfume profitable. What you need are followers – your targeted market – who are enthusiastic about making a connection with the fantasy world you offer through your perfume, the shared bond that makes them forget about the cost because your fragrance – to them – is so desirable it is close to being a necessity to them. Your market is ready when your people don't have to think about whether they should or should not buy your perfume or ponder the expense. This is the first hurdle you must get over before you can "green light" your project.

Next: Finding The Right Scale...

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Philip Goutell
Lightyears, Inc.