10 minute read
According to Forbes magazine the in 2020 the barbering industry will be worth 26 billion dollars what’s even more staggering is the Men’s personal care market is expected to hit $166 billion in 2022, according to Allied Market Research on a global scale that’s more than a 125% increase in 2 years!!
It’s the fastest-growing profession in the US. 1 of the few industries that have been known to be unscathed by the invasion of the internet and e-commerce. The barbershop scene has done a complete 360, today’s shop looks nothing like the barbershop of yesteryear. The new style of barbershop provides men with high-end services along with ice-cold beer or a pour of bourbon. They are far more expensive than the barbershops of yesteryear (expect to pay at around $40 plus)
Growth in any industry, for the most part, means there’s always an opportunity for money to be made across the board, so today we are going to take a look at how you can maximize your potential growth during this great time of opportunity in the barbering industry.
First thing first before you head on any conquest, you must decide what exactly do you want to achieve, is it more sales, freedom, brand expansion or community connections. Regardless of what your goal is this one tactic is worth implementing in your business this upcoming year.
Have you heard the phrase there’s “Riches in the Niches?”
If yes you are right on the money if not you might want to get in on this gravy train. So let’s cover the what, when, why and how’s.
- What is Niche or Niche Marketing as we will discuss it today?
- Why is it important to me?
- When should I try it?
- How do I implement it in my barbering business now?
According to Google Niche marketing is an advertising strategy that focuses on a unique target market. Instead of marketing to everyone who could benefit from a product or service, this strategy focuses exclusively on one group—a niche market—or demographic of potential customers who would most benefit from the offerings.
2. A niche is important to you because creating a niche marketing strategy can benefit your business in several ways:
- A niche serves very specifically, unmet needs of a customer market.
- A niche offers well-defined solutions (services or products) that match customers’ needs.
- A niche provides a targeted and comfortable environment for customers.
- And a niche allows you (the business owner) to feel excited and satisfied.
- When should you implement the idea, You should implement it as soon as your done reading this article there’s no time like the present to grab hold of an opportunity that could potentially take your business to the next level of influence in your field.
Let’s take a look at some of the most profitable niches in the barbering industry that you could show you how you can use this tactic to your advantage in your business right now.
- Male grooming is booming. The male grooming products market reached a value of US$ 60.6 Billion in 2018. The market value is further expected to reach US$ 81.2 Billion by 2024. The act of personal grooming generally includes maintaining and cleaning several parts of the body. These products by definition are used for staying clean and making the outer appearance more attractive. Till the last few decades, male grooming products were primarily limited to shaving creams, deodorants, aftershave colognes, and shampoos. In recent times, however, several male grooming products have been designed and developed which include moisturizers, facial creams, bronzers, concealers, serums, face masks as well as a number of anti-aging products.
2. Male beard grooming niche It’s a billion-pound industry worldwide and is showing no signs of slowing down.
3. Skincare for men is the fastest-growing category with rising demand for exfoliants, anti-aging creams, SPF products, eye creams, tinted moisturizers, and even masks taking shelf space in both luxury and mass retailers alike.
4. Man weaves, more formally referred to as cranial prosthesis, hair replacement units or hair systems, are a nonsurgical procedure to help men who’ve lost their hair — be it through just balding or thinning, alopecia or cancer treatments “regain” hair. Definitely not new on the scene but with the popularity of the lace front weave application that gives the most realistic eye appeal has given the male toupee industry a facelift.
Man weaves are designed for most hair types including Caucasian, Latino and African-American/black, and have been growing in popularity over the past two to five years. In most cases, man weaves are 100 percent human hair, although some are blends with synthetic hair. Don’t think of them as fake hair, think alternative hair.
All of these are profitable niche markets that you could implement to maximize your sales and community reach. Learn how to use niche marketing to give your barbering business an unfair advantage in 2020 by implementing a simple step by step system here
Credits: Google, Forbes, Businesswire