A. Conduct thorough demographic research focusing on high-income individuals in Delhi and nearby areas.
B. Identify key demographics such as age, gender, income level, and lifestyle preferences.
C. Understand the makeup habits and preferences of the target market, including favorite brands, makeup styles, and occasions for makeup application.
D. Use surveys, interviews, and market data to gather insights into the target audience's needs and desires related to makeup services.
2. Competitive Analysis:
A. Identify direct competitors in the high-end makeup studio segment in Delhi, including established brands and boutique studios.
B. Analyze competitors' services, pricing models, brand positioning, and marketing strategies.
C. Assess the strengths and weaknesses of competitors to identify opportunities for differentiation.
D. Identify any gaps in the market that Niaahh Makeovers can fill with unique services or offerings.
3. Identifying Opportunities and Challenges:
A. Explore emerging trends in the makeup industry, such as demand for cruelty-free products, eco-friendly packaging, and inclusive beauty.
B. Consider the impact of cultural events, weddings, fashion shows, and corporate events on the demand for makeup services.
C. Evaluate potential challenges such as seasonality, economic fluctuations, and evolving consumer preferences.
D. Identify opportunities for innovation and differentiation, such as specialized makeup services, unique packaging, or exclusive collaborations with beauty brands.
4. Location Analysis:
A. Assess potential locations in Delhi with high foot traffic, visibility, and accessibility.
B. Consider factors such as proximity to luxury hotels, wedding venues, fashion districts, and affluent residential areas.
C. Evaluate the rental costs, lease terms, and zoning regulations for each potential location.
D. Choose a location that aligns with the target market's preferences and offers the potential for growth and expansion.
2. Market Research and Analysis