The beauty industry continues to be a gold mine for entrepreneurs, and it continues to grow with millennials as its big target market.
This led TV host-entrepreneur Vice Ganda to start up his own makeup brand called Vice Cosmetics.
Since their launch in September 2017, the brand has released three lipstick collections.
In an exclusive interview with PEP.ph (Philippine Entertainment Portal), the 42-year-old It's Showtime host revealed some of the things he has learned as a business owner so far.
According to his good friend Dr. Vicki Belo, luck seems to be on Vice Ganda's side since he was able to sell their one-year stock of lip products in just over a month.
But for the comedian-entrepreneur, it's more than just luck.
He told PEP.ph, "First, it's not really easy to put up a business. You really have to put your heart into it."
Vice added that you need to get an accurate pulse of what your customers want, and then make products that give them their money's worth.
He expounded, "Hindi lang yung bara ka lang nang bara. And you really have to know the heart and soul of your market, in order to give them the best product that they need.
"You have to love your market so you will be able to give them what they deserve.
"Kasi if you don't love your market, pagkakakitaan mo lang sila.
"So you have to love your market para mabigay mo sa kanila yung worth their money at para yung trust, ma-gain mo din sa kanila."
PEP.ph caught up with Vice Ganda at the launch of his latest lipstick collection last June 4, at BAD Late Breakfast Bar in Bonifacio Global City, Taguig.
TARGET MARKET. Vice Ganda and his team regularly does research, asking their consumers what they need before launching a new collection or specific products.
He said, "Pinag-aaralan din namin, may mga research kaming ginagawa kung anong palagiang ginagamit ng market namin sa Pilipinas 'tapos yun yung pino-formulate namin."
For their latest collaboration with celebrity stylist Bang Pineda, Vice took it to a whole new level and made it "edgier, braver, and bolder set of lipsticks."
He narrated, "This Vice x Bang collaboration is a limited collection... Yung mga edgy na lipstick, combination siya ng matte lipstick and topper.
"So sa isang box na mabibili niya, dalawang products yung nasa loob—isang liquid matte lipstick at saka isang topper.
"We came up with four shades, yung Rrrahmpa, Mowdel, Saveeeeh at saka Fashown."
How does he feel about the current landscape of the cosmetics industry with celebrities releasing their own makeup lines one after the other.
He said, "I think it's really fun and it's very healthy, and I think it's the market who will really benefit from this.
"Kasi the more people who will come up with their own products, mas macha-challenge kami to better our own brands so ang talagang magbe-benefit dun is yung market."
STRATEGIC PLANNING. Before 2018 ends, Vice Ganda plans to release another makeup collection.
This time, he'll explore different kinds of cosmetic products aside from lipsticks.
He told PEP.ph, "Magiging complete line na kami, actually dapat nung previous months pa namin ni-release.
"Ako lang yung... Sabi ko wag muna, ikalat muna natin yung lipstick sa buong Pilipinas, para pag nakuha natin yun, puwede na.
"So ngayon, we will be introducing eyebrows, mascara, eye shadow, liquid eyeliners, and highlighters.
"Magkakaroon din kami ng foundation."
Vice Ganda revealed that they already finished developing the products since they first released their premiere lipstick collection, and are just waiting for the right time to release it.
When asked why they decided to put it on hold, Vice Ganda explained, "Ayaw lang namin na pagsabay-sabayin. Gusto namin pag na-launch yung product, bibilhin talaga ng market.
"Ayaw naman namin yung gusto pa lang nila bilhin, hindi pa nabibili 'tapos may bago na naman.
"Ayaw naming maramdaman nila na, 'Ay napag-iiwanan na tayo kasi ang daming bago.'"