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 its launch in September 2017, the brand has released three lipstick collections.
In this 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.
Vice Ganda and his team regularly does research, asking their consumers what they need before launching a new collection or specific products.
"We study the market and do our own research on what our market regularly uses here in the Philippines, and that's what we formulate," he says in Filipino.
For the brand's latest collaboration with celebrity stylist Bang Pineda, Vice took it to a whole new level and made an "edgier, braver, and bolder set of lipsticks."
"This Vice x Bang collaboration is a limited collection... Yung mga edgy na lipstick, combination siya ng matte lipstick and topper.
"So in one box, there are two products inside—a liquid matte lipstick and a topper.
"We came up with four shades called Rrrahmpa, Mowdel, Saveeeeh and 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. The more people who will come up with their own products, the more we'll be challenged to better our own brands so , and I think it's really the market who will benefit from this."
Before 2018 ends, Vice Ganda plans to release another makeup collection.
This time, he'll explore different kinds of cosmetic products aside from lipsticks.
"We're going to have a complete line na kami. WE were actually supposed to release it a few months ago. But I said we should wait and concentrate on promoting the lipstick around the Philippines.
"So now, we will be introducing eyebrows, mascara, eye shadow, liquid eyeliners, and highlighters. We'll also have a foundation."
Vice Ganda revealed that his company has 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 the release on hold, Vice Ganda explained, "We just didn't want to release everything simultaneously. We wanted people to buy the products when we launch them. We didn't want a situation where people would want to buy something and then a new product comes out and they haven't even gotten around to buying the first product. We didn't want them to feel like they were being neglected because of all the new stuff that's comin out."
This story originally appeared on Pep.ph.
* Minor edits have been made by the Entrepreneur.com.ph editors.