Cosmetics and personal care: what’s trending
According to market research and consulting firm Grand View Research, the global market for organic cosmetics and personal care will reach USD $15.98 billion by the year 2020, and will continue to grow at a CAGR (compound average growth rate) of 9.8% –– which trumps all other industry categories.
Likewise, Kline Group estimated that the much larger natural cosmetics market hit $30 billion last year and also predicts that CAGR will also grow at around 10% up to 2019. Note that both of these statistics were published in this article on cosmeticdesign.com.
With this kind of demand (driven by consumers taking a more proactive approach to their health and wellness), its enticing to want to get in on the action. So how do you retain the equity of your cosmetics, skin care or personal brand while creating a fresh “healthier” face to stay relevant. Here are 6 tips based on our years of unlocking brand potential (not only here at Trajectory, but also as client-side marketers):
1. Don’t run from who you are. Unless your brand is stagnating and in decline, there are equities (both strategic and tactical) that your brand has built over time. And you need to treat them preciously, because they’re really hard to come by. So your first priority should be to refresh what made you famous in the first place.
2. Deliver on points of parity. Success requires more than differentiation. There are certain must-have’s that customers are looking for. In this case, they’re the increasingly important attributes of natural and organic. And no matter how compelling your points of differentiation are — you can’t win unless your brand is perceived to be “good enough” to deliver on these point of parity (POP) dimensions. So sure up what you can.
3. Leverage Your Strengths. One key to success is to focus on being brilliant at the things you’re good at, rather than worrying about your weaknesses. Hopefully, these strengths align with what customers are hungry for. But focusing on your strengths does not mean ignoring your weak points. Rather, seek to reduce or neutralize them.
4. Seek out customer opinion. Elicit the feedback of your best customers. Which is easily done today given the ability to engage in an ongoing two-way dialogue. They’ll provide the most insight into the opportunities for your brand. Find out what’s sacred? What’s flexible? What can go away? And then beyond your brand, what are their needs? What are their daily pain points? What kind of help are they searching for within your industry?
5. See Inspiration From Outside Your Market. We always recommend (and have a disciplined process for) clients to seek out inspiration beyond their direct competitors. If you want to be distinctive and relevant for your customers, you need to defy convention. And the way to do this is to look beyond competitors who tend to look, sound and act alike.
6. Re-visit the brand experience. Step back to take a broad view of the entire experience prospects and customers have with your brand. Map their journey from search, to selection, to purchase to performance to post purchase experience. And then overlay this with all of the elements that make up your experience, i.e. people, product, place, price, promotion. Based on your positioning and promises, add, augment, or erase steps as necessary.
Every brand owner needs to look forward by paying attention to culture, shifts in attitudes and values and the competitive landscape that they need to react to. In this case, it’s the pursuit of natural and organic. But at the same time, do not forget to look back to what made you successful (and your consumers successful) in the first place. This is often the smartest starting point to retain your equity while you fill in the gaps to stay relevant.