Skin Care Industry: The Major Gambit You Should Know
It's a never-ending competition among several beauty industry brands. Branding is an essential element to help make your brand triumph in this fierce race. In order to excel, your brand needs to break through the crowd, grab the customer's attention and show why your product is the right match for them.
Focus on R&D for Market Analysis
Developing a strong R&D team that concentrates on making new strategies is a must to excel in this industry. The strategy should include the main basic points like who your customers are, what they’re looking for, what your competitors are doing, and how your brand is meeting your customers’ needs. Before launching a product, it is essential to determine how the new product would compete in the market.
Market it Right
Tailoring the brand's marketing efforts and aligning them with the customer journey helps find answers to the "why you?". If your brand can identify what matters to its target group, it can create meaningful strategies to meet the needs of the market. Companies have to be curious, engaged, and unafraid to ask questions as it leads to helpful insights and emphasizes important attributes. This would help to know what drives the customers for their choices in return to which, the brand can resonate accordingly with the targeted market. Building relationships with its customers and prospects allows the brand to position itself uniquely and perform better in the market.
Don’t launch a product, launch USP
Your brand can only win over your competition if your product's USP (Unique Selling Proposition) can showcase newness, trendy and effectiveness. How you project the message with a can differentiate your company from the rest of the competitors. With a strong message and perception, a brand can corner the market segment by making the product the lead player. It should be well conceptualized and defined with its intrinsic benefits that would help the brand cement its product's position in the market that a customer won't be able to avoid but instead talks about it. This further increases the loyalty to the brand. Focusing on the USP helps plan and execute advertising and marketing strategies, to ensure all of them are aligned.
Innovations in Ideation
Through demonstrating innovation to consumers, a brand can promote the notion that they manufacture pioneering products. A brand should develop a strategic approach that highlights its products’ unique value proposition as new ideas are a key motivation for consumers. The key point is to ensure new product developments should align with the brand's identity.
Your Manufacturer or Dealers are the key players
It is important to maintain seamless partnerships with the manufacturers and dealers for the end result of your product and its response in the market. It is important to accelerate the deployment of sophisticated systems such as just-in-time delivery, electronic data interchange, and efficient-consumer-response systems that permit the brand to build loyalty with the consumers as well. It helps to ship their goods in response to actual consumer demand.
According to research, 60% of consumers are loyal to the brands they are emotionally connected with. Hence a brand should not only attach itself to a particular product rather it should link with a particular set of potential emotional benefits that it promises to deliver to its consumers. Also, with the efficient management of big data, it can allow the brand to build stronger relationships with the consumers that are not just confined to selling products and services but satisfy their innermost needs.
Remember, your product or the idea can be copied too
Counterfeits have become a major challenge for brands on both online and offline platforms. To combat the threat of duplicate products a brand can formally register its product, register relevant domain names, sign NDAs with partners, implement an authorised dealer’s programme, establish a strong media presence and educate its consumers to recognise the difference between legitimate products and fakes.
The beauty care or fashion industry is forever evolving and changing. A brand should draw new innovative ideas from the market to create their own signature services that make their products special amongst the crowd. The sky is the limit when it comes to building a successful brand and staying competitive in the beauty industry.
The author is Founder & CEO at Aegte Lifescience
