How to stay ahead in the cosmetic industry?

Belinda Carli

While any brand can launch a new product, only certain products ever really make it to be leaders. Some launches are so innovative and successful they lead to the creation of multiple ‘me-too’ offerings.

They say that imitation is the sincerest form of flattery, so what does it take to stay ahead and launch truly innovative products that lead the pack?

 

Innovative tip #1: Attend trade shows

Being first to market with innovative products is the #1 way to lead the pack. If you want to be innovative you need to see the new material launches as soon as they happen – the only way to do this is to attend trade shows relevant to your region because the launches happen there! Visit all the stands, talk to the representatives about their latest launches and attend the seminars. Focus on the actives that meet consumers growing needs (you’ll find out more about that in tip #3) and be first to market (tip #5).

Where you can’t attend in person because of travel restrictions, make sure you attend any virtual seminars instead. In person is always best but if you can’t be there, being ‘virtually’ there is the next best thing.

 

Innovative tip #2: Meet with your suppliers

Meeting with your suppliers regularly is the next best way to stay informed of what is being launched – especially if you want to keep track of launches worldwide! Ask your suppliers to email you information on the latest raw material launches and follow through for all required technical information to make sure the materials have a marketable point of difference that will stand out in the marketplace and give your product unrivalled performance. Having regular meetings is also great when they have samples for you to trial the materials they are promoting; it’s a great way to stay connected too!

Where you can’t meet with suppliers personally, make use of Zoom meetings or other virtual connections, and attend any online or live seminars they may run.

 

Innovative tip #3: Read trend statistics

Reading trend statistics goes way beyond monitoring what is happening in the personal care industry. Sure, it’s important to see what products are popular and what is being launched by whom; but the more important statistics to stay ahead of innovation relate to what is happening in your local region (and often the world) as well as the economy! For example, during the GFC, we saw a huge trend toward cheaper ‘everyday’ products and ‘multi-function’ products: both of these trends resulted from increasing economic pressure on consumers. Now, we’re seeing trends related to lifestyle: make it easier (again, multi-functional products take centre stage!) and make it cleaner (anti-pollution actives and the ever growing ‘green’ trend). Consumers will always look for products to suit their ‘needs’ at any given time – socio-economic trends can give you that insight; so stay tuned to more than just what is happening in the personal care sector!

 

Innovative tip #4: Be sensational (don’t skimp on R&D)

Be innovative, but be sensational. Start with a great concept that is highly marketable and different (your innovation from the trade shows – refer to tip #1) and turn this into a fantastic product with a marketing campaign that showcases the innovation to answer consumer needs. Make sure everything about the product addresses the specific needs of your target market: ensuring outstanding performance in an innovative way in a product that looks, smells and feels appealing to them. Do your market research, and get the product created exactly as it needs to be - don’t skimp on R&D if you want to be a leader!

 

Innovative tip #5: Don’t delay - timing is crucial!

 

Make sure your New Product Development (NPD) schedule revolves around the trade show launches nearest to you. If you see it launched at a show, make sure your development briefs are ready to hand to your chemists within 2 weeks. Have the rest of the development schedule drawn up so you are launching within 9-12 months of a new material being released:

  • any less than this and you would be skipping crucial quality and scale up steps which is NEVER a good idea
  • any longer than this and another brand may beat you to a launch!

 

Time is of the essence if you want to be the first to market so the best way to do this? Attend trade shows and be ready to adopt the new material launches that stand out! Make sure your team is highly trained and attuned to delivering quality results in the shortest time possible.

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