Why cosmetic brands need the 7Ps to succeed

Product

This one seems a little obvious - the product itself – but there is a lot more to it than that.

With this P, you need to highlight specifically, how your product:

• provides the key features and benefits your target market is looking for
• differs to and/or is better than competitor offerings
• addresses the needs of your target market (better than competitors)

It’s crucial that you conduct market research to identify these essential items, ideally before you start talking to the Cosmetic Chemist about the formulation. Additionally, brands should perform market research regularly, even when their product has been launched, to make sure changing trends don’t change how they position their product, especially compared to new competitor offerings or changing consumer demands.

PricE

Pricing a product too high sets up market resistance to trying your product out; while pricing your product too low may reduce its perception of quality and performance. To achieve the highest number of sales for any product, you need to price it just right to:

• suit your target markets wants, needs and expectations,
• ensure you make sufficient profit to cover future developments, growth and marketing,
• be considered against other known competitor products,
• offer seasonal discounts and specials and still turn a profit, and
• cover all the costs associated with running a business and ensuring ongoing supply.

Customers won’t purchase a product, no matter how much they love the idea of it, if its doesn’t fit their value perception. Pricing your product just right is absolutely crucial to ensure your products’ success. Market research before launching your product is again essential to make sure your product is priced in the ‘just right Goldilocks zone’ to achieve the greatest number of sales, and yield the required return on investment.

Promotion

Even if you have the best product in the world, you won’t sell much if no one knows about it. Your promotional strategy is another essential element to get right, especially since consumers need multiple exposures to a product ‘story’ before they’ll even consider purchasing it; and it needs to be heard amongst all the other product stories out there.

While social media platforms have definitely opened up cheaper marketing alternatives to traditional print (and similarly costly) platforms, all too often, brands starting out thinking a few posts on social media will lead to brand success. It’s only when they launch, they find out there is a lot more to it than that. Your promotional strategy must:

• provide the features and benefits of your products
• show how it differs and is better to competitor offerings
• be seen by your target market
• be effective compared to all the other noise out there – there is a big difference between ‘marketing efforts’ and ‘effective marketing efforts’
• be consistent
• be compliant – ‘I didn’t know’ or ‘but other brands are saying that’ is not an acceptable excuse for non-compliance to a regulator

Finally, your marketing campaign needs to be affordable over the long term. You can’t promote your product effectively without investing in its promotions, and it will take time before you see the required returns. Make sure you plan your promotional strategy well and have the financial stamina to maintain it while sales build.

Place (distribution)

Selling on-line is now commonplace, making it easy for small brands to have a reputable brand even if this is their only distribution channel. But, your competitors, both big and small, also have on-line stores. If you’ve got wider distribution, this can be helpful, but may also increase your sales and marketing costs to maintain. Regardless, your ‘place’ is an essential marketing element to master because:

• if your consumers can’t purchase easily, they won’t purchase at all – invest in a good website and shopping cart
• make sure your website carries your branding message
• ensure reliable and fast delivery
• use your social media and marketing to drive traffic to your site – they won’t find you through google ads or SEO alone

Use this new online world to your advantage, but remember, your competitors are using it too. Your website needs to make it easy to select and purchase the desired products, and delivery should be smooth, fast and hassle free.

Your website is just one of millions, so make sure your marketing efforts drive your target market there, otherwise it just won’t be found, no matter how great it is.

People

The customer experience is now more important than ever before. Consumers not only enjoy a personal touch with their purchase, but they also often actively seek it, by asking questions about a product before purchase.

When your replies are helpful and knowledgeable, it gives them confidence in your brand and products, and makes them more likely to spread the word about their experience. A bad sales experience, poor service or inexperience in answers or support has a very negative effect on their perception of your brand and may deter them from purchase.

Consumers also look for connections through the socials! Make sure you or your team respond to comments and questions when posted.

Make sure you employ the right people to be the face of your business, as they are extensions of your products and brand vision, and can have a big influence on consumer purchases.

Process

With so much choice available to consumers, they have every right to expect a smooth interaction when making a purchase. The process step refers to:

• ensuring great service with every interaction
• fast delivery of quality product
• internal processes that enable your business to work smarter, not harder – improving internal processes to service more customers with continued high standards in minimal time is essential to brand growth.

Make sure every step of the sales and distribution process runs efficiently and hassle free: from an easy purchase and secure payment portal, through to prompt delivery of perfect product and all your social and personal interactions in-between.

Physical evidence

Physical evidence is much like proof: it not only includes the product itself and its packaging, but also your on-line presence, social media and overall branding. It can also include any physical evidence from social media interactions and other customer ratings, as well as the way the product is shipped and an invoicing or follow up emails.

Think about your customers journey from their first to final exposure and interaction with your brand:

• do your social posts and interactions provide the right brand image?
• does your packaging, product features and benefits and the marketing messages speak to your target market?
• does the product actually deliver on its promises, fast?
• did the product arrive to them on time in a pristine condition?
• have you connected with your consumer in the right way – both now and with your future plans?

If there is a kink in your physical evidence, it could deter them from purchase; but if you have a consistent image that not only addresses their needs but also solves their skin or hair care problem, with great testimonials or social proof, you’ll be sure to win their sale when their ready to purchase.

Make sure you get the 7Ps right…

If you don’t get the product, price, promotion, place, people, process or physical evidence just right, your consumer has plenty of opportunity to seek total satisfaction elsewhere. Make sure you master all of these aspects with the right approach – and if you’re unsure at all, learn how to get it right!

Build the culture of your brand and master your marketing mix, and don’t be afraid to revisit it often, because trends change and new competitors are ready to launch at any moment – make sure your brand and its products stand out and lead the pack!