Consumers of beauty care products consider brand identity as the most important factor when it comes to purchasing products. Our research identified that xx% of customers focus on brands. Therefore, every cosmetic brand is continuously in the process of innovating products to retain customers. Innovation covers other broad areas such as brand positioning, marketing and distribution. All these factors together aid in the growth of the beauty care industry. In the last decade online shopping has revolutionised marketing of beauty care products. The beauty care industry too has had reaped its benefits. In the last few years innovations in marketing such as sale of beauty products over internet has grown substantially. E-commerce websites have made things easier for both the companies and the customers. Customers always look for maximum benefits and online shopping has its set of benefits. One of the biggest benefits is the price, which is much lower. Secondly, the customer gets all details about the products and the product is delivered at home. Customer will buy a product online because he/she is satisfied with the product, which they had earlier used and now will buy it online because it will save both their money and time. The companies too benefit because online media is a very strong medium to get customer feedback on products, which help in innovations in the future.
We found that consumer behaviour depends on three factors: cultural, social and personal, here, social factors such as family and friends too influence a customer. At the same time, reference groups to have an informational influence on the consumers and if the product is marketed properly one user from a family or a particular group can always influence a customer. Customers decide on a product based on their stimuli. Hence, they remember the good things about a product and forget the other points. Beauty care products developed by a company should focus on some unique features such as smell, colour, touch, feel and packaging. It should also focus on packaging and positioning their product in innovative ways.
Another innovation that has taken the global beauty care and therapy market by storm is the development of organic products. Organic products were earlier developed by a handful of cosmetic brands but now almost every company is focusing on developing organic products since they are much safer and do not have side effects. In some countries, legislation has been passed to keep the customer informed about the products if they are organic or non-organic which the UK might adopt in the future.
We concluded that the global beauty care market is constantly growing and the companies have to put thrust on the innovation of product as the customers are always looking for something new. New products should be developed keeping in mind not only the customers’ demands but also their health benefits and other environmental issues. At the same time, only product innovation will not help the industry to grow; new marketing strategies and product positioning, planning should be developed which are also part of innovation. Customers only understand value for money and want to reap maximum benefits. Hence, products should be developed keeping in mind consumer’s time, money and satisfaction level.
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