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In boardrooms across the country, marketers are asking the same question, “How can we compete and grow in this economic environment?” Turn on the television, open a newspaper or tune into your favorite radio station—it’s hard to not get depressed listening to all of the bad news about our ailing economy. Even with the promise of bailouts and the hope of stimulus packages to come, those in the beauty business are getting nervous—and with good reason.
Thankfully, there is one true constant that will keep you in business. Women (and a growing number of menfolk, too) can’t resist the need to look and feel their best despite the current gloom and doom of the economy. Vanity continues to grow even while wallets shrink.
To stay ahead, companies must be savvier than ever. “Out” are the days of wasteful, whimsical product development; “in” are the days of consumer-conscious marketing, research and development. Your consumer knows what she wants, and if you’re listening, you’ll stay ahead of the game.
During the last year, The Benchmarking Company (TBC) has collected data on, researched and identified 14 key beauty trends that wise and nimble cosmetic companies should incorporate into their future marketing plans for 2009 and beyond. These trends are not quick fixes, nor are they “beauty Ponzi schemes.” They are intended to help direct today’s companies gain larger market share, grow new areas of business and speak the same language as their consumers.
Time stands still for no one, and whether you decide to attack the aging process naturally or scientifically, women are fighting Father Time with all they’ve got. According to Euromonitor International, the worldwide market forecast for antiaging and nourishing products is accelerating upward, expected to reach $15.8 billion by 2010.