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The New Age of Antiaging
By: Jeff Falk
Posted: August 11, 2009, from the August 2009 issue of GCI Magazine.
- Consumers are looking for multifunction ingredients and curbing spending habits.
- The marketing/benefit message must be more focused and specifics communicated to the consumers.
- The decision to use a particular raw material should be a mix of both function and how it elevates a brand/story image.
- Consumer decisions will be driven more by compelling performance than by mere label claims.
- Consumer expectations for superior packaging for advanced products continue to rise in both mature and developing markets.
The Panel: Allyson Owens, Director of Education, DermaQuest; Frank Massino, CEO, Senetek PLC; Ada Polla, President and CEO, Alchimie Forever; Virginie Lemeunier, Product Manager—Lotion, Rexam Personal Care Division; Ralph J. Manrique, Skin Care Global Marketing Manager, AkzoNobel Surface Chemistry
GCI: Have consumer habits such as spending, product choices, frequency of spend and so on, changed in the last eight months? How have they changed and what have you done to adjust?
Allyson Owens: In the past eight months, accounts have been ordering less. Before they would order larger quantities of the same product, but now those quantities have been cut in half—or even more than half. You can tell they have budgets to work with now and have scaled back on ordering. It seems like they don’t want to be holding too much inventory right now. We are providing our accounts with more marketing materials, samples, point-of-purchase displays, shelf talkers, posters, marketing cards, etc., to help them retail products and increase revenue. These days, people are looking for value as well as results. If a product can fulfill many expectations or functions, then that is a great product. Our Peptide Mobilizer can be used on the eye area and on the face, and is our number one age management product.
Frank Massino: Consumer spending has been on the decline, and we see it even in physician visits across the country. Consumers appear to be trying to get more out of a single tube, looking for better pricing, etc. We have implemented several promotional campaigns attempting to address the consumer concern and plan to implement some bundling prices.