Personal Care Products Industry Overview
The global personal care products market is expected to proliferate owing to the growing demand for gender-specific products including shaving creams, shampoos, conditioners, and face masks. Additionally, the intensifying demand for products performing multiple functions such as moisturizers with sun protection, toothpaste with whitening effect, and shower products with fragrance therapy for relaxation, laterally with their traditional functions will boost the personal care products market in the coming years. Furthermore, the growing demand for herbal and organic personal care products is expected to present the market with substantial growth opportunities.
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How to Develop a Market Entry Strategy Framework: The 3Cs Framework
The three Cs, which stands for Company, Customer, and Competition are critical factors that congregate to reveal the sweet spot for a robust market entry strategy framework. Let’s take look at the framework that can companies narrow the universe of possibilities:
Company: This is often the initial point for companies. The driver is the company’s desire for growth and belief in the solutions they offer. Moreover, the “company” issue tapers the universe by identifying three things:
- Core competencies and existing assets that can be leveraged for entry into a new market
- New areas they want to expand into
- New competencies the company wants to devise[spacer height=”20px”]
Customer: This is about categorizing and comprehending the unmet needs and meaningful problems customers care about. The driver is what customers desire and will pay for. The “customer” issue tapers the universe by revealing:
- What customers want and need
- What their unseen desires and aspirations are and what state they envision
- What customers don’t want and don’t value[spacer height=”20px”]
Competition: The competition aspect stresses identifying what customer needs are and are not adequately met by competitors, and what solution an upcoming company has that are already provided by others in the market. The “competition” issue tapers the universe by specifying:
- Space for innovation
- What solutions exist, and what is still needed
- Good growth potential opportunities[spacer height=”20px”]
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About the Client
The client- is a leading personal care products manufacturer based out of the United States.
Client’s Challenge[spacer height=”10px”]
The leading personal care products manufacturer was looking to break into the Russian market. As a result, they wanted a deeper understanding of consumer usage and attitudes within the hair care category. Also, the client wanted to determine whether the personal care products brand’s current positioning as a professional “salon” product available at retail locations would reverberate in this emerging market.
Business Outcome[spacer height=”10px”]
With the help of Infiniti’s market entry strategy framework, the personal care products manufacturer gained considerable ground in the brand’s existing positioning. Also, the primary and secondary research activities conducted by Infiniti helped the client in gaining insights into the responses of the probable buyers of the products. This helped the client successfully launch the personal care products brand and secure shelf space in major Russian supermarkets.
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