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Driven with the aid of a choice for elevated
personalization, clean beauty alternatives and a extra awareness on efficacy,
the beauty and private care souk has seen an explosion of new products come to
marketplace in current years, and with it have come a host of latest
challenges.
L.E.K. Consulting has deep enjoy within the splendor
and private care industry, partnering with companies throughout the complete
value chain on the way to assist our clients obtain their strategic desires.
Our customers on this area encompass CPGs, skincare, shade cosmetics, perfume
and haircare agencies, as well as splendor service providers (e.G., med spa,
salon, massage, aesthetics). We paintings with various brands and agencies,
both installed and independent or area of interest. We additionally have
labored with specialty factor suppliers/distributors, formulators, packaging
producers and settlement manufacturers that serve this space.
We are the marketplace chief in growth approach, and
our center skills on this zone include working with customers on M&A
method, acquisition displays, diligence, pricing method, purchaser activation,
corporate strategy, loyalty strategy (for provider companies), digital
approach, deliver chain / operational assist and sustainability. We use
advanced analytic strategies to collect fact-based insights and advocate
actionable strategies that drive impactful outcomes for our clients, permitting
them to be greater efficient and worthwhile.
Navigating the evolving splendor and private care
market
Our skilled experts have an intensive expertise of key
business demanding situations in today’s splendor and personal care market, and
we encourage our customers to take into account those key questions:
How are customer wishes and product developments
evolving in these days’s market? What are the results for the way we grow our
commercial enterprise?
How will we capitalize on key consumer tendencies
toward premiumization, hyper-customization and increasing element awareness
(e.G., easy splendor)? What effect may sustainability and cruelty-unfastened traits
have on price structures?
Does our emblem positioning resonate with current and
ability purchasers? Are we sufficiently leveraging our consumer touchpoints,
which include virtual channels, to attain logo meeting?
How do we optimize our channel range given shifts in
on line and subscription offerings? How will the shift closer to forte stores
have an effect on our income?
With the continuing growth and emergence of impartial
beauty manufacturers, how should multinationals reply?
What is the effect of brand consolidation/acquisition
with the aid of multinationals at the beauty and private care fee chain?
How will we optimize our pricing and promotional
strategies to maximize fee? How are we able to seize fee as consumers hold shifting
upmarket?
Are there adjoining merchandise and categories that
constitute growth possibilities for our brand or organisation? Where do
exciting M&A opportunities exist, and what real property are we able to
acquire?
What have to our sustainability method be in mild of
evolving guidelines and purchaser desires? How will this effect our deliver
chain and our merchandise?
What is the white area in our provider industry (e.G.,
med spas, salons)? How many sites can the market guide and wherein ought to they
be placed?
Case examples: developing price in beauty and personal
care
To examine more approximately how we help clients
create cost in the splendor and private care area, please refer to these
insights and case examples:
A main skin care logo become dealing with lagging
income inside the U.S. Regardless of overall market increase. The client
engaged L.E.K. To behavior an intensive evaluation of the emblem’s positioning
within the market and the business enterprise’s sales and advertising
techniques. We identified underserved regions of the marketplace and created
tactical initiatives for the employer to recognise fee. We optimized the
client’s U.S. sale and advertising and marketing strategy, including focused
distribution channels, pricing, and income force corporation. The recognition
on implementation provided the customer with a clean course forward for destiny
lengthy-time period boom.
A main direct vendor of splendor, non-public care and nutrition products had traditionally lacked the era for proper facts seize on its consultants and give up customers. Additionally, new consumer engagement packages and product strains had appreciably changed enterprise operations and, consequently, facts structure and productiveness metrics. After imposing a brand new records management system, the customer asked L.E.K. To use superior analytics to provide insight into its consultant/client base and pinpoint increase opportunities. This ended in loads of hundreds of thousands of greenbacks of diagnosed growth ability, as well as a deep understanding of the business and the gear/templates required to degree overall performance going forward. Read extra