A global beauty products company had a US-based brand with over $400 million in sales that had seen growth slow compared to younger brands emerging in the marketplace.
The client requested us to explore ways of resuscitating the growth of its mascara category along with its adjacent tools division. The well-known, but older brand was coming under fierce competition by newer brands yet new sales channels represented new opportunities.
The project consisted of a number of workstreams:
(a) Competitive landscaping of the mascara and tools categories that included identification of direct competitors and tertiary competitors
(b) Benchmarking product launches, pricing, and promotional activity of the client’s brand against the competitors in the landscaping set
(c) Identify areas for deeper-dive as to how the client’s brand could change its approach based upon the benchmarking exercise
(d) Help prioritize the quick wins and also quantify the the further investment that would be needed to help sustain the momentum of stepping up the growth trajectory of the brand
It quickly became apparent through competitive landscaping that the newer brands were launching new products more frequently and phasing out less successful ones. Additionally, the newer competitors also had a greater online presence both in terms of sales channels but also in promotion strategies. Some competitors were reaching the same target audience through new media platforms that appeared to create greater customer engagement than more traditional media platforms.
Through internal workshops, we highlighted that the brand’s key competitive advantage was scale both in terms of distribution but also media spend. While there may be additional spend on new product launches some of it could be offset by shifting to online media platforms to drive more traffic to retail partners.
The brand began experiencing double-digit sales growth through more product launches and a better mix of both traditional media and cutting- edge marketing campaigns including TV, print, in-store merchandising, web and promotional events.