Pr Philippe JOURDAN, associate professor and CEO of Promise Consulting / Panel On The Web, was the Keynote Speaker at the Makeup in Seoul exhibition, the first international exhibition of makeup that was held in Seoul (Korea) on 13 and 14th march 2014. On this occasion, he spoke on the theme: “10 years of International Studies in the World of Cosmetics: what have we learnt so far to meet worldwide success in makeup?”. More than 1,000 people came during the two days of the exhibition held at the Conrad Hotel in Seoul (http://make-up-in-seoul.com) and the conferences held during this exhibition met a great success and audience.
KOREA, THE NEW FRONTIERS FOR MAKEUP BRANDS?
Korea, and even more its capital Seoul, has considerable advantages for the development of the makeup industry, from a national and a regional perspective. First, this country of 50 million people is known for the care worn by both women and men to their physical appearance. Beauty routines, and even more makeup ones, are particularly developed. Moreover, there exists an unparalleled industrial talent from whom benefit also the national makeup brands: creativity, innovation, precision, aesthetic sense, etc. As both the product formula and the packaging design craze for style, fashion and trends allow a broad spectrum of local brands to express themselves on a local market. International brands are not absent, far from it, as there is a strong desire for the “haute couture” brands (Chanel, Dior, etc.) and the makeup artists’ brands (Mac). The buyers of selective brands of makeup in Korea totalize a potential of 8 million women who purchase an average 13 products per year, an annual volume of 104 million products. As in other Asian countries, products for the skin are particularly well represented (complexion totalizes 35% of the purchases in volume), followed by makeup for the lips (27%), makeup for the eyes (24%) and makeup for the nails (14%).
WHAT ARE THE KEY DRIVERS FOR GROWTH IN THE MAKEUP INDUSTRY?
Promise Consulting, thanks to the variety of studies conducted on behalf of the major international brands, possesses the largest database dedicated to brands of cosmetics (perfume, skincare, makeup and retailers): more than 250 selective brands of makeup studied in 30 countries around the world, a total of 400,000 interviews conducted with purchasers of selective perfume, skincare and makeup.
The conference put the stress on the underlying levers for growth in the makeup industry, providing a response relied on an unquestionable statistical approach: the nationality (American European or Asian), the specialization (pure player in makeup vs multi-specialists in skincare), the core business (beauty vs fashion), the highly selective “haute couture” labeling are potentially levers for growth in terms of awareness, image, and ultimately sales. It doesn’t necessarily mean that the conclusions apply to all beauty segments (perfume, skincare or makeup) and to all geographical areas (Europe, America and Asia), due to the weight of cultures, history, attitude towards the beauty and the body.
WHO ARE WE?
Promise Consulting is a consulting and market research firm that combines the expertise of Promise (consulting) and of Panel On The Web (online studies) in the field of the evaluation and the optimization of the brand value from a marketing and customer point of view (“customer-based brand equity”). Thank to a particularly innovative and multi awards-winning approach, the company offers an attractive alternative to the barometric studies or tracking. Its methodology Monitoring Brand Assets® is based on a 3 steps approach. 1st step: a survey of the customer-based brand value of all competing brands in a given market (18 key performance indicators are measured). With the analyzed data, both managers of manufacturers and retailers’ brands have an immediately operational reading of their appropriate levers for growth. 2nd step: a modeling of the relations between the attitude-based and the usage-based brand value that leads to a clear hierarchy of the levers for growth. 3rd step: the use of a web-based software allows the client to define and prioritize its marketing action plans that can be simulated, compared and tracked overtime. The impact of the competitor’s own strategies in a logic of “wargame” hitherto reserved to the field of strategy and now extended to the strategic and operational marketing.
TO CONTACT US:
A series of conferences on the same topic will be organized soon in France, London, Italy and the USA. For more information, please contact valerie.jourdan@promiseconsultinginc.com or even follow our news on our corporate blog http://whatsnewinmarketing.blogspirit.fr or subscribe to our Twitter feed: @pjourdan1967