As I watched the news this morning about Lehman Brother's filing bankruptcy, Merrill Lynch being bought, gas prices rising and devastation costs due to Hurricane Ike and our stock market looking like it's about to hit the toilet--reading a story in Cosmetics Design Europe about India's upmarket growth in the beauty industry was a welcomed positive story. With so many foreign investors coming in and taking advantage of our down economy, why not turn the tables here and take advantage of the emerging trends overseas that can be a benefit to us here in the states?
Pierce Mattie PR loves the beauty industry and actually, if you are familiar with Pierce's bio, this is where our firm got its start in Beauty PR. So keeping up to date on emerging trends and forecasting future trends is something Pierce Mattie is well known for. In fact, at the beginning of August, Pierce was interviewed by Cosmetique News in Paris regarding Pakistan being an emerging market for men's grooming products. So I wasn't at all surprised when I read the story mentioned above from Cosmetics Design Europe reporting on India's upmarket growth potential in the personal care industry.
So how can beauty brands in the states take advantage of this potential?
* Educate themselves on Indian culture and traditions.
* Learn more about why specific products have made big gains in the market there.
* Review your product line and work with your internal thinktank and PR team as the best way and which products would be most appropriate to enter the market with.
* Your company, as well as your PR firm, should be investing time into looking through the press and magazine publications that cater to this demographic to see how products are being positioned and the branding efforts involved.
Who says that because our economy here is lagging that there is nothing positive to be gained? Start casting your eyes to foreign markets, specifically Southeast Asia, to see if your business has potential for growth there.
Posted by Shannon Nelson on September 15, 2008 4:59 AM
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Comments (2)
I'm surprised that the beauty industry is just now catching on to India's clout.
In addition to a rising middle class, Bollywood, India's film industry, outpaces Hollywood when it comes to global influence and profitability. While India's stars may not be household names in America, they certainly are in most of the world. Companies in the beauty industry would be wise to tap the stars of Bollywood to help reach new audiences in other parts of the globe.
We tend to be a bit myopic in the U.S., so this is a great reminder to stay focused on the big picture and reaching new customers.
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Shannon Paul |
September 15, 2008 8:40 AM
Posted on September 15, 2008 08:40
Hi Shannon:
This is a great article. In addition, it is great advice for beauty companies. There are tons of emerging global markets where the profit potential is endless.
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Latoicha |
September 15, 2008 10:08 AM
Posted on September 15, 2008 10:08