With aggressive growth in wellness space, competition is equally scaling up. Thus, to understand this potent market and grab the bigger pie in it, here is an overview of market experts over winning strategy of the trade for sure shot success.
Seeing the brighter side of a business like Wellness, start-ups and aspiring entrepreneurs, retailers and traders often commit a common mistake, which is not forming a strategy to succeed.
Today, the consumer is so well versed because of digitalization that she wants to know in and out of every product or service she is investing her hard earned money in. Now, why we are assuming a consumer as She here is, because our market experts strongly believe that, in wellness space, female consumers are still the boss.
“It’s the SHE (female consumers), we all are trying to woo. Among the retailers who are trying to the SHE, the happiest person is the brand like L'Oréal which is only marketing to the SHE at large, almost 90 per cent,” said Satyaki Ghosh, Director- Consumer Products Division, L'Oréal India.
Thereby, those, who are in wellness business, they must ensure to come up with a winning strategy to win heart of a woman consumer. To help you further with a winning strategy to ensure complete customer satisfaction, here is couple of tips from the wellness business leaders.
Starting with the market leader in salon chain business, CK Kumaravel, Co-Founder, Naturals Salon said, “People think success is a secret. Success is not a secret; it’s like knowing combination to your number lock. If you put the numbers right, the lock will open.”
Further, he gave an eight digit number lock to open success lock of salon franchise business, which was his winning strategy to beat all the negatives and become the leader:
1. To get the right franchising partner
2. To get the right location
3. To get the right interiors
4. To get the right product
5. To get the right people
6. To get the right training
7. To get the right pricing
8. To get the right promotion
“If you put all the numbers in right sequence, the lock will open,” added Kumaravel.
Similarly, Samir Modi, Founder, Colorbar Cosmetics said, “All of the retailers or those who wants to be into retail, all of you who are looking for a mantra, there is only one mantra and which is your believe.” He further added, “Whatever you do, you do it with passion and from your heart.”
Modi also unveiled, “The second innovation that I believe is Copying the same innovation in the Indian market. I think, we took the right decision to follow, to copy, to innovate, but the point here is to be a domestic brand, but giving everything of a foreign brand.”
However, the strategy of copying does not always suffice the purpose of creating a product. The SHE who is the target consumer in the wellness business is fond of creative products. Thereby, leading research based product like L'Oréal a market leader in the beauty products category.
Ghosh, who has been into personal care consumer products market for quite a long time, on that note said, “L'Oréal is a pure player in Beauty, about 105 years old, works with 30 complimentary brands. Research is a key part of L'Oréal. 3600 researchers at any given point in time, working for products that
SHE wants and globally does about, last year the published figure was about, 23 million Euros turnover.”
“Earlier, marketing campaigns used to be 95 per cent TV, than print and than in some greatsome outdoors. Now, if you are a marketer, if you are planning a campaign and you don’t have digital there, or if you are a sales person and you don’t have Ecommerce on your site, I think you are missing the big picture. So what we are trying to tell here is, technology will enable, both sense of marketing to reach consumers in a better way in building brands and in selling products,” noted the L'Oréal Consumer Products Division Director Ghosh.
Thereby, to the winning strategy or recipe to success in Wellness business is to offer Never Before treatment, service or products to SHE who is keen and ready to invest in unexplored procedures which may not only enhance her beauty but would also boost her confidence and perseverance.