Using innovative technology to boost your beauty brand
Sleek packaging and sharp messaging are important pieces of any successful product launch, but the most important decision a beauty brand makes is about what’s inside the bottle (or jar, tube, or cushion compact, for that matter).
Market data shows innovation is a key industry driver
Euromonitor notes that technology is a key industry driver and that technology “influenc[es] innovation through the rise of beauty devices, new ingredients and new technologies.” Technology also plays in the circles of the other major industry drivers, like in the hero ingredients of niche brands, in the innovations inspired by Asian skin care, and in the potential for boosting efficacy in the natural skin care realm.
Consumers are ever on the hunt for something fresh, and making use of a new material or technology can help brands differentiate themselves in the crowded beauty space. According to a February 2017 article in Forbes, beauty buyers—in part thanks to the trendspotting that comes so quickly and easily on social media—are increasingly looking for the next best thing, making it “imperative for companies to provide innovative products that satisfy such customers.” This is especially true if you're trying to reach new markets, like Gen-Z consumers, who use social media, social sharing, and social buying more than anyone. And with global skin care sales expected to exceed $131 billion by 2019, brands who are quick to jump on new beauty innovations should do quite well.
Consumers demand more functionality
Multi-functional products are no longer just desired — they're expected. And while trends are fueling much of the growth and innovation in beauty (think active beauty, high-efficacy anti-oxidants, and anti-pollution technology), consumers are also eager for innovative ways to address tried and true skin care concerns like hydration and anti-aging. Mintel’s July 2017 report on sheet masks highlights the growth potential of clever, innovative textures and materials, noting that this kind of innovation can help brands stay ahead of competitors.
Brand impact: create a lasting impression with innovative technologies
When launching a new product, brands needs to consider the first impression—an attractive product with a compelling product story and set of claims. But to turn new clients into repeat buyers and brand ambassadors, you need to offer an amazing and unparalleled experience—and amazing and unparalleled results to match—so they want to repeat the process again and again.
The question for brands isn't, "Tech or no tech?" but is what tech they want to use to create an experience that is equal parts potent and pleasant, and how they want to focus their messaging, so that buyers are not only satisfied, but thrilled with the way they look and feel.