While any brand can launch a new product, only certain products ever really make it to be leaders. What does it take to stay ahead and launch truly innovative products that lead the pack?
Innovative tip #1: Attend trade shows
Being first to market with innovative products is the #1 way to lead the pack. If you want to be innovative you need to see the new material launches as soon as they happen – the only way to do this is to attend trade shows like in-cosmetics in your region because the launches happen there! Visit all the stands, talk to the representatives about their latest launches and attend the seminars. Focus on the actives that meet consumers growing needs (you’ll find out more about that in tip #3) and be first to market (tip #5).
Innovative tip #2: Meet with your suppliers
Meeting with your suppliers regularly is the next best way to stay informed of what is being launched – especially if you want to keep track of launches worldwide! The easiest way to do this? Be at trade shows like in-cosmetics, where all your current (and potential) suppliers are under 1 roof – it’s also a great way to meet new suppliers and find the latest innovative materials!
Innovative tip #3: Read trend statistics
Reading trend statistics goes way beyond monitoring what is happening in the personal care industry. Sure, it’s important to see what products are popular and what is being launched by whom; but the more important statistics to stay ahead of innovation relate to what is happening in your local region (and often the world) as well as the economy! Consumers will always look for products to suit their ‘needs’ at any given time – socio-economic trends can give you that insight; so stay tuned to more than just what is happening in the personal care sector!
Innovative tip #4: Be sensational (don’t skimp on R&D)
Be innovative, but be sensational. Start with a great concept that is highly marketable and different (your innovation from the trade shows – refer to tip #1) and turn this into a fantastic product with a marketing campaign that showcases the innovation to answer consumer needs. Ensure outstanding performance in an innovative way in a product that looks, smells and feels appealing to your target market – don’t skimp on R&D if you want to be a leader!
Innovative tip #5: Don’t delay – timing is crucial!
Make sure your New Product Development (NPD) schedule revolves around the trade show launches nearest to you. If you see it launched at a show, make sure your development is launched within 9-12 months of a new material being released:
- any less than this and you would be skipping crucial quality and scale up steps which is NEVER a good idea
- any longer than this and another brand may beat you to a launch!
Time is of the essence if you want to be the first to market so the best way to do this? Attend trade shows and be ready to adopt the new material launches that stand out! Make sure your team is highly trained and attuned to delivering quality results in the shortest time possible.
Be at your nearest in-cosmetics to get the latest launch information and deal direct with the suppliers that can help you bring the next innovative, leading product to market.
Belinda Pilmore will be speaking at in-cosmetics Korea (Seoul, 15 – 16 June) about “Regulations in the West: An overview of cosmetics compliance in the EU and US, ” For more information about the presentation:
in-cosmetics Korea visitor registration is open until 10 June.