Market Analysis
Industry Outlook The global skin care industry is accelerating sales, and is estimated to reach over $120 billion by the end of 2016. In the United States alone, the skin care market will reach nearly $11 billion by the year 2018 (GCI Magazine, 2015). Projecting to the year 2021, the global skin care market will be worth roughly $154 billion (Statista, 2014). Overall, the skin care industry includes facial care, body care, make-up, etc. Since the market is broad, this provides large corporations with ample opportunity to create products that carter to every skin care need.
Target Market In the skin care industry, it is important to recognize the customer’s age group. Each generation will provide a business with different …show more content…
In comparison, the brands listed above are sold in retail stores as well as online. This provides these companies with a slight advantage over an online based company such as Rodan + Fields. However, Rodan + Fields has recently taken over the online market through the use of independent consultants. Since Rodan + Fields relies on actual individuals to spread the word, consumers encounter advertisements on almost every social media site.
Regulations and Restrictions As an independent consultant I was required to obtain a GE license, and sign a contract upon entering the business. Furthermore, products can only be sold or purchased through an independent consultant in select countries including the United States, Canada, and Australia. As a small business owner I am not subject to any zone restrictions, since I operate mainly through online transactions and require little equipment.
Marketing Strategy
Market …show more content…
Strengthening my social media presence will potentially boost sales, since most of my business is conducted online. The digital strategy allows for independent consultants like myself to be cued into who the customers are, and what they are purchasing. I am also able to receive immediate feedback from customers, allowing me to recognize my businesses strengths and weaknesses. Overall, modifying my approach to customers online is key to success, since many consumers expect companies to have an online presence.
Distribution
Online accounts allow for my customers to shop, and purchase their products independently. As their consultant I begin their initial sing-up process, and contact them monthly for reminders and promotions. However, I do not keep inventory, therefore products are purchased and shipped directly to the customer.
Communication
Marketing Rodan + Fields products relies heavily on my customer relations. Since it can often be difficult to continue generating sales in an online business, I strive to set myself apart from other independent consultants by using my customer service skills. Listed below are some effective strategies I have used to keep in contact with clients and potential
Industry Outlook The global skin care industry is accelerating sales, and is estimated to reach over $120 billion by the end of 2016. In the United States alone, the skin care market will reach nearly $11 billion by the year 2018 (GCI Magazine, 2015). Projecting to the year 2021, the global skin care market will be worth roughly $154 billion (Statista, 2014). Overall, the skin care industry includes facial care, body care, make-up, etc. Since the market is broad, this provides large corporations with ample opportunity to create products that carter to every skin care need.
Target Market In the skin care industry, it is important to recognize the customer’s age group. Each generation will provide a business with different …show more content…
In comparison, the brands listed above are sold in retail stores as well as online. This provides these companies with a slight advantage over an online based company such as Rodan + Fields. However, Rodan + Fields has recently taken over the online market through the use of independent consultants. Since Rodan + Fields relies on actual individuals to spread the word, consumers encounter advertisements on almost every social media site.
Regulations and Restrictions As an independent consultant I was required to obtain a GE license, and sign a contract upon entering the business. Furthermore, products can only be sold or purchased through an independent consultant in select countries including the United States, Canada, and Australia. As a small business owner I am not subject to any zone restrictions, since I operate mainly through online transactions and require little equipment.
Marketing Strategy
Market …show more content…
Strengthening my social media presence will potentially boost sales, since most of my business is conducted online. The digital strategy allows for independent consultants like myself to be cued into who the customers are, and what they are purchasing. I am also able to receive immediate feedback from customers, allowing me to recognize my businesses strengths and weaknesses. Overall, modifying my approach to customers online is key to success, since many consumers expect companies to have an online presence.
Distribution
Online accounts allow for my customers to shop, and purchase their products independently. As their consultant I begin their initial sing-up process, and contact them monthly for reminders and promotions. However, I do not keep inventory, therefore products are purchased and shipped directly to the customer.
Communication
Marketing Rodan + Fields products relies heavily on my customer relations. Since it can often be difficult to continue generating sales in an online business, I strive to set myself apart from other independent consultants by using my customer service skills. Listed below are some effective strategies I have used to keep in contact with clients and potential