Consumer Discretionary

Strategic Innovation In The Beauty Market

<p>Cosmetic innovation can be done using different approaches. Is there an ideal recipe to follow?</p><p>As globalized multinational giants, we can expect innovation based on a bunch of processes, cutting-edge technology, state-of-the-art laboratories and equipment, vast amounts of databases, risk assessments, experts, and timelines.</p><p>On the other hand, small/medium local familiar businesses are moved by a dynamic environment full of ideas, agility, proximity to the consumer, cross-functional teams, testing and learning-based releases and creativity driven by immediate needs.</p><p>Over the past few years, startups have brought new models where everything and everybody seems disruptive, emerging, focused on growth, and guided by the digital world, in addition to experiencing high-risk environments.</p><p>Finally, for centuries, the academic has experienced innovation through its scientific rigour, genuine curiosity for discovery, and consistency after failure. &nbsp;&nbsp;</p><p>Cosmetics are presented all over the world. Through miserable, emerging, and mature countries. For consumers who are highly demanding with performance and others looking for a holistic foundation along with increasingly natural formulas.&nbsp;</p><p>Performance could be supported by strong claims and, at other times, just by emotional connections. Products are valued by highly patented technology and others co-created with their users.&nbsp;</p><p>Many launches are fueled by complex quantitative studies and sometimes just consider loyal consumers' inputs. Some products reach global trends, and others focus on highly profitable tiny niches.&nbsp;</p><p>Many new cosmetics of the digital age are based on the power of influencer marketing, and others have been in the market for years, keeping the tradition for generations.</p><p>Some people innovate by working with cross-functional teams, but others prefer long solitary hours within a laboratory.We live in a period with many options and opportunities where everything is possible.Innovation seems to be for everybody and extremely easy to navigate.</p><p>So, what is the key to success?</p><p>Strategy - Choose the right tools. Combine opposite approaches. Merge creativity with smart objectives.</p><p>&nbsp;</p>
KR Expert - Camila Biato

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