How does an Indy company survive through challenging economic times and fend off large corporations with deep pockets? It’s called speed to market, innovation with great PR support and passion of the creator to bring the concept to life. Large corporations are risk adverse. If the top two box product concept score doesn’t average an 80 percent, then no green light to the next stage, so innovation could stop there.There celebrity endorsers are pitching the products, but have no passion that connects to the audience when they are reading their lines, so all you get is a pretty face and a smile.By the sheer number of print and commercials, there is a formula that drives consumers to the shelf (ultimately selling product based on aspiration to be like that celebrity).
So how does the Indy company get attention?Easy:
1.Challenges innovation by looking outside current distribution challenges.There is golden nuggets of consumer ideas that live in industries that have nothing to do with health and beauty (as of today).Internet test, duel path with vendors to develop and rush to market after you have proven results.
2.Price point the innovation where you can be competitive with large corporate leaders with there high volumes so you have a higher propensity for trial and long term continuity.Make your margin in the near future when you can produce larger quantities when distribution expands.
3.Hire a PR agency that will allow you to get in-front of the beauty editors to bring the product to life, verses just the corporate mailings.Synergize PR with online and in-store communication and visuals (include broadcast if you have the opportunity).
These three strategies will serve you well and have been the pillars of my personal businesses.
About the Author
Popular with consumers, audiences and media alike, Borba Founder and CEO Scott-Vincent Borba has earned a solid reputation as a prescient thinker and beauty business visionary.In developing first-of-their-kind beauty products for his company and treating the skin from both inside and out, he is indeed changing the way people think about skin care. More info: www.borba.com