Background
In August 2023, Xavier’s Consulting Club collaborated with International Cosmetics Ltd., established in 2019 in Bangkok, Thailand, as a company specializing in the production of organic skincare products targeted towards affluent consumers. They have curated high-end products with the help of proprietary stem technology, keeping in mind that they are unisex and suitable for all skin types and ages.
The Opportunity
The company aimed to expand its operations and enter the markets of India and Bangladesh.
To support this expansion, a comprehensive analysis was conducted across various domains, and thorough market research was deemed essential. Simultaneously, conducting an in-depth competitor analysis was imperative to assess existing market players, strategies, and potential market gaps for the company’s entry. Additionally, to tap into different geographical markets, multimarket research was also carried out.
It was very important for the client to onboard some investors to meet the capital requirements to fuel expansion. This led to the development of a compelling pitch deck, skillfully incorporating crucial metrics such as SWOT analysis, PESTEL analysis, STP analysis, market potential, and scalability factors to entice potential investors.
Moreover, formulating a comprehensive go-to-market strategy was paramount. This encompassed developing a detailed SEO strategy to bolster online visibility and rank higher in search engine results and e-commerce platforms such as Amazon, Alibaba, and Nykaa as well. Simultaneously, given the competitiveness of the industry, a robust social media marketing plan was required to engage and resonate effectively with the target audience. To achieve this, a multifaceted social media plan was formulated, incorporating various elements to ensure a holistic and engaging online presence. This involved meticulous market research to understand the preferences, behaviors, and demographics of the target audience. This insightful data served as the foundation for tailoring content and campaigns that would resonate authentically with the specific interests and needs of the audience.
Addressing compliance requirements was pivotal. Therefore, conducting thorough research to identify and adhere to regulatory frameworks was necessary, to ensure a smooth and legally compliant market entry.
Lastly, for the successful implementation of marketing strategies, acquiring expertise in the field was vital. This involved seeking HR consulting services.
Therefore, Xavier’s Consulting Club aimed to collaborate closely with the company, aligning their efforts to ensure a successful market entry strategy and streamlined operations in these new territories.
The Challenge
Significant challenges that emerged during our strategic planning was the uncertainty surrounding consumer willingness to allocate significant financial resources to skin care products in both India and Bangladesh. This uncertainty led to a substantial question for the company, requiring careful consideration of local economic factors, cultural attitudes, and purchasing habits. In both countries, people exhibit a preference for established and trusted skincare brands, showing a reluctance to experiment with new products. Overcoming this challenge involves gaining a nuanced understanding of local attitudes towards skincare, as breaking through established consumer preferences and habits is essential. To demonstrate the reliability of the products, the client consulted with medical professionals and sought necessary approvals.
Market penetration in Bangladesh presented an additional layer of complexity, demanding a thorough exploration of consumer preferences specific to the region. Successfully understanding and navigating the intricacies of this market involved not only analyzing existing dynamics but also anticipating and adapting to potential shifts in consumer behavior, crucial for a successful market entry. Identifying advertising patterns for mass marketing was equally essential, posing challenges due to variations across heterogeneous markets.
Delving into the nuances of specific markets posed a challenge, but we successfully navigated the intricacies. The primary issue centered around regulatory frameworks, necessitating extensive research. This was imperative not only to pinpoint potential obstacles but also to ensure a seamless and legally compliant market entry.
The Approach
To support the brand’s entry into the Indian and Bangladeshi markets, we conducted a thorough study encompassing various aspects. Given the market’s inherent complexity, we adopted a nuanced approach to gain a comprehensive understanding of consumer behaviors and preferences. We contributed to the development of a comprehensive 60-day strategy aligned with the client’s business expansion objectives.
Acknowledging the significance of the digital landscape, we implemented strategic SEO and SRO management to optimize search results on major platforms like Google and prominent e-commerce websites.
Recognizing the importance of securing investments, we meticulously crafted an investor pitch deck tailored for potential investors in India. This presentation covered the company’s profile, introduction of new products, recommended market entry strategies, and an industry overview with market demographics. Our strategy focused on presenting a coherent story highlighting the company’s unique value proposition and potential for market success. Through collaboration with the client, we successfully addressed investor concerns, overcoming the challenge of investor persuasion.
Acknowledging the potential for enhanced customer engagement and convenience, we proposed the adoption of kiosk models. This strategic move aims to streamline customer interactions, providing a user-friendly interface for product exploration and purchase. The kiosk model aligns with contemporary retail trends, offering a seamless blend of technology and customer experience. By implementing kiosks strategically in high-traffic areas, the company can maximize visibility, capitalize on impulse purchases, and provide an innovative retail experience. This recommendation underscores our commitment to optimizing operational efficiency and leveraging technology for sustained growth within the market.
Recognizing the pivotal role of packaging in consumer perception, we extended strategic advice to enhance and align their packaging with the expectations of the Indian market. Our analysis revealed that the previous packaging failed to resonate with Indian consumers, lacking visual appeal and falling short of meeting local preferences. We conducted an in-depth study on Indian consumers’ expectations and demands regarding product packaging. Our research encompassed aesthetic preferences, color schemes, imagery, and messaging that resonate with the visual sensibilities of the target audience. We provided tailored recommendations to revamp the packaging design, increase shelf visibility, and contribute to a memorable and distinctive brand identity.
To tackle the complexities of international expansion, we conducted detailed research on regulatory compliance, navigating potential intricacies. We explored the feasibility of government schemes and policies that could benefit our client’s operations in both India and Bangladesh.
Our commitment extended to human resources activities, where we facilitated effective social media management, conducted interviews, assessed candidate qualifications, and provided expert guidance in selecting suitable interns. This comprehensive approach aimed to enhance the brand’s online presence and fortify the internal operational structure for sustained growth.
In conclusion, we equipped the company with a profound understanding of the target markets and actionable strategies to navigate and succeed in the diverse cosmetics landscape of India and Bangladesh.
The Impact
There has been a notable impact from our efforts to promote investor engagement as International Cosmetics Ltd. is currently in contact with more than ten investors. This positive response highlights the effectiveness of our investor pitch deck and strategic approach in attracting and engaging potential partners. The expanding network of investors not only bodes well for the brand’s financial stability but also lays the groundwork for future alliances and partnerships that can contribute to the sustained growth and success of the brand in the target markets.
Additionally, the brand’s social media presence has experienced a significant boost due to our focused marketing ideas being put into practice. A significant improvement has been noted, as the brand’s social media handles now reach 40% more people.