The fantastic thing about the wonder Business
My marketing consulting/product development firm reviews hundreds of prospective consumer products from every category imaginable, every year. Sporting goods, specialty foodstuffs, auto accessories, juvenile products, toys, games, shoes, jewelry, in a position to wear and health and wellness products are only a short listing of sorts of items we review for funding and market launch potential. I am just often asked just what is the space most easily penetrated by entrepreneurs?
This query invariable pops up nearly all time I lecture with a university or am interviewed by media. I was once somewhat arbitrary, almost opaque in answering. However, over the years the best solution has arrived into sharp focus. The wonder product industry needs to be towards the top of any selection of entrepreneurial sweet spots for successfully launching and growing a start-up business.
Since Biblical times perfumery is a huge highly desired artisan industry. Local flora and fauna are compounded into scents and potions that add
Itamar Serpa Fernandes
to the human body, the climate and religious worship. Cleopatra was famous on her fragrant baths, the Bible is packed with references to sacred fragrant oils and in modern times the fragrance industry has matured into a major international, multi-billion dollar business.
However, each and every year, inspired entrepreneurs bring new scents to promote. Aromatherapy has boomed when the science and awareness of the mental and wellness benefits associated with specific aromas is researched. The entire process of building a completely new scent, packaging, branding and delivering the buyer a product or service that offers a unique fragrance perspective has never been simpler.
One of several great entrepreneurial commercial successes during the background of the perfume industry was the storyline of Giorgio. The eponymous fragrance was created in one Rodeo Drive boutique, Giorgio's, in Beverly Hills within the 1980's. The scent, a precise break with popular fragrances of times, was overwhelmingly powerful. The distinctive top note made the boutique a place to go for shoppers as word of mouth marketing travelled quickly concerning the unique warmth in the dried down fragrance notes of Giorgio.
The Corporation was without the necessary funds to launch nationally with major malls. The owners made a decision to do some guerrilla marketing. They began to place scent strips impregnated using the Giorgio scent on the inside of local magazines targeting high end consumers. The power of the scent leached from the magazines and newsstands became fragrance cocoons for the Company. Mail order sales exploded, the campaign was quickly expanded to national women's fashion magazines and also a direct mail business was put in place solely to meet consumer demand.
Soon the key stores were falling across themselves to stock and promote the Giorgio line. This Company was able to negotiate from a position of real strength and demanded, and received, prime space and site in every single store that carried the emblem. Sales exploded, the merchandise became a worldwide sensation, an essential item in duty free shops and consequently was bought by consumer product kingpin Procter & Gamble.
Giorgio is definitely an extreme type of commercial success. Nevertheless, if someone were to examine the most common fragrance, skin-care, color cosmetic, bath and body lines and cosmetic accessories lines bought in various classes of trade (mall, mass merchant, drug store, etc.) from 1950, 1970, 1990 and 2009, the researcher could be astonished at the churning of brands that rose and fell.
Hazel Bishop was one of the most popular cosmetic brands of your 1950's. Rose Milk was a incredibly popular body care product with the 1970's. Indian Earth was the flavor du jour of beauty products in the 1980's. Chen Yu was an original classic nail care line after World War II. Francis Denny, Germaine Monteil, Imperial Formula and Alexandra de Markoff were popular specialty store skin treatment brands. All were founded by entrepreneurs, enjoyed widespread distribution, commercial success, fell from grace, and were replaced with a newer generation of entrepreneurial
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