A young, fresh Malaysian cosmetics brand launched 2 years ago with the goal of producing easily accessible and high quality beauty products. Riding the biggest trend of 2016, the client launched their brand with a series of matte liquid lipsticks.
The client had launched many successful lipstick collections, but like many other local brands they did not know which category to venture to next. With the Malaysian beauty industry being extremely saturated, the client needed a way to identify the next trending product to launch while remaining distinct from their competitors.
Starting from a macro perspective, the client used Omnilytics’ Competitor Benchmarking solution to review assortment from numerous beauty brands by retailers, market and even on a global scale. This step helped them determine the most popular categories launched and identify market gaps.
The client was able to pinpoint gaps in their market and adopt key learnings into product development, distribution and marketing plans.
“Using Omnilytics data in our product development process helped us accurately identify trending products lacking in our market. We were able to get a quick head start in the R&D process which not only increased our development speed but also improved our new product success rates.” – Founder
Such a validation process is necessary in ensuring that resources are channelled into products with potential for the highest return, effectively reducing cost and waste. Understanding the performance of trends across markets allows you to offer your customers the right product at the right price and the right time.