Introduction
Men across the globe are becoming more beauty conscious and have begun to pay more attention to their looks. The rapid rise in consumption of these products has been attributed to the growing middle-class population, increased Internet connectivity, innovative, appealing products, and the rapid growth in numbers of metrosexual males (Jose 2010). Firms across the world are increasingly focusing their energies on finding ways and strategies to profit from the changing trends in the men consumer segment (Gallon 2012). Many personal care products manufacturers have started to venture into the men grooming market, and this has seen the introduction of many different products for men to choose from. According to a report by Global Industry Analysts, Inc., (2010), the world market for the grooming products is expected to be well over $33.2 billion by the year 2015. Europe and the United States account for the largest share of the men grooming products taking approximately 29% of the market. Shaving products, including pre-shave to post-shave products and blades, make up the largest group of products consumed by the male grooming market. The fastest-growing products category in this market segment is toiletries, which include bath and shower products, deodorants, skin care products and hair care products (Global Industry Analysts 2010). As a marketing manager for Procter and Gamble planning to launch a new male grooming product, skincare product, there are several things to consider. This report will look at the skincare products for the male market segment and briefly look at the key factors that will make this product successful. It will further look at the desired positioning for the product and finally analyze the different elements of the marketing mix for the product.
Discussion
Skincare product category in the men market segment
The market of skincare products in the men market segment is not just a trend or fashion, and therefore represents an attractive market that needs to be greatly considered (Euromonitor 2007). A report made a prediction that the men’s market for skincare products, in a medium-term will reach 15% of women’s market. In the long-term forecast, L’Oréal (2010) report predicts that in 50 years, the number of males using beauty care cream and lotion will be equivalent to 50% of the female users. This is comparable to the current trend where only 21% men use the product up from 4% in 1994. Although statistics show that the men’s grooming market is poised to grow, the category that promises a high growth is the skincare products. The studies show that 60% of European males will consider how they look important while at the same time 48% admit that they want that the most important thing to them is to look attractive and well groomed (Gallon 2012). According to the Euromonitor (2011), the sales of men’s beauty and personal care products grew by 7.4% in a period of one year between 2009 and 2010. In Western Europe, the sale of men’s skincare products grew by 3.1% compared to a +2.0% growth in the whole market between 2009 and 2010 (Jose 2010).
Factors that will make skincare products in the men market segment successful
There has been low penetration of skin care products in the men market segment, despite the products showing to be the most promising products category in this market. According to the Global Industry Analysts, Inc., (2010), report over 90% of males aged above 18 years, use some form of grooming product. However, only 25% of the men use facial skin care products. The report continues to say
“Seventy-five percent of men ages 18 and up are not currently using facial skincare products. There is a feeling that facial skincare products are not needed unless you have a specific skin problem such as acne. For men to use a product, he first must be aware that there is an underlying need that requires addressing” (Washington 2012).
Despite the statement above the male skincare sales, in the past five years in Europe has grown tremendously. For example, the German men’s skincare market saw a 100% increase between the years 2005 and 2010. According to Mintel (2011), the major driving force in the UK market for skin care products in the male segment is change in how the male population views beauty. It states,
“Men show a huge interest in keeping young looking which has fuelled demand for skincare products that combat signs of fatigue, stress and ageing. An increase in information about male grooming in the media, the availability of a wider range of products, and the wider usage of celebrities to endorse brands has benefited the male grooming category in the past five years” (Mintel 2011).
Briefly explain the positioning of your product in this market segment.
The best way to position, the new skin care product is to use the masstige positioning strategy. A masstige positioning strategy is very innovative and effective, because it combines appeal to the consumer without diluting the brand. This will be beneficial for the product and will see the sales increasing. This strategy will also appeal to men who are not attracted to skin care products and therefore will help in creating customer loyalty.
Analyze the different elements of the marketing mix for your new product.
The marketing mix that I would recommend for the skin care product would be as follows
- Product- According to research by L’Oréal Paris president, she says “We had done some research where we determined that there were 25 million men who were on the cusp, who were thinking about using something other than their wives’ skin care or nothing at all.” Therefore, the product should be packaged in a different way other than the conventional so that it can appeal to the men (L’Oréal 2010).
- Price- the selling price-fixing is the best pricing strategy for the product. This is because it will give the company the opportunity to fix the price of the product based on the prevailing market condition. The price should not be fixed, but should be varied according to factors in the target market.
- Place- the best way to place the product in the market is to ensure that it is readily available. To achieve this, the product should be available in cosmetic counters, convenience stores, super store or supermarket, perfumery and drug stores, direct sales/internet, and in other outlets.
- Promotion- According to a report by Woods (2005), “A key difference when it comes to male product and packaging is that men are more interested in what the product does for them.” This makes it important that when promoting the product, focus should be on what the product is capable.
References
Euromonitor 2011, Market research for the beauty and personal care industry. Web.
Gallon, V 2012, Skincare to fuel growth of men’s grooming market. Web.
Global Industry Analysts 2010, Men’s Grooming Products – A Global Strategic Business Report. Web.
Jose, S 2010, Global Men’s Grooming Products Market to Exceed $33.2 Billion by 2015, According to New Report by Global Industry Analysts. Web.
L’Oréal, P 2010, ‘The L’Oréal UK Men’, Grooming Report, vol. 35 no. 1, pp. 37-56.
Mintel 2011, beauty and personal care industry. Web.
Washington, P 2012, Men’s Grooming Consumer Report. Web.
Woods, A. 2005, ‘Clean break for men’s grooming’, Design Week, vol. 25 no. 1, pp. 89-96