Beauty industry. Downtrend?
Recently, entrepreneurs who work in Russia in the beauty industry have noticed a decline in demand for their services. What is the reason? Is this a temporary phenomenon or an emerging trend, which not everyone can overcome, and soon we will see a change in the market? Yuri Arcurs Shutterstock.com 12-15 years ago, the beauty industry in Russia was just beginning to develop, so the demand for beauty products and services significantly exceeded supply. As a result, over the past decade, a large number of cosmetic companies and beauty salons have been created that have saturated the market with their services and goods. Foreign companies also did their best to satisfy the Russian consumer, literally overwhelming the market with different brands. After the “cream” was removed, the market was naturally saturated with both goods and services of the beauty industry. Today you will not surprise anyone with a new shampoo or an exclusive spa treatment with herbal bags. The client as a whole has become much more satisfied, and even satiated, compared to himself 10 years ago. A smart business owner today cannot help but respond to the situation and begins to look for ways to solve it in order to keep the client, if he still wants to see profit in his financial statements! Business owners, directors and administrators are beginning to realize that the main topic is not so much attracting new customers as retaining old ones. Ideally, clients should be yours once and for all, that is, for life. This implies a qualitatively new approach to the service and the quality of the services and goods you provide. The concept of “Customers for Life” should now become the philosophy of your company. It is also well known that there is a life cycle of a brand of a product or service, and it must be recognized that in the face of fierce competition, many companies cease to be interesting to the consumer for a number of reasons: for example, fashion changes, outdated technologies. Those companies that will constantly improve their ways of interacting with customers by changing production technologies, design, service, marketing, and retain and enhance all the valuable qualities of the goods and services of their brands to maintain demand and interest in them will remain successful. If you are constantly improving your skills, if you are aware of the latest trends, love your job and have the courage to open a new direction in your business, then you have a lot more chance not only to save, but also significantly increase your profit. In the beauty industry, and at the moment there are a number of services for which there is a steady demand, bringing substantial monetary rewards. One of the services that are always in demand on the market are permanent makeup, manicure and nail extensions. The most effective advertising for these areas is word of mouth. Nothing better has been invented if you work really well and the customers are satisfied. So, let’s summarize: companies in the beauty industry, which will primarily be customer-oriented, the use of new technologies, high quality service and competent marketing, are doomed to stable growth despite the general tendency of the market to decline.