Friday, November 25, 2022

How To Find The Right MISMANAGEMENT OF FRAGRANCE BRANDS

The Best Mismanagement Of Fragrance Brands

But I believe there is another factor at play with fundamental changes in the fragrance market: more designer fragrances (every new designer needs a lot in their portfolio), more celebrity fragrances (anyone whose name is in the public eye, regardless of talent), more companies selling designer or celebrity fragrances.

But this can also be attributed to the corporate pressure on the brand manager to generate consistent sales and profits, as well as the market pressure from the ever-growing universe of new brands that the brand manager has unlimited resources for advertising and promotion.

Fragrance sales today are not as strong and robust as they were in years past. The recession has no doubt affected this industry as it has affected many other industries. Perhaps, increased awareness of the environment has led some potential users to shy away from wearing the fragrance, worrying that its fragrance may be offensive to others, which also has a negative impact on sales. 

But I believe there is another factor at play with fundamental changes in the fragrance market: more designer fragrances (every new designer needs a lot in their portfolio), more celebrity fragrances (anyone whose name is in the public eye, regardless of talent), more companies selling designer or celebrity fragrances. The tendency to market fragrances without a well-defined identity other than a name (which often isn't enough), and even that, being stunted, is a mismanagement of some. Previously successful brands.

Mismanagement can occur when sales of an established brand begin to decline, perhaps because its target consumer base is shrinking (a natural cause) or it lacks sufficient or the right kind of support (a self-inflicted cause). But this can also be attributed to the corporate pressure on the brand manager to generate consistent sales and profits, as well as the market pressure from the ever-growing universe of new brands that the brand manager has unlimited resources for advertising and promotion. fund. To meet these pressures and strengthen their sales line, a brand manager can try and adopt the right methods to generate sales volume.

Consolidation of ideas begins with a review of current excess packaging in the form of bottles, pumps, caps and cartons (because the brand for which they were purchased no longer serves its sales purpose). Perhaps the answer is a promotional program to attract customers (a gift with purchase) or a special promotion consisting of two versions of the product (such as ear de toilette and bath gel - every brand needs a bath gel) at a special price. . 

This may work on the top line in the short term (as well as get rid of excess inventory), but at the cost of possibly not sending profits to the bottom line. So, what will happen next year to match that increased volume? On the other hand, what to do with all that extra inventory?

So the brand manager looks at the brand and concludes that what is really needed is another version of the brand name. So Designer Jones' Midnight (the original version with a deep golden scent) has been added to Designer Jones' Daylight (a somewhat lighter scent and a new version with a lighter golden scent - easy enough to whip up). 

The problem was solved and now there are two brands to support the sales objective. There could be a third next year. That doesn't mean designer Jones shouldn't add more scents to her collection. In fact, it's a positive way to build a brand when those fragrances are well-thought-out with a different positioning – but not when their core reason is to add quick volume.

As for unhealthy practices, there is one variation that is potentially even more detrimental to the long-term health of a brand and that is the prostitution of a successful fragrance brand name with another version such as Kung Fu Panda 2. So let's go back. The Midnight brand by designer Jones and arguably when it was launched it had a very distinct positioning through its name, packaging and advertising that promised the woman who wore it and the fragrance lived up to that promise . 

It was a winner, but unlike diamonds (even white diamonds), fragrance brands don't last forever, and their quantity diminishes over time. But Midnight still had a cool name, so the brand manager decided to expand Midnight Bell (beautiful for those who are not familiar with the French language) with the same packaging, but, best of all, Midnight's status and Modifying the fragrance - If not. t, why modify or rename?

Unlike a movie with the same name and the same characters, which tells a different story in each version, or toilets like Vaseline, which created an entirely new line based on the integrity of its brand name, but of products with similar but different utility. Plus, a scent. It is a very emotional purchase. You will not see advertisements promoting the importance of fragrance because it smells good or repels mosquitoes. 

Obviously a toilet can also be sold and built with some romance, but beyond that it has functional utility. A successful fragrance is one for which a distinct positioning and uniform fragrance has been created that has emotional appeal to all consumers. There is therefore significant risk to the brand if the joint of the clarifier or flanker (belly) is too far from that position.

These practices are employed by most fragrance brands, some more skilfully than others, but in any case it appears to be a recognition of the erosion of brand loyalty justified in order to increase sales volume. Maybe it's a wave of the past, but does it bode well for the future of the industry?

Robert H. Miller is a retired senior executive of companies involved in the fashion and fragrance business, where he was responsible for the development and marketing of many highly successful fragrances including Opium, Paris and Kouros by Yves Saint Laurent, Gianni Versace and Versace. , Home, and the Dynasty television series 'Crystal and Carrington Forever.

But Midnight still had a cool name, so the brand manager decided to expand Midnight Bell (beautiful for those who are not familiar with the French language) with the same packaging, but, best of all, Midnight's status and Modifying the fragrance - If not. A successful fragrance is one for which a distinct positioning and uniform fragrance has been created that has emotional appeal to all consumers. Miller is a retired senior executive of companies involved in the fashion and fragrance business, where he was responsible for the development and marketing of many highly successful fragrances including Opium, Paris and Kouros by Yves Saint Laurent, Gianni Versace and Versace.

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