EXPORT RECOVERY SERIES | SECTOR UPDATE | HEALTH, WELLNESS AND BEAUTY
If you are in the Health, Wellness or beauty sector and keen to get into export now with the opportunities that exist – we were reminded in Friday’s webinar that this isn’t something that can be done ‘now’, be prepared for it to take time…
Take this time to get it right, or you could be left holding the baby – a warehouse full of something the world now doesn’t want to buy and you can’t sell…
Our outtake’s from the Panel discussion:
With the spike in demand for products in the sector, there is a challenge in broad channel sales with clarity on who is buying your product – in being able to understand these consumers and their behaviours. Without this, the commercial understanding of what is changing, and where you need to adjust becomes more difficult.
Immunity is the word of the hour, or year… In times of massive change, people look to what they can do to help themselves, and consumers are taking control of their health with their buying behaviour
Chloe Liu – China has 20m units of overstocked hand sanitiser. With the demand of making hand sanitiser, alcohol ingredients became very expensive. An example of a lose/lose if you don’t get your product choice and timing right – you will pay too much to make it, and then can’t sell it. Play the game wisely, focus on different products that align to your core values, that fit the trends now and which are growing, not spiking.
Samantha Grey – Export is a risky game in this highly regulated sector – you can have a warehouse of product in one country that you can’t sell as demand has dropped, but then can’t sell in another country due to a different regulatory structure. Planning at an early stage is key, building in risk mitigation strategies at the outset.
Paul Prichard – The oversight of the products on the channels and platforms we are selling through is intense. Shopify is looking at price gouging and removing product; Facebook is removing ads with claims in them…. This new world has to be navigated, and can’t be navigated at pace. Brand NZ is hot right now but needs to be leveraged carefully to avoid risk.
You-Jin Lee – C19 accelerated trends that were already in place benefiting brand New Zealand in Korea. Consumers are now even more aware of what they are putting in, and on, their bodies – and New Zealand has a competitive advantage with natural, back to basics trends coming through strongly..
Angus Brown – Pivot to where the sun is shining, utilise online tools and channels, get really granular with these tools to understand more about your customers, channels and markets. Customer care through these channels key, such as subscription retention and management. Double down on facebook advertising and EDM’s.
Samantha Gray – Having a regulatory strategy to go alongside your ‘go to market’ strategy key. In the US, FDA rules have not changed, but they are applying their oversight with more diligence. Immunity claims will come under a spotlight – if you want to be compliant, find out how beforehand.
Angus Brown – we want to tell the story on the science of our product, but have to be innovative in the way we tell it, without making claims that contravene the rules. Push boundaries where you can, but always stay true to your values.
Paul Pritchard – Definitely time to go with looser marketing claims, and test these within ads on Facebook and Instagram – if rejected, you can learn faster what you can and can’t say. Brands that are winning are those that can change tact at pace to market and consumer changes.
This current situation is forcing us to change how we market to our B2B customers – with in-person relationships driving business partnerships in Asia specifically, how do we do this going forward? You-Jin Lee – ‘no contact’ marketing is growing, i.e. video conferencing, livestreams with influencers, live streaming product launches with your channel partner – these are replacing traditional trade shows.