A business-to-business (B2B) company’s decision to change its branding is driven by a number of reasons. These reasons include the desire to connect with new customers through mergers or acquisitions, further differentiation versus competition, staying on-trend, or boosting the bottom line. However, there is one overlooked reason why companies decide to change their brand – they have evolved!
Branding evolution invites comparison to the evolution of products in the consumer packaging goods (CPG) market space. “New and improved” is often the go-to innovation statement. At its core, the phrase is designed to rekindle the desirability or novelty of a product by adding features consumers will want, or are looking for. While there is little doubt that this type of marketing technique works in the B2C space, it is rarely used by companies that operated in the B2B space. Rather, B2B companies will use a variety of tactics to gain a voice (and share) in the marketplace: new product launches, differentiated services, or enhanced technical support. So, why has Sensient Cosmetic Technologies made the decision to change to Sensient Beauty? More importantly, what does the change mean for our current and potential customers?
Starting in late 2018, Sensient Cosmetic Technologies saw the beginnings of a shift in consumer trends in the personal care market, specifically in the color cosmetic and skin care sub-segments. The level of brand innovation for new skin care products outpaced the level of innovation in the color cosmetic market. In many regions, the line between color cosmetics and skin care started to blur. Focus on hair care grew. In addition, consumer’s desire for beauty products considered natural, safe, AND effective increased at a significant pace. Finally, brands and third party manufacturers were looking for innovative textures that they could incorporate into new launches.
“The beautiful thing about the personal care market is there’s no end…there is an infinite evolution of colors, textures, and ingredient ideas. That plays to what we want to be – constantly evaluating market and consumer trends and developing products to address these trends. If you look at the amount of sensory opportunities that exists within this market, it’s tremendous.” – Mike Geraghty, President of Sensient Colors
What we discovered was that the technologies we bring to the marketplace was only the beginning. Without “best-in-class” global application expertise and the ability to assist customers challenged with formulating with naturally derived ingredients, we would just be an ingredients supplier. Over the past three years, Sensient has enhanced our centers of excellence. We also have created an A La Carte program that gives us the ability to develop tailor made solutions for brands and third party manufacturers. Most importantly, Sensient strives to work with our customers throughout their development cycle, gaining trust and build partnerships.
“The key drivers of our new branding strategy is to covey the idea of expertise, convey the idea of bringing the right solution to customer needs, and continually strive to be a trusted partner in the beauty industry.” – Marianne Peltier, General Manager of Sensient Beauty APAC
What does this mean for our existing and potential customer? Sensient Beauty’s goal is to provide products and expertise in multi-sensorial beauty and personal care applications; to be partners with our customers, driven by the Art of Innovation.
To be continued!