Daily naturals

Nanna Kvannes

TABLE OF CONTENT

1

Executive summary 4

Description of Dresslier and Daily Naturals’ Product Line 5

Business Model Canvas 6

1.0 Internal Analysis 6

1.1 Resource Audit 6

1.1.1 Human Resources 6

1.1.2 Physical Resources 7

1.1.3 Intangible Resources 7

1.1.4 Financial Resources 8

1.2.1 Inbound Logistics 9

1.2.2 Operations 9

1.2.3 Outbound Logistics 9

1.2.4 Marketing and Sales 10

1.2.5 Service 10

2.0 External Analysis 10

2.1 Market Analysis 10

2.1.1 Estimating Market Size 11

2.1.2 Porter’s Five Forces 12

2.2 Competitor Analysis 14

2.2.1 Sukin 14

2.2.2L’ORÉAL 15

2.3 Customer Analysis 16

2.4 Macro Environmental Analysis 18

2.4.1POLITICAL FORCES 18

2.4.2ECONOMIC FORCES 18

2.4.3 Socio-economic Forces 19

2.4.4TECHNOLOGICAL FORCES 19

3.0 SWOT 20

3.1 Three key issues 20

3.1.1 Patent 20

3.1.2 Competitors- Economies of Scale 21

3.1.3 Marketing 21

4.0 Limitations 21

5.0 Marketing objectives 22

5.1 Product Positioning 22

5.2 Distribution improvement 23

5.3 Promotion strategy 23

6.0 Target markets and positioning 24

6.1 Target markets 24

6.1.1 “The Mature customers” 24

6.1.2 “The modern students” 24

6.1.3 “The Price sensitive” 25

6.2 Pharmacies & Boutique grocers 25

6.3 Positioning 26

7.0 Key strategies 27

7.1 Position Strategies 27

7.1.1 Product attributes and benefits 27

7.1.2 Bottle design 28

7.1.3 Brand partnership 28

7.2 Distribution strategies 29

7.2.1 Indirect distribution strategy 29

7.2.2 Direct distribution strategy 29

7.3 Promotion strategies 29

7.3.1 Promotional pull strategy 30

7.3.2 Social media 30

8.0 Key Recommendations 30

Referencing 32

Appendix 38

Appendix 1: Client Brief 38

Appendix 2: Focus Group Analysis 43

Appendix 3: Letter of Consent 44

Appendix 4: Social Media 44

Appendix 5: Sales revenue 44

Appendix 6- Strategic Plan 2018/2019 45

appendix 7- Timetable for implementation of strategies 46

E XECUTIVE SUMMARY

The three main issues that came out of the situation analysis were the false truth of Daily Naturals’ patent, the threat of competitors with economies of scale, and Daily Naturals lack of marketing efforts.

The reason why the patent is an issue is due to the fact that Daily Naturals see this as one of their competitive advantage. As Daily Naturals is a small company their patent works more as a “false truth” than an advantage. This has led to Daily Naturals not emphasising the

importance of communicating its value proposition and product attributes as much as they should.

Secondly, Daily Naturals needs to have in mind that if they enter the growth stage, there will be more competitors and therefore more competition. Without economies of scale it can be difficult for Daily Naturals to survive. With other words, the company lacks market presence in the Australian market to be able to compete with big competitors.

Lastly, there has not been done any marketing efforts by Daily Naturals. This has led to little or no recognition and awareness of Daily Naturals. For a product to be sold it is essential to invest in marketing activities.

Furthermore, these three issues set the basis for identifying three marketing objectives with underlying strategies. The marketing objectives are: product positioning, distribution improvement and promotion strategy.

The strategies are justified with thorough market research and theory. These strategies are also illustrated in an implementation timetable. The recommended strategies are:

• Product positioning through change of bottle design and brand partnerships

• Distribution improvement by selling Daily Naturals through Pharmacies, Boutiques and Online store

• Promotion strategy with utilizing Google Adverts, Google Shopping and digital advertising campaigns on social media

D ESCRIPTION OF D RESSLIER AND D AILY

N ATURALS ’ P RODUCT L INE

Dresslier is a family owned and driven haircare company, located in Adelaide, South Australia (i.e. see Appendix 1). Over the past 80 years, it has experienced great success both nationally and internationally.

Mary and John Centofanti, are third generation owners and are now looking to take their business to the next level. All Dresslier’s products are Australian made, cruelty-free and natural- petrochemical, sulfate and paraben free. It is important to them that quality shows in all their products. Additionally, they are certified as vegan by the Vegan

Society. Dresslier operates in an estimated $111 billion haircare market (Statista, 2018). Further, Dresslier has two haircare brands- Davroe and Daily Naturals.

Daily Naturals’ product line consists of six shampoos and conditioners. Different customer needs are addressed in this product line; color protect, volume enhance, moisture intense,

smooth control, all clear and blonde toner. Moreover, Daily Naturals also offers hair treatments and styling products, and all products are considered unisex. Through international suppliers, Dresslier has managed to be innovative regarding ingredients for Daily Naturals, while staying ahead of the ever-changing haircare market. Daily Naturals is currently sold through pharmacies and retailers mainly in South Australia.

In this report, we have conducted both internal and external analysis of Daily Naturals to identify strengths, weaknesses, threats and opportunities. These analyses are done as its goals are to expand distribution, increase sales and improve its brand awareness (i.e. see Appendix 1).

B

USINESS

M

ODEL

C

ANVAS

To assess how Daily Naturals creates, delivers and captures value, a Business Model Canvas has been constructed (Osterwalder, 2010). Through the analysis the factors are demonstrated from the four core areas of the business: customers, infrastructure, offer and financial

viability.

1.0 I NTERNAL A NALYSIS 1.1 R

ESOURCE

A

UDIT

By conducting a Resource Audit Analysis, Dresslier can examine its core strengths assessing human, physical, intangible and financial resources. Each resource that distinguish Dresslier from its competitors, is considered a competitive advantage. These competitive advantages can steer Dresslier towards long-term success in the Australian haircare market (Small Business, 2017).

1.1.1 H

UMAN

R

ESOURCES

Dresslier currently has 20 full-time employees, including management, production team and delivery team. With only 2% employee turnover, we assume the company has a good

organizational culture. Its organizational culture, as well as staff, are sustainable competitive advantages for Dresslier because these are not imitable for its competitors. These factors contribute to more efficiency, better interaction between employees, and inspires to creativity.

Moreover, this can lead to innovative solutions and developments for Dresslier (Training, 2017).

1.1.2 P

HYSICAL

R

ESOURCES

In 2006, Dresslier refocused its business from salon supplier to manufacture of its own brands and contract packs. It also re-formulated its products to become petrochemical, paraben and sulfate free. These changes were implemented to satisfy the increasing demand from

consumers for natural based haircare products with high quality (i.e. see Appendix 1).

Dresslier has for the last couple of years increased its production by purchasing new machines for better efficiency and faster production. According to one of Dresslier’s owner, John Centofanti, its business strategy is; “If it’s profitable, keep rolling” (Dresslier, 2018). This business strategy might not be sustainable over time due to the importance of being perceived as ethical by consumers in order to create close customer relationships (Fink, 2018).

1.1.3 I

NTANGIBLE

R

ESOURCES

Firstly, Dresslier is 100% family owned, with third generation as formulating chemist (i.e. see Appendix 1). This is one of Dresslier’s most important intangible resources. Family members who run a business together, tend to be more committed to its success, because they have a stake in seeing the business prosper. The deep commitment and motivation, often makes family businesses resilient, even in fluctuating times (Burks, 2017).

To gain satisfied customers, it is important for Dresslier to create customer credibility. With over 80 years of local Australian operations, Dresslier has established knowledge of the local haircare market, as well as an understanding of the consumers’ needs. Since the introduction of Daily Naturals to National Pharmacies in July 2011, the product range has been

continuously in the top 3 most sold haircare brands (i.e. see Appendix 1).

1.1.4 F

INANCIAL

R

ESOURCES

Dresslier has achieved 28% increase in sales in 2015, 29% in 2016, 28%

in 2017 and tracking at 26% for 2018. This indicates a steady increase in sales. However, Dresslier’s Daily Naturals range, within National Pharmacies, has achieved 11% growth in 2015, 9% in 2016, 7% in 2017 and tracking at 5% for 2018 (Dresslier, 2018). These numbers show a slight decline in sales growth over the past three years.

Daily Naturals reported a sales revenue of $156,000 in 2014-2015, $136,000 in 2015-2016 and $127,000 in 2016-2017 (i.e. see Appendix). The numbers indicate that there has been a decline in sales revenue. Its economic goal is to achieve sales growth in the years to come.

The financial situation presented so far in 2018, looks promising. Daily Naturals has reported sales of $100,000 by the end of March, tracking to $135,000 by the end of June. Daily

Naturals has been allocated $500,000 towards marketing in 2018/2019 in order to reach its economic goals (i.e. see Appendix 1).

Product development is an important part of Dresslier’s business strategy. In order to maintain an innovative role in the natural haircare market, Dresslier invests a significant amount of resources into new product development. Such an investment contributes to strengthen both Dresslier and Daily Naturals’ position in the market (i.e. see Appendix 1). Further, Dresslier uses its largest share of financial resources on staff, ingredients and running costs (Dresslier, 2018).

1.2 Value Chain Analysis

To identify Daily Naturals competitive advantages, a Value Chain Analysis is conducted to examine all of the activities involving Daily Naturals, and how everything is connected.

Product value is the amount customers are willing to pay for certain products. By looking at how the supporting activities affect each of the primary activities, we seek to understand where Daily Naturals is creating value. Daily Naturals is profitable if the value it creates exceeds the cost of performing the activities. To gain competitive advantage, Daily Naturals must understand where it can increase its investments to create greater value to strengthen its competitiveness (Porter and Millar, 1985).

1.2.1 I

NBOUND

L

OGISTICS

Inbound logistics is the process concerning storing, receiving and distributing inputs within the company. Dresslier has a good relationship with its distributers in Australia which import ingredients from major suppliers in Asia (10%) Europe (30%) and America (55%). This contributes to Dresslier staying ahead of the ever-changing market developments in regards to quality vegan ingredients. Dresslier is also a part of the current informational revolution which affects the competition in the haircare market by impacting innovations and market trends. This is a benefit for Dresslier as it provides insight into future trends within the haircare market (Porter and Millar, 1985).

1.2.2 O

PERATIONS

With today's consumers’ increased focus on sustainability, companies are forced to focus on pollution and the use of harmful chemicals in their products (i.e. see Appendix 1). This change in attitudes has led to a consumer shift towards product selectivity. It is important to track market changes in order to maintain customers’ satisfaction and develop a competitive advantage. Throughout the Daily Naturals’ product range, Dresslier was the first on the market to use innovative vegan ingredients. Daily Naturals’ operation process consists of import of ingredients, production, packaging and delivering products to its distributors (i.e.

see Appendix 1).

Patents are important for large companies, but also small companies as they are less likely to have a diversified product line and are dependent on few key products. Often, a patent is the only thing protecting a small and innovative company from larger competitors (Bennett, 2002).

1.2.3 O

UTBOUND

L

OGISTICS

Daily Naturals is a pharmacy and retail outlet product. It was first manufactured after a growing demand for a natural based haircare product with salon quality. One of Daily Naturals major competitive advantages, is that it manufactures all of its haircare products in Australia, which means it has shorter lead times, consistent quality and complete control over the production. Local produce strengthens Daily Naturals brand image (i.e. see Appendix 2).

Currently, Daily Naturals is mainly sold in pharmacies in South Australia (i.e. see Appendix 1). Additionally, Daily Naturals is sold online at flora and fauna (Flora and Fauna, 2018). The lack of online presence due to not having its own website, can prevent Daily Naturals from reaching its desired, and possibly most valued, customer group.

1.2.4 M

ARKETING AND

S

ALES

Presently, Dresslier has not spent any resources on marketing of the Daily Naturals product range. Daily Naturals is an unknown product in most retailers in Australia, which indicates we should treat them as a startup company entering the consumer market (i.e. see Appendix 1). Its financial goal is to increase growth in sales. Dresslier has allocated

$500,000 towards marketing of Daily Naturals. Moreover, Daily Naturals wants to increase brand awareness through word of mouth (WoM) and by using influencers, it seeks to create brand recognition among consumers (Dresslier, 2018). Lastly, the package size allows the consumer to return purchase more often, at least once a month. Repeat purchase promotes strong loyalty, which retailer can benefit from (i.e. see Appendix 1).

1.2.5 S

ERVICE

Dresslier values good customer service as an important aspect of success. Hence its representation in every mainland state in Australia, which provides high level of service to each store. As Dresslier is a small business in a B2B marked, it can be difficult to provide a direct customer service contact (i.e. see Appendix 1).

2.0 E XTERNAL A NALYSIS 2.1 M

ARKET

A

NALYSIS

The haircare industry is highly competitive and mature. Currently it contributes to more than 15% of the global beauty and personal care market revenue. The global haircare market is expected to increase from $111 billion to $139,6 billion by 2023, at a compound annual growth rate (CAGR) of 3.69% between 2018 and 2023 (Mordor Intelligence, 2018). Haircare is the second most purchased product in the cosmetic market with 22,9% (L’Oréal, 2016).

The domestic haircare industry is valued at $123,79 million in 2018 with a CAGR of -0.04%

between 2018 and 2021(Statista, 2018). The Australian population is aging, 53% of the population is between 25 and 64. The share of hair colorant products is expected to increase due to the concern with the effects of aging. There is an increasing focus on categories that benefit the health of the hair, the increased focus is due to factors such as sun damage, scalp issues, hair thinning/loss and pollution (Mordor Intelligence, 2017).

2.1.1 E

STIMATING

M

ARKET

S

IZE

The forecasted market size of the natural and organic industry, where haircare is included, is expected to reach $21,79 billion USD in U.S. in 2024 (Statista, 2018). As the United States mainly has the same demographics as Australia, we can view this estimated market size to be equal for Australia. In order to estimate Daily Naturals’ total market potential, it is important to determine the target B2B customers. The main B2B customer segments are supermarkets, pharmacies, salons and online retailers. As Daily Naturals is a premium product it is

important that the segments legitimize its products (i.e. see Appendix 1). Pharmacies are legitimizing Daily Naturals’ products, with the PSA’s Code of Ethics, which value pharmacy profession and expected standards of ethical behavior (PSA, 2017).

Guardian Pharmacy scored best overall, followed by Amcal and Priceline (Canstar Blue, 2018). In Australia there are 400+ Priceline pharmacies (Priceline, 2018), 150+ Guardian Pharmacies (Guardian Pharmacies, 2018), and 223 Amcals (Amcal Pharmacies, 2018). We consider these pharmacies to be the target segments for Daily Naturals, as they had the highest overall score.

Penetration rate:

Daily Naturals is not the market leader; therefore, the competitive market penetration rate is assumed to be low. The penetration rate of the personal care market is estimated at 9.6%

(Statista, 2018).

Market volume:

In order to estimate Daily Naturals’ market potential, the amount of targeted pharmacies, is multiplied by the penetration rate. Due to lack of exact numbers, an estimate is done based on the total amount of target segments. The total amount is 773 and the penetration rate is 9.6%.

Daily Naturals potential market volume is estimated to 773 x 9.6%= 74 business transactions.

Market value:

National Pharmacies (NP) is currently the main distributor for Daily Naturals. Daily Naturals’

net retail sales of $254,000 is primarily from South Australia (i.e. see Appendix 5). Assuming Daily Naturals is sold in every NP in South Australia and dividing the net retail price on the number of NP in South Australia, you will get the estimated average value. Of 39 NPs in South Australia, the average value is $6,512 (Samsa, 2018). By multiplying the market value with the average value, Daily Naturals’ market volume is calculated to be 74 x $6,512 =

$481,888.

2.1.2 P

ORTER

’

S

F

IVE

F

ORCES

Porter’s Five Forces analysis provides insight in the competitiveness within the industry. By conducting the analysis, Dresslier can easier get an insight as to how competitive the haircare industry is and how it is positioned in relation to the competitive nature of the industry.

Bargaining Power of Suppliers

Bargaining power of suppliers refers to the pressure a supplier can put on businesses by raising prices, lowering quality or reducing availability of products. The “personal care ingredients” market is relatively fragmented with major companies holding 45% of total market share (Global Market Insight, 2017). As Dresslier values cruelty-free, vegan and all natural products, there will be less suppliers who can meet Dresslier’s demand. As a

consequence, these few suppliers will have more bargaining power over Dresslier. There is an increasing awareness on sustainability, and companies are forced to focus on the use of non- harmful chemicals and ingredients. Therefore, suppliers in the “personal care ingredients”

market will start to operate under the same conditions, which will decrease the suppliers bargaining power in the future (Global Market Insights, 2017). The bargaining power of the suppliers is rated as moderate to high for Dresslier.

Bargaining Power of Buyers

Bargaining power of buyers refers to the pressure buyers put on companies in order to get them to provide high quality products, lower prices and better customer service. The desired B2B target segments for Daily Naturals, are Guardian Pharmacy, Amcal and Priceline. The B2B buyer is making decisions based on the end user’s behavior and current trends in the market. When there is a small number of buyers with many substitute products their bargaining power gets higher. Daily Naturals can therefore be less prioritized opposed to better positioned brands.

Threat of New Entrants

Threat of new entrants identifies the level of difficulty for companies to introduce new products to the market. Dresslier belongs in the niche haircare market with certain

requirements, such as being all natural, which protects it from new entrants penetrating its market share (Veloso, 2016). Dresslier has a patent on its products. Having a patent does not prevent other brands from imitating its products and enter the same niche market, it only protects from the use of exact same ingredient formulation. To enter the haircare market, one is legally responsible to ensure that products meet the requirements enforced by the

Australian Consumer Law (Rickard, 2014). The Australian Government has approved a ban of all animal-testing (Australian Government, 2016). The obligation to meet the requirements by the Australian Consumer Law and the Australian Government raises the entry barrier. The market entry cost is high, due to the R&D, production and marketing needed to succeed.

Additionally, the presence of established companies like L’Oréal can discourage new entry.

Hence the threat of new entrants being low.

Threats of Substitutes

Since not all haircare brands are considered competitors due to diversity in product attributes, we identify all brands which are not 100% natural and cruelty-free, as substitutes. Dresslier operates with direct and indirect competitors with economies of scale. L’Oréal is an example of a substitute who does not produce vegan products. L’Oréal has 20% of the Australian market share, and can challenge Dresslier on price which could result in price-sensitive customers switching over to a substitute (Euromonitor, 2017). As the haircare market is mature, new products are constantly developed and introduced to the market and the

consumers. The switching cost of haircare products are low -in the absence of brand loyalty- which means that the consumer will be more likely to try other brands and substitutes.

Another factor to have in mind, is the pricing of Dresslier’s product. Any move to a higher price than substitutes might lead to the customers switching brands and there will be a loss of profit (Martin, 2014). The threat of substitutes is placed at a high threat level.

Competitive Rivalry

The intensity of rivalry among competitors, refers to the extent firms can pressure one another and further limit each other’s potential profit. Dresslier is a small company compared to the industry leaders in a mature market. The Australian Government has committed to introduce a ban on animal-testing (Australian Government, 2016). Dresslier’s products are cruelty-free, not tested on animals, and will not be negatively affected. The implementation of the ban is still being postponed (PETA Australia, 2018). If Dresslier is able to increase its market share and the ban of animal-testing is implemented, the competitive rivalry will become more significant. Pricing differences within the industry is low and it is therefore easier for

customers to switch brands, this implicates low brand loyalty. It is a high level of competitive rivalry within the industry.

2.2 C

OMPETITOR

A

NALYSIS

In order to determine how competition can impact Daily Naturals, a competitor analysis is conducted. In this competitor analysis, we analyzed a direct competitor, Sukin, and an indirect competitor, L’Oréal. “Most consumers believe that Daily Naturals is organic because it is all natural and plant based. That’s not the case; we don’t want to be an organic product”- John Centofanti, we have therefore excluded organic brands from this analysis (Dresslier, 2018).

Both primary and secondary research was conducted in order to gain more insight of Daily Naturals’ competition.

2.2.1 S

UKIN

As Sukin is an Australian made, all natural and vegan brand, it is Daily Naturals’ biggest direct competitor (Dresslier, 2018). The range of haircare products is similar to Daily

Naturals’ with seven shampoos and conditioners, as well as one hair treatment. The products are sold in pharmacies and supermarkets in Australia, as well as in several Asian and

European countries. Sukin is well established as it is the number one natural skincare brand in Australia (Sukin, 2018). With a revenue of $62 million in 2017, compared to Daily Naturals’

2016-2017 sales revenue, Sukin is significantly larger than Daily Naturals (BWX Ltd, 2017).

Our qualitative research shows that bottle design is an important attribute in the consumer’s buying process (i.e. see Appendix 2). Packaging is an important element of brand identity, as design reflects the brand. An effective logo should be simple and memorable, and help the consumer discover, share and remember the brand (Lamson, 2017). Sukin’s use of color (brown, white and green) reflects nature, purity and the environment, which align with the brand’s values (Bourn, 2011). Our primary research indicates Daily Naturals’ lack of brand personality (i.e. see Appendix 2). The current design is perceived as confusing due to too much information making it difficult for the consumer to relate to its brand identity.

Further, Sukin has established a strong online presence which strengthens the brand identity by raising brand awareness in the form of WoM, reviews and accessibility (Zwilling, 2015).

We consider Sukin’s online presence to be a major strength, as our research shows the importance of having a website as well as social media accounts.

2.2.2 L’O

RÉAL

L’Oréal specializes in cosmetics, such as make-up, skincare and haircare (L’Oréal, 2017). The company employs 82,600 and operates in 150 countries all over the world. L’Oréal had a revenue of

$46,760 billion in 2017. Out of total revenue in 2016, 19.2% of sales were haircare products (L’Oréal, 2016). By holding a 20% value share in Australia in 2016, L’Oréal Australia

maintained its leading position in haircare (Euromonitor, 2017). We consider L’Oréal a major indirect competitor of Daily Naturals due to its size.

L’Oréal’s sustainability goal is to reach 1 billion new consumers by 2020 (O’Reilly, 2013).

L’Oréal is working on improving response times as well optimizing production and logistics to reduce time to market. If these goals are met, L’Oréal will most likely gain a bigger market share, which is a threat for Daily Naturals, as it might be negatively impacted.

Our qualitative research shows that price is important for the consumers when purchasing haircare products (i.e. see Appendix 2). L’Oréal offers discounts and sales promotions, to attract new customers (Lulu, 2011). Primary research indicates offering sales promotions does not have a negative effect on an established brand, but can be confusing as to where a brand is positioned in the market if one is not established. Sales promotions and price in general can be crucial in the consumer’s decision-making process (Jayasinghe, 2016). L’Oréal’s

promotion strategy is considered a strength.

With several websites and social media accounts, L’Oréal effectively reach consumers. Our qualitative research indicates online presence is of high importance (i.e. see Appendix 2).

L’Oréal’s “Beauty Squad” consists of influencers, actresses and models whom reinforce the brand’s identity and values (Kegg, 2018). Females, age 18-26, believe the use of influencers will strengthen a brand’s personality (i.e. see Appendix 2).

2.3 C

USTOMER

A

NALYSIS

To identify potential consumer segments for Daily Naturals in the Australian haircare market, primary research consisting of three in-depth interviews and a focus group was conducted.

Along with secondary research, this resulted in the identification of four main segments for Daily Naturals- Y&P, F&P, M&P and B&O.

The Young and Professional (20- 29). Homogeneous characteristics for the

youngest segment is that they tend to live in urban areas, follow market trends and are found on all social media platforms (i.e. see Appendix 4). Our research shows that this segment is not brand loyal, even though brand name is important for females (i.e. see

Appendix 2). Further, one can divide this segment into ‘students’ and ‘newly graduated’. The biggest difference between these sub segments is price sensitivity. Although most students are known to be price sensitive and living on restricted budgets, they are a market worth tapping into because they will be among tomorrow’s largest spenders (Euromonitor, 2013). The newly graduated are full-time workers. After the transition from living on a student-budget to

receiving an income, they are now capable of purchasing higher priced products. They tend to look to social media for inspiration, and the focus on social status and self-promotion has increased (Aguilar, 2017). Brand name and identity is therefore more important for the newly graduated, than for students.

Y&P

Family and Professional (30-39). F&P tend to live in the suburbs where they spend their time with family and friends, and Facebook is their most used social media platform (Sensis, 2017). As they are always on the go, either with children or for work, convenience is key to reach them. Additionally, this segment has two sub segments; ‘newly married with young children’ (NMWC) and ‘career oriented’. For NMWC most of their income is spent on their children, paying off mortgages and on household goods (ABS, 2016).

It is highly important for them to consume goods which are not harmful on their children’s skin or scalp. Many therefore tend to seek natural products of high quality (i.e. see Appendix 1). On the opposite side are the career oriented. This sub segment is climbing the career ladder. They are not price sensitive and tend to be willing to pay more for higher quality products.

The Mature and Professional’s (40-49) common traits are; stable economy, tend to be routinized, quality oriented, and are found on Facebook, but to a smaller extent than F&P (Sensis, 2017). Because this segment tends to be routinized, they are also expected to be more brand loyal as purchases like haircare may be automatic (Business Dictionary, 2018). M&P can be divided into ‘established families’ and ‘career professionals’.

Established families are influenced by their children’s consumer preferences as they are moving towards the teenage stage. Moreover, ‘career oriented’ has now become

professionals. They have high incomes which results in more freedom in terms of lifestyle choices and personal consumer preferences.

Boomers and Older (50 +). This is the largest segment, due to its size,

subsequently there are some variety among these consumers. B&O are concerned with the value of good customer service and are highly influenced by sales people (Business Insider, 2015). Most of them experiences a shift in lifestyle. They are harder to reach than the other three segments, but traditional media is the most effective marketing channel

(Sisenwein, 2015). One can divide this segment into ‘empty nesters’ and ‘retired’. The empty nesters now have the chance to focus on their own personal goals, with lowered expenses and more free time (Yagana, 2013). Many are now looking for something new. The previously professionals, now retired, have new needs and desires which is presenting a good

opportunity for marketers to show them how their products fit into their new lifestyle.

F&P

M&P

B&O

18

2.4 M

ACRO

E

NVIRONMENTAL

A

NALYSIS

Several uncontrollable external forces can impact Daily Naturals in the future.

Understanding how globalization is a major momentum for market development is significant. Even though Daily Naturals is not considered to be a global company, they must acknowledge the changes that happen in the global market. To identify key external macro environmental forces, we conducted a PEST analysis.

2.4.1 P

OLITICAL

F

ORCES There are many political forces that can impact Daily Naturals’

operations in Australia. Due to

globalization, it is important to be aware of patents, trade restrictions, taxation and tariffs. Trump administration returning the US tariffs can cause higher prices on the imported ingredients from USA. As a consequence, Daily Naturals may end up having to shift suppliers (Pash, 2018).

Moreover, the Chinese Government has accepted the first cruelty-free products to be sold in China, a PETA grant to fund the Institute for In Vitro Science (IIVS) to pursue cruelty-free testing of cosmetics (Sullivan, 2017). China is therefore an opportunity for Daily Naturals if it decides to expand distribution internationally in the future. We find political forces to be a minor threat to Daily Naturals because of the stability in Australian economy. On the other hand, US tariffs are considered to be a major threat.

2 .4.2 E

CONOMIC

F

ORCES Australia is one of the largest capitalist economies in the world, and has experienced economic growth 26 years in a row (Santander, 2018). The IMF has estimated Australia’s GDP growth to 3%, inflation rate of 1.9% and unemployment rate of 5.3% (Pash, 2018). If Australia

experiences a recession in the future, Daily Naturals needs to prepare for a tougher market where the consumer has less to spend on goods, like shampoo and conditioner.

Australian Post recently presented the Asian Strategy, which focuses on offering logistics support to Australian businesses that are either selling in Asia, or sourcing their products there (McCauley, 2017).

This is a major threat to Daily Naturals as of today, because the Chinese market distributors currently requires one to test on animals before entering their cosmetics market. In other words, Daily Naturals’

competitors can gain a competitive advantage by selling in China. In the future, the Asian Strategy can become an opportunity for Daily Naturals when cruelty-free products are fully accepted by Chinese distributors.

19 2.4.3 S

OCIO

-

ECONOMIC

F

ORCES

Socio-economic factors, such as demographics, lifestyles and consumer trends, are highly relevant forces for Daily Naturals to consider when entering new markets in Australia. Australia’s current population is 24,707,112 of whom 88.8%

lives in urban areas (Worldometer, 2018).

Generation Z, born 1995-2009, is the largest generation in Australia with 18.7%

of the population (The McCridle Blog, 2018). Generation X, born 1980-1994, also known as the Millennials, dominate

employment and are predicted to make up 42% of the workforce in Australia by 2020 (Scopelliti, 2016). Due to size, these generations are major opportunities for Daily Naturals.

Both Generation Z and Generation X are investigative shoppers, which means they spend more time building trust and brand loyalty, than the previous generations (Inside Franchise Business, 2018). They are well aware of the different brands on the market, as well as what they stand for- a brand is either a friend or an enemy.

Transparency between the consumer and Daily Naturals, is therefore an opportunity to gain the consumer’s trust and loyalty.

The average consumer is increasingly mindful of their purchases. Healthy and environment-friendly lifestyles are

becoming a focus (Rowsell, 2017). This is a major opportunity for Daily Naturals as they can provide a product suitable for these consumer lifestyles.

2.4.4TECHNOLOGICAL

FORCES

In order to stay relevant, Daily Naturals must be aware of the technological forces surrounding them- nationwide, internationally and globally.

Digital change is constant, and the importance of innovation has never been more evident. Innovation in regards to machinery and production can impact Daily Naturals and it is crucial that they manage to stay ahead of the game, otherwise this can be a major threat as competitors might become the market leaders.

A technological trend Daily Naturals should be aware of is situational marketing, also known as real-time marketing. This form of marketing is optimal to reach a particular customer at a particular time and place. Real-time marketing specifically appeals to the younger generations because it often appears on social media (The McCridle Blog, 2018).

There is currently a small online market for Daily Naturals, as health and beauty products only make up 8.5% of all online shopping in Australia (Franzi, 2017). In spite of this, the numbers are increasing as consumers are becoming more comfortable buying health and beauty essentials online.

This is an opportunity for Daily Naturals, if they were to go online.

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Big Data, which includes sales, marketing, customer service and operations data, has become a driving force for companies in decision-making (Rowsell, 2017). Big Data can be used for better understanding of the customers’ needs and wants, and makes it easier for companies to create customer profiles. We therefore see Big Data as both an opportunity for Daily Naturals to personalize products and promotions, and a threat, due to competitors having access to the same data.

3.0 SWOT

This SWOT-analysis identifies the most important internal strengths and weaknesses, and external opportunities and threats of Daily Naturals. From the SWOT-analysis we summarize the three key issues and justify why these are the most concerning issues for Daily Naturals.

3.1 T

HREE KEY ISSUES

3.1.1 P

ATENT

Even though Daily Naturals’ formulation patent is considered a strength, it can also be a major threat. Considering the fact that Dresslier is a small company, it is possible for competitors to produce an almost identical product. With big and wealthy competitors like L’Oréal, it is important to see the possibility of competitors producing similar products in bigger scale than Daily Naturals is capable of. For small companies having a patent can act

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more as a “false truth”. Therefore, one of Daily Naturals’ key issues is the threat of competitors creating similar and almost identical products.

3.1.2 C

OMPETITORS

- E

CONOMIES OF

S

CALE

As Daily Naturals is a small company, there are few employees and a small production site.

Nevertheless, for the last years, Dresslier has increased its production to become more efficient. “If it’s profitable, keep rolling” is Dresslier’s business strategy. It is important for Daily Naturals to have in mind that if they enter the growth stage, there will be more competitors. This will lead to more competition and it will become difficult for small

companies without economies of scale to survive. On the other hand, small family businesses tend to be more committed to its success, because the employees have a stake in seeing the business prosper. The deep motivation of Daily Naturals, can make it more flexible in fluctuation times where economies of scale will not necessarily help the company to survive.

Dresslier has established knowledge of the local haircare market, which can also be of

assistance in a competing market, as big international companies might not have local market information.

3.1.3 M

ARKETING

Previously, there has been no resources allocated to marketing of Daily Naturals. As a consequence of no marketing efforts, Daily Naturals may have to start from the beginning.

The bottle design, fragrance and how it wants to position itself can now be based marketing research. With competition for the biggest market share, it can be hard to get one’s marketing messages across to the consumer. Daily Naturals must be aware of the importance of cutting through the clutter (Neil, K. 2017). Due to the fact that little has been done through

marketing, the possibilities are many. A renewal of the brand can give possibilities and strengthen Daily Naturals’ position in the market. Packaging is an important element of brand identity, as design reflects the brand. An effective logo should be simple and memorable, and help the consumer discover, share and remember a brand (Lamson, 2017). Because Daily Naturals has done no marketing efforts to get consumers to remember their brand, it can be difficult to attract them to purchase its haircare products, especially if the packaging is not discovered or remembered.

4.0 L IMITATIONS

Time and money restrictions were some limitations we encountered during our marketing research project. The time frame for this marketing project was six weeks, which limits the time to gather information of all aspects in the report. Due to the marketing group being students, the budget was tight and no money was spent on research. We acknowledge the possibility of these factors having an impact on our research.

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5.0 M ARKETING OBJECTIVES

Marketing objectives are defined as the group of goals set by a business when promoting its products or services to potential consumers that should be achieved within a given time frame (Business Dictionary 2017). The marketing objectives needs to be SMART: Specific,

Measurable, Attainable, Relevant and Time-based. Based on SMART, three marketing objectives are identified to resolve the three issues from the situation analysis. The Strategic Plan (Appendix 6) incorporates the three objectives, how they are linked to the three issues, the strategies, measures and timeframes. The three marketing objectives are: Product positioning, Distribution improvement, Promotion strategy.

5.1 P

RODUCT

P

OSITIONING

Issue: Poorly communicated value proposition and product attributes.

Objective: Position Daily Naturals in the mind of consumers as the best all natural haircare product for hair and scalp

Measure: Data analytics

When: November 2018

Strategy:

• Product attributes and benefits

• Bottle design

• Brand partnership

It is evident from the primary research that people need to be educated on natural products and the benefits these products have for the consumer. It is important that the customers understand Daily Naturals position and the high quality it delivers. In addition, a renewal of the brand can give possibilities and strengthen Daily Naturals’ position on the market.

Packaging and bottle design are important elements of brand identity, as design reflects the brand. The packaging should be discovered and remembered by consumers and help to place Daily Naturals in their evoked set.

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A brand partnership is a strategy that can assist with how the target markets perceive the brand and enable them to try the products before purchase.

5.2 D

ISTRIBUTION IMPROVEMENT

Issue: Low market presence of Daily Naturals

Objective: Increase sales through indirect distribution channels and brand partnership to optimise sales

Measure: Quarterly sales revenue

When: November 2018

Strategy:

• Indirect distribution strategy

• Direct distribution strategy

Indirect distributions channels are an effective strategy for Daily Naturals products. These channels have existing customers who match Daily Naturals target markets, and therefore it is an effective way to offer the product to a wide market. Furthermore, a direct distribution channel as an online store is a good strategy for Daily Naturals as most of their target market see online shopping as low risk.

5.3 P

ROMOTION STRATEGY

Issue: No marketing efforts done to promote the products

Objective: Increase customer demand and product awareness for Daily Naturals

When: February 2019

Measure: Quarterly product sales revenue

Strategy:

• Promotional pull strategy

• Presence on social media

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This objective is building on the aforementioned marketing objective. By developing a promotion strategy within the next seven months, this marketing objective is meant to

increase customer demand and product awareness for Daily Naturals. The objective is related to the issue of no resources allocated to marketing of Daily Naturals. The promotion strategy is dependent on being successful to prevent competitors like Sukin from attaining potential customers. To meet the SMART goals, the marketing objective will be measured by estimating sales revenue every quarter.

6.0 T ARGET MARKETS AND POSITIONING

6.1 T

ARGET MARKETS

The customer analysis indicates that The Mature Customers, The Modern Students and The Price Sensitive are good target markets for Daily Naturals. Therefore, these segments show great potential for sales of Daily Naturals products. However, Daily Naturals need to convince the consumer of the benefits and performance of using the haircare products. The target market of the Daily Naturals range in Australia should firstly be focused on the greater capital city Sydney.

6.1.1“T^HE MATURE CUSTOMERS”

The largest segment (41%) that has been identified is the “Mature Customers”, and the majority is full-time employees (83%) between the age of 45 and 54. What stands out with this segment is that 70% are less concerned with price than brand. The most appealing attribute for this segment is locally produced products (57%). This segment has more knowledge about the benefits of locally produced products and natural products, and are willing to pay a higher price for these benefits. Hence, this segment is a big and important one as they find all of Daily Naturals’ main attributes and benefits very appealing and worth paying for. In addition, these are mostly parents who purchase haircare products for the whole family, and can therefore influence the children’s preferred haircare brands.

6.1.2“THE MODERN STUDENTS”

The second largest segment (34%) identified are people in the age from 18 to 24. Most of the segment are students (80%), and the rest are either full-time or part-time employees. The segment acknowledges all natural (49%) as the most appealing attribute. This segment has

25

also the highest percentage of vegan as appealing attribute (8%). This segment is to some extent aware of the brand they purchase. “The Modern Students” are willing to pay more for quality and natural products (86%). Even though they do not find locally produced as the most appealing attribute, they are 100% willing to pay more for locally produced products.

The reason for this is the perceived good quality on local products.

It is important to focus on the students because they are modern and innovative and will contribute to changing the attitudes towards all natural products. Seeing that Daily Naturals and the natural haircare market is in the early stages, gives Daily Naturals opportunities. Daily Naturals would need to emphasize the benefits and performance of their haircare products to the “Modern Students”.

6.1.3“T^HE PRICE SENSITIVE”

This is the smallest segment (25%) consisting of mostly students (69%) and full-time employees (19%). In contrast to the other segments, this segment is more concerned about price than the brand (92%). This is mainly due to the fact that they are students and have a low or no income.

The segment is mostly price concerned but are sometimes willing to pay more for quality (80%). Therefore, Daily Naturals needs to put in more effort to inform them about the attributes and benefits by using Daily Naturals. The reason why this segment can become an aspiring segment is due to the fact they value both all natural (54%) and locally produced (49%) very high. It is a segment which will need clear symbols on the haircare containers to show them the main benefits of the products, as they normally do not read the ingredients list (58%) on the haircare bottles. Daily Naturals should invest on educating this aspiring

segment.

6.2 P

HARMACIES

& B

OUTIQUE GROCERS

As Dresslier would prefer that Daily Naturals products are sold through pharmacies, the selection of which chains to enter must be done. Daily Naturals products are vegan and all natural, which makes them stand out from other haircare products who usually consist of paraben or sulphate ingredients. For Daily Naturals to be perceived as a healthy and well- performing haircare product, pharmacies would be the most suitable retailers. The two pharmacy companies that would suit Daily Naturals, is Priceline and Blooms the Chemist.

26

Priceline is dedicated to being first with beauty trends and brands (Priceline.au 2018). Blooms the Chemist has a good range of health products, and has a high score on the overall

satisfaction level (Canstar Blue 2017). In addition, both companies have several pharmacies located around Australia. Another place for Daily Naturals to sell their products should be through small boutique grocers in Sydney. Boutiques focus more on niche markets, as

offering all natural products. A boutique grocer company that Daily Naturals can sell through would be About Life. They focus on all natural food and would most likely be interested in other natural products as haircare. When reaching out to these companies, Daily Naturals needs to position the brand as all natural and gentle on hair and scalp. It is important to emphasise that Daily Naturals is of salon quality and high performance. Therefore, instead of just being perceived as a healthy product, Daily Naturals needs to emphasise that it is also a beauty product.

6.3 P

OSITIONING

Daily Naturals is aiming to gain market share in Australia and become one of the market leaders, hence they should position themselves amongst other natural haircare products as a better performing product. In other words, Daily Naturals should position itself by a medium to high price and high quality. It is suggested that Daily Naturals emphasises attributes as all natural, and their high quality, based on the target markets’ values and preferences. In addition, it is important to emphasise that Daily Naturals are locally produced and vegan.

Furthermore, the positioning of Daily Naturals can help attract other haircare products users towards the Daily Naturals range, as well as retaining customers.

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7.0 K EY STRATEGIES

“Strategy is a method or plan chosen to bring about a desired future, such as achievement of a goal or solution to a problem” (Business Dictionary 2018). Therefore, each marketing

objective consists of two - three strategy proposals that will help Daily Naturals in achieving the objectives.

7.1 P

OSITION

S

TRATEGIES

A positioning strategy is a long-term effort to solidify the identity of a company and its products, in a unique space within the minds of the target audience. It is an organized attempt for a brand to set itself apart from the crowd and influence the way their target audience perceives them (Smartling 2018).

7.1.1PRODUCT ATTRIBUTES AND BENEFITS

The first position strategy for Daily Naturals should be to educate the consumers about the product attributes and benefits. Daily Naturals does not only have competitive attributes and

28

benefits, but also deliver products of high quality. As Mark from Daily Naturals said “Most competitors who sell products with either natural or vegan ingredients does not perform in the same way as Daily Naturals”. This needs to be communicated through digital advertising in social media and by influencers who can educate the target markets.

7.1.2BOTTLE DESIGN

The second position strategy is to invest in a renewal of Daily Naturals’ bottle design. A renewal of the brand can strengthen Daily Naturals position in the market. Packaging is an important element of brand identity as design reflects the brand. For now, Daily Naturals looks too similar to Dresslier’s other product Davroe. From the qualitative research it was clear that the bottle colours and design does not remind you of an all natural and vegan product. By renewing the design Daily Naturals can influence the way the target markets perceive them and make it look as a more natural product. Furthermore, it can more easily be recognised in the clutter of other brands.

7.1.3BRAND PARTNERSHIP

Brand partnership is a useful strategy for many companies who are seeking to increase their customer base, profitability, market share, customer loyalty, brand image, perceived value and cost savings (Investopedia 2018). A brand partnership strategy could be very effective for Daily Naturals products. A partnership can be made with the gym company Fitness First.

Furthermore, Daily Naturals can make a partnership with “Nourished Life” and its Natural Beauty Box.

Haircare products are products which usually are not possible to try before purchase. As many of the Fitness First members use the showering facilities, they will get exposed to Daily Naturals products and enabled to try it. Fitness First want to be perceived as a healthy and trendy, hence Daily Naturals will maintain this image for them.

Nourished Life (http://www.nourishedlife.com.au/) is an Australian company who are known to be one of the strictest natural beauty& and health stores on the web. The company is also 100% Australian operated. The company also delivers Natural Beauty Boxes to subscribers looking to try new natural beauty products. An opportunity for Daily Naturals is to supply small sachets of shampoo and conditioner in these boxes.

29 7.2 D

ISTRIBUTION STRATEGIES

A distribution strategy is meant to make sure that the product can reach the maximum potential customers at an optimal distribution cost. Daily Naturals should invest in both indirect and direct distribution strategy.

7.2.1INDIRECT DISTRIBUTION STRATEGY

The first strategy is to invest more in indirect distribution through Priceline and Blooms the Chemist. Distributing the product through different retailers can give Daily Naturals a competitive advantage and increase profitability. It is beneficial to sell through these value- adding retailers as they focus on customer service. Therefore, Priceline and Blooms the Chemist will add value to Daily Naturals products. Furthermore, these pharmacies have more knowledge about the local markets, customer demand, and customer service. However, they do not specialize in all natural and vegan haircare products, hence Daily Naturals needs to educate the retailers about its products, product attributes and benefits. Selling through boutiques in Sydney as About Life, is a way to easily target the customers who specifically look for all natural products. These boutique grocers have more knowledge about the product benefits of natural, vegan and locally produced products, hence they will not need as intensive education as the pharmacies.

7.2.2DIRECT DISTRIBUTION STRATEGY

Having a website will not only act as a landing page for any traffic gained from social

advertising efforts. It will also work as a platform where customers can purchase the products online. Daily Naturals target markets are highly engaged digital customers who spends a lot of time online, both for shopping and seeking information on brands they are interested in.

Therefore, Daily Naturals would highly benefit from creating a website where the customers have the option of searching information and purchase its products online.

7.3 P

ROMOTION STRATEGIES

A promotion strategy will provide extra incentive or value to the sales force, distributors or the ultimate consumer and stimulate immediate sales (Belch & Belch 2015).

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7.3.1PROMOTIONAL PULL STRATEGY

The goal of pull marketing is to get the customers to come to you. In addition, developing a promotional pull strategy will increase the flow of product information. Daily Naturals needs to invest in pull tactics as advertising, customer relationship management (CRM) and word of mouth referrals. The promotional strategy will include investing in Google Adverts and Google Shopping. This will make it easier for consumer who are interested in natural, vegan and/or locally produced products to find Daily Naturals as their first option.

7.3.2SOCIAL MEDIA

Secondly, Daily Naturals can increase the product awareness through social media websites such as Facebook, Instagram. These are companies that offers a more relaxed environment to promote in (Carl Hose 2018). If Daily Naturals take use of social networks the company will present a more appealing and familiar image for its target markets. A paid social digital campaign can assist in communicating with targeted audience at a reasonable cost.

8.0 K EY R ECOMMENDATIONS

From the conducted research and analysis, it is recommended that Daily Naturals move forward with three key strategies to achieve the marketing objectives. The three strategies should be implemented in a prioritized matter, and are illustrated in the implementation timetable (Appendix 7).

It is highly recommended that Daily Naturals prioritize its positioning. It would be effective to highlight that Daily Naturals products are all natural and of high quality. Daily Naturals should solidify the identity of the company emphasising these attributes and benefits, as they are becoming more important and appealing for the target markets. By doing so, this will increase the opportunity to place Daily Naturals in a unique space within the mind of the target markets. There should be a renewal of the bottle design with a logo and use of colours that gives a better impression of the products being all natural. Starting brand partnerships

Product positioning Distribution improvement

Promotion strategy

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with Fitness First and Natural Beauty Boxes will help with Daily Naturals product

positioning, and it will target the right customers. In addition, it enables customers to try the products before purchasing bigger bottles and it can increase word of mouth.

The next recommendation is to improve Daily Naturals’ indirect and direct distribution. As Priceline and Blooms the Chemist are the pharmacy chains which has the best range of health products and offers a massive range of haircare products, these would be the most

recommended pharmacies for Daily Naturals to sell through. The direct distribution, through their own online store, will assist Daily Naturals with letting customer easily and conveniently purchase their products. It is also a good platform to educate the customers about Daily

Naturals and their value proposition.

The final recommendation is that Daily Naturals should develop a promotional pull strategy to increase customer demand and product awareness. This will result in retailers wanting to stock the product. By utilizing Google Adverts and Google Shopping will ensure visibility of its products to the target markets. It will be beneficial to utilize paid digital advertising campaigns on social media, as well as sharing interesting content and educating customers through Daily Naturals’ website. Based upon the primary research it is strategically smart to emphasize attributes like all natural and vegan ingredients, locally produced and high-quality.

These attributes are highly valued by the target markets. Implementation of the promotion strategy will distinguish between the consumer and business market, but also communicate Daily Naturals position.

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