Cosmoprof North America offers dozens of education classes designed to address pressing questions and needs surrounding trends in manufacturing, distributing, buying and industry leadership. At this year’s 17th Cosmoprof edition, the Professional Beauty Association’s own Executive Director, Steve Sleeper, moderated a panel of beauty marketing and manufacturing experts who shared their insights on big data during the Big Data? Big Deal. Is it Really That Important? Cosmotalk. The panel featured Sydney Berry, President/Owner of Salon Services NW; Jerry Densk, Vice President, Consumer and Market Intelligence of L’Oreal; Rick Kornbluth, CEO of Kevin.Murphy; and Carrie Mellage, Vice President of Consumer Products at Kline & Company.
The panel shared key insights into data trends, consumer behavior and practical ways to use data existing outside of internal, company-based resources. Carrie helped begin the conversation by sharing sales patterns and consumer behavior trends sourced from Q1 Kline Pro reports, which revealed that changes in salon revenue can come from service pricing adjustments, product sales and positioning, regional strengths and changes in salon service counts. So far in 2019, salons have created the most value based on price increases in these sectors:
Carrie also showed that salons have grown the most in service counts across scalp and thinning hair treatments, though the biggest change in service pricing has occurred in clarifying treatments.
After taking a closer look into specific industry trends sourced from Kline Pro findings, Jerry introduced the idea that internal data and financial reports will only go so far to demonstrate market performance. Jerry relies heavily on external market data (like Kline PRO and Kline’s Salon Hair Care Global reports) for fact-based sales strategy, which is important for category management and watching comparison to closest competitors. Sydney furthered this point by sharing that manufacturers are “hiding in [their] heads,” and that manufacturing professionals are here to help. “We are not the commoditization of the world. We are the touch points and if we understand what is happening, we will win,” she shared. Especially in the age of increasing digital reliance, manufacturers have a bigger responsibility to connect with, and understand, consumers.
“Information serves everybody,” Rick explained. “If you have information, you can make decisions on a global basis.” Rick shared that in addition to understanding data, relationships between manufacturers and distributors, and distributors and salon professionals, are key in improving returns on investments and growing business on a worldwide scale.
The panel was asked to predict major upcoming changes for the beauty industry and not surprisingly, each panelist shared similar themes around digital incorporation, personalization and the use of technology to make instant purchases. Learn more about education offerings that address manufacturer trends, technological changes and more during Cosmoprof North America. Curious to grow your business and explore a network of thousands of industry professionals? Become a PBA Member today to access hundreds of business resources.