Year 1 Aesop Situational Analysis

A E S O P Ellis Diggins N0795064 2,063 Words

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I confirm that this work has gained ethical approval and that I have faithfully observed the terms of the approval in the conduct of this project.

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C O N T E N T S

METHODOLOGY/RESEARCH - Primary Research - Secondary Research

EXTERNAL BUSINESS REVIEW

- PESTLE Analysis - Market Health - Key Consumer Trends - Competitor Analysis

BRAND AUDIT -

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Brand Vision and mission statement Brand Positioning Brand Health Target Market SWOT Analysis

CONCLUSIONS AND RECOMMENDATIONS

TOWS Analysis - Ansoff Matrix - Recommendations -

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M E T H O D O L O G Y

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Primary

Research

Research used : As primary research, a survey was used to obtain consumer attitudes towards Aesop. The survey was taken both online and instore, with the online survey being shared on social media to expand the outreach and giving a credible number of respondents. The main objective of the survey was to understand the perceptions and awareness of Aesop as a brand amongst men and women, therefore both quantitative and qualitative research was carried out to allow respondents to accurately convey their views of Aesop.The survey gained a sample size of 52, primarily female respondents.

Success Factors: From the research, the awareness of the brand was successfully identified as being limited. Likewise the respondents found the survey quick and easy to complete which encouraged completion.

Aesop sales attendants were also relatively keen to answer which gave a proffessional perception of the brand, making clear of what the brand wants to portray through their employees. A wide age range was asked to result in a feasible variation of answers.

Limitations : Finding a substantial number of respondents that were familiar with Aesop proved difficult, reflecting the lack of reach Aesop have to potential consumers.

Likewise, some stores were unhappy with customers taking surveys in store. To improve the survey could’ve been taken in more competing stores and shared on more online platforms to result in a larger variety of responses.

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Primary

Research Research used : For secondary research, a range of sources were used such as books, business reports and online sources. Global research companies such as Mintel was utilised to give reliable statistics and predictions for the future market space. Other academic books were also used alongside online articles to give a broader understanding of the macro environment affecting the Aesop brand.

Success Factors: From obtaining research from multiple different sources allowed for a wide range of statistics and viewpoints of which to comment on the skincare market.

Likewise, use of both primary and secondary research valid evidence could be given to support future recommendations for the brand.

Reliable information was substantially easy to access.

Limitations : Many online articles referenced business reports that required professional access, proving more difficult to properly use the information holistically.

Some online sources may be outdated or biased to promote, resulting in a less reliable source to use.

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E X T E R N A L M A R K E T

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An external surrounding factors and compared to

business review analysing the market health, affecting social how competitors are performing Aesop.

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p e s

- With Brexit, the UK is having to re-negotiate trading deals with non EU countries.

- Exchange rates are affecting the market prices. In Europe the market price has decreased.

- On the other hand, without the EU, Australia and the UK may be able to form stronger trading relationships as they are one of the Uk’s largest importers and investors [Parliament of Australia, 2017].

- The UK inflation rate unexpectedly rose in August to 2.7%, the highest level in six months [BBC News,2018] driving this depreciation.

AFFECT ON AESOP: This may raise the cost of importing and exporting goods. As Aesop is an Australian brand, the cost of expanding into UK more widely may prove difficult as a result of the uncertainty around brexit negotiations. However, with new negotiations this may stregthen the relationship and prove beneficial for global expansion.

Similarly imported goods may prove to be more valuable.

AFFECT ON AESOP: A depreciation will make exports cheaper and exporting firms will benefit.

However, this may potentially effect the pricing of Aesop products sold outside of Australia and therefore cause a decline in purchase rates if prices inflate.

An increase of importation taxes will also affect the growth of Aesop’s UK expansion.

- Veganism and plant based living is becoming increasingly mainstream.

International delivery service Just Eat named veganism as a top consumer trend in 2018.

- More consumers are beginning to rely on social media. Consumers are looking to social media to feed their own opinion and views as a result of a rise of influencers.

AFFECT ON AESOP: In the skincare industry there will be a rise in conspicuousness regarding ingredients and methods of testing. This will result in brands like Aesop having to be transparent with their methods to keep consumers supporting the brand.

60% of consumers are looking at online reviews, and 93% say online reviews impact their purchasing decisions [Podium,2017].

This gives consumers a platform to post bad reviews which may prove harmful for Aesop , affecting the brand perception.

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- Technology is largely influencing consumers’ in store experiences.

Research by GfK found 35%of consumers want improved customer service based on individual needs.

- New ingredients are being developed to deliver benefits to consumers.

- New laws are being increasingly brought in to ban certain ingrediants used in skincare.

- In 2018, new data protection laws were introduced concerning consumer privacy.

-Businesses are adapting from the simple direct distribution channels to aid brand exposure

AFFECT ON AESOP: Stores are becoming more integrated with new virtual reality technologies reflecting a pressure for skincare brands to make their products more personally tailored to the consumer in order to deliver an experience.

Ingredients such as probiotics are gaining popularity and bringing new interest to skincare.

The global demand for probiotic is expected to reach 10,400 in 2021 [Euromonitor International] This will result in skincare companies needing to utilise new advancemnts within their ingredients to keep innovative.

AFFECT ON AESOP: As of 2009, the EU has banned 1328 chemicals from being put into cosmetics [100percentpure.com].

This will result in skincare brands having to be more careful with what igrediants they use if they distribute globally, like Aesop.

This may result in companies being fined up to 4% of their worldwide turnover [Homs Solicitors 2018].Likewise, companies will pay for appropriate training for all employees, being very expensive.

- Many chemicals used in beauty and skincare products are very harmful to the environment. Due to pressures from consumers to ‘go green’, many manufacteurers are increasing the amount of mining and farming, which leads to more pesticides and questionable labor practices.

[Bogut, M, 2016, greenspirit.com]

AFFECT ON AESOP: Many companies,like Aesop, are turning to glass or recycled materials for packaging to reduce the build up in landfills. The UK government now requires stores to charge 5p for bags, this may prove more benefical for the brand and the environment as it generates another source of income.

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Skincare Market GLOBAL MARKET GROWTH:

The market for skincare is largely increasing.

The global skin care products market is projected to reach

2024

$177.15 billion by

[Grand View Research,2018] The Skincare subsectore is forecast to be the fastest growing subsector out to 2022 [Globaldata, 2018]

UK MARKET GROWTH:

The skincare market is largely increasing.

According to Mintel [2018], the consumers of the UK market spent £1.07 billion on skincare in the last year, up 17% since 2009. The market is estimated to reach

2022

£26.7 billion by

according to [GlobalData, 2018]

MARKET DRIVERS: NICHE BRANDS Specialist skincare brands are becoming more popular and proving to be competition for pre-existing mega brands.

Consumers’ desire for high-efficacy skin care has helped niche brands expand as they are viewed as specialists in their field.

[Euromonitor 2018]

Health MARKET DRIVERS: NATURAL & ORGANIC

There is an increasing demand for natural and organic skincare products due to an increased number of health conscious customers across the globe [Wiseguyreports.

Com] Much of the markets growth is due to product innovation to deliver more ethical and natural products in order to satisfy this new consumer need. Asia Pacific was the largest market for these organic skincare products in 2015 [Marketwatch] , reflecting Aesop’s decision to expand into Asia first.

ACCESSIBLE SKINCARE Consumers are searching for alternative ways to cut down on salon visits.

[Euromonitor] This has resulted in quick fixes such as face masks becoming increasingly popular.

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Consumer

TOTAL WELLBEING

Consumers are treating their bodies like an ecosystem and seeking solutions that complement their personal health and evolving needs [Mintel Consumer Report 2018] Consumers expect brands to cater to the trend by including more natural and plant based products to help sustain a more ethical lifestyle. Many brands are incorporating new ingredients such as probiotics to achieve this.

TECHNOLOGY Technology is adapting in store experiences with apps and beauty gadgets to personalise beauty and skincare products. This innovation is reinventing the market according to euromoniter 2018. Systems such as virtual realities can also be utilised.

This trend taps into inclusivity as it is aimed to keep consumers engaged.

Trends

INCLUSIVITY

Consumers now want to be freed from labels and feel that all diversities are met and included within all industries, especially the beauty, and skincare realm. As a result of this, products are becoming less based on age shaming and more on skin texture, due to recent studies by the RSPH, almost half of women and a quarter of men feel pressure to maintain a youthful appearance (Sabrina Barr,The Independent,2018). Products are moving away from gender stereotypes and physical stores are becoming more based on consumer experience. This makes the consumer feel a part of something and therefore will increase the chance of purchase and brand loyalty.

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Competitor paceNK is a luxury skincare retailer, selling a variation of mid-high end brands. They operate in over 60 stores and also can be found in concessions within established department stores, proving as competition for Aesop due to the range of quality skincare and other competing brands within. SpaceNK became a Manzanita company in 2002, whos investment intends to bring the company into new sub-markets.

STRENGTHS:

The stores stock multiple different brands so give consumers more choice than Aesop.

This adds convenience for consumers and plays into the accessible skincare trend.Employees hand out free samples and deals are often advertised online, building consumer insentive to purchase by reducing the chance of cognitive dissonance.

WEAKNESSES:

There are many complaints customer service “there were four assistants in there talking not one came to help me.

There was nothing in that shop that couldn’t be bought anywhere else”.[Mumsnet] The brand used to have a USP of selling unusual niche brands but these brands have now become more common as consumers can find the same products at more accessible stores such as boots and superdrug. The brand focuses only on the female sectore and their presence is only in UK and US so occupies just a small sector of the market.

Analysis

Generates $67.9M more revenue than Aesop [Owler]

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Competitor urlique is an Australian cosmetics company specialising in natural skincare. According to Owler, Jurlique is Aesop’s top competitor in the Australian skincare market. Their core target market is most likely women between the ages of 25-45 due to the average age of Australian women being 38.1 years [Australian Bureau of Statistics 2018] Today, Jurlique is the number one brand in Australia, has a strong presence in North America and Asia, and can be found in Europe, particularly in the UK. [Owler, 2018]

STRENGTHS:

Jurlique distribute their products not only in store as well as websites such as beautybay.com making their products very accessible, something Aesop already do. Similarly, the fact that Jurlique offer botanical and natural products places them within the same niche market as Aesop, following more the more environmentally conscious/ slow fashion consumer trends. Jurlique have a large focus on instore experience with organic gardening books and consultations like Aesop, working to create a personal connection with consumers.

Jurlique can be differentiated by their use of fragranced oils, perhaps being more appealing to females within their target age bracket.

WEAKNESSES:

The amount of other brands such as Aesop and L’Occitane providing ethical products proves for difficulty to differentiate within the market.

Analysis Jurlique

[Owler]

generates 335% the revenue of Aesop.

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Compared to its core competitors, Aesop are performing poorly financially in regards to the overall skincare market. This is likely due to their lack of advertisements and total reliance on ‘word of mouth’ to raise awareness of the brand, contrasting from competitors who use multiple medias of advertisement and technology within stores to drive their success in the market.

82% of survey respondents (see appendix 8)claim that they do buy skincare from other brands, reinforcing Aesop’s need to create a larger awareness. Likewise, the niche market of natural skincare is becoming saturated due to the increase of veganism and ethical living so consequently it is more difficult for Aesop to differentiate from its competitors , especially those that offer a larger variation of smaller brands (SpaceNK) and are more accessible to consumers through the higher number of stores.

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B R A N D A U D I T

Aesop is an Australian brand founded in 1987.

Their brand offer body and hair care as well as fragrances. They pride themselves on their all natural and ethical ingredients along with their unisex approach, making the company very inclusive (a key macro trend that is on the rise).

VISION:

Aesop currently retail in 11 countries (businesswire. com), and with the recent investment from brazilian company Natura, Aesop’s vision is to continue to grow and build the business in new and existing countries, develop a strong omnichannel presence that provides high levels of customer service and develop a cultural learning organisation.

[Natura,2017]

MISSON STATEMENT:

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“Our objective has always been to formulate skin, hair and body care products of the finest quality; we investigate widely to source plant-based and laboratory-made ingredients, and use only those with a proven record of safety and efficacy” - Aesop

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“Added experience, unique ingredients and formulations, sustainability credentials and ethical values all contribute to higher quality perceptions”.

[Ildiko Szalai, Senior Beauty and Personal Care Analyst, Euromonitor International, 2018]

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Brand HIGH QUALITY

LOW PRICE

HIGH PRICE

LOW QUALITY

Positioning This perceptual map displays how Aesop are on the higher end of the market however the quality of their products is reflected by the price.

From the survey, 44% of respondents claim to purchase Aesop due to its high quality and 5 due to its good value. This places Aesop above these competitors, also mentioned by respondents, despite the lower financial performance.

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Brand SUCCESSES:

- Expanded into new territories including Austria and the United Arab Emirates - Founded their own organisation to help people with literacy in 2016 - Introduced a new ecommerce system into their online stores - Implemented initiatives to help reduce the environmental impact.

Online purchases are shipped in 100% recyclable cardboard [Natura & Co, 2017]

Health 2 0 1 7

- sales growth of retail stores was

17%

- Aesop revenue grew

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30.3%

new signature stores were opened, reaching a total of 209 units in 21 countries.

-Together with e-commerce, these signature stores account for of Aesop revenue

AWARENESS:

Aesop’s brand awareness is particularly limited (see appendix)with the 24 out of 52 respondents having never heard of the brand, primarily due to their lack of advertising.

However, their method of using word of mouth and social media accounts have been working as 54% of respondents claim to have heard of Aesop either through knowing someone who has used it or through social media such as youtube.

65%

PERCEPTIONS:

From the survey, 75% of respondents (see appendix 10) believe Aesop to be an ethical brand, proving the brand are successfully appealing to the veganism and wellbeing trend.

Likewise, 44% out of respondents (appendix 6) claim that they use Aesop products due to its high quality proving that Aesop has valuable brand perception. This will aid Aesop’s vision of expanding more globally due to it already having a good reputation.

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G E O G R A P H I C D E M O G R A P H I C

Consumer - Aesop consumers are likely to be located in/ near a urban area due to its stores being located within major cities, this is because of its slow global expansion.

- Likely to live in fast paced areas where technology is at the forefront of living, this is due to 20% of respondents (see appendix 5) have heard of Aesop through online sources, proving that technology is essential for Aesop’s growth.

- Aesop’s primary target between 30-50, this was survey (see appendix 1) respondents being above the most likely to have disposable income to be end products.

consumer is people aged exemplified in the with 60% of 29. This age group are skin concerns and able to afford the high

ww- Although Aesop’s packaging is neutral toned and therefore is unisex which can also been seen through their collaborators. However 85% of respondents were female (appendix 2) reflecting how there is still a gap in the male and female skincare market despite Aesop’s inclusivity.

Profile B E H A V I O U R A L P S Y C H O G R A P H I C

- The survey exemplifies that consumers are seeking for products that work properly and will last. Likewise the majority of respondents spend an average of £35-50 in store (see appendix 7), proving consumers are willing to pay for the quality.

- Many stores provide consultations and lifestyle advice, this tailors to consumers who desire an instore experience whilst shopping. The consultations will prove to increase customer loyalty due to the experience being tailored and personal to their need.

- Aesop consumers are likely to be living an organic lifestyle, playing into the wellbeing trend due to the products being all natural based and their stores being sustainably built. These consumers are conscious of what they are putting on their bodies regarding chemicals and ingredients.

- This target group are connoisseurs rejecting showy or ‘in your face’ brands. Due to this Aesop developed a magazine to share the brand’s interests with consumers. This is effective as it shows the brand has an understanding of their consumers interests and fuels them. [Željka Zrnić, 2016]

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External Internal

SWOT Helpful

Strengths:

Analysis Harmful

Weaknesses:

- Utilise a unique disribution method of having Aesop products in luxury hotels and boutiques, this opens the brand to new consumers and automatically gives the brand a luxury perception. [Marcela Sapone,2017] - Support from many online blogger and influencers to increase the word of mouth.

- Unisex packaging to adhere to the inclusivity trend and open up the market.

- They sustainably build by utilising existing architecture as apposed to being destructive. [Aesop]

- Limited awarness of brand due to no advertisments, causing a total reliance on recommendation.

- Saturated market of niche natural brands, making it difficult for Aesop to differentiate.

- Poor fianacial performance in comparison to its core competitors.

- Few touchpoints with both potential and existing consumers.

Opportunities:

Threats:

- Incorperate an omnichannel retail system where consumers can order to their closest store or check stock from an app at home, this will make the brand much more accessible.

- Investigate into using new innovative ingrediants such as probiotics to keep up to date with competitors and offer consumers a unique benefit.

- With the investment from Natura&Co, there is an increasing opputunties to expnad into new regions,

- Other competitors such as SpaceNK offer deals and sales as well as invest into ad campaigns which will aid in their brand cutting through to make a personal connect with the consumer more easily than Aesop.

- Other natural based products becoming available at a lower price point - Ingrediants becoming less accessible through new exportation prices as a result of Brexit.

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C O N C L U S I O N S

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TOWS SO Strategies - Create exclusive collections for partnered hotels, custom to their company to then be distributed across their hotels world wide. This will generate another investment to aid in expansion.

- Use of an article in the the Aesop magazine for existing consumers to introduce them to a omnichannel system and encourage them to utilise the system.

- Utilise the in house team of scientists and eingeneers to develop new innovative products.

ST Strategies - Make consumers more aware of the benefits from the products by creating guides on the walls in stores (also helping develop an instore experience) to highlight the quality that comes with the high end price. Consultations should also be advertised in store as being free which will make Aesop more personal than the low end brands.

- Increase personal connections and touchpoints with consumers by creating a weekly newsletter offering small exclusive discounts to sustain customer loyalty.

Analysis WO Strategies - By investing into new unique concepts and ingrediants Aesop will be more able to cut through the saturated market by having a clear unique selling point. Trademarking this new concept will reduce the competition from other more successful brands.

- By expanding into new territories, the revenue will increase due to opening the brand to new customers who may have been previously unaware.

WT Strategies - Introduce billboards or posters displaying Aesop products or communicating a sustainable idea to reduce the lack of awarenss and prevent consumers from turning to cheaper brands.

- Create Aesop concessions in major department stalls that mimick the in store experience, this will increase the amount of customer touchpoints.

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Existing

Ansoff PRODUCTS Existing

Market Penetration:

- Increase sales by expanding distribution onto more website retailers.

- Lower costs margainaly

Market Development: - Aesop already design their stores to reflect the esssence of the location, but perhaps customising the packaging may optimise the personal connection with new customers.

New

MARKET

- Utilise social influencers to spread word of mouth of the company, this will aid in cutting through the mature market.

- Target more segments e.g. they already have animal wash so could expand more into the petcare market

Matrix New

Product Development: - Product line extensions e.g. developing a range of new fragrences for a popular pre-existing product.

- Incorporate new innovative ingrediants such as probiotics.

- Personalise products using technology to analysis skin textures/needs of consumers.

Diversification Strategy: - Start up a new interior or architectural sub-business as the physical stores are largely reknowned for their aestethic.

- Develop the pre-existing magazine into educational books and reports.

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Recommendations Key Issues - Large lack of brand awareness from potential consumers (as seen in appendix 5 & 6). This reflects the brands’ low revenue compared to its competitors.

- Few touchpoints with consumers, making the brand less accessible than its conpetitors.

- Operating in a saturate niche market so the brand is not fully differentiated.

- Competing brands are gaining personal connections with consumers due to advertisements, deals and cheaper prices. This will result in consumers moving away from Aesop and becoming loyal to other brands.

Recommendations With a limited brand awareness, Aesop will find that engaging new customers will be challanging. To increase awareness within the skincare market, Aesop should utilise social influencers to spread word of mouth of the company due to technology being a key market driver as well as 54% of existing consumers having heard of Aesop from online platforms (see appendix 5) This method still abides to their essence of ‘anti-marketing’ and rejection of typical advertisements. Likewise, Aesop should broaden their distribution lines such as expanding into new online retailers, initiating omnichannel features or even collaborating with larger competitors (such as SpaceNK who stock other brands) in order to increase the touchpoints with consumers. Collaborations will also encourage loyalty from consumers if Aesop collaborate with a renowned and trusted brand. Aesop could also created concessions or pop up stores in botanical gardens to widen their exposure. An increase of Aesop touchpoints will help generate a greater awareness.

In order for Aesop to differentiate from other ethical skincare brands they should begin using inhouse scientists/technicians to develop new innovative ingrediants or concepts that have yet to be created. For example, they could develop new ethical alternatives to chemical/antiseptic ingrediants that are becoming band in territories such as the US [Mintel]. This will also make store expansion easier as all products will be approved by the regions regulations. Make consumers more aware of the benefits from the products to highlight the quality that comes with the high end price.

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Image

Collection of Aesop products, Available : http://www.thenewpotato.com/2015/11/23/bestaesop-skin-care-products/

Anon, 2018, Aesop Shin M store. Available : https://www.aesop.com/fr/fr/r/aesop-shin-marunouchi?q=Aesop%20Shin%20 Marunouchi&storepage=true Anon, 2018, Aesop Japan store. Available: http://www.macaronmagazine.com/aesop-addedtwo-signature-stores-in-japan/ Mikael J, Aesop Westfield. Available: https://candidmagazine.com/mens-christmasgifts/aesop-westfield/ Ogata,S, 2017, Aesop store Japan Available: https://www.pinterest.co.uk/ pin/531213718526786612/?lp=true

Conneely, L, 2018, Aesop Richmond angle 1

References

Anon, 2017, Aesop Room Spray Trio. Avaialble : http://asia.be.com/beauty/beauty-news/latest-products/aesop-aromatique-room-sprays-155945.html#item=1 Dimorestudio, 2017, Aesop Milan Available: https://www.pinterest.co.uk/ pin/116812184063269350/?lp=true

Anon, 2014, Aesop shampoo and conditioner.

Available: http://theconsciencefund.com/aesop-shampoo-conditioner/

Girl with a Banjo, 2018. Available: http://www. girlwithabanjo.com/blog/2016/04/27/aesop-skincare-routine/ Flanagan, C, 2018, Femina, Skincare routine.

Available: https://www.femina.in/beauty/skin/ beauty-benefits-of-a-multi-step-routine-105978-1. html Splishsplash, 2014, Aesop masque. Available: https://splishsplasch.wordpress.com/2014/05/07/ new-in-aesop-primrose-facial-cleansing-masque/

Conneely,L, 2018, Aesop Richmmond angle 2

Downtown LA Store, 2017. Available: http:// www.contemporist.com/cardboard-tubes-havebeen-used-throughout-this-aesop-store-indowntown-la/

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Image

SpaceNk store, 2012. Available: https://britrish.com/2012/11/14/ space-nk/

Westfields, 2018, Jurlique store.Available: https://www.westfield.com.au/miranda/ store/2ERb3pMjEQ2sgK8OIuCucQ/jurlique

Aesop, 2018, Rind Concentrate Body Balm.

Available: https://www.aesop.com/ uk/c/gift-guide

Aesop,2018, Horizon Collection. Avaialble : https://www.aesop.com/uk/

Aesop, 2018, poo poo drops. Available: https:// www.aesop.com/au/p/home/home/post-poo-drops/

Dussledorf, Art, 2018, Aesop logo high resolution. Available:https://www.art-dus.de/aesop-logo-master-basic-high-res-2/ Brandsoftheworld, 2018, Clarins logo. Available: https://all-free-download.com/free-vector/vector-logo/clarins_77394.html SoaceNK US, 2018, logo. Available : https://twitter.com/spacenkusa

References

Anon, 2017, jurlique logo. Available: https://logos-download.com/7132-jurlique-logo-download.html Anon, 2004, Khiels logo. Available: http://www.brandsoftheworld.com/logo/kiehls

Anon, 2016, Simple logo. Available: https://www.kettlemag.co.uk/reviewkind-to-skin-by-simple/ Anon, 2010, Olay logo. Availiable: http://logos.wikia.com/wiki/Olay Anon, 2004, Clinique logo. Availiable: http://www.brandsoftheworld.com/logo/ clinique-0 Anon,2018, Garnier logo. Available: https://www.walmart.com/ip/Garnier-SkinActive-Clearly-Brighter-Overnight-Leave-on-Peel/48037258 Aesop, 2018 , Toothpaste, Available: https://www.aesop.com/se/en/p/body/personal-care/toothpaste/?siteName=Aesop%20Sweden Simplicity, 2015, Aesop Tokyo. Available: https://www.urdesignmag.com/ architecture/2015/10/15/aesop-minamiaoyama-by-simplicity-tokyo/ Tacklebox, 2016, Aesop Georgetown.

Available:https://www.washingtonian. com/2016/12/13/aesop-store-opens-dc-flagship-georgetown/

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