In this week’s blog, we highlight the key takeaways from our recent European e-Conference and take a closer look at one of the slides from Nicholas Hall’s Global Trends presentation, looking at the fastest-growing brands in consumer healthcare over the past five years.
Nicholas Hall Writes: 100 delegates from around the world joined us in late April for our first-ever e-Conference, and many more are expected to listen to the recording. The conference reviewed global and European trends in the consumer healthcare market, the impact of Covid, changing consumer attitudes and the omnichannel shopper journey, the digital revolution and our forecasts for the future. These and many other topics were covered under the banner of “A Glimpse into the New Normal”.
There is no denying that “immunity” is the biggest buzzword in consumer healthcare at the moment, and has produced some amazing results. We’ve just completed an analysis of the new DB6 data, looking at the fastest-growing brands over the past five years. Just to be clear, this is drawn from the 200 biggest brands and excludes those specifically from China, which are very largely formulated with traditional Chinese medicine. Sambucol, a brand I love dearly and have used for 20 years, shows up as the second fastest growing brand. Only Biofreeze (to be acquired by Reckitt in a deal expected to complete in Q2 2021) has grown faster during this period.
CHC Insight Europe Editor Sarah Carter and Researcher / Writer Nathalie Corbett filed this report summarising various highlights from our European e-Conference:
- There is an increased consumer focus on prevention, not just in terms of avoiding Covid-19, but also awareness that people with better overall health have better lifestyle outcomes. Many consumers are no longer looking for treatment, but instead seek to safeguard their future health.
- During the pandemic, the health consumer has evolved from patient to “consum’actor”, who uses their purchasing power to protect the values and causes they believe in.
- The consumer is in control of our industry and we need to deliver on their expectations. The best medicine is a consumer who is informed, empowered and inspired.
- The way consumers shop has been severely disrupted and perhaps irrevocably altered by the pandemic. The CHC industry must respond with agility in order to successfully compete in this omnichannel landscape.
- Consumers cross these different channels in a way that’s seamless, with lines blurring between communication, point of purchase, advertising, etc.
- It’s all about the data – get this data culture deeply embedded at all levels of your organisation. It’s also about the right data, and not being inundated with data that isn’t useful. Identify the relevant KPIs and target those.
- Tech and Big Data can help us gather insights and use these to deliver relevant business developments and product innovations. Consumers themselves are increasingly generating a wealth of data, including via self-monitoring devices.
- Online can offer opportunities that offline cannot, even when it comes to personal advice. Digital interactions are sometimes preferable vs crowded stores / time constraints.
- But pharmacies still account for 76% of purchases, and have a superb chance to fight back and regain market share provided they collect new insights into their customers’ shopping journeys.
- We should no longer refer to e-commerce, but rather e-life. Platforms like Amazon are increasingly media hubs rather than just online stores.
- Brand building is more important than ever as consumers adapt to the New Normal. We must be present and relevant and focus on creating an emotional bond with the consumer, a traditionally weak area.
- There can be no return to old strategies and the old way of doing business. It is time for new strategies and New Paradigms.
We hope you enjoyed our European e-Conference 2021! If you couldn’t attend, you can still purchase a recording of the meeting by contacting elizabeth.bernos@NicholasHall.com. Immunity & other Growth Drivers will be the focus of our next round of regional hot topic webinars. Starting with a focus on Asia-Pacific on 19 May, on the Americas on 23 June and concluding with Europe on 21 July. Please contact elizabeth.bernos@NicholasHall.com to find out more.