‘First of its kind’ trends tool will ‘empower' fragrance value chain, says FCA president and CEO
Companies across the cosmetics and personal beauty care industries are always on the lookout for technological advancements that can assist in predicting trends and shifts and provide insight and analysis into the market landscape. Recently, the Fragrance Creators Association, a trade association representing the interests of a majority of U.S. based fragrance manufacturers, has announced the launch of just such a program – the first of its kind.
The newly released Data Insight Program utilizes information concerning public policy, regulations, and consumer marketplace trends sourced through input from members and a wide variety of government, scientific, and risk-analysis insights and then compiles the analysis into a searchable database to provide FCA members with much-needed information to better respond to regulatory concerns and pivot to meet better consumer demands, particularly regarding sustainability and product innovation. While the program is currently only available to FCA members, there are potential plans to grant access to FCA strategic partners soon.
This technological breakthrough offers excellent potential for current FCA members to glean valuable information which can bolster informed decision making, lead investments in innovation, and potentially support brand expansion efforts. To learn more about the new Data Insights Program, CosmeticsDesign met with Farah K. Ahmed, President and CEO of the FCA, for her thoughts on the program’s launch and initial implementation.
Growth potential and program benefits
To best meet the unique needs and demands of their consumers, companies in the cosmetics and personal beauty care product industries need to be able to anticipate “upcoming public policy, regulatory, and consumer marketplace trends,” said Ahmed. Further, “knowing what is on the horizon can help individual companies and industry as a whole respond more quickly and turn regulatory challenges into opportunities, including opportunities to innovate to drive toward a more sustainable world,” a high priority for consumers and manufacturers alike.
For members of the FCA, this new program affords a new level of transparency of information which can facilitate greater collaboration on an industry-wide level, fostering “consensus building and developing industry positions reflective of our diverse member company perspectives,” Ahmed said.
As the program is currently only available to FCA members, the insights and information gained can also positively impact professional partnerships within the more extensive cosmetics and personal beauty care product industries. “Cosmetics products nurture skin health and hygiene, empower self-expression and confidence, and deliver generational delight to billions of people every day, and fragrance plays an important role in those benefits,” she explained.
Those industry members building professional relationships with fragrance manufacturers can also benefit from the Data Insights Program. This program allows the larger industry market space to “innovate at the pace needed to deliver these important benefits more responsively and sustainably.” As Ahmed further explained, one of the primary purposes and advantages of the program is that “this tool will empower the fragrance value chain to proactively advocate for a public policy and regulatory landscape.”
How and why the program works
Information accuracy and availability are of the utmost importance for the Data Insights Program to be successful. Ensuring members access to the highest quality market insights and data analysis reports requires multiple streams of aggregated information that are then processed and packaged for analytic interpretation and subsequent application in informed business decisions.
While the exact methodology behind the Data Insights Program is proprietary to the FCA, Ahmed shared that the program leverages data and information incorporating “input from membership and our own insights into trends from a broad variety of disciplines including federal, state and local governments, legal and scientific developments, and other risk-analysis tools from the U.S. and around the world.”
In the future, as the FCA continues to develop the Data Insights Program further, there may be plans in the future to share insights and information with its aligned strategic partners. However, the benefits of greater insights into the fragrance manufacturing sector cannot be overstated. Said Ahmed, “this program is an example of how we work every day to provide members with the tools they need to innovate and continue delivering positive value today and tomorrow,” which only further benefits cosmetics and personal beauty product companies working with fragrance manufacturers both now and in the future.