The Business Of Body Enhancement (Infographic)
The business of body enhancement is a massive business in the U.S. It seems our greatest imperfections can be magically fixed by a pill or scalpel?
More and more Americans are losing cash in their wallet, for a gain in cup size or a rise in their pants.
An important part of marketing is looking at society’s material requirements and consumer needs.
So for marketers in the health, beauty and fashion industries, there are quite some needs to be satisfied.
The editors at Best MBA Programs showed us this infographic:
The Key Takeout’s?
Viagra. In the first 10 years of sales, 30+ million men in 120 countries have been prescribed Viagra.
The average duration of erection with 100 mg of Viagra and 20 minutes of sex videos, among men with erectile dysfunction? 1 minute!
That is $10 for 56.4 extra seconds. Or about 18 cents per second.
In the billion dollar industry of blue pills, Pfizer is the biggest player. In 2011 it gain 7 more years of exclusive rights to Viagra, saving Pfizer $1 billion in U.S. annual sales.
Cosmetic Plastic Surgery. Americans compensated for the recession by spending:
– 3.8% less on food
– 2.0% less on housing
– 1.4% less on clothes
– 7.0% less on entertainment
At the same time Americans increased their spend on body enhancements:
– 1.3% more on breast augmentation
– 5.1% more on lipo
– 8.1% more on eyelid surgery
– 24.4% more on butt lifts
Women accounted for 91% of all cosmetic procedures in 2009. In 2010, there were 1.2 million male cosmetic patients.
The annual salary for plastic surgeons? Between $275,000-$499,656
Does Surgery Make You Happy?
– 92.2% of patients considered their appearance as good as they expected or better
– 81.4 % were more satisfied with their overall appearance
– Little or no improvement was seen in self-esteem and mental health
If the marketers in the health, beauty and fashion industries follow these consumer insights, we will see a dramatic uplift in digital and social marketing spend.
Digital, CRM and big-data will be the way for similar brands to acquiring new customers and building long term relations.
When actionable insights and consumers’ shopping habits are smartly mixed by with big-data programs and digital marketing, I expect massive growth in the field of digital. Why?
I think this story on the power of habit video about Target, will inspire many CMOs in beauty and health:
The Power of Habit goes inside Procter & Gamble, Unilever and Target superstores.
Marketing used to be an art, now it’s a science.
Welcome to the big shift: from Mad Men, to Math Men.
Way ahead of the curve however, was Unilever.
In 2006 Unilever launched this Evolution video:
And in 2007 Unilever did a follow up with this Dove Onslaught video:
Both Unilever videos went extremely viral and created a lot of offline buzz as well.
ViralBlog covered both Unilever videos back in 2007.
What About You?
If you are in health, beauty or fashion, how are you connecting the dots? How is big-data and digital marketing helping you to meet your brand and business objectives? I’d love to see your ideas in the comments below.
About the Author
Igor Beuker was CMO at 3 listed companies, chairmain at the IAB, jury member at Webby, AMMA and Esprix awards, founder of 2 agencies (both sold to WPP) and global chief social officer at Mindshare. Now he is ‘freejack’ consultant and a sought after keynote speaker.
Source: Best MBA Programs