At New Laboratories, the client – formulator relationship always takes a commercial focus to ensure our clients have a viable, scalable and customer focused formulation that can manufactured and scaled. New Laboratories CEO Rohan Widdison’s core focus in cosmetic formulation development has been “a good formulation will make you money.” This can take many approaches, but ultimately our aim is to not only overlay a practical commercial approach but to also develop formulations that consumer’s love which is the commercial context all our clients seek. When your customer loves your product, they are more likely to repurchase, which builds loyalty and sales, but also reduces the cost of client acquisition whether you are a pure online brand or an omni channel one.
So what does that mean for our clients at the formulation stage? Its best explained by example of brands that have come to us with formulations that don’t meet their brief or brand vision, and inevitably shopped for the cheapest formulator.
We had a client who brought to us formulations that they explained were in the same price and style of the global brand The Ordinary. The only problem is that the external formulator they engaged and paid to develop the formulations, specified materials that made the cost of manufacturing more expensive than the target retail price. Clearly there was a lack of understanding by both the formulator and client that ends with such results. We see examples like this regularly in both the cost and the quality of what some formulators deliver. In simple terms, a lack of understanding of the consumer markets leads to this result, compounded by client’s price shopping for the cheapest priced formulation, not the best formulation for their brand. This is where “a good formulation will make you money,”and misguided or cheap formulations will cost you money, impact client retention, or in some cases kill your project and brand.
The New Laboratories difference is our understanding of the retail/ consumer market, coupled with our years of experience in developing brand responsive and innovative formulations. When you engage with New Laboratories you are not working with just a formulator, you are backed by New Laboratories resources, a product development specialist you will work with, and a team with a depth of knowledge in manufacturing, formulating, brand development, and the commercial applications of cosmetic formulations.
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