Along with technology, Dr. Kim considers marketing a key component of a cosmetics business. Last year, he founded his own firm.
“In the beginning, I had no marketing channels for the products that I developed so I marketed my products through a large Korean pharmaceutical under the name of”Vitatera“. However, I found the pharmaceutical company’s product designs somewhat limiting. People may think pharmaceuticals and cosmetic companies are similar but they have very different approaches. Ironically, cosmetic companies try to market their products as if they are effective drugs and pharmaceuticals try to enter the large cosmetics market. But a cosmetic company focuses more on the brand’s image whereas a a pharmaceutical company views a cosmetic product just as another one of their many products. I expected the pharmaceutical company to focus more on promoting the skin care line but was soon disappointed with their lack of attention. For these reasons, I terminated the contract with the pharmaceutical company in 2013 and launched Sam.K in November 2014.”
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Dr. Kim’s goal is to build Sam.K into a global brand.
“I think now is the right time to venture into the global cosmetics market thanks to the positive impact of Hallyu (Korean culture waves) on Korean cosmetic brands. However, products that fail to gain popularity in the domestic offline market will be unlikely to be successful overseas. Therefore, my plan is to increase the brand recognition in the domestic offline market first. Currently, our products are available in the offline retail venues of Lohbs and Lotte Mall and an online retail of Shinsegae.”
Dr. Kim says the success of a skin care product depends on the evaluation of the general public.
“Every one of the doctors developing their own cosmetic products says his or her product is the best in the market. But what actually matters is how the product is viewed by the public. A product earning consistently good sales figures at large retailers can be considered popular. Sam.K products are sold through famous retailers such as Lotte, Shinsegae, and Hyundai, etc. Our products have been in the market for only 3 months but the sales are gradually increasing and we are getting a lot of positive feedback from the customers. We are planning to sign export agreements with companies in Indonesia and Hong Kong.”
Dr. Kim says his 15 years of experience in the cosmetics industry gave him a business acumen as well as a quick eye for new trends. Dr. Kim categorizes cosmetic products into three generations and argues that the effectiveness will be the most important factor in success of a brand.
-To be continued-
