Good news for product managers – nobody likes to get old! In fact, nobody really likes to look like they are getting old. What this means for product managers is that there is a huge market for products that will allow us to avoid looking like we are getting older. One of the most successful of these products is called Botox and it’s an injection that you can get in your skin that will make your wrinkles disappear. Who wouldn’t want that? The Botox product managers have had a good run for a long time. However, new competitors are now showing up and the Botox product managers are going to have to review their product development definition and take action if they want to remain successful.
The Power Of Botox
I’m pretty sure that we’ve all heard about Botox; however, does anyone actually know what it is? It turns out that Botox is derived from a poisonous bacteria called Borulinum toxin. What this toxin does is block signals that travel between nerves and muscles. When you get an injection of Botox into your face, it causes the muscles to relax and wrinkles to disappear. The Botox product managers have been very successful. As an antiwrinkle treatment it currently owns 70% of the market where it competes with the Dysport product from Nestle and the Xeomin product from Merz Group.
Botox was first approved for cosmetic use back in 2002. The result of this approval was the creation of an US$8B global market for drugs that make people look more beautiful. Alergan, the company that sells Botox, had $3.6B worth of Botox sales last year. This one product line is responsible for 20% of Alergan’s sales. Alergan is starting to face some new competition. A rival firm has just restructured its marketing efforts, a newly approved wrinkle treatment is getting ready to enter the market, and a new frown-line therapy is being developed.
Although they are facing a number of new competitive threats, the Botox product managers still feel as though they will remain successful. Their business grew by 8% last year which would look good on anyone’s product manager resume. The product managers have had to deal with rivals to their Botox product in the past. The product managers are starting to do things that will boost their sales and provide them with a way to deal with the new threats to their market position. Key to this will be a new ad campaign along with new versions of their product that will be both short-acting and long-acting.
New Competition Challenges The Botox Product Managers
The Botox product managers believe that the arrival of new competitors will have more of an effect on the brands that are currently competing with Botox. They believe that some of these brands will now go away. Botox competitor Xeomin is trying to become more successful by going after an underserved portion of the market – women in the process of losing their inhibitions about getting this type of beauty treatment.
Potentially a bigger issue for the Botox product managers will be new beauty products that are scheduled to hit the market soon. One such product is a longer-acting frown-line treatment that is currently under development. This drug is able to maintain either no wrinkles or only mild wrinkles in one-third of the patients for up to six months after a treatment. The reason that this is important is because Botox only claims to last for four months.
The Botox product managers understand that they have some competitive issues that they need to deal with. Some customers prefer a longer-lasting treatment because it means that they’ll have to get fewer injections. In order to meet this market need, the Botox product managers are testing a new higher-dose version of Botox that may last longer. Additionally, they are also providing doctors with pre-filled syringes of Botox in order to help busy doctors to make injections easier. The product managers are also going to be spending $150M in direct-to-consumer advertising over the next two years.
What All Of This Means For You
The market for beauty products is almost unlimited. Nobody likes to look like they are becoming older and so product managers are responsible for providing the products that people want in order to chase away the signs of aging. One of the most popular products for doing this is Botox. However, new competitors are starting to show up and so the Botox product managers are going to have review their product manager job description and move quickly if they want to stay on top.
Botox is derived from a toxin and it causes the muscles on your face to relax. Botox has been a very successful product and currently owns 70% of its market. Botox makes a lot of the income for its owner Alergan. However, new competitors are starting to show up with their competing products. The Botox product managers have had to deal with competitors in the past and they feel as though they know what they have to do now. A new ad campaign and new versions of their product will be rolled out. One of their competitors, Xeomin, is trying to take over an underserved portion of the market. The Botox product managers need to keep their eyes on new products that will be coming onto the market soon. The Botox product managers have to listen to what their customers want and create products for them. They also have to make it easier for doctors to use their product.
There is a great deal of demand for beauty products. The Botox product managers have a popular product that a lot of people are seeking out. However, their success has attracted a number of new competitors who want to take over their market. The Botox product managers are going to have to stay aware of their new competition and adjust their product in order to better meet the needs of their customers. Going forward is not going to be easy for these product managers, but if they keep the focus on their customers, then they should be able to keep their product looking good!
– Dr. Jim Anderson
Blue Elephant Consulting –
Your Source For Real World Product Management Skills™
Question For You: Do you think that the Botox product managers need to take steps to expand their market?
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What We’ll Be Talking About Next Time
I don’t know about you, but I sure do like betting on a sure thing. You know what I mean, it’s when you place a bet that you know is going to end up being a winner. The product managers at fast food restaurants thought that they had a sure thing to bet on: breakfast. I mean, we all have breakfast every morning and so getting people to drop by a fast food restaurant on their way into work and grab a quick breakfast sure seemed like a no-brainer, right? Well, it turned out that this was a good bet – until the Covid-19 pandemic hit and turned everything upside down.