After approaching World Data Lab (WDL) in 2016 and 2017 to identify markets with the highest growth of the global middle class, L’Oréal’s team was able to identify over 30 markets with the greatest opportunities, which helped L’Oréal reach 1 billion customers.
World Data Lab's Middle-Class Growth forecasts proved indispensable for the L’Oréal Consumer Products Division and now L’Oréal has an enterprise subscription to MarketPro, incorporating WDL's forecasts into their consumers.
Information Asset For Total Addressable Market Development
L’Oréal's Consumer Products Division uses MarketPro population and spending forecasts to define their total addressable markets. With WDL estimates, L’Oréal has been able to benchmark its progress towards reaching the next billion consumers.
Identify Key Target Groups: The Indian Lower Middle Class
With WDL’s granular spending forecasts, L’Oréal was able to discern a significant increase in the Indian Lower Class ($11-50/day). Based on this, L’Oréal CPD teams defined this group as a key target group, identifying their “core consumer” base in this market. L’Oréal uses this data for classification of customers as A /B / C / D / E, e.g., with effects on strategic targeting (media, geolocation, niche groups like Muslim beauty).
Add-On Success in the Indian Market
Thanks to WDL spending forecasts, L’Oréal managed to grow its presence in Asia, especially in India. According to L’Oréal representatives, India became one of its most successful subsidiaries. The company aims to reach 100 million more customers by 2020, doubling its targeting in India.