Define Essential

es·sen·tial

ADJECTIVE

absolutely necessary; extremely important:

synonyms: crucial · necessary · key · vital · indispensable · important · all-important · of the essence · critical · imperative · mandatory · compulsory · obligatory · urgent · pressing · paramount · preeminent · high-priority · nonnegotiable · must-have

What can we learn from this rapidly successful market?

Although oils have been around for thousands of years, the recent popularity of brands such as Young Living and Doterra, have launched the liquid miracle scents into the very threads of our culture.

Staggering Profits for 2016

• The essential oil and aromatherapy market continues to increase at an exponential rate, which has led to multiple record years for the top companies.
• The development of additional product lines, research, and investment in marketing, has propelled the top handful of companies into a battle for #1.

Naturally Essential

• Health and wellness continue to dominate, as consumers are seeking natural options in lieu of medical intervention. 
• Marketing to the “naturalist” is anecdotal.  Brand loyalty and adoption can be driven purely through stories that resonate with the consumer.  True or False.  Real or Fake.  It doesn’t really matter so long as the value added can be identified and embraced.

For example, Susie has a friend, Jane.  While Susie is talking to Jane, she mentions that her daughter is having trouble sleeping.  Jane, an avid, passionate oil user, talks Susie’s ear off about all the stories she’s heard about how lavender oil works miracles.  She tells the story of Billy, the 5 yr. old that only slept an hour a night, until his parents put lavender oil on his feet, and he was instantly cured of insomnia.  Desperate to hope for much needed beauty sleep, she orders a bottle immediately from her friend Jane, who gets a 25% discount.  

Supply and Demand for Natural Products

• In 2016, the U.S. personal care market reached 9% growth. 
• The industry is forecasted to be worth $25.1 million by 2025.
• American consumers are demanding natural product options, causing the supply to increase at an exponential rate.  Many retailers, such as Bed Bath and Beyond, now carry an in house essential oil product line.  Before 2014, almost all essential oils were only sold online.

Multi-level Marketing

• Direct sales has driven the explosion of the essential oil market. The MLM environment encourages customer relationships, provides information and training, and creates an avenue for potential client revenue.
• In 2015, the top 2 MLM industry leaders each claimed over $1 billion in revenue.
• The top 2 market trailblazers are MLM companies who achieved over $1 billion each in revenue for 2015.

Essentially, they’re essential.