To say that the beauty landscape is expanding at a swift pace would be an understatement.
A handful of multinational corporations and prestige labels governed the marketplace long ago. But things have changed in recent years. The U.S. has become a melting pot of beauty brands. An influx of new players and innovative brands is reshaping the beauty landscape.
The beauty and personal care market shows no signs of stopping. It’s forecasted to generate $100.30 billion in 2024. The increasing consumer demand for diverse, personalized, and ethically produced products is contributing to the exponential growth.
It’s, indeed, an exciting time to be in the marketplace. The rich tapestry of options, however, can lead to product fatigue.
Here, we’ll share some business lessons to help you break through the clutter and make your mark in the beauty world!
#1 Quality Over Quantity Should be Your Motto
You might be tempted to create a full product line right away, but wait. Quantity is nothing if you compromise on quality.
Consumers today are savvy—they don’t want to apply just anything on their skin. They read the beauty product labels to see the long list of ingredients. They’re looking for effective, safe, and high-quality ingredients.
If your products don’t meet these expectations, it doesn’t matter how many different items you have on your shelves—they won’t sell.
Don’t spread yourself thin. A smarter approach is to start with a few well-formulated products that you’ve perfected. Then, you’ll be able to pour all your energy into making those products the best they can be.
Quality products naturally generate buzz. When something works, people love sharing it with others. So, resist the urge to launch with a dozen items. Focus on creating a handful of exceptional products that make a statement.
Estée Lauder, the founder of the eponymous brand, launched her business with only four skincare products. Her products were made of the highest-quality ingredients. That may be why she believed women who liked her products would spread the word. Today, her brand has a market cap of $31.96 billion.
#2 If People Don’t Know You Exist, It Won’t Matter
Visibility is everything. You could offer the most amazing products in the world. Yet, they aren’t going to sell if no one knows about them. You will succeed in the marketplace only when your target audience knows you exist. Effective brand marketing will help you achieve that.
Market your products on social media. “It Ends With Us” star Blake Lively’s new venture, Blake Brown Hair Care, generated $16 million within one week after its debut. Media exposure—online, print, and social media—played a crucial role in that success.
Blake Lively’s star power certainly helped, but the lesson here is clear: visibility drives sales. You don’t need to be a celebrity to get your brand noticed, though. Strategic use of social media, influencer partnerships, and press coverage can put your products in front of the right audience.
Design a website, too. It will position your brand for long-term success.
Consider the French beauty retailer Sephora, which launched its first website in 1998. This propelled the company into a bright future, and two decades later, it generated approximately $2.6 billion in e-commerce revenue.
Try an AI-powered website builder to design your website. It can help you create a simple, professional-looking, and engaging website relatively quickly without any coding experience. You’ll also save a lot of time and money, so it’s a win-win!
When you use an AI website builder, Hocoos explains, it selects from a diverse range of design options, color palettes, and fonts to craft something truly unique. The magic doesn’t end there. It also creates images and texts based on the questions the AI wizard asks you. When all is said and done, a user-friendly editor allows you to change all the elements you want.
#3 Hold a Two-Way Conversation With Your Followers
Engaging with your followers isn’t just about posting content; it’s about creating a dialogue.
Influencer-turned-entrepreneur, Negin Mirsalehi, knows how to talk to her audience. Her brand, Gisou, is the second trending hair care brand on TikTok.
Negin’s brand follows the 50/30/20 rule when it comes to interacting with its audience. This rule is simple—50% of its posts are for engagement, 30% for informing, and 20% for promotion. Negin also invites her customers to test the product.
Aim to hold a two-way conversation with your audience. Ask for their opinions, run polls, and encourage them to share their experiences with your products. This kind of interaction makes your followers feel valued and heard, which deepens their connection to your brand.
In essence, it’s absolutely thrilling to launch your own beauty brand. But the journey won’t be smooth sailing. You will encounter challenges along the way. Don’t worry, though. These crucial business lessons will help you navigate the challenges of the beauty industry and create a brand that truly shines.