Beauty Store Business provides solutions for better retailing! New products, industry news, savvy business moves and important trends affecting both brick-and-mortar and online retailers are included in each issue.
Issue link: http://beautystorebusiness.epubxp.com/i/783363
6 March 2017 | beautystorebusiness.com Kim Henderson, Executive Editor email@example.com "If indie brands want staying power, they might want to look at what the established brands have done—and vice versa." Playing the Long Game R ecently, I attended the Western Buying Conference (WBC) in Las Vegas, Nevada, followed by the Indie Beauty Expo (IBE), Los Angeles. Both are important events and they provided an opportunity for me to observe the differ- ences between long-established, successful beauty brands and new beauty brands trying to find their way into the industry. I wondered to myself as I perused the exhibitors at IBE, which brands will be here in five years? What distinguishes a product or brand as a winner? That's the million-dollar question, of course, and I'm not going to pretend to have the answer. But I can share a few observations. For the established brands I saw at the WBC, it's clear that their original success was founded largely on developing genu- inely good products and supporting them with effective marketing campaigns and distribution. But there's more. The brands that have firmly established themselves in beauty and held or increased market share over time, in nearly every case, continue to innovate and develop new, relevant products. They don't rest on their laurels. They also maintain strong relationships with their manufacturer representatives and distributors—and they continue to support beauty retail sales with effective marketing and resources. Today, this not only includes traditional advertising and distribution, but a digital strategy also and partnerships with beauty influencers to cast the broadest net. While capturing millennial consumers is an obvious priority for survival, the longstanding brands recognize the need to continue to reach Gen X'ers and baby boomers as well—those who are still making buying decisions. At IBE, the indie brands that appeared most likely to succeed had smart, stylish packaging, a clear brand message and an innovative product that pushed a beauty category in a new direction. I was surprised to find that several brands were unaware of traditional avenues into beauty, and were primarily focused on landing deals with large beauty retail chains. This is cer- tainly one avenue to success. Other brands were poised to do both—pulling multiple levers for success by seeking distirbution into indepedent beauty retailers as well as mass and prestige beauty. It occurred to me that if indie brands want staying power, they might want to look at what the established brands have done—and vice versa. Both the established and the new have much they can learn from each other. In our cover story this month, a natural skincare leader, Derma E, a brand that has been around for more than 30 years, tells its story of success and longevity. In keeping to this theme of success over the long haul, the company continues to innovate and has adopted new marketing methods while building on a firm foundation. You can catch the full story on page 24. Here's to both the long-established brands that continue to innovate and the new, indie brands that bring fresh ideas and products to our dynamic industry. It's an exciting time for beauty. ■ EditorÕs Note