Beauty Store Business

DEC 2014

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.

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54 December 2014 | moving more rapidly," she explains, so the life experiences and buying behavior of, say, 25-year-olds is quite different from 35-year-olds. Marketers are now grappling with smaller and smaller segments in terms of age spans. Although the focus at the summit is Gen Y, which consists of consumers between 18- and 34-years-old, beauty leaders need to keep an eye on Gen Z—the under-18 set. Gen Z is the next generation of con- sumers and they are revolutionary. "They are shaking up how we do everything," states Buckingham. "Companies will have to respond to them in new ways." As for Gen Y, they too are shak- ing things up. What distinguishes them is their motivators—"their needs and motivations are so different from prior generations," relates Buckingham—which make it harder to predict what drives them as consumers. "Things previous generations thought were important are not important to Gen Y," according to Buckingham. One thing we've already noticed about them is that they're getting mar- ried later. They also perceive self-expression differently; they see nails, hair color and eyebrows as vehicles for expression. "This creates tremendous opportunities in the beauty industry," points out Bucking- ham. They also communicate differently and need to be communicated to dif- ferently. Although some beauty insiders didn't take group buying or consumer- rating sites such as Yelp very seriously early on, it's clear that Gen Y consumers are rabid users. To ignore sites or online platforms such as these means almost ignoring the whole Gen Y segment. Discovering where they are is only half the battle, unfortunately, as learning how to use various platforms will determine how successful you are. Take Snapchat, for exam- ple. Saying that your product is organic may not help you as much as saying you helped a particular community-based charity, accord- ing to Buckingham. Knowing what to say is as important as understanding where you need to say it to reach your target audience whether that's Gen X, Gen Y or Gen Z. Buckingham's presentation will go deeper into the Gen Y segment, offering attendees "key takeaways to make your business grow." She promises to share "ways to reach this audience and maxi- mize your business with this generation." WHAT DO YOU DO WITH ALL THIS INFO? Although the focus of the executive sum- mit is informing and educating along with relationship building, a third speaker is there to help put all the data into context. Futurist Steven Berlin Johnson will talk about "Where Good Ideas Come From," examining the environments and external drivers that bring about innovation. He will provide attendees with a core set of inno- vative principles that have been proven to encourage creativity and foster business growth throughout history. Johnson is the best-selling author of eight books, four on the intersection of sci- ence, technology and personal experience. He is well-known for putting data together in new and different ways, which is prob- ably why he has so many good ideas. EVENT PARTICULARS A panel discussion with all speakers is sched- uled for 4 p.m. on Dec. 5. Closing thoughts and a reception are scheduled after that. In addition to attracting some of the biggest names in research and marketing to present the latest beauty industry research, the executive summit will also feature participants from major companies in the audience, including L'Oréal and Procter & Gamble. Suppliers, distributors and beauty retailers from across the country as well as trade media will also be there. Due to space constraints at the resort, however, attendance is capped at 125, explains Sleeper. "And we're close to that number already," he says. "We're expect- ing a sellout." PBA members pay $499 and nonmembers pay $749 to participate. For any questions about the executive summit, please contact Jessi Marshall, director of education & industry programs at the PBA,, 480.455.3424. So why should you attend? "You're not going to get this information anywhere else," states Sleeper. The featured speak- ers concur. While there are hopes of mak- ing the executive summit an annual event, don't put off until next year what you really should participate in this year. ■ Marcia Layton Turner is a best-selling business author whose work has appeared in Bloomberg Businessweek, Entrepreneur, Woman's Day, Health and many others. Silver & zinc alloy and rhinestones. Rhodium-plated. Lead- and cadmium-compliant. Small Scissor Necklace Small Scissor Wire Earring Large Scissor Necklace I DO HAIR Pin Adjustable Scissor Ring Small Scissor Post Earring STYLIST Pin Scissor/Blow Dryer Necklace * FREE DISPLAY with pre pack purchase (8 different items • 24 count display) *Call for distributor pricing and details 800.634.8500 or email $ 12 00 Each Item Salon Cost ONLY

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