A beauty brand turnaround strategy? Who needs it? Your beauty brand will likely need a turnaround strategy during its lifecycle. SALES DECLINE CHART 1-When Growth Stalls Sales growth is not an accident and needs deliberate fueling. An in-depth study of 500 major US global companies showed that, during their lifecycle, 87% experienced a stall in …
Let’s define a “successful beauty founder” first before I speak about the nine traits, and later, do read the 8 mistakes that beauty founders make: -Someone whose brand is “Talk of the Town” with a cult following(brand) and over mid 7-8 figures in revenue at the least, above average profitability and has intentionally kept the …
Before I get to Elf Cosmetics’ phenomenally successful turnaround strategy, which has delivered a higher speed of growth compared to pre-decline years, here’s a bit of where ELF COSMETICS is and where it was before the turnaround. In April ’24, e.l.f. Beauty investors faced a significant downturn due to worries sparked by Ulta Beauty’s unfavourable …
The most critical decision determining the probability and extent of your venture’s success is the problem you are solving for the end consumer. 2 Mistakes with choosing a problem 1. No competition? And what’s your insight? -No competition implies that the consumer doesn’t want a solution, is unaware of the problem, or is not a …
Youthforia, I know you’ll do the right thing! The issue has more to do with purpose than strategy. Before I lay out my recommendations for Youthforia on managing the inclusivity crisis for a win-win outcome for all, I want to preface with an open letter to Fiona Chan, the founder of Youthforia. Let’s all pick each …
Before we get to the seven problems with your beauty brand’s referral program, I want to offer you a few quotes, -From the one and only, “Ask and you shall receive.” & then, -“There’s a better way to ask,” used by Typeform But don’t worry too much about good manners, as in -“You forgot to …
There are 8 survey mistakes by beauty brands that are critical. Consumer surveys are an excellent tool for understanding your beauty brand’s consumers’ needs, behaviours, and preferences. Still, many beauty brands don’t do them right, so their usefulness varies from nothing to some good information. 8 Critical Survey Mistakes By Beauty Brands Here are eight mistakes plaguing your …
How can Olaplex turnaround and what are the odds? In a Harvard Business Review study, 67% of the brands that endured prolonged periods of sluggish growth or decline, ultimately faced the fate of bankruptcy, privatization, or acquisition. On Thursday, May 2nd, Olaplex shares surged following the cosmetics company’s announcement of sales exceeding expectations in the first …
Minimum viable product in beauty is likely a bad idea. MVP is an approach popularized by The Lean Startup Process. MVP helps you validate your assumptions with minimal resource investment and could promise venture attractiveness for founders and investors. However, it’s fraught with its shortcomings, esp. for beauty brands, that could lead to 1. False …
WHY MINIMUM VIABLE PRODUCT DOESN’T WORK IN BEAUTY Read More »
Based on adoption readiness, your beauty brand’s target consumer & influencer evolve with the growth stage. So does the best modes of influence and how you influence. Beauty Brand Consumer-Influencer Evolution Curve Stage 1 Consumers: Trendsetters Trendsetters- If you’re targeting trendsetters within a community, which is usually when you’re just starting, then the experts, the …
HOW YOUR BEAUTY BRAND’S TARGET CONSUMER-INFLUENCER EVOLVE ON THE GROWTH CURVE Read More »
