In the third module of Yellowbrick's Beauty Business Essentials course, in partnership with WWD Beauty Inc and FIT, instructors outline the necessities for successful brands.
Creating products with differentiation is also imperative to standing out in the cacophony of brand launches, Horvath said. “Another challenge is in such a saturated market, it’s the ability to define how the brand differs from the competition. What is your competitive advantage, and is this advantage really key from the consumer’s perspective? Lastly, making the brand consistent, it’s not just about the logo.
Once a brand’s raison d’être has been established, tying back to a brand’s purpose while keeping a finger on the pulse of market trends is key to keeping up momentum. “What is your brand creating for? What we call the DNA of the brand, what is it made up of and how do we identify? The brand has to speak,” said Emily Bond, head of fine fragrance, North America at Givaudan. “How do I create something genuine and authentic of the brand, and what are the cues in the brand I have to be true to?”
Brands are also well advised to keep tabs on market research — figuring out what’s selling and why — Bond continued. “I try to identify, ‘What’s the white space opportunity? What’s out there and what isn’t?’ I want to make sure I’ve got room to sell my product in a pretty cluttered environment of beauty,” she said.
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