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The beauty industry is competitive but can also be lucrative when marketing is handled properly.
The global cosmetics market is worth an exceptional price $507.8 billionwhich should go to about $750 billion by 2025. Thus, brands will expand their marketing strategies to embrace new ways of capturing the attention of an audience.
Beauty brand goals can vary, but leveraging the following five marketing strategies ensures goals are more achievable.
Related: The health and beauty industry is growing rapidly. Here’s what savvy investors are looking for.
1. Inspire potential customers using social media
While a website is essential for beauty brands, so is a strong social media presence. If you’ve been trying to improve brand marketing while social media platforms are down, now might be the time to start promoting your brand through those channels.
Not only does social media allow you to stay in touch with current customers, but reviews, testimonials, and other brand positives can help attract new customers to your beauty brand.
There should also be plenty of content explaining the benefits and features of products and services. Brands can use sites like Facebook and Instagram to sell products in addition to the company website.
An active overview of products and services, in addition to content that educates and influences, allows a brand to broaden its demographics and thus benefit from increased revenue and exposure.
Related: 100 things you need to know to succeed in the modern beauty industry
2. Consider collaborations with influencers
Another reason why social media is such an essential part of marketing for beauty brands is that it allows them to build relationships with influencers. Influencers are popular among followers, which means their audience will accept any brand mention. However, collaborations with influencers must be done properly.
First, the chosen influencer must match the brand. Simply choosing someone with a large following won’t guarantee success if the products or services don’t fit well. It’s also essential to be realistic and accept that some influencers may refuse to work alongside a brand, so making a shortlist of potential collaborations can be a good idea.
Finally, it is crucial to establish what both parties will receive from the collaboration. For example, a beauty company launching an exciting new product might want to send free trials to influencers.
In other cases, a beauty brand may have to pay a fee for influencers to promote products and services, but that may mean there’s more choice in how a brand is promoted.
Finding the right influencer who understands and appreciates the brand can take some time, but it’s an avenue worth exploring when seeking exposure.
Related: How to Become a Beauty Influencer
3. Don’t overlook the benefits of augmented and virtual reality
For some, the concept of augmented reality (AR) and virtual reality (VR) may seem like a gimmick. Yet the beauty industry is embracing both forms of technology offer customers services close to a physical store.
For example, augmented reality is perfect for letting people try their hand at makeup while using their smartphone. An AR-driven app can help people test different products and place an order online without ever having to leave home.
Similarly, virtual reality allows those interested in visiting a salon or business a real-time view of the premises and some of the features available. The functionality of AR and VR may depend on the platform used. For example, those who want to promote local services may find using Android and iOS useful due to their popularity.
In other cases, a more complicated approach may be required, especially in the manufacturing industry.
The key thing to note is that VR and AR are affordable and flexible marketing opportunities that can cater to a wider audience using various operating systems in one form or another, which means there are plenty of opportunities for a beauty brand to take advantage of it.
Related: The future of the beauty industry in an increasingly virtual world
4. Promote transparent pricing strategies
Whether reaching a new audience or retaining an existing one, businesses and brands need to be completely transparent when it comes to pricing. If potential customers and customers cannot fully understand the pricing structure of a product or service, they will likely switch to the competition.
For example, a booking fee associated with a transaction must be clearly stated before payment is made. This is especially important when promoting beauty services like liposuction.
There may be instances where liposuction is advertised at a fixed price, but several factors must be considered before a client receives a final price. As is liposuction cost may vary depending on a person’s needs, which should be clear when pricing services.
Not only does transparent pricing reduce a customer’s frustration with a purchase, it will also increase sales due to the clarity provided.
Related: Set the perfect price
5. Consider starting a subscription service
Subscription services come in many different forms. Whether you are looking for food or fragrance, an option is available. The beauty industry is perfectly suited to this type of business model.
The type of subscription in place can depend on a brand’s goals. Some examples might include a series of subscriptions accommodating different budgets or the guarantee of receiving the first taste of new products and services.
Not only does a subscription service provide stable revenue for a brand, but it also introduces products and services to a whole new audience that is likely to stay loyal. A subscription business model can also help a business create new customer profiles that can be used for future marketing efforts.
Although other forms of marketing will be adopted by the beauty industry in the future, taking notes on the five strategies listed ensures that a brand reaches its target audience with ease.
Related: How to work in the fashion or beauty industries