We continue to see shifts in the beauty and wellness industry as we begin the 2nd half of 2024. Circana reports the upcoming holiday season to be positive for the prestige beauty category, yet softer than previous years. Ulta Beauty’s earning calls reports Q2 missed its results across the board losing market share in prestige beauty. Yet, Warren Buffet’s Berkshire Hathaway’s recent purchase of 690,106 shares in Ulta Beauty is a stamp of approval indicating opportunities are still available in the beauty industry.
How does this relate to your business?
One thing is for certain, the playbook and roadmap that brands have used to garner success over the past 5-10, past 3 years are no longer viable. The landscape and the market has drastically changed. Consumer behaviour has changed, as has cultural behavior.
What will lead to success?
Fundamentally, it will depend on how well do you know your customers and community? Your target market? How has it shifted?
Know them so well, you can recreate them as the avatar of your business.
Deliver value without compromising your brand equity and how you communicate in the most authentic way at each touchpoint of your customers purchasing journey.
What counts: Authenticity. Brand Equity. Community.
Read the rest here: https://lnkd.in/gRwFxtPJ
#businessstrategy #emergingbeauty
