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The beauty industry is competitive but can also be lucrative when marketing is handled correctly.
The global cosmetics market is worth an outstanding $507.8 billion, which will reportedly increase to approximately $750 billion by 2025. As such, brands will be expanding their marketing strategies to embrace new ways of capturing an audience’s attention.
The goals of a beauty brand can vary, but taking advantage of the following five marketing strategies ensures that goals are more achievable.
Related: The Health and Beauty Industry is Growing Fast. Here’s What Smart Investors Look For.
1. Inspire potential customers using social media
Although a website is essential for beauty brands, so is a prominent social media presence. If you have been attempting to improve a brand’s marketing while the social media platforms are dormant, then now could be the perfect time to start promoting your brand via these channels.
Not only does social media allow you to stay in touch with current customers, but reviews, testimonials and other positive aspects of the brand can help entice 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 a company website.
An active overview of products and services, in addition to content that educate and influence, allows a brand to widen its demographic and benefits from increased turnover and exposure as a result.
Related: 100 Things You Need To Know To Succeed In The Modern Beauty Industry
2. Consider collaborations with influencers
Another reason social media is an essential part of marketing for beauty brands is that it allows them to build relationships with influencers. Influencers are popular among subscribers, meaning their audience will embrace any brand mention. However, collaborations with influencers must be carried out correctly.
Firstly, the influencer chosen must be a good fit for the brand. Simply choosing anyone with a large following will not guarantee success if the products or services are not a good match. It is also essential to be realistic and accept that some influencers may decline to work alongside a brand, so making a shortlist of potential collaborations can be a good idea.
Lastly, it is crucial to establish what both parties will receive from the collaboration. For example, a beauty company launching an exciting new product may want to send out some free trials for influencers to try out.
In other instances, a beauty brand may need to pay a fee for the influencers to promote products and services, but this can mean there is more choice in the way a brand is promoted.
Finding the right influencer who understands and enjoys the brand can take some time but is an avenue worth exploring when searching for exposure.
Related: How to Become a Beauty Influencer
3. Do not overlook the benefits of augmented and virtual reality
To some, the concept of augmented reality (AR) and virtual reality (VR) may seem like a gimmick. Still, the beauty industry is embracing both forms of technology to offer customers services akin to a physical store.
For example, augmented reality is perfect for allowing people to try makeup while using their smartphones. An AR-focused app can help people trial different products and make an order online without ever having to leave the house.
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 both AR and VR can depend on the platform used. For example, those wanting to promote local services may find that using Android and iOS helps due to their popularity.
In other instances, a more complicated approach may be needed, especially within the manufacturing industry.
The critical thing to note is that VR and AR are affordable and flexible marketing opportunities that can cater to a broader audience using various operating systems in some form, meaning there are plenty of opportunities for a beauty brand to embrace the benefits.
Related: The Future of the Beauty Industry in an Increasingly Virtual World
4. Promote transparent pricing strategies
Whether reaching out to a new audience or retaining an existing one, businesses and brands must be fully transparent regarding pricing. If potential clients and customers cannot fully understand the price structure of a product or service, they will likely move on to the competition.
For example, a booking fee associated with a transaction should be made clear before payment is made. This is especially important when promoting beauty services like liposuction.
There can be instances where liposuction is advertised at a set price, but several factors must be considered before a client is given a final price. As such, the cost of liposuction can vary depending on a person’s requirements, which must be clear when pricing services.
Not only does transparent pricing reduce a customer’s frustration when making a purchase, but it will also increase sales because of the clarity provided.
Related: Nailing Down the Perfect Price Point
5. Consider starting a subscription service
Subscription services come in many different guises. Whether you are searching for food or perfume, an option is available. The beauty industry is the perfect fit for this type of business model.
The type of subscription in place can depend on a brand’s goals. Some examples could include a series of subscriptions that factor in different budgets or the guarantee of receiving the first look at new products and services.
Not only does a subscription service allow a stable income for a brand, but it also introduces products and services to a brand new audience likely to remain loyal. A subscription business model can also aid a company in creating new customer profiles that can be used for future marketing endeavors.
Although other forms of marketing will be embraced by the beauty industry moving forward, taking notes of the five strategies listed ensures that a brand is reaching its intended audience with ease.