It feels like everyone is getting into the Beauty business right now. With Celebs launching lines and investors launching incubator programs, everyone is clambering to be the next billion dollar beauty brand.
What opportunity do they see and why should you be joining them?
To understand the success of the beauty business, we are shinning a spotlight on the greats of Beauty's past.
Our series begins with a billion dollar beauty empire and their story is entrepreneurial as its gets.
Estée Lauder and her magic creams!
Estée Lauder’s stories is one of our favourites. A working mother, who wasn’t satisfied with
What her life was amounting too and how much she was contributing
The products available
The way the Beauty Industry worked
Her uncle was a chemist and formulated a number of amazing lotions and potions. Recognising this, she work with him to produce the first batch. Her idea was simple, she would go into Beauty Palors, give a 3 minute makeover to clients while they had their hair set and convert them to their products. She was a true hustler, she quickly expanded her customer base by going into as many salons as she could and the reputation of her products spread across NYC.
Next step was retailers. She recognised that her products were unique and she saw an opportunity for both the customer and her business. It was tough, she met with several of the big names of the day but in 1947 she won over Saks 5th Avenue and secured her 1st order of $800 (approximately $10,000 today) She quickly become number one in Saks Beauty Hall and her counter was moved to the best position.
How did she do this?
She had a hands on approach. She knew that she had to show the customers the results and that once they'd seen them, they would be hooked. She worked closely with her team of Beauty Advisors and taught them her unique method, truly building her business from the ground up. She would travel country wide and would use "vacations" as a chance to take her brand coastal, never giving up on her vision.
Levelling Up
Estée Lauder is a family built business, with all members taking an active role, even at 6 years old. Leonard Lauder is arguably the most influential family member after Estée and under his stewardship, the Estée Lauder group has grown to be one of the biggest players world wide. Housing 19 brands, the group truly shaped the industry we know today. Seeing opportunity to launch new brands in the late 1960's with Clinique, then later Perscriptives they continued to develop the brand and meet consumers demands for newer, better, more technical products. They also saw a future in buying into emerging brands and were the spring board for hero's such as Bobbi Brown , MAC and Bumble & Bumble to become huge brands. Their latest acquisition, Deciem which created legendary brand The Ordinary shows they have no plans of slowing down any time soon.
They are present in over 150 countries worldwide and report annual sales of $17.7 Billion. They have arguably some of the most recognised Beauty brands in the world and a loved by many.
What can we learn from Estée Lauder?
Make a product you 100% believe in. This should be derived from your WHY (an Altitude staple for a successful business, in any industry)
Connect with your customers. Now founders can connect with their customers all over the world at a click of the button. Make the most of this.
Customers will buy into brands they see results from. You can no longer claim to clear up acne or eradicate fine lines, if your product doesn’t. Credibility and authenticity are non negotiable in today’s market.
Sensory driven sales. Customers want to touch, look and feel at products. This can be a real challenge in todays digital based market. Events, pop ups and sampling are all key ways to get your products into your customers hands and convert them to your brand instantly.
Believe it to achieve it! Manifestation, laws of attraction, self fulfilling prophecy and your vision. Believing your brand will be a Billion Dollar Brand, that you will be stock in prime retailers and your products will be loved by customers world wide. If you don’t believe in yourself and your brand, who else will?
Family can be a great asset. This is not the only Billion Dollar Brand we will explore that has benefited from this
We of course can help with all this and more. To book a discovery call and have a chat about how your brand can climb higher, drop us at note
Email: Hello@wearealtitude.co.uk
Insta: @weare_altitude
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