If you’re not watching the beauty industry–you’re missing out

If you’re not watching the beauty industry–you’re missing out.?

No matter what industry you’re in, here are five things you can learn from this fast-growing $571B industry.?

1. The beauty industry defines marketing excellence, and I mean excellence. The beauty industry has achieved true mastery when it comes to brand building, storytelling and product marketing. Sell me a white cream for $250 that looks, smells, and feels exactly like one that is $25. Sell me a black mascara. No, wait–maybe she’s born with it.?
2. We don’t just sell products, we sell emotions. Emotions are our currency, especially when it comes to selling fragrance. Now, close your eyes and imagine a fragrance ad. An A list celebrity running across a field, leaping into a lover’s arms. No, an A list celebrity bursting through a French door to find a symphony orchestra performing, just now reaching their crescendo…. No, a doe-eyed androgynous model in their underwear, arms crossed, daring you to step an inch closer…you can see my point. I challenge you to close your eyes and not feel a core human emotion when you imagine each scene. The fragrance industry is pure storytelling, pure “romance”, the original definition of vibe. It’s evocative, referential, as something that lives in the realm beyond our eyes, as it disappears upon application, merging with your body’s chemistry, a deeply intimate act.
3. It is a place where truly incredible, breakthrough science can actually be commercialized. As an example, a new science-forward skincare brand that I follow, called Heraux, has a molecule called HX-1 that promotes stem cell regeneration. Revea Skincare, with a minority investment from retail leader Ulta Beauty, uses “NASA developed Hyperspectral Imaging technology” to diagnose skin concerns–using the camera in your cell phone. While these incredible advancements are born out of other industries and have application in many, many more, beauty is often a top choice for commercial interests. It’s a go-to for a receptive, educated consumer that is willing to pay in hundreds of dollars for the fruits of these technologies… over and over again.?Beauty is the industry with an insatiable appetite for great science and technology, where consumers are constantly seeking (and expecting!) the next advancement.
4. Beauty is a cultural touchstone, a keystone species (of sorts) that absorbs the influences of our culture and reflects them back out as physical products, tangible manifestations of our deepest dreams, insecurities, pleasures and so much more. There’s consumer demand for lip plumpers, brow fillers, anti-aging, flushed cheeks, bright white teeth, “clean” beauty…. just to name a few. . If you were an alien visiting from a distant culture looking to understand the habits and values of earthlings, I’d argue they begin with beauty, then tech, government….it’s an industry deeply in dialogue with culture in every way possible.?
5. Creativity is a meaningful differentiator, which means that brands invest in and cultivate it. In a hyper-competitive industry, the quirky, out-of-the-box ideas are ones that can cut through the noise and reach consumers. The elf cosmetics Super Bowl ad with Jennifer Coolidge? Brilliant move. Estée Lauder sent Advanced Night Repair serum into space. Yes, I said space. If you don't appreciate that from a conceptual pov, you can still marvel at the investment–and logistics–this must have required to execute.

This is just the tip of the iceberg. Due to the highly competitive nature of the industry, relatively low barriers to entry and robust M&A activity, brands are incentivized to innovate and optimize at lightning speed. The stakes are high since the TAM is every single person on earth, that’s all 8 billion of them in 2023. You’re interacting with the industry one way or another from the day you’re born (choice of baby products) and bringing us along in the most intimate moments of your life (weddings, first dates, a post-gym shower). Whether you’re a teacher, a mechanic, or a Silicon Valley tech investor, there’s a lesson from beauty about how to perform in ways you never thought possible.?

So, don't miss out – keep an eye on the beauty world and let it inspire you to push boundaries and think outside the box in your own endeavors. ?????