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Beauty for All: The Future of Prestige at Mass
By: Alison Aidlin, Elizabeth Del Pozo, Devin Homsey, Anahita Mekanik and Liza Rapay
Posted: August 26, 2011
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The Experientials: The second tier merchandises by lifestyle to create emotional relevance. Products will be curated across categories—for instance, a slumber party collection features mud masks to a classic sleepover DVD. Collections will capitalize on what is in the news as well as partnerships with role models whose popularity spans categories to not only animate beauty, but allow beauty to be merchandised seamlessly in other departments. If she’s not shopping in beauty, let’s bring beauty to where she is.
The Prestige: The third tier brings prestige products to mass. The consumer wants what she wants where she wants it. The first step would be to revive brands that already have credibility and cachet with limited distribution such as Paula Dorf or Dr. Brandt. This creates a renaissance that re-introduces these prestige brands to lapse and new consumers. The second is to create limited partnerships with contextually relevant prestige brands to introduce a new product, or feature icons like the Clinique 3-Step Program.
What Are the Benefits?
Strategic planning is paramount for brands to maintain relationships within the traditional channels. The products would differ so as not to compete, available in smaller sizes. Much like HSN and QVC appearances boost sales in other channels, featuring these limited prestige products would drive foot and e-commerce traffic, and lead to incremental share and sales growth. The benefit to mass, in addition to elevating the assortment, is the halo effect for existing brands and lift to core business. Visiting the store or going online to see what the buzz is all about generates brand awareness and helps boost the retailer’s credibility and expertise in beauty.
Moving beyond the product assortment, let’s engage her through customized initiatives and relevant communication opportunities. To reach individual communities, more emphasis and resources need to be placed on local marketing. It’s all about “mass personalization”. Providing relevant promotions to enrich the consumer experience creates a winning situation for all. The benefits? Increases in sales, reduces inventory and markdowns, and more importantly it loyalizes beauty customers.
A higher level of engagement can be reached by:
- Localizing the customer
- Personalizing the message
- Maximizing Resources