The beauty industry has been booming these past few years, and there’s no sign of it slowing down anytime soon. The industry's continuous growth has brought about countless opportunities for established beauty businesses, including spas, salons and cosmetic retailers. However, with the increased competition that comes with growing popularity, staying ahead of the curve can be quite challenging – unless you have sound marketing strategies in place to keep your business competitive. Here are some growth strategies that will help you dominate the beauty industry.
Set Quantifiable Goals
Setting quantifiable goals is one way to set your business up for success. This will help you track your progress and ensure that you are on track to reach your targets. Furthermore, it will give you a clear idea of what needs to be done in order to achieve your desired results. Some examples of quantifiable goals that you could set for your beauty business include:
Monthly recurring revenue (MRR)
Customer lifetime value (LTV)
Average order value
Revenue growth rate
Attack a Niche
When it comes to beauty businesses, there's a lot of competition out there. So, how can you make sure your business stands out from the rest? One way is to focus on a niche market. For example, if you have a salon that specializes in curly hair, offer more products specifically targeted toward that type of hair. Or perhaps your clientele is mostly middle-aged women; start to hone in on that market and offer products specific to them. That way, when people are looking for products or services related to their specific needs, they will be able to find them at your location.
Prioritize Your Brand
In a highly competitive industry like beauty, it’s more important than ever to make sure your brand is top of mind for consumers. Your brand should exude personality (ideally, one in which your target audience can relate to) use your colors, logos, brand voice, imagery, and more to make your brand stand out from the crowd.
Leverage Social Media
As a beauty business, it's important to have a strong social media presence. Not only does this help you reach more potential customers, but it also allows you to create a community around your brand. Use hashtags that are popular in your industry and find influencers who are passionate about what you do. Your Instagram account should provide high-quality images of what goes on behind the scenes at your salon or store, as well as before and afters, tutorials, and customer photos that show off their new hairstyle or makeover.
Partner with Key Influencers
There's no doubt that social media has drastically changed the beauty industry. In recent years, we've seen a surge in the popularity of bloggers, vloggers, and Instagram influencers. Partnering with these key influencers can help you reach a larger audience and promote your products or services in a relatable way.
One way to get new clients in the door is by hosting events. This could be a VIP night, an open house, or even a trunk show. By hosting an event, you can showcase your products or services and get people talking about your business. Make sure to promote your event ahead of time so you can get as many people through the door as possible.
Set up an Online Store
An online store is a great way to reach a larger audience and get your products in front of potential customers who might not otherwise know about your business. Plus, it’s a convenient way for customers to purchase your products 24/7. If you need help setting up a beauty website, we can help!