How to stand out as a beauty business in 2023
There’s no ambiguity about it: the beauty industry is changing. From morals and standards to practices and processes, the beauty industry is making great strides toward becoming an industry more in tune with its consumers than ever before.
But with every beauty brand vying for the attention of its customers, how does a beauty company stand out in 2023? How do they fight through the ever-growing competition of brands with a mission to win their customer's loyalty and solidify the stance of their business?
As business technology consultants trusted by some of the biggest beauty brands in the industry (such as Rare Beauty by Selena Gomez and Kate Somerville) we've learned that once the messaging and mission are solidified and amplified, it all comes down to your business systems and your ability to stay ahead of the game.
Focus On Sustainability
The main thing that is helping ANY beauty brand stand above the fray right now is their commitment to sustainability. More than ever, consumers care about eco-friendly practices and a commitment to clean beauty. They want to see you using sustainable products and doing your best to reduce waste. If you’re already doing as much, make sure you’re shouting ti from the rooftops! Whether on your website or social media platforms, educate your followers and potential customers about your commitment to sustainability. It’ll be sure to give you a boost in those environmentally conscious consumers.
Efficient Inventory Management
Once consumers are invested in your commitment to sustainable products, the next way to stand out is by ensuring you can provide it. While consumers do love a beauty company with a great mission, they also want to get their investments as soon as possible. So, you’ll want to ensure you have business systems in place to satisfy the demand.
Business systems like NetSuite, in particular, can supply you with inventory management software and a just-in-time inventory system that allows you to track your product levels and order supplies so that you’re able to consistently sidestep overstock or shortages–things that often prove to deter factors in the competition.
Bonus Tip: When you get support from our Ekwani team, we can ensure all your processes are automated efficiently! Cutting down even more work.
Monitor and Analyze Performance
Another way that business systems like NetSuite can help you stand out from the competition? It allows you to monitor and analyze the performance of your products. Far too often, a beauty brand will fall into the trap of making “assumptions” about its products. They’ll assume that something is a fan favorite when, in fact, its popularity may be waning. Or they may bury a product with low orders because they don’t realize an uptick in recent months.
With business systems like NetSuite, you can regularly review financial reports, more quickly attain customer feedback, and better identify operational data so that you can quickly spot optimal areas for improvement. With this information at your disposal, you can make quicker business decisions that fuel faster growth.
Stay Informed and Adapt
The final way to stand out in the ever-evolving beauty industry is by staying informed and adapting to your customers' wants and needs. While part of this is using your business systems to monitor and analyze the trends and performance in your sales, it’s also about keeping up with trends in the media!
As generations grow and new audiences and needs enter the market, you have to be willing to adapt. You’ll need technology and innovative ideas that can elevate and grow your business alongside the desires of the world. And while NetSuite has you covered on that automatically with biannual updates, you can also attend things like beauty trade shows and workshops to help you stay up-to-date and inspired by the desires of the current social trends.
Let Your Business Beauty Shine!
While it’s important to focus on sustainability, having efficient inventory management, monitoring your performance, and staying informed on social changes, one constant thread weaves through all of this.
Your beauty brand and beauty business needs to stay true to itself. As you implement these changes and priorities, you don’t want to lose sight of why you started your business, so be sure to take a step back and really plan how to implement these priorities while also honoring the goals you set for yourself.
And when it comes to fusing the two, be sure to schedule your call with our team so we can show you how we can help make your NetSuite ERP answer ALL your needs.