Way to be relevant on social for Legacy Beauty Brand
It is true to say that emerging beauty brands have successfully applied online platforms to their business strategies. They collaborate with influencers for connecting with consumers to promote their products. Many legacy beauty brands have improved by acquiring new brands with an available online platform.
Typical examples for these legacy beauty brands are Coty and L'Oréal that are two of the world's leading beauty brands. Covergirl of Coty underwent a brand overhaul last year; However, socially, it is still far behind new brands ColourPop, NYX Cosmetics, Lime Crime, Morphe and Melt Cosmetics.
CoverGirl is one of the heritage brands / Ph: CoverGirl
The fact of the matter is that Coty bought Younique, a cosmetic brand with an online sales strategy for $600 million for 60% of the shares. Thanks to that, Younique's sales have increased; besides, its influence also increased remarkably, especially for the French, German and Spanish markets.
It is worth mentioning here that the old brands need to conduct good online chat with their consumers. Haggai Klorman, Preen.Me’s co-founder and COO, said that in the long run, brands that won on social activate a large part of their fans to do the talking for them. Today, these modern brands often have used social networking platforms like Instagram and facebook to develop brands and promote products. That has helped them overcome heritage beauty brands that use traditional marketing methods.
Covergirl has begun to adopt this strategy during the overhaul of the brand, although a bit late; and this company is witnessing a remarkable increase in revenue. It is clear that this method is effective for today!
However, Covergirl still faces many difficulties when younger rivals still achieve much success. In order to catch up with them, Covergirl had to raise its social speed to 857% last year, besides, another brand, Limecrime, increased 36% compared to the year before.
Overall, social platforms are not only important for beauty brands but also important for brands in other industries. Promoting social velocity is essential for survival in the competition pressure as present of the beauty world.