New Products to Fill A Need
Last night at FIT was a great panel on building a business in the beauty industry.
I know with so many brands, another company.
Although there are tons of brands, there are few that cater to the multicultural women.
Two make up reknown make up artists, AJ from AJ Crimison Beauty, who after 15 years has glammed up the best on the red carpet launched his own brand.
AJ Crimison Beauty has over 15 shades of foundation to match every skin and undertone, in the multicultural market.
The multicultural consumer spends over 750 million dollars a year in beauty products and is growing upwards to 7.6 trillion by 2020.
AJ 's secret sauce is not just e commerce, but traditional marketing methods such as panel discussion with other industry leaders. He is all about collaboration, especially in his industry.
Also, he knows is craft and where his demand for repeat and new customers are, he goes to them and does traditional road shows.
Of course he is on Instragram and the event was live streamed on Periscope, however traditional marketing channels, still remain relevant.
Another aspect that will keep AJ Crimson beauty in business for a while is his humility, before the event started he went and personally shook everyone's hands and thanked them for coming.
Again he values his new and existing customer base so he goes and greets everyone.
There was the founder of Ricky's the national beauty chain and yes his name is Ricky.
His key take away is the customer drives your business.
If you want more multicultural products then support the players in the field and demand that they be picked up in other stores.
Ricky's key lesson that we believe in is collaboration, he learned everything about hair extensions and weaves from the other small businesses.
These small businesses became his supplier when Ricky's Customers started demanding hair extensions and weaves.
Mac Daddy, who actually worked for MAC for several years before launching his own brand, but did so by launching highlighters and the fan brush.
He as well caters to the multi cultural client, who are Latinos. Latinos as well as African Americans have a difficult time finding products that match their skin and undertones.
Mac Daddy key take away is to launch his business to the point where he is including all methods of marketing including, print and television so he can reach the mature woman.
This is key because so many brands over focus on the millennial generation when actually it is there parents and grand parents who have the money to buy products in quantity.
So thanks to AJ Crimson Beauty, Mac Daddy, Ricky's and others especially FIT for hosting such an informative event.
Cheers to the business of beauty!