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It took less than two years for Kylie Cosmetics to reach an
estimated $630 million in sales.
Excerpted from IQ Growth: Better Understanding the Choices That
Will Make or Break Your Business by Tiffani Bova with permission from
Portfolio, an imprint of Penguin Publishing Group, a division of Penguin Random
House LLC.
The traditional makeup market was down 1.3% in 2016. But
independent brands grew by 42.7%. The growth of these smaller independent
brands is a direct reflection of a change in the market environment, consumer
tastes and buyer demographics.
Kylie Jenner, the youngest of the Kardashian-Jenner empire, is one
of the most successful recent examples of a company executing a highly targeted
and effective product expansion growth strategy.
Related: Gigi hadid, why did she become the best model?
Regardless of what you think of reality TV or the Kardashian
family, this is an impressive story that takes advantage of the many benefits
that technology and changing consumer behavior provide to businesses today,
which is at the heart of growth IQ.
Taking full advantage of her exposure on the Keeping Up With the
Kardashians show, Kylie has become an influential voice on makeup and fashion.
In 2012, when she was just 15 years old, she collaborated with clothing brand
PacSun, along with her sister Kendall, and created a clothing line, Kendall and
Kylie, aimed at teenage girls, who were their natural fans and target market.
In 2014 and 2015, Time magazine ranked the Jenner sisters among
their "19459017] most influential in 2014 ." If that wasn't enough,
Kylie launched her own cosmetics line Kylie Cosmetics in 2015. What made her
think she could successfully enter a cosmetics industry occupied by some of the
world's most famous brands?
First, she had a passion for makeup and fashion. Second, she had
the ability to leverage a huge platform from both the show and her growing fan
base, which allowed her to form (necessary) manufacturing and distribution
partnerships. Third, she saw an unmet need in the market. Fourth, she wanted to
focus on customers who were like her - teenagers.
Let's focus on the second one for a moment, because it's an
important part of this lesson. In December 2017, at age 20, she reached 100
million followers on Instagram alone. She also has over 24 million followers on
Twitter and 20 million followers on Facebook which brings her social media
audience to over 150 million people. In short, she has had one of the largest
social media followings on the planet (maybe than her older sister Kim)!
As part of a product expansion strategy, her initial collection of
discreet cosmetics was expanded yes ... months) in two different directions.
One direction was related to cosmetic categories: Kyshadows (eyeshadow
palettes), Kyliners (eyeliner), Snapchat tutorials (which average 10 million
views), a mobile app and other fashion products. The other direction was the
thematic grouping of products (Kylie's Vacation Edition, Kylie's Valentine
Collection).
Now firmly established in her target market, Jenner has taken a
personal step to expand the boundaries of that market with these new products.
being relevant to her age, but still teenage, clientele - with the
#KylieTurns20 product campaign.
The success of this strategy depended heavily on both the
combination and the sequence. Yes, there is no doubt that part of its success
is based on leveraging its massive platform, but that will only take you so
far. Similar to what we saw with Jessica Alba and The Honest Company being a
celebrity could get a foot in the door, but without good products, a loyal
customer base and a strong customer experience, it doesn't matter.
Many other (much older and more established) celebrities have tried
to expand their brand by venturing into the business world, but failed. Jenner
- along with Kris Jenner, her manager and mother, and her extended business
team, including Laura Nelson and Josh Nelson of Seed Beauty, first had to
capture a significant portion of her target market by playing on Kylie's
teenage background. celebrity and massively loyal fan base.
The sequence of this massive growth was critical. Kylie began by
establishing her personal brand before accepting or releasing products on her
own. Then she created her own niche within the family empire, different from
her other siblings, and stayed focused there, with various endorsements and
partnerships. Then, once those efforts showed promising results, she launched
her own line of "Lip Kits" - in a limited run, at a high price point
- that sold out within minutes.
Some might argue that this is the classic "scarcity"
marketing tactic, and they might be right. Was it intentional or not? Who
knows, but she has become a master at knowing her customer base (or, rather,
her fan base), catering to their needs and continually pursuing product expansion
to expand her product line as her customer base age of its marketing and social
media has been a critical part of its success. As social media replaces
traditional media, you may not see an ad in Teen Vogue from Kylie Cosmetics.
Kylie leverages all aspects of social media marketing (video, Instagram,
Twitter, Facebook) to push the boundaries of customer engagement.
Fabrizio Freda of Estée Lauder observes, "Younger generations
define culture with self-expression images. They take more photos on average
per day than their parents took in a year. Sixty-five percent of teens rely on
social media to discover and select beauty products. ... The volatility and
pace of change is not diminishing. What we are experiencing is not a moment in
time, it is the new reality. ... The art of leading through change is
understanding what hasn't changed and how to leverage our historical strengths.”
In less than two years, and without a paid advertising campaign,
Kylie Cosmetics is now a full-service, direct-to-consumer (D2C) beauty and
social media brand with an estimated $630 million in sales. .
Let us put it all in perspective. How does Kylie Cosmetics' sales
compare to other beauty titans? Well, it took Tom Ford 10 years to reach half a
billion dollars in sales after launching his beauty line in 2006. It took
L'Oreal's Lancôme cosmetics line 80 years to reach $1 billion. It took MAC 13
years to reach $250 million and another 10 years to reach $500 million, even
with Estée Lauder owning a majority and everything else during that time.
As for Kylie Jenner, the current rate of growth of her The company
suggests that it will pass the billion mark by 2022 while continuing to
accelerate. And it seems there's no end in sight.
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