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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.

 

kylie cosmetics, mary kay makeup, younique makeup, lady gaga haus labs, kylie jenner cosmetics, kylie makeup, kylie and stormi

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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