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- Subject Code : MKT30016
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- Subject Name : Marketing strategy
Marketing Strategy and Planning for Fenty Beauty
Introduction
The make-up label Fenty Beauty by Rihanna is the business I chose for my marketing strategy and planning task. I prefer to look at the Fenty Beauty official site, Facebook, and their existence on Twitter, to examine this beauty agency. Fenty is a new brand and seems to attract younger make-up lovers between the ages of 18 and around 35. It aims to draw amateur and professional make-up lovers on all three channels and to highlight a large variety of founding colours, building an inclusive corporate image.
SWOT Analysis
Strengths
Highly egalitarian brand (50 simple colours, first in the beauty industry). Influential celebrities and consumers on their social Medias "every day" makes the material easier to understand. The charity aspect of Fenty Beauty also contributes to brand faring favourably amongst the consumers. The website shows that Robyn 'Rihanna' Fenty created the Clara Lionel Foundation and supported by celebrity advertising. Also, Ismail (2018) observed that there are available finances that are ground-breaking and successful through universal education, wellbeing, and emergency management initiatives. The company creates a variety of products with more than 40 shades of the base. Its products are meant for everyone. Fenty Beauty's attractive mission is to bring people together through beauty, regardless of their gender, shape, or faith.
Weaknesses
Fenty Beauty is a new company launched in 2017; therefore, it has not experienced significant economic downfalls through global depressions. The company should do more to illustrate men's make-up as it is only focused on women. For some people, Fenty Beauty is a high-cost brand which makes it unaffordable.
Opportunities
Fenty Beauty is viable to build an average citizen's product with cost-effective quality. For their new brand, Fenty Beauty does have the sky as their limit slogan to ensure that every target market is taken care of in the most effective manner (Vorster, 2018). As a new company, they can have a fresh and respected spokeswoman to promote the brand and enhance higher revenue income.
Threats
Fenty Beauty faces stiff competition from brands such as Kylie Jenner Cosmetics and other elevated-end and brand-name producers. Alleyne (2020) observed that when prices remain steady for Fenty Beauty as it has been for almost two and a half years, demand for make-up lovers that cannot afford the commodity will forever be lost. There are lucrative markets such as Munice, where Fenty Beauty has not established a shop and thus giving an advantage to its competitors.
Fenty Beauty's Market Opportunities
Fenty Beauty has used market research for multi-level analysis of its clients and rivals. It has assisted the company in deciding whether the need for a product/service is real and whether it is beneficial for its business to grow to a potential new market. Also, Adams (2018) claimed that it had helped the company to identify categories of customers that share standard features, such as age, gender, employment, income, annexation, and state of residence or soft variables like lifestyle and values. Its brand name helps it to acquire the inspiration of customers. Through Market research, Fenty Beauty has been able to define the "work" that the client tries to accomplish and the obstacles limiting their consumption. Understanding the strengths and weaknesses of main rivals and analysing them may also illustrate unique growth strategies and ways of differentiating Fenty Beauty's goods and services.
Secondly, Fenty Beauty's clients and competitors might not be accessible to evaluate. It is sufficient for a company to understand the entire industry and the potential for success on the business more generally (Okojie, 2018). Otherwise, the entity, where much more capacity exists, might be stuck in believing that a few increase points are appropriate. Fenty Beauty has able market analysts who are experts to provide an overall image of the target and helping the company get away from thinking in-house.
Thirdly, Fenty Beauty uses 'adjacent opportunities' chances, which are also a good tactic. The researchers examined the development and success of 1,850 businesses in a five-year analysis. According to Okojie (2018), they noticed that companies with the most sustainable profit growth had employed a systematic and disciplined approach to extend their core business boundaries into a neighbouring area. Several businesses expanded from one regional market to another, while others adopted an existing business model in neighbouring sectors.
Fenty Beauty's Impact on The Environment
According to the website of Fenty Cosmetics, Rihanna has been inspired by the scarcity of maquillage items for "hard to fit" women. From Walters (2018) perspective, the website of Fenty Beauty notes that it focuses on offering lightweight cosmetics for women of all skin tones with pigmented yet natural coverage. Rihanna spoke on Fenty Beauty's website that "The make-up is there for people to have fun". Every lady should have the pleasure of feeling it. Socially, customers are never supposed to feel pressured to buy the products. Fenty Beauty only takes opportunities and chances. The company has created a positive image for itself to prove that it creates beauty in the world, thus a significant impact.
Fenty Beauty's Segmentation, Targeting, and Position
In September 2017, Rihanna had her Fenty Beauty maquillage line launched on New York Fashion Week. It features "Beauty for everyone." The series fits all skin tones and sounds, with the 40 shades of each shade offered in cold and warm versions of the foundations' range. Furthermore, Werle (2019) observed that the publicity campaign concentrated on the use of females of various ethnic backgrounds with more colour models than white models. Promotions such as Mindy Kaling received positive feedback on the launch. Thus, it is not only women of colour that have positive opinions, but also albino women grappling with lightweight underlying shades.
The distinction between Rihanna's launching and recent struggles from Kardashian-Jenner is the emphasis on the product and not a phenomenon, while celebrities launching in the beauty field are nothing new. Kim Kardashian is known for the contouring of KKW Beauty's Contour & Highlight Kits, which is unbelievably popular (Jedinak, 2019). Similarly, Kylie Jenner's lips are probably her most popular attribute, beginning with lip kits for Kylie Cosmetics. However, Fenty Beauty did not only concentrate on a social trend in sensuality but inclusiveness centred on its diverse base.
In regards, Rihanna has not been the sole subject of the advertising campaign, although she took part in the development of the items. Commonly, celebrities and joint brands will play a significant role in brand branding and marketing. Still, Fenty Beauty's emphasis has managed to change the women of all colours in ads and signing for people like the Somali-American socialite Halima Aden (McArdle, 2016). The brand also focuses on ensuring accessibility by delivering the message of inclusiveness across multiple channels to the end.
The initial launch of Fenty Cosmetics concentrated on the nose, with the make-up, first layer, and contortion. Mintel's research in the UK colour cosmetics industry reveals that 35 percent of women use make-up to subtly improve their natural characteristics. Cho (2018) claimed that the range currently includes just one lip product, a nudist gloss designed for females of all skin tones that buckles the trend in recent times for matt high-pigmented lipsticks. Although currently, the Fenty Beauty portfolio focuses on the face to generate a natural appearance, Rihanna uses the website to address make-up and risk-taking: She stated that; "it should never feel like influence and it never ought to look like a uniform."
Only two weeks after the first release, Fenty Beauty revealed the Galaxy Collection on vacation. Fenty Beauty has never been afraid to take opportunities nor take chances. It only tries to do something new or innovative (Boobar, 2018). The series of its products feature more colours, including a palette of eye-shadows, liners, and lip items that appeal to self-expressing make-up artists. On reality, Gurrieri & Drenten (2019) claimed that new businesses could not and expect to make waves, what everybody else is doing. Fenty was not scared to break out and follow its direction when Rihanna's cosmetics company began operations by late 2017.
The company was a success instantly because it excelled, by accomplishing what other beauty brands had been fighting for years for, that is, to communicate with real people. As such, this made Fenty generate a revenue of 100 million dollars in its first 40 days. From Hudson, Moulton, & Kim (2018) perspective, the influence and prominence of Rihanna, and the brand-mutter LVMH, a luxury goods empire, owned by Louis Vuitton, Fendi, Christian Dior, and many, many more, must now apparently be ascribed to some of Fenty's success. LVHM also created Sephora, which has been the most interesting for Fenty and has been supplying materials to the company from the start of its operations.
However, not every beauty launch with the famous face of a celebrity and big names performs. For instance, Drew Barrymore's Flower Beauty, which was launched in Walmart nine years ago and was acquired at Ulta in 2018, generated annual revenue of $50 million after almost a decade of sales. Fenty was popular and found at the next level because it placed itself as a different brand with a diverse client base from the first day it started operating. According to Kadekova & Holienčinová (2018), it has created products for a growing, under-served audience to women for whom the skin tones are not in the range of major make-up brands. It has supported the contribution to the marketing platform and has used social media in unfiltered and authenticating ways to connect with its customers.
How Fenty Beauty Uses Social Media as a Marketing Strategy
Partially, the strategy for social media use is responsible for the tremendous performance of Fenty's original launch and successive product launches-aware to create a real, more personal link with Fenty fans and clients. The Instagram video supporting the launch of Fenty's Body Lava in 2018 is a good example. Horbanova (2018) observed that Rihanna's product applies, but it is not like a slick campaign video that you can expect from a leading event with one of the hottest beauty brands to see. At the start of the video, Rihanna stutters and makes sure that the camera records. Lighting is much smaller, and the reliability of the video is also poor.
Rihanna uses the Instagram drug. In Fenty's slightly grained Instagram, she applies Body Lava on her shoulders with a brush as portrayed by a posted video. This video is a calculated decision rather than being unprofessional. It welcomes clients and demonstrates that anybody can take advantage of the Fenty goods, even if they do not have a professional shoot (Boome, 2018). It meets clients where it is because it sounds more like content generated by the consumer than the brand. Fenty's design videos have the same comments on its website. On their other social networks, Fenty knows how to speak the language of its customers. The business loves to put memes on Twitter and fits into social trends.
Its media plays well with its viewers as well as the demographic target, who are young people. Without having a fear of jumping into a pop-cultural moment, Fenty gives a non-company feeling; sometimes, her social presence with the Shorty Awards is more like a consideration than a brand (Slapak, 2019). A 2014 study by Kelley School of Business has found that "As companies can introduce new methods of communication and co-create material with their consumers, the third generation of Internet-based applications improves marketing efforts."
Fenty managed to achieve the feat with its online advertising presence. Fenty's view of social media is not for every company, and that is the point: you must contact your consumers, meet them where they live, use their mood, and tell them the story they want to hear. Fenty aims at those who live and breathe digitally and feel like brands suit their beliefs and lifestyles. From Maghfirah (2018) perspective, Fenty has an impact on the consumer-brand relationship through involved consumers socially and clearly and simply saying, 'We are one of them, and we understand what is important to you. Therefore, this approach makes the customers happy - and keeps them back to buy more products.
Fenty's launch did not include more than 40 foundation shades and highlights as a single company. Still, it was one of the first substantial cosmetic companies to put diversity in their products and marketing as a core characteristic of their brand. They also carefully developed their social presence, not only to people that had big cash to spend on a beauty product but also to any young customer (Jane, 2017). The brand marketing was so subtle and noticeable from the very first day it linked to customers instantly, with sales of 100 million dollars in just over a month.
Reflection
It is not enough to compare the clients and rivals. As such, I wanted to get a deeper understanding of the entire market and the potential for market success for Fenty Beauty. Walters (2018) claimed that the company could be stuck in believing that a few basis points increases are adequate where a lot more capacity exists. Market researchers are specialists in the overall objective image and can help you get away from the thought of your client. "The price is somewhat high because you can get that, but I think it is worth it since it is a celebrity," said Park. "
The prices for make-up range from $20 to $70, so it is a big deal, but its basics look like $30, so I think it is an affordable price, and therefore, it is attractive. Although Rihanna's success may seem uncertain for the truth is that Fenty Beauty's popularity is of benefit to the beauty society as a whole (Van, 2017). I do not think its clients get enough supply of products though they are of good quality. "The exposure is getting good because many other influencers of beauty and many other brands can get away from that and see, 'Oh, this is so popular.
There are high-level questions that need to be answered when looking at a market. Fenty Beauty's crucial questions are as follows. What is the size of the market? Too fast does the demand expand or contract? What is the number of buyers there? What are the access barriers? What is the suppliers' negotiating power? What is the value chain for the industry? What is the competitive intensity? Are new entrants or replacement products or services threatened? Once these questions are well addressed, the company can be in a position to roll out a marketing strategy both for the short and long-term.
Conclusion
Thus, it may take a great deal of time, energy, and experience to gather and synthesise knowledge about all these categories, but product development reports may help. 'Off-shelf' reports, such as those available on MarketResearch.com provides much information required to understand customer, competition, market, and the business climate in a detailed manner. Fenty Beauty's information about market size, market position, industry estimates, regulatory statistics, customer trends are posted mostly on social media platforms. Effective market segmentation, targeting, and positioning have promoted the growth of Fenty Beauty.
References
Adams, L. (2018). Mave magazine.
Alleyne, M. (2020). Rihanna's commercial umbrella.
Boobar, C. (2018). SKU management for the cosmetic industry: what is the best policy for product portfolios?.
Boome, M. (2018). Cosmetics: Consumers' choice, consumers' policy (Doctoral dissertation, Evergreen State College).
Cho, H. (2018). Advertising in the beauty industry: digital media and conceptions of beauty.
Gurrieri, L., & Drenten, J. (2019). The feminist politics of choice: lipstick as a marketplace icon. Consumption Markets & Culture, 1-16.
Horbanova, I. V. (2018). Evolution of beauty: who really dictates fashion. In Наукові розробки молоді на сучасному етапі. Київський національний університет технологій та дизайну.
Hudson, S., Moulton, J., & Kim, A. (2018). Learning from digital threats. The McKinsey Quarterly.
Ismail, A. (2018). International Marketing Strategies in the Celebrity Cosmetics Industry: A Dual Case Study: Huda Beauty and Fenty Beauty.
Jane, L. (2017). Rihanna's Fenty Beauty wins Time Magazine's Best Inventions of 2017.
Jedinak, D. J. (2019). Shades of beige: tarte cosmetics and racial inclusivity.
Kadekova, Z., & Holienčinová, M. (2018). Influencer marketing as a modern phenomenon creating a new frontier of virtual opportunities. Communication Today, 9(2).
Maghfirah, M. (2018). The analysis of muslimah model as seen in american brands advertisements (a semiotic study) (Doctoral Dissertation, State Islamic University).
McArdle, D. (2016). 'You had me at "no capital gains tax on a disposal”’: legal and theoretical aspects of standalone image rights. Legal Studies, 36(4), 639-657.
Okojie, V. O. (2018). Consumerism in the Digital Age: Exploring Innovative Commerce as a Design Strategy for Brand Creation and Implementation (Doctoral dissertation, Kent State University).
Slapak, G. (2019). Sink or Swim: Deciding the Fate of the Miss America Swimsuit Competition. Women Leading Change: Case Studies on Women, Gender, and Feminism, 4(1).
Van, A. Y. (2017). More than skin deep: an analysis of black women's experiences with race, skin tone, and cosmetics. Minnesota State University, Mankato.
Vorster, A. (2018). Does your beauty brand cater to all demographics?. South African Pharmaceutical and Cosmetic Review, 45(8), 38-39.
Walters, J. (2018). “Finally, some diversity”: An exploration into the publics’ perceptions of the ‘Fenty Beauty’ campaign in relation to how it challenges the lack of diversity in the mainstream Westernized beauty industry.
Werle, A. (2019). Beyond light, medium, and dark: diversity and inclusivity in the make-up and beauty industries.
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