PROFIT

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The most determinant factor of a business is profit because it’s every company’s goal. Businesses are always looking for less expensive alternatives to get as much profit as possible out of their company or their products. In 2023, revenue in the Beauty & Personal Care market amounts to $625,70 billion. Of these, the largest is personal care with a market volume of $274,20 billion in 2023. The beauty & personal care market is expected to grow annually by 3.32%. And in relation to total population figures, per person revenues of $81.42 are generated in 2023. In 2022, 22,5% of total revenue is obtained through internet sales in the beauty and personal care industry. which seems to be rising more and more.  The cosmetics industry is usually divided into five main business segments: skincare, haircare, make-up, fragrances, and toiletries. The most popular sector of the cosmetics industry are skin care products. Which you can see on the statistics below.  

Due to a high demand for cosmetics products, there is also a lot of competition. This means brands must take action to remain competitive, especially in uncertain economic times. So, in these situations’ brands should be focused on their already existing customers, clients, and partners. Brands should also remember that advertising is super important, and not to give up or reduce the advertising. Another thing to do is to be nimble and open-minded to new technologies, tools, and platforms. And something else that’s important is to gain brand loyalty by providing certainty when times are uncertain. You can do this by staying consistent and steady. Finally, is social media, this is the most active and useable way to get to costumers, because people from all over the world use social media trough more than one channel so product advertising can get to lots of people trough it. Rare Beauty, Fenty Beauty and Kylie Cosmetics are the top three cosmetics brands on social media. However, the key to success is being creative but also commercial. It doesn’t matter how artistically successful your product is, if you’re not commercial, no one will buy into it. Social media is a great way to close the gap between creativity and commerce because influencers can be creative with the products (make-up), but in the meantime they advertise the product. So, this is being commercial while being artistic. 

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