Dalia Koudsi

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Purpose

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Having a purpose is a fundamental factor in driving change through meaning. It can motivate people to improve their communities, and the world, by narrowing their focus and taking steps to fulfill their unique purpose (Hole, 2023). Embracing brand purpose is just as important as it is for individuals. Research done by Porter Novelli (2021), showed that by utilizing its benefits in a business, 76% of people were more likely to be trusting of the company, 72% to be more loyal to the company and 78% would be more inclined to work for the company (Nolden, 2022).

For a brand to fulfill its purpose and have a philosophy, it must follow “the north stars” which comprise the vision, mission, and values of a brand (Arnett, 2022). A brand’s mission statement describes the change they aim to create (Arnett, 2022). Patagonia, an outdoor clothing retailer, has a mission that focuses on the environment’s future and social responsibility (Cuofano, 2022). A brand’s vision statement describes how the brand will look in the future (Arnett, 2022). Fenty Beauty envisions freedom of expression and redefines the meaning of beauty (LVMH, 2019). A brand’s values help dictate its decisions and ensure they align with its philosophy (Arnett, 2022). Lush is built on being ethical and sustainable and has successfully drawn in consumers through their core values (Lush, 2023).

By intertwining purpose throughout a business’s operations, Gen Z consumers will be more engaged as 45% of this cohort are more motivated to interact with a brand if they are “trustworthy and transparent” (Hirose, 2022). Brands are now connecting with their consumers on social media platforms through digital content and influencer partnerships which are effective if they appear authentic (Gilcrease, 2022). Using TikTok to attract Gen Zer’s is becoming increasingly popular as they “make up 60% of the app’s one billion-plus users” (McKinsey, 2023). Companies globally are using social media to promote their philosophy and support causes that will then resonate with their audience. Hanahana Beauty utilizes Instagram to market their natural handcrafted products while promoting the importance of empowerment for black women as the focus of their brand (Thomas, 2020).

Brands embracing purpose and focusing on a better future aligns with Gen Z’s values and, if communicated successfully, they can make meaningful change while gaining loyal customers.

Reference list

Arnett, H. (2022) How to Create Your Brand’s Vision, Mission and Values noissue. 14 December 2022 [online]. Available from: https://noissue.co.uk/blog/how-to-create-your-brands-vision-values/ [Accessed 27 October 2023].

Cuofano, G. (2022) Patagonia Mission Statement FourWeekMBA. 2 October 2022 [online]. Available from: https://fourweekmba.com/patagonia-mission-statement/#:~:text=Patagonia [Accessed 27 October 2023].

Gilcrease, G. (2022) The Gen Z Marketing Challenge: Focus on Authenticity, Connection, and Trust Wpromote. 10 November 2022 [online]. Available from: https://www.wpromote.com/blog/digital-marketing/gen-z-marketing-2022 [Accessed 27 October 2023].

Hirose, A. (2022) Marketing to Gen Z: How to Get It Right in 2023 Social Media Marketing & Management Dashboard. 3 November 2022 [online]. Available from: https://blog.hootsuite.com/marketing-to-gen-z/#:~:text=Work%20with%20content%20creators%20and%20influencers%20to%20build%20trust&text=Collaborating%20with%20influencers%20is%20a [Accessed 27 October 2023].

Hole, Dr.G.A. (2023) The Importance of Having Purpose in Life and Organizations www.linkedin.com. 4 March 2023 [online]. Available from: https://www.linkedin.com/pulse/importance-having-purpose-life-organizations-dr-glenn-hole-ph-d-/ [Accessed 26 October 2023].

Lush (2023) What We Believe We Are Lush. 2023 [online]. Available from: https://weare.lush.com/lush-life/our-company/what-we-believe/ [Accessed 27 October 2023].

LVMH (2019) Fenty Beauty by Rihanna LVMH. 27 July 2019 [online]. Available from: https://www.lvmh.com/houses/perfumes-cosmetics/fenty-beauty-by-rihanna/ [Accessed 27 October 2023].

McKinsey (2023) What is Gen Z? www.mckinsey.com. 20 March 2023 [online]. Available from: https://www.mckinsey.com/featured-insights/mckinsey-explainers/what-is-gen-z [Accessed 27 October 2023].

Nolden, C. (2022) Why Brand Purpose is More Important Than Ever! | Burrelles Burrelles. 18 January 2022 [online]. Available from: https://burrelles.com/why-brand-purpose-is-more-important-than-ever/ [Accessed 26 October 2023].

Thomas, M. (2020) 9 Inspirational Brands with Purpose on Instagram – Later Blog later.com. 21 August 2020 [online]. Available from: https://later.com/blog/brands-with-purpose/ [Accessed 27 October 2023].

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PROFIT

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Profits are the lifeline of any business, enabling them to cover costs, invest in development, and repay investors (Thangavelu, 2020). Sufficient profits allow money to be reinvested into research and development. This, in turn, leads to innovation and is essential in today’s climate where markets are constantly looking for more cost-effective and environmentally friendly alternatives.

The cosmetics industry has seen continual growth, valued at over $500 billion in 2018, and projected to reach around $758.4 billion by 2025 (Petruzzi, 2022). However, cosmetics is a diverse industry, spanning skincare, makeup, fragrance, haircare and more. While makeup has dominated, skincare sales are rising fast, with an expected growth rate of 4.7% annually from 2022 to 2030 (Grand View Research, 2019). The rising demand for personalised scents and hair products has resulted in the fragrance and haircare sectors experiencing steady growth. By 2030, the fragrance market is forecasted to reach $18.8 billion (Singh, 2021) while, according to Mordor-Intelligence, the haircare market is valued to reach $87.39 billion in 2023.

The rise in workplace diversity and increased awareness of the importance of organic products, has been driving market growth. Social media has contributed to the rapid spread of information with people growing more aware of the adverse effects of chemicals such as paraben and aluminium in products (‘Cosmetic Products Market Analysis – Industry Report – Trends, Size & Share’, n.d.). The rise of social media is causing men to become increasingly more conscious of their appearance (Byrne and Milestone, 2022). This presents new opportunities in the rise of men’s grooming. According to Statista, by 2028, the market for male grooming products will be estimated to be worth $115 billion, up from just under $80 billion in 2022.

In uncertain economic times, rising costs and squeezed wallets mean customers are pickier. Therefore, it is essential that businesses understand their target audience by offering products that provide real value at accessible price points. Businesses must make strategic decisions on discounts without sacrificing quality as the new generation of consumers value honesty, amongst other core values, when forming a relationship with a brand (Francis and Hoefel, 2018).

Creative directors must be able to make appropriate business decisions, whilst keeping innovation at the forefront. An example of this is make-up artist Pat McGrath, creative director of Pat McGrath Labs, who turned her artistry into commercial products which have become a hugely successful empire, valued at over $1 billion (Blanchfield, 2018). She achieved this by learning what consumers are demanding and then translating it into her signature collections. She amplifies traction through limited editions, creating a sense of urgency as well as collaborations with influencers like Rihanna and the Kardashians (Hughes, 2017). McGrath proves that those who successfully integrate art and vision can yield extraordinary financial success.

Reference list

Blanchfield, E. (2018) Meet Pat McGrath, The ‘Self-Made Billionaire’ Whose Brand Is Now Worth More Than Kylie Cosmetics Stellar. 24 July 2018 [online]. Available from: https://stellar.ie/beauty-fashion/meet-pat-mcgrath-the-self-made-billionaire-whose-brand-is-now-worth-more-than-kylie-cosmetics/59808 [Accessed 22 October 2023].

Byrne, A. and Milestone, K. (2022) ‘He Wouldn’t Be Seen Using It…’ Men’s Use of Male Grooming Products as a Form of Invisible Consumption Sage Journals. 27 February 2022 [online]. Available from: https://journals.sagepub.com/doi/full/10.1177/14695405211066314 [Accessed 21 October 2023].

‘Cosmetic Products Market Analysis – Industry Report – Trends, Size & Share’ (no date) www.mordorintelligence.com [online]. Available from: https://www.mordorintelligence.com/industry-reports/global-cosmetic-products-industry [Accessed 21 October 2023].

Francis, T. and Hoefel, F. (2018) ‘True Gen’: Generation Z and Its Implications for Companies McKinsey & Company. 12 November 2018 [online]. Available from: https://www.mckinsey.com/industries/consumer-packaged-goods/our-insights/true-gen-generation-z-and-its-implications-for-companies [Accessed 21 October 2023].

Grand View Research (2019) Skin Care Products Market Size | Industry Analysis Report, 2019-2025 Grandviewresearch.com. 2019 [online]. Available from: https://www.grandviewresearch.com/industry-analysis/skin-care-products-market [Accessed 21 October 2023].

Petruzzi , D. (2022) Cosmetic market value worldwide, 2018-2025 Statista. 2 February 2022 [online]. Available from: https://www.statista.com/statistics/585522/global-value-cosmetics-market/#:~:text=Global%20value%20of%20the%20cosmetics%20market%202018%2D2025&text=This%20statistic%20shows%20the%20value [Accessed 21 October 2023].

Sali Hughes (2017) Beauty Queen: how Pat McGrath revolutionized Makeup the Guardian. 6 August 2017 [online]. Available from: https://www.theguardian.com/fashion/2017/aug/06/beauty-queen-how-pat-mcgrath-revolutionised-makeup [Accessed 22 October 2023].

Singh, S. (2021) Fragrance Market Size, Growth and Trends Forecast By 2030 www.marketresearchfuture.com. February 2021 [online]. Available from: https://www.marketresearchfuture.com/reports/fragrance-market-4689 [Accessed 21 October 2023]. Thangavelu, P. (2020) Why Cash Management Is Key To Business SuccessInvestopedia. 26 December 2020 [online]. Available from: https://www.investopedia.com/articles/investing/041515/why-cash-management-key-business-success.asp [Accessed 21 October 2023].

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PEOPLE

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People are complex beings with diverse perspectives and life experiences. Identities are formed from factors such as age, ethnicity, gender, sexuality, and social status, contributing to the richness of human diversity (Cerezo et al., 2019). It can be seen, now more than ever, that people are taking the initiative to appreciate and respect differences in order to coexist harmoniously and allow for a more inclusive society.  

Born between 1997-2012, Gen Z values individuality, social consciousness, and above all, authenticity (Francis and Hoefel, 2018). Generation Z is an advocate for diversity that is multidimensional and authentic, embracing the full spectrum of human experiences and identities (Francis and Hoefel, 2018). People are at the core of a business. Due to Gen Z’s rapid increase in spending power, brands must capitalise on this opportunity as it is estimated that in 2026, this cohort “is projected to be the largest consumer population in the US” (H, 2020).

There are numerous approaches that can be taken to attract Gen Z consumers. Firstly, Gen Z expects representation of diversity in all its forms in order to support their choice of purchases (Carrasco, 2022). Brands must showcase diverse models, influencers, and spokespeople. Marketing should positively reflect the lived experiences of this generation. Strategic user-generated content can enhance authenticity, likely leading to strong consumer trust and loyalty. L’Oreal’s #WorthSaying campaign featured real people and advocates sharing what matters to them (Pearce, 2016).

Secondly, Gen Z looks for values alignment. Taking a stand on social issues and sustainability is crucial for this demographic (Francis and Hoefel, 2018). Fenty Beauty built loyalty by producing a foundation product line with 40 inclusive shade ranges that are suitable for all skin types (Rihanna, 2019). Consequently, it is said that Fenty made “$100 million in sales in its first few weeks” (Robehmed, 2019). This proves that brands can benefit from major business growth and satisfied, loyal consumers if they embrace diversity.

Thirdly, Gen Z is evidence-driven. They expect natural ingredients, ethical production, formulations that are safe (Francis and Hoefel, 2018). Skincare brand Florena uses vegan products, with at least 99.46% of their ingredients being of natural origin, and eco-packing to meet these expectations (Figueroa, 2023).

The cosmetics industry, as well as other sectors, has huge opportunities to engage Gen Z. But brands must ensure they fulfill the promises they are making to their consumers. Marketing must reflect culture and values. Putting people first and investing in diversity, sustainability, and transparency will enable cosmetics companies to develop genuine connections with this emerging generation of consumers.

Reference list

Carrasco, M. (2022) Council Post: Gen Z: Brands Need to Prioritize DEI and Gender Liberation Forbes. 1 March 2022 [online]. Available from: https://www.forbes.com/sites/forbesagencycouncil/2022/03/01/gen-z-brands-need-to-prioritize-dei-and-gender-liberation/ [Accessed 12 October 2023].

Cerezo, A., Cummings, M., Holmes, M. and Williams, C. (2019) Identity as Resistance: Identity Formation at the Intersection of Race, Gender Identity, and Sexual Orientation. Psychology of Women Quarterly [online]. 44 (1), p. 036168431987597. [Accessed 12 October 2023].

Figueroa, C. (2023) The future of beauty is green ZOE Magazine. 5 June 2023 [online]. Available from: https://www.zoemagazine.net/191735-the-future-of-beauty-is-green/ [Accessed 12 October 2023].

Francis, T. and Hoefel, F. (2018) ‘True Gen’: Generation Z and Its Implications for Companies McKinsey & Company. 12 November 2018 [online]. Available from: https://www.mckinsey.com/industries/consumer-packaged-goods/our-insights/true-gen-generation-z-and-its-implications-for-companies [Accessed 12 October 2023].

H, S. (2020) Marketing to Gen Z: What brands should know and expect www.genzinsights.com. 15 January 2020 [online]. Available from: https://www.genzinsights.com/marketing-to-gen-z-in-2020-what-brands-should-know#:~:text=In%202020%2C%20Gen%20Z%20will [Accessed 12 October 2023].

Pearce, O. (2016) L’Oréal Redefines Word of Mouth with #WorthSaying | World Branding Forum World Branding Forum. 7 January 2016 [online]. Available from: https://brandingforum.org/news/loreal-redefines-word-of-mouth-with-worthsaying/ [Accessed 12 October 2023]. Robehmed, N. (6th June 2019) How Rihanna Created A $600 Million Fortune—And Became The World’s Richest Female Musician Forbes [online]. Available from: https://www.forbes.com/sites/natalierobehmed/2019/06/04/rihanna-worth-fenty-beauty/ [Accessed 12 October 2023]

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planet blog pic

Planet

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According to research released by the Worldwide Fund for Nature (WWF), since the late 1980s, human demand on the planet’s ecosystems has exceeded Earth’s biological carrying capacity. In other words, more natural resources are being wasted by humanity than the environment can realistically replenish (KPiotrowska, 2018).

The cosmetics industry relies heavily on scarce natural resources like minerals, petrochemicals, and palm oil. According to Lea d’Auriol, a sustainability expert and founder of Oceanic Global, palm oil accounts for one-third of the world’s oil market and is an ingredient in more than 70% of cosmetics (McLintock, 2023). The industry is now becoming increasingly aware that its mindset of being able to continue to carelessly take nature for granted, and use its resources in an unsustainable manner, is unacceptable and changes are being implemented across the supply chain (WWF, 2022). Data published by Zero Waste Week, states that over 120 billion packaging units of plastic are wasted each year by the beauty industry. Transitioning to a circular economy model can help the industry become more sustainable by reducing new resource use and waste.

A circular economy aims to eliminate waste through recycling, reusing materials, and reducing consumption (Geissdoerfer et al., 2017). The goal is to differentiate economic growth from natural resource use. For cosmetics companies, this means sourcing renewable, sustainably produced ingredients, using eco-friendly packaging, and minimizing manufacturing waste. Refillable containers, component reuse, and recycled materials enable companies to provide quality products while reducing environmental impact.

Of the 17 United Nations’ Sustainable Development Goals, Goal 12 on responsible consumption and production is especially relevant to the cosmetic industry (United Nations, 2015). This goal aims to promote resource and energy efficiency. The cosmetic industry’s heavy reliance on scarce natural resources makes resource efficiency critical. Additionally, packaging waste is a huge issue that needs addressing through responsible production. By embracing circular economy principles, cosmetic companies can minimise resource use and waste in line with Goal 12. If the cosmetic industry takes leadership in achieving this goal, it can drive broader sustainability efforts across all sectors. Some companies are already pioneering circular practices. Lush offers package-free products to reduce plastic waste. TerraCycle enables consumers to return used packaging for recycling. However, fully transitioning to a circular model remains challenging. Companies must rethink resource dependence and business models.

With strategic commitment, the cosmetics industry can meet consumer needs while restoring planetary health. The circular economy framework offers solutions for the radical change needed. By driving sustainability across the supply chain, cosmetics companies can significantly reduce their environmental impact and fulfil their social responsibility.

Reference list

Geissdoerfer, M., Savaget, P., Bocken, N.M.P. and Hultink, E.J. (2017). The Circular Economy – A New Sustainability Paradigm? Journal of Cleaner Production, 143(143), pp.757–768. doi:https://doi.org/10.1016/j.jclepro.2016.12.048.

KPiotrowska (2018). Living Planet Report 2018. [online] WWF. Available at: https://www.wwf.org.uk/updates/living-planet-report-2018 [Accessed 6 Oct. 2023].

McLintock, K. (2023). Is Palm Oil in Your Favorite Skincare Products? Here’s Why It’s Controversial. [online] Who What Wear UK. Available at: https://www.whowhatwear.co.uk/palm-oil-beauty-products [Accessed 7 Oct. 2023].

United Nations (2015). Transforming Our World: The 2030 Agenda for Sustainable Development. [online] United Nations. Available at: https://sdgs.un.org/2030agenda [Accessed 7 Oct. 2023].

WWF. (2022). [online] p.6. Available at: https://www.wwf.org.uk/sites/default/files/2023-05/WWF-Living-Planet-Report-2022.pdf [Accessed 6 Oct. 2023].

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Favourite Cosmetic Brand

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In my opinion, the Inkey List is an amazing company specializing in skincare products. They have a vast product range which is accessible to everyone. They offer products for all skin types, allowing everyone to enjoy healthy skin. The Inkey List stands out by offering high-quality skincare products at affordable prices as well as ensuring their products are kept simple and transparent. This enables consumers of any age and experience to understand the product due to its clear labeling with key ingredients and their benefits. Each product targets specific skincare concerns and is formulated with clinically proven ingredients that are actually effective. Finally, The Inkey List encourages you to build a skincare routine that suits your unique needs by mixing and matching different products. Therefore, The Inkey List is a fantastic skincare brand that offers a range of unique products allowing everyone to enjoy a routine they can trust.

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