As attention shifts from how to survive to how to thrive, new trends are shaping the B2B universe. Here’s some B2B Insights about the Beauty Industry.
Times are Changing
The past few years have changed the way consumers are buying beauty products. Consumers are better conversant and are constantly exposed to new products and trends in social media. These days, they can get exactly what they want. Consumers can create and buy their own customized foundation shade hair care product or skincare products from online retailers. Consumers are increasingly making ingenious purchasing decisions by researching products and prices online.
Similarly, retailers and beauty service providers (salons, spas, stylists, and beauticians) have simpler, faster access to manufacturers and wholesalers. Accordingly, beauty brands and wholesalers are faced with a competitive market, for which entry barriers are constantly lowered, courtesy of the online revolution. What is the end result of this? Tougher than ever price pressure and intense competition from local and international newcomers to the their market.
Furthermore, wholesalers and brands must hard to keep and grow their business. Whether it is their shelf share at a retailer’s point-of-sale, or their position as a provider for a hair salon or spa, hard work brings customers back.
Current and Projected Sales Figures
The way businesses buy from and sell to each other is changing. The B2B craze is collectively responsible for more than $150 billion in sales, this includes buyers, at leading global companies across a range of industries. It is forecasted that US B2B eCommerce will reach $1.8 trillion and account for 17% of all B2B sales in the US by 2023.
There are a few primary trends that will demand a place on the agendas of B2B sales organizations over the next three to five years. These trends are rapidly dominating the B2B landscape as both customers and vendors seek to maximize returns and minimize costs.
Customer Demand It
Connect With B2B Customers as People
It’s easy to think of a B2B customer as a business , however don’t neglect the personal connections you can make within that business.
You are selling to a person, not to a corporation. Google research shows that B2B customers are, on average, “significantly more emotionally connected to their vendors and service providers than consumers.” A B2B brand can double its impact by cultivating emotional connections rather than focusing only on function and facts.
Embrace storytelling and weave the informative aspects of your marketing campaign into an engaging narrative. Remember that creative marketing is not just for B2C brands; B2B brands need to captivate and connect with their audience too. It’s connection that will cultivate long-lasting loyalty.
B2B Customers Have to Sell You
When marketing to B2B customers, your efforts have to enable your contacts within other businesses to sell you internally. You don’t just have to win them over — you have to teach them how to win over the decision-makers within their own company when it comes to your products or services.
Once a B2B researcher from another brand has discovered your brand, engaged with you in some way and developed a trust in what you can offer them, the next stage of the B2B marketing process begins. That customer has to take your product to the rest of their team. The easier you can make this for them, the more likely you are to make a sale. Your marketing strategy needs to give them the information, the appeal and the flexibility to quickly convince their colleagues that your brand is a good fit.
Mobility the Way of the Future
Mobility is a strong accelerator of B2B self-service ordering.
Just like consumers, today’s savvy B2B customers are accustomed to gathering information online before making a purchase. The B2B e-commerce experience must be as simple and friendly as the experience we are all familiar with in our private life the B2C experience we know and got used to on sites like Amazon, and Target even.
By providing their B2B customers, retailers, and spas, with an app or site for B2B ordering, beauty wholesalers increase order volume and customer loyalty.
What Does the Future Hold for B2B?
Beauty industry marketing wins by really getting to know their customers. Next by taking aim and delivering what they need across the buying experience. For B2B brands, the message is the same: you can build trust, and stand out from the crowd. In turn a single purchase not only is profitable, but lifetime partnership. In the end, you will be starting with one place, your content marketing strategy.
AlpStories B2B Offering – Create Your Brand
Interested in making your own brand or label? No problem. It is very simple, use our BeautyWizard to create your own formulations and/or reach out to our to AlpStories’ highly experienced production team that works closely with the marketing team in order to identify the latest market trends and customer needs. Drawing on years of experience, the team is responsible for developing new and innovative formulations and product offerings. We not only formulate products for our own brands, but also work with clients to create custom made formulations. This can be for private label and contract manufacturing. If interested contact us today. Consider that we produce each single product on-demand, thus alleviating you from the cost of inventory. Get started and create your brand and skincare line at AlpStories now!
“Your Brand is what people say about you when you’re not in the room.”-Jeff Bezos