Weekly Newsletter - 11.06.2024

McKinsey Declares Price-Fueled Growth Is Over In Beauty

Author

Zihan Lyu
November 06, 2024 • Estimated Reading Time: 6 minutes

Sales may be shifting rapidly with AI, but some core principles remain essential for success. Sales enablement expert Roderick Jefferson shares insights on what it takes to build a high-performing sales team that thrives in a tech-driven world.

  • Hire Right: Beyond skills, look for cultural fit. AI can assist by analyzing traits that predict long-term fit and adaptability.

  • Onboard Like a Pro:

    • Orientation to company values

    • Role-specific training with a technical focus

    • Leadership involvement to reinforce learning

  • Prioritize Continuous Learning: Sales reps need to stay sharp. Ongoing training, certifications, and knowledge-sharing help develop expertise. AI tools can personalize learning to fit each rep’s style and needs.

  • Equip Reps with the Right Tools: An intuitive, updated knowledge system and a feedback loop ensure reps have access to what they need, when they need it.

📥 For deeper insights from Roderick Jefferson on effective onboarding and "everboarding," download the full ebook from Roderick Jefferson and Hive Perform.

INDUSTRY NEWS 📰

The Estee Lauder Companies reported a 4% drop in Q1 sales, leading to the withdrawal of its 2025 outlook. The decline was most significant in Asia/Pacific. CEO Fabrizio Freda cited unexpected challenges in China and Asia travel retail. The company is focusing on strategic recovery plans.

INDUSTRY INSIGHTS 🌐

McKinsey's report indicates the beauty industry's growth will shift from price-driven to unit-based strategies. Brands must focus on innovation, consumer engagement, and operational efficiency. Emphasizing value, personalization, and loyalty will be crucial for success as price increases become less viable. Investors will prioritize brands demonstrating sustainable growth and resilience.

The beauty sector excelled during Amazon Prime Big Deal Days, driven by both legacy and viral brands. With a 24% increase in shopper engagement, beauty products are poised for strong Q4 performance. Strategic marketing and consumer enthusiasm for holiday shopping are expected to sustain this momentum.

The article discusses the growth of beauty eCommerce in Europe, driven by Gen Z's social media influence and strategic purchasing behaviors. TikTok's impact is rising, challenging Meta's dominance. Amazon competes with specialized retailers. Brands must leverage shoppable media and first-party data to optimize marketing strategies and drive growth.

EVENTS 📆

Discover how to keep your sales team growing with sales enablement expert Roderick Jefferson from @Roderick Jefferson & Associates.

When: Nov 13, 2024 (Wednesday), 2 PM ET / 6 PM GMT

Learn to:

  • Leverage AI for personalized sales coaching

  • Build a culture of ongoing learning and development

  • Implement data-driven strategies to boost sales performance

Sales Intelligence is a Contentive publication in the Sales & Marketing division