Weekly Newsletter - 12.4.2024

SPONSORED BY

Building High-Performance Sales Teams – Key Leadership Insights🎙️

In a recent episode of the Candid Sales Rep Podcast, Lorraine Pettit, a top-performing Senior Account Executive at Gong sat down with Ken Lundin and Hive Perform to share her take on strategies for building and maintaining high-performance sales teams. Lorraine’s approach emphasizes the importance of leadership, trust, and intentional habits, moving beyond just metrics to create environments where sales teams can truly thrive.

💬 Lorraine discusses:

• The role of leadership in shaping strong habits that drive growth.

• How trust leads to greater autonomy among sales reps.

• The importance of focusing on outcomes, not just activity.

• The value of leading by example through open communication.

✍️ To start building a stronger sales team today, Lorraine suggests:

• Setting clear priorities to focus on high-impact objectives.

• Coaching curiosity by teaching reps to ask customer-driven questions.

• Celebrating progress, no matter how small, to maintain motivation.

INDUSTRY INSIGHTS 🌐

Top Beauty Trends Shaping the Industry in 2025

As the beauty industry ventures into 2025, there is the promise of consumer engagement and innovation. Industry leaders anticipate transformations in shopping habits, emphasizing intentional purchases, which are expected to drive sales further.

A significant trend for 2025 is the impact of GLP-1 medications, like Ozempic, on skincare. Consumers' interest in products addressing weight loss-related concerns suggests a shift towards ingredients such as retinoids and antioxidants. Meanwhile, eye makeup is reclaiming its influence, fueled by increased product launches and consumer interest.

The merging of beauty and entertainment is becoming vital for reaching Gen Z audiences. Beauty brands are investing in original content to engage consumers, with expectations of interactive and multimedia experiences.

Additionally, 2025 introduces contrasting trends of rebellion: embracing imperfection and revisiting traditional values fueled by socio-political shifts. Lastly, a preventative approach to skincare is gaining traction, prioritizing long-term skin health over temporary solutions, opening doors for innovative product development.

Promotional Strategies in Modern Beauty and Navigating Consumer Expectations

Beauty promotions are evolving, with events like Ulta's 21 Days and Amazon Prime Day dominating. Shoppers await discounts, influenced heavily by social media. Despite increased promotional activity, fragrance stands out with less discounting. Overall, promotions are rising, but effectiveness varies, challenging brands to find optimal strategies to engage consumers.

Why Customers Are Ghosting Your Sellers

To boost sales success, align with the customer's buying journey, not just your sales process. Sellers must understand customer needs, guide them appropriately, and help them progress. This approach reduces pipeline bloat and ensures accurate forecasting, leading to improved win rates and sales consistency.

INDUSTRY NEWS 📰

Luxury Beauty Thrives Despite Economic Challenges

The luxury beauty industry is thriving despite global economic challenges. Historically, brands like L'Oréal and Chanel have exceeded market expectations. Despite inflationary pressures impacting consumer spending, luxury beauty's appeal persists. The global market is projected to grow substantially, reaching $87 billion by 2028.

By adapting marketing strategies and embracing digital innovation, luxury beauty brands maintain relevance and desirability. Their ability to provide emotional and rewarding experiences ensures consumer loyalty, illustrating the sector's enduring strength and adaptability amidst economic adversity.

Consumers often view premium beauty products as affordable indulgences, maintaining purchases even as larger expenses are cut. Known as the "lipstick effect," consumers seek high-end cosmetics for small pleasures during economic hardships.

Luxury brands are leveraging emotional branding and exclusivity to connect with consumers. By promoting products as essential self-care investments, they successfully engage buyers. Brands such as Aesop and Loewe highlight exclusivity through limited-edition products, tapping into consumer desires for belonging within the luxury world.