In an industry worth $532 billion, beauty companies have plenty of incentive to build a strong brand. In fact, one Nielsen study found that nearly 60 percent of all consumers prefer to buy products from brands with which they’re familiar. Companies can build this familiarity through their marketing, packaging, messaging, and product quality.
In a sizable industry like beauty, building a brand that stands out for all the right reasons takes into account the entire DNA of your product, from packaging to procurement. Let’s take a look at some ways that Specification Data Management™ can support initiatives to build and grow a strong beauty brand.
Provide a Single Source of Truth for Decentralized Organizations
Growth in the beauty industry often results in acquisitions or otherwise expanding operations into multiple locations. However, it’s still essential for a fragmented structure to maintain a common language to the same degree of centralized organizations.
Establishing cooperation between multiple company locations is critical in maintaining brand cohesion. Each employee should embrace and uphold the same brand values, mission, and objectives, which is more easily accomplished when teams can pull from a single source of truth within the organization. Specification Management software allows companies to standardize the format of product specifications to help to create this common language and eliminate gaps in communication.
Identify Supportive Supply Chain Partnerships
A Specification Management platform allows a company to take a granular look at every aspect of the supply chain, including vendors, for every ingredient in your beauty products.
As more consumers are calling for transparency from beauty companies, it’s essential to review your supply chain partners and identify how they fit in with your brand values. For example, beauty companies that place a higher emphasis on eco-friendliness and sustainability can review their ingredients and packaging specs and each supplier to make impactful swaps. In addition, companies may find new opportunities to work with vendors who share their values and can better support their brand image. Retailers like Sephora are also creating criteria for “Clean Beauty” that help consumers easily locate brands that are formulated without certain ingredients.
Develop Packaging that Reflects Your Brand Voice
Surprisingly, 72 percent of consumers claim that packaging plays an important role in their buying decision, while 61 percent say they would be more likely to purchase a luxury product if it came in premium packaging.
Your packaging says a lot about product quality, and by extension, your brand’s personality and status. Focusing on Specification Data Management ensures consistency in packaging specs to keep package design and branding aligned. As changes to your package design are made, users will always have access to the latest version.
Prevent Costly Recalls that Could Affect Brand Image
Recalls in the beauty industry can be costly, both in terms of lost sales and brand fallout. A recall can mar consumers’ trust and it can be difficult to recover, even when quality issues are resolved.
According to a recent Forrester report, the majority of recalls are the result of failing to print a specific ingredient or allergen statement on the product package. Specification Management software helps to eliminate the risk of recalls due to this type of negligence to maintain a positive brand image focused on consumer safety.
If you’d like to learn more about how Specright’s Specification Data Management software is helping beauty companies for the better, download our case study on how Rodan + Fields is using Specright to manage packaging and drive sustainability.