Brand longevity for BIPOC owned brands means finding power in your point of difference
In the wake of realizations that there is an economic imperative for diversity, we are reaching a societal moment of door-opening. On May 19, 2020 McKinsey reported that “Diversity wins” and “the business case for inclusion and diversity (I&D) is stronger than ever.” Progress was slow, they said, but moving.
Soon after McKinsey’s report was published, calls for racial justice came sharply into focus, along with a wave of actions and calls-to-action from brands and retailers alike. The trajectory in the beauty and fashion space remains promising, but as Solésence COO Kevin Cureton and others recently noted with WWD and Beauty Inc, we have reached moments like this before: Major brands and retailers made promises around I&D in the early 1990s. Having the opportunity to be in the room — or on the shelf — is just the beginning. For an enduring impact, and for any brand to future-proof themselves, they need to stand strongly in their category.
Living your brand through product
We believe the most crucial factor in the longevity of BIPOC owned brands — or of any brand — is to own your brand story and have that story be translated into each and every product and experience. That’s why when we speak with new brand partners we spend the majority of our time talking about the brand’s story. This is crucial for sophisticated global brands and for those who are aspiring to become such. When trying to build longevity, people need a reason to want to do business with you. What is your brand’s reason for being? Why does the world need your brand? What experience and relationship does your brand offer?
Future-proofing through point of difference
Each product use is a real-time interaction between brand and consumer. It is also an opportunity to build currency and trust. Each unboxing experience is an opportunity to excite and impress, each application is an opportunity to delight, each result is an opportunity to build trust and drive for repurchase. When there are dozens of products on a shelf, consumers need a reason to choose your product over others again and again. That’s where point of difference comes into play. A uniquely appealing product set gives consumers a clear reason to purchase, and a positive experience — in terms of both application and results — will build brand loyalty, guaranteeing your product a lasting spot on the shelf.
Beyond offering brands a distinct point of difference, each new product that a brand partner launches has little to do with us. We offer our expertise through beautiful, universal skin health products on the bleeding edge of trends and innovations, and then we get out of the way for each product to shine in the brand’s light, in its image. From a well-established vision, a product naturally flows through from development to shelf again and again.