Being a Beauty Marketer in Challenging Times

2023 was a tough year for layoffs and 2024 is unfortunately no different. These layoffs are affecting all industries, including beauty. Estee Lauder is one major player in the industry who is now making cuts to their current roles.

In such times, it is important to consider how you can better your skills to maintain your role or land a new one in a scarce market.

Research Data

As a marketer, one of the most effective tools is the use of marketing research and data. Now, more than ever, understanding consumer behavior, preferences, and trends is vital for revenue and limiting cuts.

After creating a good survey to gather customer insights, it is crucial to take this research data to make company decisions. By leveraging research data effectively, you can guide your company through uncertain times like now. Note the key word is “effectively”, because it can be easy to misinterpret data and make wrong decisions that can cost the company.

Differences Analysis

One approach to ensure you are effectively analyzing your data is by conducting differences analysis. With this approach, you can compare groups based on key differences (demographics, psychographics, etc) and identify which strategies are most effective for each segment.

However, when conducting an analysis, it is crucial to make sure the results are statistically significant. This ensures that the results collected and analyzed are not due to chance, but that they actually reflect the consumers’ behavior and that the differences actually exist.

Becoming a marketing leader and maintaining your role in today’s challenging world requires a mix of skills, including leveraging research data to make effective decisions. Incorporating research data to your decision making is not just a skill, but a way to position yourself as an asset to your company.