Opportunities and objectives

3.OPPORTUNITIES AND OBJECTIVES

After the analysis of the brand’s COTSWA and KSFs,

we have come to the conclusion that there are three main

As mentioned in the COTSWA analysis, skincare is a big trend within the beauty industry. Most of Benefit’s competitors have been taking advantage of this. However, Benefit is falling behind. Therefore, we consider that entering this market is a big opportunity for the brand.

market opportunities for the further development of the brand: to enter the skincare

market, to implement more sustainable practices, and to integrate inclusivity as part of the brand’s identity.

Skincare

Long-term objectives

• Start a skincare line. It will be focused on organic and ethical skincare, both for men and women • Establish a long-term collaboration with a pharmaceutical company to grant high quality products

Mid-term objectives

• To develop and implement product formulas that favor its users • Create a communication campaign to promote the new approach

Sustainability

Another opportunity for the brand is to implement more sustainable practices. Sustainability and transparency have become key values that customers look for in a brand. By adopting these principles, the brand will be able to attract new customers and become more trustworthy.

Mid-term objectives • Become more transparent • Ideate a campaign in which people can return empty and unused packaging.

Long-term objectives

• Become cruelty-free (PETA certificate) • Become more environmental friendly • Communicate green values • Position the brand as a sustainable beauty company

Even though the brand is trying to be inclusive, they are not really succeeding. Benefit is still very female-focused and they do not get involved in political conversations. Inclusivity is essential nowadays for a brand’s success, since customers become more loyal to brands that they can relate to. Adopting a more open and inclusive approach and getting involved in social causes, is a big opportunity for the brand in order to grow and increase its perceived value.

Long-term objectives

• Change tone of voice.

Move from a femenine approach to a neutral one. • Promote and adopt inclusivity as a core value of the brand. • Communicate the brand’s social values • Get involved in political causes related to gender, race and LGTBQ.

KPIs

In order to track and measure the progress of these objectives we will be looking at different KPI’s, focusing on the financial and marketing areas.

Financial

• Sales growth (online & off-line) • Conversion rate • Market share • Get involved in political causes related to gender, race and LGTBQ. Social media: • Follower growth • Traffic

Marketing

• Conversions • Engagement • Brand mentions • Use of hashtags • Influencer metrics Earned media: • Press mentions • Social media mentions • Reach • Engagement • Referrals • Follower growth

• Click-through rate for sponsored ads