Get ready with the lippy
There’s no doubt that some hard times are ahead as the economy recovers from the Coronavirus pandemic. I don’t want to be too gloomy but we’re arguably already in recession and consumer confidence is low. But we have already seen businesses adapt to lockdown by altering their marketing, their product offering or the way they reach their customers, so how can that, combined with what we already know about consumer behaviour in recession, help weather the storm.
The Lipstick Effect
Leonard Lauder, the Chairman of Estée Lauder first noticed that lipstick sales tend to grow in hard times and so began the idea of the ‘lipstick effect’. Why lipsticks? Well, we all need a treat now and again. Lipsticks are an affordable luxury that we can reward ourselves with whilst not making too much of a dent in the household budget.
Euromonitor International looked for other examples of products that seemed to be recession-proof. They found that single malt scotch whiskey, smoothie bars and pet products showed high growth during the downturn of 2008/9. So whilst it might not always be lipstick that we crave in troubled times nowadays, it does seem to be true that we look for some sort of affordable comfort and indulgence.
Find your own lipstick
But if you’re not a cosmetics manufacturer, how can you capitalise on the lipstick effect to help get through the next few months and years?
- Firstly, and most importantly, don’t stop marketing. You might have to change your marketing mix a bit but don’t stop altogether.
- Find your lipstick. Is there a product or service in your range that has a relatively low price point but can still offer the affordable luxury feel?
- Pivot your strategy to make the most of the new normal. We all know things aren’t going to go back to the way they were before the pandemic so think about how you respond to that.
Ask for help with marketing your lipstick
Navigating the new normal isn’t going to be easy so this might be a good time to ask for help. As an experienced marketing and business consultant, I can help you find your new path, identify product opportunities and put together a marketing plan so you can still drive sales. Get in touch today.