The American cosmetics business Revlon has filed for bankruptcy protection. Throughout much of the 20th century, Revlon broke down racial barriers and established standards for beauty. The 90-year-old beauty icon, who once set the standard for beauty salons by trending matching lipstick and nail paint, has fallen from favor.
Reasons for Their Decline
Revlon was formerly only second behind Avon in revenue, but due to its deteriorating financial situation, the business has fallen out of the top 20s list. According to a recent industry survey, sales have switched from beauty departments to the eCommerce market. Celebrity-backed companies like Kylie Cosmetics and Rihanna’s Fenty Beauty are considered the new hot favorite in the makeup industry.
As more women turn to social media platforms rather than glossy magazines for their fashion inspiration, the huge cosmetic trend is less noticeable than it once was when Revlon’s lovely red pout was in favor.
The company, selling lipsticks for $7 and eyeshadows for $9, is also struggling since its young target market isn’t being reached by fast competition on high street store shelves but through social media. Neophytou thinks Revlon should have focused more of its marketing efforts on TikTok to entice customers to make impulsive purchases.
44 % of women bought lipstick for themselves in the year ending in April 2020. A year later, that percentage dropped down by 10%. Many women neglected their makeup bags as a result of working from home and the need for masks. Customers were driven online at the same time beauty departments closed, and this shopping pattern was here to stay for good. Even if sales have returned to around 33 % today, Samantha Dover argues that this shows “how demand has decreased and not entirely rebounded yet.” According to Dover, established companies face severe opposition from the online market. Social media has significantly boosted the visibility of the many new brands that are continuously being launched. Now more than ever, it is difficult and competitive. You may look up products, compare prices, and read reviews.
Current Global Marketing Trend Analysis
In today’s time, a company has to try to build a long-lasting online presence. The power of social media is astounding since it enables you to instantly contact an audience after advertising, lowering your costs and ensuring that your ads are seen by your target demographic.
Marketers should not let go of the chance to advertise on these digital platforms, where they may reach the highest number of potential customers compared to print or television media marketing, given that approximately 59% of the world’s population is present online. This is a fantastic chance to increase brand engagement and produce leads.
Promptly engaging on social media enables brands to build trust with new clients, partners, and talent/employees. This is especially true if other individuals spread positive reviews about your business, its products, or its offerings. Consumers are nearly three times more inclined to believe recommendations and advice from friends and family than through official brand channels. The reader should now be able to see that social media has evolved into a crucial component of modern marketing.
Hire a Reliable Agency for Social Media Content Marketing
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