The story of an industry is often a tale more of default than design. That is, when we step back and trace the evolution of an industry, we typically see that things ‘are the way they are’, because that’s just how the dominoes have fallen. There was no sophisticated Master Plan, no conscious effort to steer things one way, or another – the pieces just seemingly fell into place.
This phenomenon – and a very common one at that – is, quite frankly, not always a problem. Not when the default designcontinues to run on sound business fundamentals of delivering customer value and generating worthwhile profit (in that order).
But when it’s not working – when the default design ends up harming an entire industry and its customers instead of helping it, then it’s more than a problem, it’s aIt not only deprives established industry players of the opportunity to excel and profit to their full potential, but at the same time, it forces new industry entrants to adopt the dysfunctional habits, strategies and philosophies of those already operating in that space.
In short: when the default approach to business isn’t working, it robs everyone involved – from those who sell, to those who buy. We’ve heard of win win scenarios. Well, this is a lose lose scenario. And one of the costliest places that this systemic problem rears its ugly head, is none other than the Beauty Industry.
The Beauty Industry is, at least in theory, all about delivering value and improving the lives of its customers. It’s about helping customers look and feel more vibrant, attractive, and confident. It’s also about protecting their health, diminishing, or preventing the signs of aging, thwarting environmental damage and more. Indeed, when it comes to the promisesthat various industries make to its customer base, it’s not an exaggeration to say that few make pledges as bold, as sophisticated, and as seductive, as the Beauty Industry.