Welcome to Energy is Currency, the millennial development podcast dedicated to helping you mind your business, both personally and professionally. I'm Alexis Williams, your marketing consultant, idea generator, and modern philosopher. An entrepreneur who checks all the boxes—whatever that may mean. Don't forget to subscribe on Spotify, Apple Podcasts, Amazon, and iHeartRadio to catch every gem in every episode. Season one is available on all streaming platforms.
The Business of Haircare
This week, we’ve got a plethora of exciting topics to dive into. As we navigate through the third quarter, the business landscape is bustling, and so are the baddies in business. Let’s talk about hair care this summer because it seems like everyone, including myself, has launched some kind of haircare line.
Haircare, especially natural and textured haircare, has been a journey fraught with challenges—from laws banning natural textures in corporate environments to the self-abandonment many feel in maintaining and presenting their hair. As a 20-year hairstylist specializing in product knowledge, I emphasize the importance of self-care and alignment between effort and reward in hair maintenance.
With the influx of new haircare lines, it’s crucial to distinguish who is genuinely delivering quality. This is where the concept of a marketing positioning map comes into play. Your position in the market is defined by variables such as convenience, luxury, ingredients, celebrity endorsements, and accessibility. Let's explore some celebrity haircare lines making waves in the industry.
Celebrity Haircare Lines: Hits and Misses
Pattern by Tracee Ellis Ross tops my list. Known for her voluminous curls, Tracee has created a consistent and textured haircare story that resonates deeply. Pattern offers high-quality products available at Sephora and other accessible markets, making it a beloved brand for textured hair.
Next is TPH by Taraji P. Henson, available in Target and Walmart. While Taraji’s marketing is accessible and relatable, the products themselves vary in quality. The rollout during the 2020 lockdown was strategic, showcasing Taraji’s personal haircare routine, though it lacks the luxurious feel of some competitors.
Beyoncé’s Sacred Haircare has generated buzz, though her haircare journey remains largely unseen. While the product exudes luxury, its authenticity and connection with consumers are yet to be fully realized. In contrast, Rihanna’s Fenty Hair epitomizes inclusivity, quality, and innovation. Rihanna's personal hair story and marketing acumen have made Fenty Hair a standout, despite some critique on specific marketing choices.
Other entries include Sienna Beauty by Issa Rae, which shows potential but hasn't fully captured the market yet, and Flawless by Gabrielle Union, which lacks strong association with haircare.
Navigating Business Lifecycles
Understanding the product lifecycle is essential for any business. It consists of the introduction, growth, maturity, and decline stages, mirroring the human lifecycle. Each stage is vital—from introducing and establishing your brand to navigating growth and maturity, and eventually addressing the challenges of decline.
Businesses must adapt to market changes, such as minimum wage increases or supply chain disruptions, which can push them into decline. Recognizing where your business stands in its lifecycle enables you to make informed decisions for sustainable growth.
Building Your Network and Talent
A successful career requires a balance between talent and networking. Take the music industry, for instance—artists like Bow Wow, who was groomed by industry veterans, contrast with self-made stars like Soulja Boy. Both talent and network are crucial for success.
Similarly, in comedy, Kevin Hart’s extensive network has propelled him, while Katt Williams’ raw talent highlights the importance of community and support. Prioritizing both talent and network is essential for long-term success.
Join the Community
Speaking of community, join us at our Juneteenth Smoke Sessions on June 15th at Tribal Smoke Shop. This event, powered by the Energy is Currency podcast, promises great music, games, networking, and conversation. Check out BlushBizOnline.com to RSVP.
Conclusion
Remember, the product and business lifecycle are natural processes. Whether you're in the introduction or decline stage, your position is valid and impactful. Reflect on where you stand in the market and how you can evolve.
Thank you for tuning in to this episode of Energy is Currency. For more insights and updates, follow me on Instagram at MBA.Lexi.Show and visit BlushBizOnline.com. Until next time, stay engaged and empowered!
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