🌟 Brand growth ideas this week

Read Time: 3 minutes

Hello Codebreakers,

Today we're delving into bespoke beauty brands, the rising popularity of Pickleball, innovative beauty retail strategies by Kohl’s and Target, and shifting trends in the gaming influencer market.

Today's Highlights:

• Embracing Purpose in Bespoke Beauty Brands

• Pickleball's Rising Popularity: Lessons for Brands

• Kohl’s and Target's Beauty Retail Innovations

• Opportunities in the Gaming Influencer Economy

Let’s dive in!

Embracing Purpose in Bespoke Beauty Brands

Bespoke Beauty Brands (BBB) CEO Stacey Tank discusses the importance of purpose in driving brand resilience and adaptability.

• Tank highlights the advantages of being a small company in terms of agility and risk-taking

• Purpose-driven businesses are often better equipped to handle economic downturns due to their resilience

• "We should be experimenting all the time" - Tank

💡 What this means for you: Embrace purpose and resilience in your business strategy. Experimentation and adaptability are key to navigating changing markets.

Pickleball's Rising Popularity: Lessons for Brands

Apple's research reveals Pickleball has surpassed Tennis in popularity, offering insights for brand leaders.

• Pickleball's low barrier to entry, including affordable equipment and simple game rules, has contributed to its widespread popularity

• Pickleball's success lies in offering a fresh twist on a familiar experience without alienating consumers

• "Pickleball's success...community contributes significantly" - Inc.com.

 💡What this means for you: Innovate without alienating your audience. Foster a sense of community around your brand to build loyalty.

Kohl’s and Target's Shop-in-Shop Retail Innovations

Kohl’s and Target’s partnerships with Sephora and Ulta Beauty enhance their beauty offerings, impacting holiday sales.

• These partnerships have become integral to their strategies and have had positive impacts on their sales and customer engagement.

• These shop-in-shop collaborations provide both retailers with increased access to a wider assortment of high-end beauty products, attracting new customers and driving foot traffic.

• They also help retailers differentiate their offerings and create a unique shopping experience.

• "Even during inflationary times, [beauty shoppers] need to replenish their lipstick or makeup or cosmetics and skin care. So, we feel like this is definitely a thing that can continue to drive our business during the holiday period." - Jill Timm, CFO of Kohl's.

 💡What this means for you: Consider strategic partnerships to expand your product range and tap into new market segments.

Opportunities in the Gaming Influencer Economy

Economic headwinds lead to opportunities for smaller to mid-sized gaming creators.

• Twitch, YouTube, and esports orgs are reportedly pulling away from big-name streamer contracts and opting for smaller to mid-sized creators instead. This trend reflects a broader shift in favor of micro-influencers across the creator economy.

• Creators who were already not reliant on esports org deals or exclusivity contracts are being rewarded for their focus on developing alternative revenue streams such as brand partnerships, lessons, and books.

• "we’re seeing creators really enjoy working with these brands... So they got almost double the added value, just from creators that were more willing to work with brands." - Head of Luminosity Gaming

💡What this means for you: Leverage micro-influencers for targeted, cost-effective marketing strategies.

Until next time, keep innovating!

-Kofi