Spotlight: Set Your Beauty Brand Up For Success With RaceFit™
05/05/2020 by The Red Tree
At The Red Tree, we have seen first-hand how dynamic the beauty industry has become. There are more new brands launching than ever before, trends move at lightning speed and social media has lowered the barriers to entry and created ever changing ways of communicating directly to consumers. The rapid growth of e-commerce and the increasing number of alternative routes to market continues to challenge the traditional retailers.
In addition, the Corona Virus has presented a multitude of new threats while at the same time presenting opportunities for brand owners and principals to reflect, tweak operations and strategise actions to ensure their brands survive, and even thrive, during the current situation. Now more so than ever, making sure that your beauty brand is “Race Fit” will put you in the best possible position to succeed in the current challenging environment and to be fully prepared to prosper when we enter the new normal.
The Red Tree’s proprietary RaceFit™ questionnaire is a unique set of 49 questions that are specially designed to assess your beauty brand’s fitness for market. The questions are divided into 7 individual sections, each of which represents a building block crucial to a beauty brand’s success. RaceFit covers The Brand, Business Planning, Product Development & Packaging, Manufacturing & Logistics, Marketing & Communications, Retail Strategy and Post-Launch.
The questions within The Brand section look at the brand story and whether factors such as brand values and target consumer have been considered. Business Planning asks questions about financing and investment while the Product Development & Packaging section probes the new product development plan and sourcing of packaging. Manufacturing & Logistics evaluates whether any help is needed with warehousing, dispatch, and order fulfilment. The Marketing & Communications section investigates social media and how best to create brand awareness. Retail Strategy explores how the brand is/will be brought to market and the Post-Launch section explores the activity and support in place that will move the brand forward and build long-term success.
The RaceFit™ questionnaire takes 25 minutes to complete and feedback is immediate. A RaceFit™ report is instantly generated through a complex algorithm powering an overall score, scores for each individual section and detailed advice on areas of specific weakness. RaceFit™ is specifically designed for start-ups and brands within the first 3-5 years of their life cycle but is also appropriate for brand principals of mature brands who want to assess their business’ fitness. It provides an opportunity for honest self-reflection and can uncover areas that may have been previously overlooked. The Report provides a fascinating glimpse at where your brand is on its journey to success and valuable industry insight into the key areas requiring further development.
RaceFit™ provides a unique starting point for our conversation with you and delivers a road map on how best we can work together. It can be used regularly to evaluate development and identify areas that require further work. Completing RaceFit™ is enlightening, illuminating and free of charge. We would be delighted to discuss your RaceFit™ Report with you.
The Red Tree will soon announce details of an advanced RaceFit™ programme that will involve personlised mentoring through each of the stages over a period of weeks. Keep an eye on our social media for further details.
The Red Tree is the UK’s leading international beauty brand consultancy and a powerhouse of ideas, insight and inspiration. For an informal discussion on how we might help you, please contact us.
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