1 minute read
SWOT analysis
from Beauty Rhythm Business Plan
by AMYCMARSH
SWOT
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. Beauty companies are becoming digitalized and focussing on their online sales more than their in-store retailers. The Covid 19 outbreak of 2020 has caused this process to rapidly increase, meaning the beauty and technology market is becoming oversaturated. This could be of detriment to Beauty Rhythm as they are entering an increasingly saturated market. According to recent secondary research the subscription and membership market is set to “grow by 72% by 2022” (Royal mail, 2019).
.Direct competitors such as look fantastic and Glossybox could adopt the ethos of beauty rhythm.
. The millennial market is the target audience of a large number of memberships and subscriptions so there is more competition for their monthly budget expenditure.
opportunities
. Beauty rhythm mixes the beauty and the technology market. This means that Beauty Rhythm could use digital marketing e.g. YouTube and email advertising to attract their target audience like the indirect competitors rather than focusing on influencer marketing.
. Using this ethos could be strong PR for many beauty brands on the market so there is a possibility for exclusivity deals that would benefit Beauty Rhythm and the brands. . A Hyper personalized platform.
. A newly designed algorithm designed with the user as the teacher.
. Access to exclusive Blogs, art pieces, talks and products.
. An empowering space for you and like-minded people.
. A customisable space.
Weakness
. Potential for other brands to adapt this to pre-existing brands.
. Potential for the brand to be consider just another beauty subscription.
. some consumers may prefer to receive products for their monthly fee.
. Due to the new concept it may be difficult for consumers to use at first.
This would mean ensuring that the webspace is fit for purpose and engages the consumer with unique content that is unmatchable in the beauty industry. There is also a large threat of the oversaturated membership and subscription service market which further shows the need for a focus on the USP of Beauty Rhythm.
