As China, the second largest consumer of cosmetics in the world, the future development of the cosmetics market can be described as bright, which attracts various cosmetics brands to compete fiercely for market share in China.
Set low prices and frequent promotions
In view of the low spending power of target customers young women, Perfect Diary has set up low prices and frequent promotions.
In the Tmall flagship store, it can be seen that the most expensive makeup item of Perfect Diary is the China National Geographic 16-color eyeshadow palette, which is 149.9 yuan per set, and the lowest priced single product is the double-headed automatic hexagonal eyebrow pencil, which is 29.9 per set . Taking lipstick as an example, comparing the top-selling lipstick products of various brands, it can be found that the unit price of Perfect Diary is less than 1/2 of the price of most big-name lipsticks.
For a long time, the Chinese cosmetics market has been dominated by international cosmetics brands, and domestic cosmetics brands have struggled to survive in it. However, the dominance of the international cosmetics brands is facing the challenge of a fast-rising Chinese domestic cosmetics brand-Perfect Diary. As a brand established less than three years ago, the Perfect Diary has gained momentum in a short period of time and successfully obtained multiple rounds of financing. Its valuation in 2019 has exceeded US$1 billion, and it has been praised by consumers as "the light of domestic products". Although the competition in the cosmetics market where the Perfect Diary is located is very fierce, the results such as a nearly 50-fold increase in sales within 8 months clearly show that it is growing at an astonishing growth rate.
With such good results, what exactly is the "perfection" of Perfect Diary's marketing strategy? This article mainly analyzes the marketing strategy of the Perfect Diary based on my personal experience and field research.
Aiming at young women seeking individuality
Makeup users are sinking to low-tier cities, young women born in the 1990s have become the core consumer group of make-up, and this group of male consumers is on the rise. Compared with other age groups, the post-90s, especially the post-95s, pay more attention to the concept of consumption that focuses on personalization and convenience, and the previously popular conspicuous consumption has also changed to experiential consumption. The simple pursuit of luxury brands has become a thing of the past, and more personalized products are their choice. The rapid development of the Internet era has also gradually made large-scale standardized products a thing of the past.
The Perfect Diary discovered this change, and aimed at young female consumers who pursue individuality, they tailored new forms of makeup for them in a more flexible way.
Cross-border joint name to create explosive products
Now all walks of life have tasted the sweetness brought by cross-border joint names, and they have joined forces one after another. For target consumers who pursue individuality, the Perfect Diary successively launched eye shadows and lipsticks jointly with the British Museum and the Metropolitan Museum, such as the 16-color eye shadow palette jointly with the British Museum, and the little golden diamond lipstick jointly with the Metropolitan Museum. Once the cross-border joint product is launched, it will not only trigger a wave of purchases from consumers, but also receive heated discussions. These heated discussions on social media, couple with the Perfect Diary strategies in advertising and promotion, will also promote these. The products have become one after another explosive products.
For example, in March 2019, the Perfect Diary cooperated with Discovery Discovery Channel to launch the explorer twelve-color eyeshadow palette to create a more beautiful and wild makeup look. This animal eyeshadow palette became a hot item as soon as it was launched, causing a heated discussion on the Internet platform.
