Any entrepreneur worth his/her salt will know the importance of branding. In simple terms, branding is a procedure of using a word or an image to recognize a business enterprise or the products it manufactures. It is the brands that segregates the competitors from the enterprise and helps the consumer recognize the products. The main purpose of the brand is to generate revenue by making the product or service more visible and desirable to the consumer.
In the cosmetic industry, an exemplary entrepreneur used the concept of branding to turn a corporate entity into a dominate player in the global market. Bill Lauder is no stranger to the world of cosmetics and is the grandson of Mrs. Estee Lauder – the founder of the Estee Lauder Corporation. She started the company in 1946 with her husband Joseph Lauder. She entered the industry with the objective of manufacturing and marketing high quality cosmetic products for women that were safe on the skin. In the beginning, she had just four products to her name. However, the immense success and popularity of her products made her a household name in America. This led to the establishment of the company’s first department store in New York in 1948.
The next fifteen years saw the Estee Lauder Corporation consolidate its dominance in the American market. During this period, the company expanded its existing product line to include skincare, hair care and make up products. The popularity of the products found its way on the shelves of Harrods – reputed departmental store in London in 1960. The following year, the company opened its first international branch in Hong Kong.
When Bill Lauder joined the company in 1986, he was determined to see the Estee Lauder Corporation become a dominant player in the global market. He was responsible for nine premium brands of the company during his tenure. However, through his innovative marketing strategies they became international best sellers. He also introduced many more brands and made them available to a larger international audience.
Customers and critics of the company praised many of Bill Lauder’s innovative marketing strategies like the concept of a store within a store. His personal touch to the online activities of the company made them available to the customers from the comforts of their homes. He also improved the retail and distribution channels of the company. Bill Lauder is the mastermind behind the success of the Estee Lauder Corporation in the international market and set an example for others to follow.