The Lauder family has long been leading the pack when it comes to the beauty business. The Estée Lauder Companies’ executive chairman William Lauder recently spilled on the brand’s plans to transition into the new digital age at the WWD Beauty Summit. Below is a summary of his top tips for dominating the industry as a brand:
1. Don’t be afraid to fail
“First and foremost in a larger organisation, there is more of a fear of failure and that creates caution. So one of the things we try to do in our culture is say it is OK to fail if you are trying something new. Just fail fast and fail cheap.”
2. Be prepared to adapt
“Change is a constant. If you are standing still, you are going backward. We are in a consumer industry and that means you are running up the down escalator. If you stop for a moment, you are going backward. You have to be running faster than the speed of the escalator to make some progress. If you’re not, someone else will.”
3. Don’t underrate the power of social media
“There was a time when the editor was the authority and no one else could have a voice or platform. With the advent of the internet – social media, digital, YouTube and other forms of communication – the notion of authority changed fundamentally and permanently where anybody can be the editor. In many cases, if you look at the raw numbers, [social media stars] are more influential than much of network television.”
4. Don't underestimate the little guy
“We are an industry that has an entire ecosystem dedicated to forming new brands. Barriers to entry are practically zero.”
5. Always look for opportunities to grow
“What’s really great is if the entrepreneurs are motivated not just to create, but to build.”
