Experts harp on innovation, succession to grow Nigeria’s beauty industry
Players in the Nigerian beauty industry have been urged to successfully build their businesses with the aim of said businesses living beyond them, beyond a couple of years or season. They were also encouraged to innovate and grow, as any business that doesn’t innovate or move with the times would die.
These and many more were dished out at the 2020 House of Tara distributor’s conference. The conference brought together major distributors, beauty experts and influencers, finance experts as well as the press.
Delivering a keynote address, speaker, trainer and author, Chris Omoijiade spoke on 15 ways entrepreneurs can get and stay ahead when building a business empire including being ready to pay the price for success, how to build a winning team, embracing risk, setting trends, staying fluid and innovative, standing out in a world of many similarities, investing in personal development, leaving a lasting legacy amongst other very important gems.
Artistic director for Nigeria, Maybelline, Bimpe Onakoya spoke on growing trends and innovations in the beauty space when managing a distribution/retail-led business. “To succeed, you have to adapt, evolve, research and innovate your beauty space and your leadership ability.” On how to go about this, she urged attendees to know and understand their target audience, consider store in store approach, pop up retail, social media platforms, sponsored posts, product reviews, giveaways, blogger events and so on. “The beauty industry is always changing, what was in yesterday is no longer in vogue today and to compete favourably, you have to innovate constantly and have your finger on top of things.”
Tundun Aderibigbe, operations director for House of Tara told The Guardian that at the heart of what they do is empowerment and this simply means coming together with someone else and helping them and yourself to do things bigger and better, for the longer term that will outlast you. “Part of empowerment is teaching, sharing and learning and that is what we’re trying to achieve today. We also want our distributors to network and encourage each other. It is also a learning opportunity because we’ve brought people that are running businesses to share what they know and have learnt over time.”
Speaking on beauty trends, Aderibigbe says trends are personal to each individual but are influenced by environmental factors. “Based on our environment, because we’re in harmattan season, anything that protects the face, any beauty product that has good coverage is trending. For the lips, anything that will protect it from the harsh weather like lip glosses and co are hot right now. During the rainy season, we would see more matte stains coming back in because there is a lot of moisture in the air and people want that long lasting feel. Some people also influence trends but mostly, we go with the customer wants as they determine trends.”
On how Nigeria can tap into the multi billion dollar beauty industry, she said they are doing well in trying to achieve this; from their beauty school that trains new artists to empowering micro entrepreneurs so that people can go into their own businesses. “We are not just tapping into something but creating something new with our own Nigerian brand. We are in 16 countries already including Europe and America. Our global story is still being told and we want people to see how we progress with it.”
The conference ended with a panel discussion on succession planning featuring Abasiama Idaresit, Cosmas Maduka Jr, Obinna Anyaegbu, Linda Ochugbua and Kaylah Oniwo.