This past Wednesday, Estee Lauder Companies announced that it would be dropping its Estee Edit brand from its portfolio.
The Estee Edit was launched last year with a goal of attracting millennial consumers. By investing in brand-ambassador Kendall Jenner to lead the line and using a trendy appeal, Estee Lauder had evidently set a goal to draw in the younger demographic. The decision by Estee Lauder to drop the line comes after the company discovered it was able to attract younger customers with its main brand, deeming the Estee Edit line to be unnecessary.
While the discontinuation of a line backed by heavy marketing dollars may appear as a failure to some, it presents a major learning opportunity in brand marketing. As marketers, it is easy to create customer segments, but a lot more difficult to understand the depth of those segments. Consumers can no longer be classified by demographics, but rather it is vital to go a step further to integrate psychographics into the research.
As marketing research demonstrates, ‘millennial’ is now only an umbrella term for a diverse group of individuals with unique tastes, experiences, and needs. A commonality this group does share is their preference for brands to be more authentic. Being authentic is not just about driving engagement, but rather about creating a differentiated experience. It’s that tailored made experience which allows millennials of all walks of life to connect with brands in a way that is meaningful to them.
Building a unique brand experience takes time. The time and attention Estee Lauder has dedicated to its main line is a formula which allows the brand to create a more harmonious experience for consumers, which a year young line may not have easily replicated. Estee Lauder’s decision truly is more strategic than a failure in allowing the brand to better examine its customers and their unique needs. Innovation is vital, but innovation without a deep understanding of your market is simply a half-baked strategy.
Source: Daily Mail