Marketing plan 5

Running head: MARKETING PLAN 1

Marketing Plan for Lipbalm International

Sample Student

XYZ Community College

MARKETING OVERVIEW

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Executive Summary

Lipbalm plans to launch its first Lipbalm Balm product in the Fall of 2014 with its

original flavor. Once this launch has been successful, Lipbalm plans to launch different flavors

of Lipbalm Balm over the years. Lipbalm will be positioned by the slogan “Beauty products

inspired by real life”—indicating that the brand focuses on real life customers’ needs, wants and

problems in designing their products (What is Lipbalm - About Us, n.d.). Lipbalm will take

advantage of its strong online presence to effectively communicate with its customers and reach

out to more customers with celebrity endorsements and build a loyal customer base. Lipbalm’s

customer segment mainly consists of Millennials and will target similar Millennials who are

looking for quality lip balm with multi-purpose qualities. The primary marketing objective for

the first year is to promote brand awareness, establish a strong social media presence and

customer relationships. This will involve promoting its slogan and highlighting the differences

between Lipbalm and other brands.

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Marketing Plan for Lipbalm Company

This document will cover the complete marketing plan for Lipbalm Company. Topics

included in this marketing plan are the description of the current market, a review of Lipbalm’s

competitors, its marketing strategy and objectives. A SWOT Analysis will be included as well to

help Lipbalm identify its strengths, weaknesses, opportunities and threats.

Current Marketing Situation

Lipbalm is a beauty company founded in October 2014, by Emily Weiss, a dedicated

beauty enthusiast and blogger (What is Lipbalm - About Us, n.d.). When the Lipbalm’s beauty

line was first introduced, it started out with 4 products, but it has expanded to 59 products over

the years (Lipbalm, 2017). Lipbalm is also known to be one of the first makeup brands to be

“born out of social media,” with its minimalist, aesthetic packaging, and the support from many

investors and social media influencers (Lipbalm, 2017). In the most recent year, Lipbalm hit the

$100 million revenue mark with a total of $82 million in funding as well (Mandell, 2018). As the

next step to growing their business, Lipbalm had also expanded their services internationally,

although avoiding countries that require animal testing to stay true to their brand excellence.

Trends in beauty have varied from year to year but skincare and minimalist packaging

were not a part of any of these trends until recently. As the demand for skincare grows and

minimalism continues to be one of the top trends, the demand for Lipbalm continues to grow as

well since it focuses on both. Moreover, as social media has become a big part of people’s day-

to-day lives, Lipbalm focuses on the online business platform where the customers are with 1.5

million views on the website each month (Weiss, n.d.).

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Market Description

The skincare market consists of many different types of products from the basic

cleansers, moisturizers, and face cream to jelly cleansers, exfoliators, face scrubs, face mask,

serums and detoxifiers. Although lip balm does not fall into the “skin care” category, Lipbalm’s

Balm lip balm is a multi-purpose lip balm that would fall into the skin care category. Lip balm is

timeless self-care product that is both a need and a want for customers. The main quality

customers look for in a lip balm is hydration. Other qualities a customer may look for are

packaging design, smell, color, price and brand. Some customers may also look for “all natural”

ingredient, animal cruelty-free products or avoid specific ingredients especially since as the

demand for natural products today rise.

Lipbalm’s Balm market consists of customers who prefer quality over price. For the price

of $18, its lip balm not only offers multipurpose qualities, but it also possesses qualities that

customers may look for such as smell, color, brand, natural ingredients and is cruelty-free.

Lipbalm has established strong relationships with its customers with the help of social media

which offers direct communication to consumers.

Competitive Forces. There are a number of brand competitors currently in existence that have large

followings and customer bases. These sites offer similar products and blogs, though each has their

own individual take. To stand apart, Lipbalm caters to dry climate and includes an increased

focus on health.

Economic Forces. While the average millennial income is low compared with the price of living

$35,592/year (Josephson, 2018), 73% of Millennials state they are willing to spend more of their

disposable and discretionary incomes on products they consider to be “sustainable” (e.g. low in

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chemicals, curtly free, fair trade, etc) than previous generations (Curtin, 2018). In fact,

Millennials place a high value on products that are natural and sustainable. Additionally,

according to Josip Petrusa (an, advertising and marketing professional and member of Brand

Amplitude’s Millennial Marketing Gen Y “Super Consumer” Community)

Political Forces. Currently there are no political forces within the foreseeable future that will affect

Lipbalm, with the possible exception of continued lack climate change regulations leading to

additional people valuing green company practices.

Legal and Regulatory Forces. Currently, the FDA does not require cosmetic products. However, the

FDA does state “Under the law, information on cosmetic labeling, including claims, must be

truthful and not misleading. In addition, if a product is marketed with claims for purposes such as

treating or preventing disease, or affecting the structure or function of the body—including the

skin—it’s a drug according to the law, and it must meet the requirements for drugs, even if it

affects the appearance” (Center for Food Safety and Applied Nutrition). Therefore, it is extremely

important that Lipbalm remain aware of all compliance laws and is also very careful with both

labels on products, as well as claims made in and sort of marketing efforts for the products which

a person uses on their skin or consumes (e.g. bath salts, dry shampoos, toners, etc).

Technological Forces. There are two main technological forces which currently affect — and will

continue to affect — Lipbalm for the foreseeable future. The first is the growing trend of online

shopping, (Fit Small Business states 79% of people already shop online on a regular to somewhat

regular basis (Kanapi, 2019)). While Lipbalm is in cosmetic, it must keep up with the trends as

they occur with regard to online shopping, ensuring customers are able to access the site.

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Sociocultural Forces. In today’s society natural is what’s in. Natural is what’s popular. Natural is

what sells. This is what Lipbalm focuses on, both within its cosmetic products, as well as its

metaphysical ones; getting back to what is simple, reconnecting with nature and the energies of

the Universe. In fact, when it comes to the cosmetic industry specifically “natural” products have

shown an increase of 7% since 2015 — as apposed to only a 2% within the rest of the cosmetic

world (Raphael & Raphael, 2017). Furthermore, Millennials are arguably the generation that is

most concerned with health (bodily and planetary) and mental wellbeing. According to a report

published by the Glass packaging institute, “Over 80 percent of Millennials say that being eco-

friendly improves their quality of life, and three-fourths actively look for changes they can make

in their home and lifestyle to be greener” (Glass Packaging Institute). Therefore, in promoting

products and content geared towards a healthier, simpler, more naturalistic lifestyle, Lipbalm is

keeping with the sociocultural trends of its target market.

Product Review

Lipbalm’s Balm is a lip balm that possess all of the following qualities

• Soothing

• Moisturizing

• Conditioning

• Long-lasting

• Hypoallergenic

• Paraben free

• Cruelty free

• Organic

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• Includes antioxidants

• Nourish, repair dry, chafed skin

• Tint, sheen, shimmer or colorless

• 6 different flavors (Cherry, Mint, Coconut, Rose, Birthday Cake or original)

Competitive Review

As lip balm is a timeless, necessary self-care product, Lipbalm’s Balm has quite a

number of competitors. Within the product field of lip balm itself, lip balm can be found in

different packaging styles such as tubes, tins and even spheres with different types such as solid,

gel or oil. The basic lip balm has also evolved to include qualities like tinted, scented, shimmer,

SPF and even color changing lip balm over the years. As different product variation types

developed, new brands like Lipbalm and Winky Lux has become prominent in the lip balm

market with its new, unique twist to lip balms. Although cult-classic drugstore brands like

Carmex, EOS, ChapStick, Burt’s Bees and Vaseline has its loyal base of consumers, new brands

like Lipbalm, Winky Lux and Milk Makeup has become prominent in the lip balm market as

well with its new unique product variation types.

• Burt’s Bees: Founded in 1984 as a partnership between a candle maker and a

honey stand owner, Burt Bee’s is a brand that focuses on all-natural

ingredients and sustainability with its cruelty free formulas and sustainable

packaging. They also offer tinted lip balms, a variety of flavored lip balms, lip

scrubs, masks, oil and creams. A new service they offer is personalized lip

balm where customers can choose a flavor, quantity and add a personalized

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message and personalized gift package where customers can choose a

packaging design, the products to add it in it and a message. Burt’s Bees had a

total of $133.2 million sales in 2018 and 18.5% in sales share.

• Vaseline: Founded in 1870 by Robert Chesebrough, and American chemist,

Vaseline has been in the lip balm market for 140 years. With petrolatum as its

main ingredient for its lip care products, Vaseline provides its customers with

dermatological care for dry skin and lips. Vaseline’s Lip Therapy was

originally sold in a round tin packaging and can be found in 4 different flavors

but developed a new packaging style for its Lip Therapy, similar to its original

healing jelly, which is sold in 4 different flavors as well. Vaseline had a total

unit sale of 470 million in 2016 with 3.9% in sales share and can be found in

both drugstore and department stores.

• Carmex: Founded in 1937 by Alfred Woelbing, Carmex has been in the lip

balm market for 82 years. Carmex is well-known of its ability to treat cold

sores and dry chapped lips as well. Carmex lip balm is offered in 5 different

variation types and in 3 different packaging designs as well as many different

flavors. Although revenue figures are not available to the general public,

Carmex is reported to have an annual unit of 80 million with 7.8% in sales

shares.

• Winky Lux: Founded in 2015 by Natalie Mackey, a serial entrepreneur,

Winky Lux is a cruelty-free product with toxin-free ingredients and no animal

testing. With its color changing lip balm and aesthetic product style, Winky

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Lux’s lip balm quickly appealed to many customers and built a loyal base.

Offering 7 different lip balm options, whether it’s glittery, tinted or color

changing, Winky Lux has changed the way people see ordinary lip balm. In

2017, Winky Lux had more than $10 million in annual revenue and can be

found online or in big cosmetic stores like Sephora.

• Milk Makeup: Milk Makeup is founded in 2016 by cofounder Mazdack Rassi,

a beauty and fashion editor, Zanna Roberts Rassi, an E! news correspondent,

Georgie Greville, a creative director and Dianne Ruth, COO. Milk Makeup is

“cruelty-free, paraben-free and 100% vegan” high-end makeup line that

focused on skin care as well (About Us, n.d.). Despite only starting its

company recently, Milk Makeup has produced fan-favorites and received

several beauty awards for its products. Milk’s Makeup Kush Lip balm comes

in a simple, white, tube packing and is offered in 5 different shades. Although

revenue numbers are not available to the general public, Milk Makeup

continues to grow and establish its online presence. It is mainly found in big

cosmetic stores like Sephora and online.

Despite a number of strong competitions, Lipbalm has already successfully established a

strong brand image and an online social media presence. The brand offers a cruelty-free,

paraben-free, organic lip balm that possesses multi-purpose qualities and with 6 different flavors.

By already being able to build a strong, loyal customer base with several celebrity endorsements,

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Lipbalm has become an exclusive, luxury product which appeals to a certain segment of

customers.

Channels and Logistics Review

Lipbalm’s Balm will be distributed through an exclusive distributor to a limited number of

dealers. This strategy will not only avoid head-on competition with cult-classic drug store brands

but also contribute to the exclusivity of its product. Although, Lipbalm’s products are currently

only available on its website online and in 2 of its flagship stores, Lipbalm hopes to expand to a

limited number of dealers. These dealers mainly include:

• Beauty retail stores: Beauty retail stores such as Sephora and Ulta.

Distribution to these cosmetic retail stores will allow Lipbalm to expand its current customer

base while maintaining the exclusivity of its brand. It will allow an easier availability to

Lipbalm’s product because Sephora and Ulta are both beauty retail stores with several location

across the state and internationally (Sephora) compared to its current availability online and in 2

stores.

SWOT

Lipbalm’s Balm had several strengths all of which can be utilized to increase

sales and customer satisfactions. However, in Table 1 there are also some weaknesses, the major

ones being price and availability in stores.

Table 1

SWOT for Lipbalm

Strengths Weaknesses

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- Established brand

- Multipurpose qualities

- Natural ingredients

- Cruelty & Paraben free product

- Attractive, minimalist packaging

- Established social media presence

- International presence

- More expensive than regular lip balm

- Not as convenient as lip balm stick

- Not available in stores

- Pop up stores only in 3 states

- Lightly colored

Opportunities Threats

- Higher demand for natural ingredients

- Increase in quality over price

customers

- Increase in online businesses

- Competitors with more affordable

prices

- More convenient stick lip balms

- Quality lip balms at cheaper price

Strengths

Lipbalm Balm can rely on its strengths:

1. Established brand: Lipbalm is a high-end established brand among not only

ordinary people but also model, celebrities and beauty blogger.

2. Multipurpose qualities: Unlike most lip balms, Lipbalm’s Balm offers more than

one uses for its lip balm, from cuticles to rough patches.

3. Natural ingredients: As natural, and organic products are in high demand today,

Lipbalm’s Balm is one that has natural, organic ingredients.

4. Attractive, minimalist packaging: Lipbalm’s minimalist packaging not only

attracts the eye but is also perfect for an aesthetic Instagram picture.

5. Established social media and international presence: With the promotion help

from Instagram stars and direct communication with its customers, Lipbalm has

established a prominent social media platform.

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Weaknesses

1. Cost: Lipbalm is a high-end, established brand which makes it much more

expensive than ordinary drug store lip balm and some people might question if it

is worth its price.

2. Less Convenient: Lipbalm’s Balm is a cream in a tube, instead of ordinary stick

lip balm which makes it less convenient.

3. Not available in stores: Lipbalm is mostly an online business with very few pop-

up stores. For people that don’t shop online, this is a problem.

Opportunities

1. Higher demand for natural ingredients: As more people search for organic,

natural products, Lipbalm becomes a great option due to its qualifying

ingredients.

2. Increase in quality over price customers: Lipbalm’s Balm is a product with many

qualities that is worth its price so for customers who focus on quality rather than

price, Lipbalm is a great option.

3. Increase in online businesses: As online businesses become more popular, there

have been store businesses that went out of businesses as a result. However,

Lipbalm do not have to worry about the change from in-store shopping to online

shopping.

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Threats

1. Competitors with more affordable prices: There are threats to customers going

for cheaper drug store brand lip balms rather than high-end pricier Lipbalm lip

balm.

2. More convenient stick lip balms: Lipbalm’s Balm is a cream, which means that

people who prefer stick lip balm have lower chances of trying Lipbalm’s Balm .

3. Quality lip balms at cheaper prices: In the lip balm market, there are other brands

that might offer the same quality, or even better quality than Lipbalm’s Balm and

at a cheaper price.

Objectives and Issues

Lipbalm has set important, attainable objectives for its first and second year of business.

First-Year Objectives

During the first year, Lipbalm aims to first promote brand awareness among its future

customers. Not only that, establishing a strong social media presence and building great

customer relationships are important as well. Lipbalm also plans to promote its slogan and

highlight the difference between Lipbalm and other beauty lines.

Second-Year Objectives

During its second year, Lipbalm will release new beauty products and offer a wider range

of skin care products. These new beauty products and skin care products will be new and unique,

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separating it from other brands. Lipbalm also hopes to expand its customer base by its second

year.

Issues

The main issue Lipbalm would face is the higher percentage of people that consider price

a liability when purchasing products compared to people who prefer quality over price. Lipbalm

is a high-end beauty line that is worth every penny spent on its high-quality products. The main

problem would be enabling people to see its worth and convincing them that Lipbalm’s quality

of product makes the price worth it.

Marketing Strategy

Lipbalm’s marketing strategy will involve sending its message, “Allow women to look

like the best version of themselves, not an aspirational version of someone else,” by relating to

its customers on a personal level (What is Lipbalm - About Us, n.d.). Lipbalm will also establish

a greater online presence and focus on online marketing as it is found online and very rarely in-

stores. The primary target segment is Millennials, composed of late teens (ages 15 to 18) and

young adults (ages 19 to 38). However, Lipbalm would specifically target customers aged 18 to

35. Subsets of this customer base includes influencers, social media stars, beauty bloggers,

makeup artists and people who buy makeup products promoted by said subsets and trends.

Positioning

Lipbalm’s positioning will focus on giving customers both skincare and beauty while

introducing products “inspired by real life” (What is Lipbalm - About Us, n.d.). This allows

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Lipbalm to differentiate from other brands because its lip balm has multiple properties and at a

larger size compared to other alternatives. With multi-purpose qualities and at a larger size,

customers get the most out of the money spent on Lipbalm’s lip balm.

Product Strategy

Lipbalm’s Balm will attract customers looking for a high-end, largely-sized, multi-

purpose quality lip balm at a decent prize. As the demand for the Lipbalm’s lip balm increases,

more flavor varieties will be introduced as well and additional qualities will be added. Another

possible option would be to introduce Lipbalm’s Balm at a smaller size or introduce stick lip

balms.

Pricing

Lipbalm’s products will follow a Value-based pricing strategy. With Lipbalm’s brand

reputation as a high-end brand with superior quality and cruelty-free, paraben free and natural

ingredients labels, Lipbalm will attach value-added features to differentiate their product from

other products which supports their higher prices. The regular price for a 0.15 oz lip balm would

be between the low-price range of $1-$3 whereas Lipbalm’s 0.5 oz lip balm is sold for $12

(What is Lipbalm - About Us, n.d.). Since Lipbalm will not be distributing its products to stores

like Target, Walmart or drugstores and even beauty retail stores, this will allow Lipbalm to set

their prices higher than the normal range for similar products.

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Distribution Strategy

Although Lipbalm currently is not distributed anywhere else but is only found online and

in 2 of their flagship shores, Lipbalm will follow an exclusive distribution strategy with big

beauty retail stores. This strategy will involve distributing their products to big beauty supply

stores like Sephora and Ulta. However, since Lipbalm is distinguished as a high-end brand,

Lipbalm can also choose to only distribute their product to Sephora to maintain its exclusivity

since Ulta offers a range of some high-end brands as well as drugstore brands. Because

Lipbalm’s brand come from its exclusivity, it is unlikely that Lipbalm will expand its customer

base to a different segment of customers but rather continue to only make their products

available on their website and in 2 of their flagship stores. Although if they wish to expand their

customer base to the same segment of customers, Sephora is an option.

Marketing Communication Strategy

Lipbalm will focus on online advertising, primarily its online website, instead of

traditional paper advertising due to its bigger online presence. Lipbalm will also focus on

establishing its social media presence on several social media websites. Moreover, Lipbalm will

also take advantage of its email subscription and keep subscribers up to date on new products,

sales and promotions.

Market Research

To maintain its strong online social media presence and direct communication with

customers, Lipbalm will keep up with trends to make advertising, promotions and products

relevant to current trends. Lipbalm will also research customers’ needs and wants and create

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products to meet these demands. Not only that, Lipbalm will also continue to focus on

relationships with customers and build a strong customer base in the process.

Action Programs

Lipbalm Balm Dot com was introduced in 2014. The following are summaries of action

programs that were used in the recent years.

2014: In fall of 2014, Lipbalm introduced their original Balm as well as 3 other products

on its website. The success of this launch generated $8 million in additional funding for

Lipbalm

2015: In summer of 2015, Lipbalm launched a coconut edition of their balm dot com as

well as other products.

2016: In summer of 2016, Lipbalm introduced 3 more editions of its balm dot com:

Cherry, Rose and Mint.

2017: In summer of 2017, Lipbalm collaborated with the award-winning Milk Bar

Bakery and introduced a new balm dot com flavor—birthday cake.

2019: In spring of 2019, Lipbalm recently introduced mango as a new balm flavor.

Budgets

The Lipbalm marketing is $15,000. Lipbalm started out its company with the owner as the sole

employee. The average cost start-up cost and product development would be approximately

$5000 for one product line. The business expenses can be $2000 or lower and the advertising

expenses can be anywhere between $500 or less since Lipbalm plans to advertise their products

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paper-less and online only. This could cost about $700 to launch an official website. Moreover,

ingredients can cost anywhere between $0.10 to $3 per pound with an additional $1 per unit for

packaging costs. Depending on the units purchased, the minimum being 500-1000 units, Lipbalm

can reduce its costs to $2-$3 per unit if the units are purchased at a greater amount. The

additional costs Lipbalm will have to consider as well are hidden product development costs

such as safety testing, formula development, etc. Other cosmetic business costs include

insurance, marketing & sales, permits and license which can cost $5000 or more.

Controls

Lipbalm will implement tight control measures to closely product quality, brand image

and customer service. This will allow Lipbalm to improve their products and customer service

especially since customers are able to communicate with Lipbalm either through their website,

email or social medias. Since Lipbalm looks closely at satisfying customer’s needs, customers

being able to communicate with Lipbalm through several platforms will help them greatly.

Lipbalm also hopes to attract more customers by establishing a strong online presence as well as

continue to establish its credibility from celebrity endorsements. Moreover, customers will also

be encouraged to leave reviews on its websites, email them or on social media so Lipbalm will

be able to determine the areas they need improvement on, as well as the areas they are already

good at.

Conclusion

In conclusion to Lipbalm’s marketing plan, Lipbalm has an effective plan for the

company to achieve its goals. Lipbalm will continue to prioritize customer satisfaction and

producing quality products which will contribute towards the current company’s growth as well

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as future growth and provide a path to success. Lipbalm will continue to focus on providing

customers with the best quality products that fall along the line of their needs and wants as well

as utilize customers reviews and feedbacks to find areas of their service and products that calls

for improvement.

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