The global beauty and wellness market was estimated to be valued at more than USD1.5 trillion, with annual growth of 5-10%, according to McKinsey.
The perception of beauty has developed over the years, with overall wellness taking center stage. Today, consumers view wellness through a much broader and sophisticated lens, encompassing not just beauty and appearance but fitness and nutrition with overall physical and mental health as a personal goal.
Despite its rise, the industry is plagued with issues. Gimmicky hard selling methods, emotional blackmail and body shaming are common negative tactics used to draw in sales. In the process, these strategies pressure and intimidate the customer, leading to sales but drawing negative rapport for the industry as a whole.
According to the Consumer Association of Singapore, the beauty industry received the highest number of consumer complaints compared to other industries. The industry’s use of aggressive sales tactics, amongst others, was cited as a factor.
Just today, in an aim to shift the industry’s perception, beauty and wellness firm Beauty & Co. held an event titled ‘Selling with Love’, partnering with international speaker and author of the book ‘Selling with Love: Earn with Integrity and Expand Your Impact”, Jason Marc Campbell.
“I believe that we must propagate and share knowledge on the value of responsibility in how we sell, how we market, how we treat our employees, and even how businesses invest their money. This applies to any industry, but is particularly rife in beauty and wellness,” said Jason Marc Campbell.
Speaking at the event, Beauty & Co. CEO and founder Yap Yann Fang said “Hard selling is a major issue in the beauty and wellness industry. The tactics may result in short-term gains, but over time, damage the reputation of the industry at large.
“With pent-up demand returning, this is an apt time to look into this area. Clients today are more vocal and voice their opinions openly. With the rise of ‘reviews’ as a main source of credibility, businesses must prioritize genuine integrity above all else, irrespective of industry.
“We are driving efforts to spread awareness on ethical selling and raising industry standards. To help with this movement, we need to band together with our peers for a larger impact. In spite of the tremendous global market size, we are able to expand so much locally if we do things ethically and raise the standards.
“The principles of selling with love encourage businesses to be strategic about their long term goals in the industry. Understanding their target market and what really attracts the segment will make it for business to build effective products, minus the gimmicks.
“This is complemented by the integration of tools and processes that work for the business. Finally, it is important to be authentic and transparent, and to love what one does, as this will become evident to customers whilst driving revenue,” said Yap.
The industry workshop that was also held today was well attended by industry peers such as aesthetic doctors, dentists, beauticians, hair salons operators, and representatives from pharmaceutical firms.
Since 2020, the Beauty & Co. co-working and wellness centre located in Gardens, Mid Valley Megamall has operated through the pandemic. It has achieved over 60% in revenue and expanded to six outlets throughout Klang Valley by applying the principles of “sell with love”.
As Malaysia’s first beauty and wellness co-working space, Beauty & Co. offers space, and technology in terms of various aesthetic, beauty, wellness machines and trained beauty professionals. Here, beauty and wellness practitioners focus on their strengths while Beauty & Co. helps market their services and provide the necessary structural support such as FDA approved beauty and aesthetic machines.
“We realize that besides sharing the ‘hardware’ of space and technology, we also need to share the ‘software’ of integrity and selling with love with our beauty-preneurs and customers. Whilst we are also on our own learning curve, we hope to start a movement that will have a ripple effect across the beauty and wellness industry, for the better,” added Yap.
