Soap & Glory - Competitor Analysis
Benefit and Urban Decay are the main competitors of Soap and Glory in the beauty and cosmetics space. The brands offer the same line of products and are interested in the same target audience (women). More information on the topic has been presented below.
MISSION AND GOALS
- According to Benefit's website, the company's mission is “to turn every gal's beauty from upside down." They also state, "Our innovative instant beauty solutions express our unique DNA through laugh-out-loud names and creative packaging.”
- The company’s goal is to create one-of-a-kind products that solve everyday beauty dilemmas, are fulfilling, and create a laughing atmosphere.
- The company believes that laughter is the best cosmetic. They also believe in "grabbing life by the giggles."
- The company is targeting the younger generation of girls who are at a self-discovery stage.
- Their brand ambassadors are Maggie and Annie Ford Danielson. They go around the world to spread Benefit's message and deliver laughter to girls.
- The company also targets the communities of women who believe that taking care of themselves goes hand in hand with good humor.
TYPE OF PRODUCTS
- Benefit has products in various categories, including face makeup, eye makeup, skincare, and value sets & kits.
- Some specific products of Benefit include bestsellers such as the multi-functional cheek and lip stain called Benetint and the matte bronzing powder called Hoola.
- Facial serum, facial cream, eye cream, face moisturizer, facial wash, toning lotion, makeup remover, facial cleansing exfoliator, and moisture prep toning lotion are some examples of Benefit's products.
- Face primers, brow pencils, brow gel, mascara, cheek palette, eye shadow palette, eye pencil, liquid eyeliners, powder foundation, brightening foundation, and bronzing powder are some more examples of Benefit's products.
- Benefit Cosmetics is strongly positioned in the beauty and cosmetics industry.
- According to Rena Gillen, the director of global public relations and communications at Benefit, the company is the world’s number one brow brand, based on estimated total retail sales in global prestige brow products in 2017.
- Industry experts’ projections showed that Benefit's sales in the brow category could have hit $600 million in the 2018-2019 financial year.
- The company has achieved growth in sales through strategic marketing solutions that appeal to its target audience.
The company maximizes on campaigns that have been monumental in creating more brand awareness.
- In 2018, as a follow-up for its browse campaign, Benefit developed the Programmatic Direct Mail that was focused on increasing online sales conversions of its eyebrow products.
- Mid-campaign results in 2018 showed a 37% uplift in the online sales of eyebrow products with an average customer value of over £40.
- The campaign also yielded an increase of over 28% in engagement levels.
WHY BENEFIT IS A KEY COMPETITOR
- Benefit is a key competitor because it operates in the same industry as Soaps & Glory (personal care/beauty and cosmetics industry).
- Additionally, some product offerings of both companies are the same. They also target the same audience in the beauty and cosmetics space.
2. URBAN DECAY
MISSION AND GOALS
- Operating in the beauty and cosmetics industry, Urban Decay is “committed to challenging the stereotypical notions of beauty by providing women with vegan friendly and cruelty-free beauty products in the alternative makeup colors they crave.”
- Urban Decay’s goal is to inspire beauty with an edge through high-performance cosmetics "in an insane range of shades created by makeup junkies, for makeup junkies."
- The main targets of the company are the women aged 18-35 who heavily engage in online activities, relish their individuality, and dare to express it.
- Urban Decay was specifically targeting young women who wanted more choice and color options.
- The brand is also interested in millennials who are tech-savvy and use the internet and social media very often.
- Some eye products by Urban decay include eyeshadow, eyeshadow primer, eyeliner, mascara, brows, false lashes, and eye brushes.
- Their face products include foundation, makeup setting spray, face powder, blush & bronzer, highlighter, concealer, makeup primer, prep spray, makeup prep, makeup remover, and face brushes.
- Their lip products include lipstick, lip gloss, lip pencil, and lip brushes.
- Urban Decay is considered the number-one-selling eye-shadow brand in the United States.
- The book titled 'Alice in Wonderland Book of Shadows' sold out before it arrived in stores.
- In 2014, Urban decay sold more than five million “Naked” palette (its world-famous product).
- Urban Decay’s strategic marketing involves the promotion of online content through its website and social media platforms, such as Twitter, Pinterest, Instagram, and Facebook.
WHY URBAN DECAY IS A KEY COMPETITOR
- Urban Decay is a key competitor because both brands work in the personal care/beauty and cosmetics industry.
- In the beauty and cosmetics space, the two brands have similar product offerings, and both brands target women.
We started the research by searching through industry publications to find useful information on the major players in the beauty and cosmetics space. After reviewing multiple databases, we found some players listed as the competitors of Soap and Glory. A presentation on a website called Issuu highlighted that Benefit is a major competitor of Soap and Glory. We also found another source that listed the competitors of Soap and Glory, based on the products and price offerings. The competitors in the article included L’Oreal, Maybelline, No.7, bareMinerals, Max Factor, and Smashbox. Although the article is about four years old, we decided to retrieve some useful information from it because the article has also been referenced in recent publications.
Thereafter, we visited each of the competitors' websites and narrowed down our search to Benefit and Urban Decay. We decided to use the two brands in this research because they operate in the same industry, target the same audience, and offer similar products as Soap and Glory. Even after searching across the brands' websites, SEC filings, market reports, press releases, and third-party expert blogs, we were not able to find the financial details of the companies. We concluded that the details are not disclosed for competitive reasons. However, we found some information related to the market performance of the brands from industry publications, market research databases, and credible third-party websites. Since we found the market-related information, product offering, target audience, and working industry of the two brands, we went ahead with concluding the two brands as the main competitors of the Soap and Glory brand.