Direct from the WWD Beauty Summit: this is gold star advice from Estée Lauder Companies’ executive chairman William Lauder.
The WWD Beauty Summit has just been held in LA. The invitation-only, three-day conference for top-level beauty executives aims to create thought leadership and creative problem-solving within the beauty industry.
A highlight of the event was Estée Lauder Companies’ executive chairman William Lauder’s talk. Who had this kick-starting advice: if you are a company that is standing still, “you are going backwards” he says.
When such an influential, international beauty company such as the Estée Lauder Companies’ moves itself into the digital age, the industry can’t help but take note. Whether you’re a business owner, a niche brand or an international household name, there is something to take away from this advice. Here’s what he had to say:
#1. Understand the power of social media
“There was a time when the editor was the authority and no one else could have a voice or platform. With the advent of the internet – social media, digital, YouTube and other forms of communication – the notion of authority changed fundamentally and permanently where anybody can be the editor. In many cases, if you look at the raw numbers, [social media influencers] are more influential than much of network television.
#2. It’s ok to fail – but do it quickly
“First and foremost in a larger organisation, there is more of a fear of failure and that creates caution. So one of the things we try to do in our culture is say it is OK to fail if you are trying something new…. [There are] things we shouldn’t have done. Just fail fast and fail cheap.
#3. Adapt or die (seriously)
“Change is a constant. If you are standing still, you are going backward. We are in a consumer industry and that means you are running up the down escalator. If you stop for a moment, you are going backward. You have to be running faster than the speed of the escalator to make some progress. If you’re not, someone else will.”
#4. Anyone can be a superstar
“We are an industry that has an entire ecosystem dedicated to forming new brands. Barriers to entry are practically zero.”
#5. The sky is the limit
“What’s really great is if that entrepreneurs are motivated not just to create, but to build.”
https://www.youtube.com/watch?v=UwhvzCFwHdM
http://www.esteelauder.com.au/