Level 5 - Bloom
Your industry leadership gives you the ability to predict and create wellness and beauty trends by simply changing your products or branding (e.g. introduce all organic products). You benefit from significant earned media, have strong social followings, and can raise money when necessary. You are an excellent storyteller and extremely adept at marketing. A long history of selling directly to customers means you have a large first-party dataset, which retailers and other brands will find attractive (e.g. Unilever’s decision to purchase Dollar Shave Club for $1 billion).
Innovation may have established your brand initially, but innovation can age quickly as replacement trends emerge. Any brand that has been around for several years can become old and stale to customers who are always looking for the next best thing. It can be difficult to recreate a brand and keep it fresh, especially if some people within your company fail to identify trends in the early stages of their emergence and are reluctant to change.
Blooms face a constant influx of competitors from every corner, and in every channel in which they sell (e.g. Harry’s is sold in Target but now Target has its own store brand, Smartly, that competes with Harry’s). Copycat brands and knockoff brands abound. Wellness brands that adopt new trends may face scrutiny from regulators, and will need to be more cautious.
You are a trendsetting master, and when you introduce a new product or brand the world takes notice. Because you own so much of the market, you have more capital to deploy, allowing you to bring in experts to validate your products and it differentiate them from competition. You can also afford celebrity endorsements, as well as lavish marketing and advertising campaigns.
The Bloom is the rainmaker of the sector, able to create new categories and trends simply by introducing new products. Thanks to the bloom’s deep pockets, they can afford celebrity endorsements, lavish marketing campaigns, and expand into multiple channels. But success also attracts copycats and newcomers seeking to steal away customers with lower price points or trendier products. Failing to innovate is the bloom’s greatest threat.
Level 1 - Seed
You are implementing basic ecommerce and marketing strategies. Your customers can navigate the site, enter the checkout funnel, and securely purchase products. But you have the potential to drive even more traffic and conversions, with some expert guidance.
Level 2 - Sprout
You are implementing more ecommerce and marketing strategies. You are actively acquiring new customers and streamlining checkout.
Level 3 - Bud
You are improving the customer experience by incorporating personalization and allowing for user generated content. You are actively monitoring and improving performance.
Level 4 - Blossom
You are providing more services to your customers inside and outside of ecommerce. Even more marketing and UX improvements are also paramount.
Level 5 - Bloom
You have optimized your store throughout. You are innovating and offering better customer experiences than most.