In almost every industry, many idealistic visionaries want to change the world with their entrepreneurial skills. However, only a few of these entrepreneurs can actually realize their dreams because they are focused on how their lucrative ideas will work in the market environment. Successful entrepreneurs will foresee all the obstacles and challenges in their path so that they can resolve the issues and alleviate the risks. All pragmatic entrepreneurs will have a vision of where they want to take their organizations and make it their mission to get them there. In the global cosmetic industry, the pragmatic ideas of one exemplary entrepreneur transformed a company and an entire industry.
Bill Lauder comes from a family of entrepreneurs who have left their mark on the cosmetic industry. His grandmother, Mrs. Estee Lauder, a humble and exemplary entrepreneur in her own right founded the Estee Lauder Corporation with her husband in 1946. At that time, she wanted to manufacture and sell a new product line of high quality cosmetics for women that were safe on their skins. She entered the cosmetic market with only four high quality products to her name. However, the immense success and popularity of her products among her customers made the Estee Lauder Corporation a household name in America. This led to the establishment of the company’s first departmental store in New York in 1948.
Within a short span of fifteen years, the company dominated the American cosmetic industry. During this period, it diversified its product line to include skincare, hair care and make up products. It also included a section on men’s personal care items. The popularity and success of the company’s products found they way on the shelves of Harrods – a prominent departmental store in London in 1960. The following year, the company opened its first international branch in Hong Kong.
When Bill Lauder joined the company in 1986, he was determined to make the Estee Lauder Corporation a name to reckon with in the global arena. Many of his innovative marketing strategies were instrumental in the immense success of the company’s nine premium brands in the international market for which he was responsible.
Many of the company’s customers and critics appreciated and acknowledged many of his innovative promotional and marketing strategies. The concept of a store within a store was one of Bill Lauder’s most popular marketing strategies that change the cosmetic industry in many ways.
Bill Lauder’s innovative strategies and personal touch also revolutionize the online activities of the company. For the first time, people could order the company’s products from the comforts of their homes. He also streamlined the retail and distribution channels of the company. The Estee Lauder Corporation owes much of its success in the global market to pragmatic ideas of Bill Lauder.