The Beauty Industry is full of prestigious work and in high demand. From local to international, with various brands coming up every other day. Falguni Nayar, the founder of the NYKAA brand, started her career as a banker. She worked for 18 years in Kotak Bank. While she visited beauty stores, she realized how big the beauty industry values. At the age of 50, she took a huge risk, sacrificing her career. Today, NYKAA market capitalization is worth 10.6 billion dollars. 55 million people visit their website every month with 1200 products and 6 warehouses across India. They have a presence across the world today and Falguni Nayar is a self-made business woman.
* She shares her story saying,
before starting a business you need to understand the market extremely well. The products which customers want to use, what type of interest they have in beauty products and identifying the market gap are the essential steps towards your business establishment.
* Benefits to customers, an Indian customer is tough and complicated, expects less and cheaper costs with quality. If the customer's needs are satisfied and fulfilled their lifestyle choices, it would create massive growth in business.
*Hard work is the key for success and luck follows back. You can't expect laziness and skipping tasks and there is no alternative for hard work and effort.
* Having a proper strategy and planning is one of the most important points. Proper execution of the business model and what kind of work has to be provided, from team management to product quality, finance to marketing, everything has to be handled well.
* Ability to take risks, as Falguni Nayar took abundance of risk at age 50. Leaving her job and thinking of business, itself was a bold step. Being a woman and entering a space where already big players were doing great, was truly a courageous move.
Marketing strategies
* NYKAA initiated unique strategies like growing organic traffic on their website with editorial blogs and beauty books. They prepared videos to educate people and then sell them.
* Involving Bollywood celebrities, Katrina Kaif, Alia Bhatt and other local celebrities who promoted the brand effectively from villages to urban areas.
* NYKAA has also been involved not only in E- commerce, but in offline stores, mobile applications, websites.
* They never try to send bulk messages or mail to reach audiences, they believe in organic reach out, while experiencing the products. These are a few important choices which made NYKAA become one of the top beauty brands in the world and Falguni Nayar has established herself as an entrepreneur at the age of 50. She proved age is just a number to start a business.
