The top beauty brands are not only effective at earning customer satisfaction and loyalty, but are also capitalizing on larger portions of the $60 billion industry, according to Forbes. A recent report from brand valuation firm Brand Finance ranked the top earning beauty brands by revenue forecasts, market share, price premium and customer loyalty driven brand strength.
Olay came in first, valued at $11.7 million. It was followed by Avon at $7.9 million, L'Oreal with $7.7 million, Neutrogena with $6.2 million and Nivea at $5.5 million.
"Consumers are loyal to brands because of the trust factor, which is especially important in beauty products," Elise Neils, managing director of Brand Finance USA, told the news provider. "Legacy brands have history and significance across generations, and women are more willing to be loyal to brands that they’re putting on their body."
Forbes explains that Olay is celebrating its 60th anniversary of operation this year and that 41 out of the top 50 brands were the same age or older. Trust can significantly contribute to a company's success and will inspire customers to keep coming back, Forbes explained in a separate article.