From going through an incubation phase as a startup through Memebox to securing over $29M in funding, Memebox looks set to take on the global market after successfully expanding from Korea to the United States.
Just how did word-of-mouth play a role in Memebox’s growth?
1. Targeting a niche audience by providing up-and-coming Korean makeup brands
The appeal for Asian beauty products, especially Korean cosmetics, was a global market that was ripe for establishing a loyal customer base.
To take advantage of this growing demand for Korean beauty products, Memebox established itself as a prime platform where customers can discover and try out the newest Korean branded cosmetics in the market.
By riding on the wave of the booming Korean skincare market, their success in securing seed funding through Memebox helped to put them on the map with a feature on TechCrunch as they were the first Korean company to achieve such an achievement through the Y Combinator accelerator program.
Within just two years after their launch, Memebox secured a whopping 260,000 South Korean subscribers and 10,000 American and Canadian subscribers to the service!
2. Leveraging the power of Youtube influencers, especially those that are known for Korean-style makeup
Making a good impression is always important. In order to sustain that momentum, however, collaborations are key.
Memebox’s current slate of brand partners like Pony (Korea’s leading beauty vlogger) and Cho Sung Ah (popular go-to celebrity makeup artist in Korea) help the brand to reach out effectively to the masses and remain visible on the market radar.
Sometimes investing in SEO and analytics alone won’t be enough. To effectively reach their intended audience faster, Memebox partners with YouTubers who specialise in fashion blogging and those who do makeup guru tutorials.
Memebox partnered with fashion YouTubers like BeautyNewsAngelica, HeyItsFeiii and many more by sending them samples to review and unboxing on camera. On top of that, they feature a selection of these videos on their online store and their official Facebook page which has over 520,000 fans.
By connecting with brand ambassadors and YouTube fashion vloggers to spread the word, Memebox generates a sustained interest in its product line.
This in turn leads to the continued momentum of consumer-driven interest for the brand while it continues on its goal of dominating the global market.
3. Pushing out regular exclusive deals and special themed boxes for fans on social media
No one can resist quality discounts for quality products! Memebox employs a line of FOMO (Fear Of Missing Out) Promos on their site which encourages users to check the site often to nab discounts which will expire within a specific time frame.
Not at home to check the website on your computer? Use the Memebox app and track the latest deals right on your phone!
Memebox also broadcasts special promo codes or discounts on their Instagram which can only be redeemed via the app, thereby encouraging word-of-mouth to grow about their special deals and their exclusive app.
Along with that, Memebox also makes custom themed boxes which come in a variety of styles to suit a variety of needs. From the aptly named Bling Bling Box (which promises to make you feel like a million bucks), to a Hope Girl Box (which will make you discover your inner beauty), to an April Showers Box (which will leave your skin feeling totally refreshed), the number of themed boxes is endless!
Through their regular offerings for the community, Memebox ensures that its customers are pampered and spoilt for choice. The company presents itself as a quality vendor that is worth the investment and provides more value for money in the eyes of potential customers.
From a startup wunderkind that has since leapfrogged its way into a growing global success, Memebox looks set to roll ahead in bringing K-Beauty to the world.
So, to sum up, Memebox achieved their success by:
- Aiming towards a niche in the beauty-box market
- Making great use of YouTube partners and popular make-up gurus to push for their box
- Using social media to push out exclusive promotions
- Creating themed boxes to appeal to every customer’s need