Using MIRA BEAUTY IQ For Consumer Research and Understanding

Hey folks, Jay here. I'm the CEO of Mira Beauty and I'm excited to demonstrate today Mira Beauty IQ, which is our new intelligence and data analytics platform for our partner brands. What we're gonna do is we're gonna walk through a pretty simple flow you can do on this dashboard that helps us answer some questions we might have about consumers, what their shopping behaviors are, and sort of what their general engagement looks like in the world of beauty. And hopefully we can leverage this to our advantage as brands in order to better serve our customers. Better understand them. So to start off, what we're going to do is we're going to look from the lens of a category to understand what consumer behaviors are surrounding that category, because we think this is a really insightful way to understand consumer behavior. So select a category. Well, I'm going to go ahead and look at the top categories within makeup. And here you're going to see the most viewed categories by makeup. So it looks like foundation makes sense. About 17% of all views within the makeup category happen in foundation. Lipstick, eye palette, concealer, this seems to make sense. But as lip gloss brand, let's say that I am most curious to learn about what lip gloss consumers end up doing. So here I've gone ahead and I've selected lip gloss by clicking on it. And here we're going to see which brands the customers are most engaged with that sell lip glosses. So this is kind of interesting. Looking in here, I see that there's one brand that seems to have the majority market share, or at least a plurality. Essence, makes sense. Fenty Beauty, looks like Fenty has about 5% of the total view share on mirrorbeauty.com. That makes sense. I know they have a Lip Luminizer that's very popular, and I believe it shows up as one of the top lip products on our search pages. But this is kind of interesting to me. I want to learn more about Essence because they seem to, you know, have gotten the top market share. Let's try and see if we can understand why they've been able to get there and what the consumer behaviors are surrounding Essence. So here are the most viewed products in lip gloss on mirrorbeauty.com. And this is, this is a sort of brand view, and you can think of this as specific to a product. And okay, well, it looks like the top viewed product, which accounts for almost 6% of all lip gloss views on our platform, belongs to Essence. That makes sense. Looks like the next one is Clarins. Kind of makes sense. Like I mentioned earlier, here's this Universal Lip Luminizer. And looks like if we keep going here, there's another one from Essence. Good for them. So it looks like, you know, they, they've nabbed a couple of those top spots. That would seem to explain why they have a high view share. And it's also really good to know, I believe these, these products are super cheap. And maybe it would be interesting to also segment this by luxury versus drugstore. And that's something we can, we can get to later. So now, an interesting thing for us to look at is, you know, if people end up buying this product, what is the conversation surrounding this product that leads people to believe that this is the right product? You know, what are people saying about lip glosses that leads people to believe that, oh, it's worth buying the Essence Shine Shine Shine lip gloss? Well, here what we've done is we've analyzed over 15 million reviews to extract the topics that people are talking about in those reviews. And these are the same reviews that you'll find on our website, you know, aggregated from— at this point, I think it's like 30+ different sources. So we really have sort of an aggregate view of what's going on. And we can see that, you know, over 63,000 times somebody has mentioned that a product is not sticky when they're reviewing a lip gloss product. And a bunch of them mention lip hydration, long-lastingness. I probably would've thought that long-lastingness would've been tough, but that's good to know. This sort of demonstrates, you know, the level to which people care about these different things when they, or these are the dimensions on which consumers seem to be analyzing these products. So for this product, I'm kind of curious to understand, okay, how does this product rank along these dimensions? What I can do is I can go view it on mirrorbeauty.com. And I can see, hey, people seem to think this product is not sticky. Somebody on Ulta, for instance, has said, my favorite product, it's my go-to lip gloss. I always hated that sticky feeling lip gloss, but this one doesn't, dot, dot, dot. Cool, okay, well, it seems as though this product might satisfy that need. What beyond that? Hydrating lips. See, hydrates lips, makes sense. Looks like, uh, so shiny, not sticky at all, moisturizing. So it hydrates lips, makes a lot of sense. Uh, you know, it seems as though consumers seem to be saying the things that other people are looking for when they are trying to shop this product, which would stand to reason that this ends up being the, the top product. So good for Essence for optimizing for those dimensions that consumers actually end up caring about. So we've gotten to the bottom of that mystery, uh, you know, pretty interesting outcome. But the last thing that we put in this first version of the dashboard that I thought would be pretty interesting is if we look at the people who are viewing lip gloss products, there's obviously a market opportunity there. To go after the other brands that they shop when they shop for lip glosses. So maybe, you know, you know, the people who end up buying Essence particularly, you know, don't find a mascara that's at their price point because there's not an equivalent. Let's say, you know, hypothetically. Well, you'd want to know beyond mascara, what other categories are the people who buy Essence products looking at? Or, you know, here we're doing it predicated on a subcategory of the people who are looking at lip gloss. What other categories are they shopping for? And this might help me understand, you know, what sort of other categories should I expand my brand into in order to continue serving the same consumer? This is, you know, pretty interesting outcome. I know that foundation is one of the top viewed categories overall, and this accounts for about 11% of the total views of people who have previously viewed a lip gloss product. But then you also see here, eye palette, makes sense. You know, this is a color cosmetic product, these two are complexion products. So it seems as though the consumer who used lip gloss is leaning a little bit more into complexion and color, although we do see moisturizer, a, uh, a skincare product, popping up pretty high here. So this is pretty interesting, and I'm sure it would differ pretty heavily from, you know, let's say if you were to look just at consumers who had come and viewed foundations on mirrorbeauty.com. Yeah, interesting. So you end up seeing that the vast majority of these people's views end up being of foundation products, and then concealer follows and moisturizer soon after. Cool. So this has been a whirlwind tour of what you can expect on the Mira Beauty IQ intelligent beauty platform. We'll go ahead and distribute credentials to all folks who have access currently, and we would like to enthusiastically source any feedback you have from us. If you have questions about other insights we might be able to surface from the data that we have access to, That's something we're very excited to do. We want to work with you here in partnership and make sure that you have answers to your questions and you're empowered to make a very impactful brand that really speaks to the consumers that we have on our platform today. So thank you so much. Let me know if you have any questions. Go ahead and email me at j@mirrorbeauty.com. And it's a pleasure working with you. Thanks so much.