Data is the key to understanding your customers. This is particularly true in the beauty industry, where trends evolve and change daily. In what was once a linear, far more simple world, the big brands reigned supreme with expensive, glossy print advertising; nowadays we are all online and there are hundreds of beauty vloggers, commanding millions of views for their tutorials creating a very complex marketplace. By studying these trends – logging the likes and recording the retweets – beauty brands are able to create products that appeal to their customers and thus make more profitable choices. However, the challenge remains for those frontline decision makers – who are not necessarily expert analysts – to make meaningful sense of all this digital noise, and this is where WISE ANALYTICS steps in.
‘After 15 years in the IT services business, I decided it was time to get back into the family business which specialises in analysing data’, says WISE CEO Christian Eckley. ‘The UK beauty industry is worth £17 billion and with the proliferation of social media sites such as Pinterest, YouTube and Instagram, shoppers (particularly the younger ones) are far more informed than ever before. The days of viewing an advertisement, going into a store and simply buying the item are long gone. Our software offers a 360° view of the entire industry, from brands and product lines to individual SKU’s, thus enabling the client a way to navigate this new paradigm and deal with the sheer volume and variety of data that is available to them. Such is the success of this service that it is already being adopted by other players; for example, publishers and media agencies.
In a sense, we are matchmakers. We have a portfolio of solutions that collect online and offline data which we then analyse using a mixture of proprietary tools, technology and sector expertise. We connect brands to publishers and media within the industry and ultimately brands with the consumer’.
Indeed, WISE is already metaphorically matchmaking an astonishing 80% of the UK beauty market, and their client list reads like a beauty Who’s Who, including blue-chip international names such as L’Oréal, Estée Lauder, Elizabeth Arden and Coty. They offer two unique products: Media View and eCommerce View, which are delivered via a proprietary SaaS platform. These monitor and analyse all relevant print, online and social data thus enabling their clients’ PR and Marketing and Sales and Pricing teams to optimise their marketing and advertising spend. Because they track all leading brands in the beauty industry – regardless of whether they are a WISE client or not – they have become the industry benchmark for beauty PR and communications.
These clients are now pressing WISE to expand their highly scalable product into other territories. Currently they are available in Australia, New Zealand, Germany, Ireland and the UK; their primary international focus is now on the rest of Europe and the US. They will continue to explore the use of AI to drive efficiency, either through organic development or external acquisitions should it benefit the business.