Bare Escentuals - The Power of Purpose

TL;DR

Bare Minerals is innovating and reinventing their Get Started Kit, a declining product that was once highly successful, by researching customer feedback and incorporating a new product that appeals to a wider age range.

Transcript

[MUSIC] Hi, I'm so excited you're here. We're at the San Fransisco global headquarters of Bare Escentuals, which is a billion dollar global beauty brand. And we're going to focus on innovation through purpose, empathy and building out that story. For you, your innovation might be redesigning a meeting or thinking about a new product launch, or pote... Read More

Key Insights

• 🪡 The Get Started Kit by Bare Minerals, previously a successful product, has experienced declining sales, prompting the need for reinvention.
• 🧔‍♀️ Purpose-driven innovation involves understanding customer needs and aligning products with the company's purpose of making a positive difference in women's lives.
• 👨‍🔬 Research methods such as analyzing online feedback, conducting focus groups, and studying customer usage patterns are employed to gain insights for innovation.
• 👶 Incorporating a new product based on customer preferences is a strategy to revitalize the declining kit.
• 🤕 The reinvention process involves both simplifying and adding value to the kit, considering a wider age range of customers.
• 🚀 Customer feedback highlights the success of a recently launched product, Complexion Rescue, which has attracted a broader demographic than anticipated.

Questions & Answers

Q: Why is the Bare Minerals Get Started Kit in need of reinvention?

The kit has been declining in sales, despite once being highly successful and accounting for 22% of the company's business. It has also been copied by competitors, making innovation and differentiation crucial.

Q: How does Bare Minerals plan to understand customer needs for the reinvented kit?

The company conducts extensive research, including analyzing online feedback, ratings, and reviews, as well as conducting focus groups and field research. They aim to understand customer reactions and identify any issues or unmet needs.

Q: What role does purpose play in Bare Minerals' innovation process?

Purpose-driven innovation involves understanding who is using their products and who they want to use them. Bare Minerals aims to make a positive difference in women's lives, and by identifying customer needs, they can create products that align with their purpose.

Q: How does Bare Minerals plan to incorporate a new product in the reinvented kit?

Bare Minerals launched a product called Complexion Rescue and studied customer feedback to understand how it was being used and what worked or didn't work with it. Based on this information, they will develop the perfect Get Started Kit for customers who didn't purchase the single item product.

Summary & Key Takeaways

• The Get Started Kit by Bare Minerals, which was the first of its kind in the market, comprises 22% of the company's global business but has been declining in sales.

• Bare Minerals aims to reinvent and innovate the kit while avoiding cannibalizing their single item business.

• By focusing on purpose-driven innovation and understanding customer needs through feedback, the company plans to create a new version of the kit with a product that resonates with a wider age range.