Competitive Analysis: Mira, Inne

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Competitive Analysis: Mira, Inne

Key Takeaways

  • Mira's product line is divided into three categories: starter kits, bundles, and wands. The company markets the following products: replacement fertility wands, fertility tests, male fertility tests, menstrual cups, and fertility tea.
  • In 2021, Inne was announced the winner of the prestigious Red Dot Design Award; the company is aware of the credibility that the award brings and has since made it a core part of its marketing strategy, bringing attention to the award on its social media channels and official website.
  • Inne's mobile application is not available on Android phones; the application is only available on the app store. Because the application plays a huge role in delivering insights to the end-user, the app being unavailable on Android devices may alienate a significant portion of the user base and deter prospects.

Introduction

This research report contains a competitive landscape of two companies — Mira and Inne. A strengths, weaknesses, opportunities, and threats (SWOT) analysis has also been provided in this research report. In cases when there is an absence of more recent data from a reputable source, information from slightly dated sources may be incorporated into the report to add corroboration to the findings provided. All monetary figures in this research report are in the U.S. dollar.

Mira — About

  • Mira is a developer of medical devices that are capable of tracking period cycles, monitoring fetal health, predicting ovulation, measuring ovarian reserves, and detecting menopause at home.
  • Their website can be found here.

Financials — Mira

  • Mira has had three funding rounds, raising $4.3 million in total.
  • Their last funding was raised on 1st September 2017.
  • The company has four investors.
  • Mira has an estimated revenue of $4 million annually.

Mira — Products And Services

  • Mira's product line is divided into three categories: starter kits, bundles, and wands.
  • The company sells the following products: replacement fertility wands, fertility tests, male fertility tests, menstrual cups, and fertility tea,
  • The Mira Fertility starter kit includes the following items: the Mira fertility analyzer, a carrying pouch, charging cable, user manual, 10 single-use fertility plus test wands, 10 urine containers, and step-by-step instructions.

Mira — Value Proposition

  • Mira positions itself in the market as a top player in the female medical device space; the company purports that the technology it possesses (the Mira Analyzer specifically) allows them to get ahead of the competition.
  • The company markets its tracking system (the Mira App found on Google Play and on the App Store) as something more than a fertility and period tracker; the app boasts several features:
    • Users are able to track their hormone concentrations and receive personalized fertility insights that are tailored to the user's unique hormone data.
    • The Mira application leverages artificial intelligence algorithms to learn the user's changing hormone pattern to produce a personalized ovulation prediction that is specific to the user.
    • An advanced calendar feature that has the ability to predict the user's fertility window, provide details surrounding the user's cycle phases, and more.
  • The following chart by Mira demonstrates how it is able to provide greater value compared to the competition:

Mira — Marketing

  • Mira leans considerably on affiliate marketing; the company provides incentives such as commission cash-back in exchange for referrals.
  • Mira leverages discount marketing to turn prospects into repeat customers; in one survey, 60% of respondents mention that since the onset of the COVID-19 pandemic, online discounts have become more crucial. Shopify's Future of Commerce report found that approximately 52% of shoppers are significantly influenced to make a purchase when they are offered personalized discounts.
  • Mira runs a blog that contains comprehensive, fact-checked articles packed with useful insights; research shows that companies who blog receive 97% more links to their websites.
  • Across social media channels, Mira engages with customers and prospects through Facebook (25,542 followers), Instagram (30,200 followers), Twitter (406 followers), and YouTube (3,800 subscribers). On its YouTube channel, Mira has amassed over 172,900 views.
  • YouTube influencers are a core part of Mira's marketing strategy; the company sends its products free of charge to YouTubers in exchange for a review; after receiving the products for free, the reviewer may be inclined to create a more positive review of the brand's product.
  • Website's statistics (miracare.com):
  • Mira's web traffic over the past three months:

Inne — About

  • Inne is a biotech startup based in Berlin. Inne's mission is to make natural contraception accurate and convenient.
  • The company's self-learning algorithm plays a key role in providing personalized insights to the user.
  • Their website can be found here.

Inne — Financials

  • Inne has raised $8.9 million in funding over two rounds.
  • Their latest funding was raised on October 31, 2019.
  • Inne is funded by five investors; Blossom Capital is their lead investor.
  • According to Growjo, Inne's estimated revenue is $4.8 million annually.

Inne — Products And Services

  • Inne employs a subscription-based model; users are given the choice to select between a three-month subscription plan or a twelve-month subscription plan.
  • The following products are included in the first shipment: Inne reader, Inne strips, system manual, quick guide, and USB-C charger.

Inne — Value Proposition

  • The company positions itself as the creator of the world's first at-home hormone tracking mini-lab that's based on a saliva test instead of a urine-based approach. Thus, the company holds a "first-mover advantage" over its competitors.
  • According to Inne, what distinguishes the company from its competitors is its convenient and simple testing method.
  • In addition, while other fertility monitoring methods may only detect the temporary surge of specific hormones around ovulation, Inne traces the user's progesterone patterns throughout the entire cycle.

Inne — Marketing

  • In 2021, Inne was announced the winner of the prestigious Red Dot Design Award; the company is aware of the credibility that the award brings and has since made it a core part of its marketing strategy, bringing attention to the award on its social media channels and official website.
  • Among social media channels, Mira engages with customers and prospects through Facebook (674 followers), Instagram (7,232 followers), and Twitter (134 followers).
  • Website's statistics (inne.io):
  • Its marketing channel distribution is as follows:

PART 2 — SWOT Analysis

Mira — SWOT

Strengths

  • Mira is successful in delivering a product that its customers would recommend; according to data from the independent consumer review website, Reviews.io, 96% of reviewers say that they would recommend Mira.
  • Reliable supply chain (shipping & delivery) — data from reviews.io indicate that on-time deliveries make up 99% of the orders, and 100% of the orders are accurate and undamaged.
  • The Mira Fertility Tracker is Food and Drug Administration-approved and CE-registered.
  • The company's website has thorough customer support articles that address almost every question a client might have; their customer support page includes an extensive FAQ and articles about payment, financing, returns, shipping, warranties, and more.

Weaknesses

  • The company does not hold accreditation with the Better Business Bureau (BBB).
  • Its one-time use wands require repeated ordering; this can become costly very quickly.

Opportunities

  • The fertility test market is projected to reach $680 million by 2025 from $472 million in 2020, at a CAGR of 7.5% during the forecast period; several market research reports highlight Mira as one of the largest key players in the industry.
  • Room for expansion — while Mira markets itself as a women's health tracker, the company is also venturing into other specialties within the healthcare field. Mira is outspoken in its belief that its technology is able to provide value to users concerning their health in areas such as infectious and chronic diseases.

Threats

  • Mira's fertility tracker costs more than other over-the-counter (OTC) ovulation trackers.
  • The smart fertility tracker industry is competitive and highly fragmented. Mira is identified as a key player in the space, but the competitive nature of the industry means that the company has to be constantly on its toes for it to continue retaining the portion of market share that it currently has.

Inne — SWOT

Strengths

  • Globally, 85% of respondents indicate that they have shifted their purchasing behavior towards being more sustainable in the past 5 years. Inne positions itself as a value-centered company that's committed to fulfilling its sustainability goals. The company has made a pledge to find solutions to reduce the impact on the environment.
  • The company has a unique, one-of-the-kind product that is different from its competition; the company markets the Inne mini lab as the first test in the world to measure progesterone level changes in saliva. Founder Eirini Rapti calls the product a "mini-lab" due to its form factor, alluding to the fact that the product is portable and small enough to fit in a pocket.
  • Its saliva biosensor device has achieved medical certification in Europe.

Weaknesses

  • The company's mobile application is not available on Android phones; the application is only available on Apple's App Store. Because the application plays a huge role in delivering insights to the end-user, the app being unavailable on Android devices alienates a significant portion of the user base and may deter prospects.
  • While Inne's website has a chatbox, it appears that the company does not have a live chat feature that connects a representative to the user. Because customers prefer that companies have a chat representative online to respond to their queries, this can be regarded as a weakness, especially since its competitors within the digital health at-home testing space such as Base have live chat capabilities implemented on their website with operators that are online during designated hours. One study discovered that implementing a live chat feature will typically lead to "a 20% increase in conversion rates."
  • The company has limited reach and is only able to ship to a handful of countries within Europe. Currently, the company only ships to the United Kingdom, Sweden, Austria, Germany, and the Netherlands.

Opportunities

  • Forecasts show that the digital contraceptive market is poised for huge growth; companies within this industry such as Flo Health and Inne.io stand to benefit from the expansion of the industry.
  • Numerous players are currently in contention to gain a significant position in the smart fertility tracker industry. The market has been classified as fragmented and competitive; this is both an opportunity and a threat for Inne.
  • The company is currently in the process of obtaining Food and Drug Administration (FDA) certification; once certified, the company will be able to enter the U.S. market.

Threats

  • The 2022 Russian Invasion of Ukraine poses a threat to companies within the European continent in a number of foreseeable ways. For example, the Berlin-based startup may find that it is having to fork out more cash due to the increase in the prices of raw materials. The company may also find its customer base shrinking and/or fewer business opportunities due to the invasion and its consequences of it (e.g. sanctions)
  • Two major world events — the COVID-19 pandemic and the 2022 Russian Invasion of Ukraine occurred shortly after the company's inception, these events may continue to impact the startup negatively in the foreseeable future. Data indicates that 90% of startups fail.

Research Strategy

For this research on the competitive analysis of Mira and Inne, we leveraged the most reputable sources of information available in the public domain such as Healthline, Medical News Today, Tech Crunch, and more. While there is an abundance of information on the company, Mira, information on Inne.io is more limited in the public domain. This is due to two main factors — 1) the company is a relatively new startup, 2) the company is based in Berlin, and press coverage of the company from reputable sources is posted in the German edition of reputable sources such as Cosmopolitan, Gala, and Women's Health and is in the German language.

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