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Warby Parker recently reached a significant milestone by selling their 500,000th pair of eyeglasses. This achievement is a source of pride for the company, even though they may not be as large as industry leaders like Luxxotica. The success of Warby Parker can be attributed to their effective marketing strategies, which are likened to a successful recipe that combines the right ingredients for success. Founded just five years ago by four college students, Warby Parker set out to offer affordable eyeglasses without sacrificing quality or the traditional shopping experience.
Their innovative approach has transformed the way consumers buy eyewear.
Neil Blumenthal, Andrew Hunt, Jeffrey Raider, and David Gilboa of Warby Parker were surprised by the expensive prices of traditional prescription glasses due to high costs going to optical retailers.
To combat this issue, they conducted thorough research on customer preferences in order to provide fashionable eyewear at reasonable prices. Their solution was to eliminate intermediaries by selling their products directly to customers online.
Warby Parker offers customers the opportunity to test out eyewear at home using their home try-on service.
Customers are sent five pairs of eyewear for free and have a five-day trial period to determine if they are comfortable and suit their style.
To ensure that customers return the five pairs of glasses, Warby Parker requests their credit card information before shipping the items.
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“ Ok, let me say I’m extremely satisfy with the result while it was a last minute thing. I really enjoy the effort put in. ”
If the glasses are not returned within five days, the customer service team will try to reach out to them multiple times. If these attempts are unsuccessful, the customer will be charged $85 for each pair, up to a maximum of $425.
Customers have the option to test nonprescription lenses in glasses before returning them if they are not satisfied.
After finding a suitable pair, they can order their own personalized glasses.
The concept quickly became popular because of its affordable starting price of $95 per pair, leading customers to share the news with friends.
Despite the absence of traditional marketing advertisements, customer satisfaction now accounts for 50% of the company's traffic. (O’Toole)
Consumer satisfaction is crucial for businesses as negative reviews can result in decreased profits, also known as the "Twitter Tax" (Baskin). Companies need to use honest marketing strategies to avoid creating "truth gaps" where claims are not supported by evidence (Baskin). In contrast, Warby Parker is praised for its ethical practices, with founder Neil Blumenthal highlighting the lack of unreliable individuals in the company (O’Toole). Wearing Warby Parker glasses not only makes people feel smart but also gives them a sense of pride in backing the brand.
According to GQ magazine, Warby Parker has been compared to the "Netflix of eyewear" due to its innovative approach and widespread appeal. The brand's dedication to social responsibility is evident in their one-for-one model, where they donate a pair of glasses for every pair purchased, resulting in over 1,000,000 pairs donated. This charitable effort aligns with the brand's overall mission and values.
Warby Parker emphasizes the global issue of 15% of the population lacking access to glasses, resulting in a 35% increase in productivity and a 20% rise in income (Warby Parker). The company aims to improve the world through a unique approach, with the name "Warby Parker" inspired by characters from Jack Kerouac's personal journals.
Zagg Parker and Warby Pepper were the inspirations behind the name Warby Parker. Kerouac, as noted by Warby Parker, urged a generation to seek new paths and view the world from a different angle. A study conducted by Dirk Brauner at Maastricht University indicates that the BOGO concept is gaining traction and can aid cause-related marketing efforts by impacting consumer behavior and trust in advertising. Consumers desire to have faith in the businesses they endorse, with providing eyeglasses to those in need helping establish confidence in a company's ethical values - something consumers can rally behind (Brauner).
According to Kotler's Principles of Marketing, the marketing mix consists of four elements: product, price, place, and promotion. Along with these, there are also four Cs to consider: consumer solution, customer cost, convenience, and communication. Every company aims to build lasting relationships with customers, prioritizing customer satisfaction and addressing individual needs. Identifying the right customers and managing partner relationships are crucial steps in creating these strong connections.
Utilizing advanced econometric analysis, the optimal marketing mix evaluates how different marketing strategies impact sales. In 2011, Proctor and Gamble (P&G) shifted their marketing mix operations to Nielson (Neff). It is common for rapidly expanding or large corporations to enlist assistance from marketing agencies in sustaining profitability.
Both academic marketing professors and marketing professionals agree that technology is essential for various aspects of marketing, such as product development, supply chain management, and customer relationship management. Warby Parker exemplifies this integration.
Warby Parker's goal is to offer inexpensive and convenient eyewear while also having a positive influence on society. They think that a company with solid values and authentic care for individuals can do well in a profit-oriented market. The backing from consumers has resulted in financial prosperity, demonstrating that companies can flourish by emphasizing social responsibility. Other businesses could learn from Warby Parker's effective marketing tactics and reassess their own goals.
Warby Parker: Revolutionizing Eyewear Industry. (2017, May 29). Retrieved from https://studymoose.com/warby-parkers-outstanding-marketing-mix-essay
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