Warby Parker Alex Pischera Sebastian Lizarazo Ruby

+ Warby Parker Alex Pischera, Sebastian Lizarazo, Ruby Khan, Jessica Young

Agenda ● ● ● ● Company Background Brand Personality Brand Values o Social Responsability o Transparency o Innovation o E-Commerce Model o My Virtual Mirror o Try-On Program Social Comparison Consumer-Brand Interaction Moving Forward o Suggestions

Company Background: Warby Parker’s Founding Mission Statement: “Warby Parker was founded with a rebellious spirit and a lofty objective: create boutiquequality, classically crafted eyewear at a revolutionary price, while leading the way for socially conscious businesses. There’s nothing complicated about it. Good eyewear, good outcome” ● Founded in 2010, HQ in NYC, $2, 500 seed capital ● Innovated the mainstream eyewear market ● “The Netflix of eyewear” - Vogue, Forbes, GQ 2010 ● Competes with mainstream high-end boutiques eyewear ● Rivalry Marketing utilized in campaigns

WP’s Alternative Brand Personality Brand name derived from counter-culture Beat Generation movement in 1950’s: ● “Warby Parker” name derived from a journal by the Beat Generation ● Progenitors of the hippie movement ● Rejected 50’s social norms, rejected corporations, cared about human condition ● The ideas of the current hipster generation WB targets and models its business after WB is cool because: ● Autonomous and differentiated business model ● Business and target consumers deviate from “greedy” mainstream brands ● Take parts from the hipster sub-culture movement Target market: ● 18 - 34 year olds who like fashion at affordable prices

Brand Values - Social Responsibility ● “Even at $95, there are still about a billion people in the planet that don’t have access to glasses and we think that’s crazy!” ● Offers value and service with a social mission at its core ● With every pair of glasses purchased, they give a pair of glasses to someone in need

Vision Spring ● Vision Spring o Vision Spring is an organization that uses glasses to create jobs with a sustainable impact o At the end of each month, the Warby Parker team tallies up the number of glasses sold and makes a financial contribution to Vision Spring ● Having a social mission helps to increase customer loyalty and referrals but does not drive the decision to make the first purchase

Brand Values - Transparency ● ● ● “The public and your customers are participating more and near dictating what your brand is. You need to give people the tools to have it the way you want them to have it. ” Culture of transparency o Helps to build strong relationships with customers o Increases sales B-Corporation o Value social returns over financial returns o Private company releases financial statement

Brand Values - Innovation ● ● “It didn’t make sense that glasses should cost as much as an i. Phone. ” A new pair of glasses can easily soar over $300, just for the frames Why is this? o Low competition o Most eyewear brands are owned by Luxottica is an Italian company that owns Sunglass Hut, Oakley, and produces for companies like Chanel and Versace

Innovation: E-Commerce Model Direct E-Commerce 1. Cuts out the middle man 2. Avoids licensing fees 3. Able to sell low priced AND stylish eyewear 4. Flat price of $95 - helps reduce buyer stress

Innovation: My Virtual Mirror ● Customers can upload a photo and try on frames virtually ● Again, increases customer’s sense of ownership through sensory experience

Innovation: Home Try-On Program The Home Try-On Program ● Five pairs of glasses shipped for free for customers to evaluate before making a purchase ● Provides customers w/ a sense of ownership (sensory experience) ● The Home Try-On Program is 100% free of cost to the consumer

WP video ad closes the gap between actual and ideal self

Social Comparisons - The Self ● Many products are bought by consumers because they are trying to highlight or hide some aspect of their “self” ● “We are what we consume. ” o o ● Impact of possessions on the self concept Incorporation of possessions in the self concept Actual vs. Ideal Self o Levels of self-esteem relate to the difference between the ideal and the actual self

Consumer-Brand Interaction ● ● ● ● Consumer above all Simple Website o Clean Design Simple concept Reciprocity Respects Privacy Physical stores interaction o Showroom o Try before Buy o Experience Amazing customer service

Brand Projections - Moving Forward ● Increase exposure o Uninformed markets. ● Ship worldwide ● Build EMEA and South American HQ ● Expand product line o Eye Contacts?

Suggestions ● Increase customer interactions o o ● Keep up with the outdoor events University Lectures Contests o Design a Frame o Fly out people so they can see the communities they are helping. ● Refer a friend ● Guerilla Marketing

Thank you! Questions?

Sources ● https: //www. warbyparker. com ● http: //online. wsj. com/articles/warby-parker-adds-storefronts-to-its-sales-strategy-1416251866 ● http: //www. chicagotribune. com/business/ct-warby-parker-1119 -biz-20141118 -story. html ● http: //www. entrepreneur. com/article/238390 ● http: //www. adweek. com/news/advertising-branding/ad-day-warby-parker-goes-lofty-second-tv-spot-151827 ● http: //business. time. com/2013/05/23/the-consumer-psychology-behind-warby-parkers-95 -pricing-for-eyeglasses/ ● http: //spinnakr. com/blog/social-media-2/2013/02/five-lessons-in-social-marketing-courtesy-of-warby-parker/ ● http: //www. forbes. com/sites/mikeotoole/2013/07/22/warby-parker-one-million-eyeglasses-and-the-next-generation -of-brands/ ● http: //adage. com/article/special-report-americas-hottest-brands/america-s-hottest-brands-2011 -warbyparker/231157/ ● https: //brandleadership. wordpress. com/2014/04/02/warby-parker-oversharing-as-a-business-strategy/ ● Brainfluence by Roger Dooley