Case Study of Warby Parker!! The most successful Startup of US !!

Subscribe the channel https://www.youtube.com/user/3hare7kr... Hello Friends follow me Facebook~ https://www.facebook.com/CAMeenaVerma... Insta~ https://www.instagram.com/cameenaverma/ Telegram ~ t.me/cameenacostingfinal Visit me www.cameenaverma.com Mail~ cameenaverma@gmail.com Contact 9582853523 Warby Parker, is an American online retailer of prescription glasses and sunglasses, based in New York City The company was founded in 2010 in Philadelphia by Neil Blumenthal, Andrew Hunt, David Gilboa, and Jeffrey Raider, and is headquartered in New York City. Today, Warby Parker is estimated to be valued over a $1 billion. The Idea Warby Parker was founded in 2010, by four friends, Neil Blumenthal, Dave Gilboa, Andy Hunt and Jeff Raider, who happened to be in business school. Why are glasses so expensive? The first Eureka moment came when investigating that very question. Dave describes: “Understanding that the same company owned LensCrafters and Pearle Vision, Ray-Ban and Oakley, and the licenses for Chanel and Pradaprescription frames and sunglasses -- all of a sudden, it made sense to me why glasses were so expensive.” Building A Brand If you’re of the Silicon Valley mindset you would have stopped here. Build a great product and the users will come, right? But business is an unfair game. The best product does not always win. The best marketing does. Warby Parker’s Marketing Magic Warby Parker instinctively understood one simple truth: They had one shot, and one shot only. Customers are quick to disqualify you. Customers are not rational creatures and they can be fickle. A brand’s best bet to get the time of day is to play the game of positioning. “Positioning is not what you do to a product. Positioning is what you do to the mind of the prospect. That is, you position the product in the mind of the prospect.” Warby Parker had worked out an efficient business model, but it would have never mattered if they couldn't get a customer in the door. Al Ries writes: “The basic approach of positioning is not to create something new and different, but to manipulate what’s already up there in the mind, to retie the connections that already exist.” And that’s exactly what Warby Parker did. Before Warby Parker, most of us had no knowledge of the Luxottica monopoly. It was Warby Parker who brought the to light and used it as backdrop to position their brand. Warby Parker became the anti-Luxottica. Warby Parker has been criticized for not coming up with the original idea, but what no one seems to grasp is how little that matters. Brand Loyalty Is Like Marriage The biggest benefit of good branding is, of course, brand loyalty. Ries writes in Positioning: “History shows that the first brand into the brain, on the average, gets twice the long-term market share of the No. 2 brand and twice again as much as the No. 3 brand.” But being first in the brain is still only the first step. “You build brand loyalty [...] the same way you build mate loyalty in a marriage. You get there first and then be careful not to give them a reason to switch.” Soon after Warby Parker’s success, copy-cats began cropping up. But what none of these copy-cats understood was Warby Parker already occupied the No. 1 spot in the customer’s mind, and to date, had done everything in their power to keep those customers. Al Ries explains this phenomenon: “Moving up the ladder in the mind can be extremely difficult if the brands above have a strong foothold and no leverage or positioning strategy is applied.” Warby Parker’s Success “What dethrones a leader, of course, is change.” As Al Ries points out, “To play the game successfully, you must make decisions on what your company will be doing not next month or next year but in 5 years, 10 years.” The question: Can Warby Parker keep its lead? "We’re often asked why Warby has been successful. If we sum it up in one word, it’s deliberate," Dave says. Their passion for the idea has helped drive that meticulous mindset. But contrary to popular belief, working harder is not what leads to success. As Al Ries writes, “The only sure way to success is to find yourself a horse to ride. It may be difficult for the ego to accept, but success in life is based more on what others can do for you than on what you can do for yourself.” Warby Parker has built its brand to build relationships. It allows them to build meaningful relationships because it’s a brand that cares. It cares about the world, it cares about its people and it cares about its customers. So much of success is serendipitous. And the key to serendipity is increasing the chances for a serendipitous encounter. The more relationships you build, the odds swing in your favor that that one of those relationships will help you succeed down the line that one time you need it.