Claim to be One of the Only Carbon-Neutral Eyewear Brands in the World First to Market Itself as a Price-Effective Force for Good

Transcription

1 Claim to be One of the Only Carbon-Neutral Eyewear Brands in the World First to Market Itself as a Price-Effective Force for Good

2 WP Devil or Angel?

3 How Did We Ever Get to This Point?

4 In Order to Wage an Effective War Against Disruptors

5 History of Online Retail 1979 Michael Aldrich Invented Online Shopping Connected a Modified TV to Real-Time Transaction Processing Computer Via Telephone Line. Videotex

6 First Online Order Ever !

7 2013 and Beyond..Online Shopping Barriers Lifted Online Shopping Continues to Grow, With More Devices Being Developed for Users to Shop Anywhere. Normalizing of Sharing Personal Information Online One Click Lowers Barrier to Shopping Consumers Gaining Trust

8 The Internet Has Changed the Way We Shop Those Who Do Not Regularly Buy Online Search Online For Prices Product Specs Availability Those Who Do Buy Online Showroom DO NOT TURN YOUR OFFICE INTO A SHOWROOM - Jody Shuler, Optician

9 2013 Era of Disruption Businesses Spawned That Leave Old Tested Methods of Retail In the Dust Like.

10 In Order to Wage an Effective War Against Disruptors Become a Student of History Understand the Terrain

11 Online Optical Terrain Internet Has Become a Channel Where You Can Buy Anything Percentage of all Categories of Eyewear Products Sold Online Continues to Increase (2011 and Subsequent Vision Council Internet Influence Reports)

12 Pressure Faced by ECPs Increased Consumer Comfort With Buying Products Online Due to Improvements in Site Navigation, Product Selection, Free Shipping and Returns A Desire for Greater Price Transparency on Products, Hastened by Amazon.com etc. Shift From Personalized Shopping Experience Toward More Efficiency Bain report, 2012

13 TRENDS HAPPENING NOW THAT WILL IMPACT YOUR BOTTOM LINE Technology Making Online Experience More Like In-Store Shopping Trip Returns Made Easy; Barriers Removed Easier for Customers to Get Look and Feel w/o Handling Actual Goods Flat-Rate Shipping Options Abilty to Buy Many High-End Goods Without Dealing With a Boutique Salesclerk.

14 Online Optical

15 Attack of the Warby-Parker Clones MisterSpex PR 5, Alexa (Germany), ZenniOptical PR 5, Alexa (US) WarbyParker PR 6 Alexa (US) FramesDirect PR 5, Alexa (US) Firmoo, PR 4, Alexa (US) EyeBuyDirect PR 4, Alexa (US)

16 In Order to Wage an Effective War Become a Student of History Know the Terrain Know Thine Enemy

17 Which of the Following is NOT a Policy of WPs 1. You Must Return Samples or You Are Charged For All of Them 2. Trade in of Old Frames for New Ones 3. You Must Provide a Written, Signed Doctors Rx 4. All Frames Available in Multiple Sizes

18 Warby Parker: What You Don t Know Has Their Own App for Measuring PDs Return Samples OR ELSE!!!! Have Their Own Content Engine Team to Build Video Content to Answer Consumer Queries, then it to Consumer Offers Insurance Program Allowing Customers to Trade in Frames, Even if They re Lost or Damaged for $60 Per Year Plus Half the Cost of Each Frame

19 What Doesn t Warby Parker Offer In Their Product Offerings? 1. Glasses Below (-8.25 and up) Index Lenses 3. Sunglasses 4. Add Powers Over +3.75

20 What They Are and Aren t Willing To Do Can t Fill Below and Above or Cyl Greater than Can Accommodate Add Powers Between +.75 and They Ask Customers to Call for Assistance if Over Rx Suns Only up to Combined Spher-Cyl Power of If They Can t Fill Your Rx They Offer 10% Off Frames to Take Elsewhere Polycarb Lenses Free With Frame Order $30 Extra

21 Stats Raised $115M in 4 Rounds of Venture Funding 96% of Customer Calls Answered in 15 Seconds or Less Has More Than Doubled Sales Every Year Since Founding in 2010 Since 2010, the Company Has Sold More Than 500,000 pairs of Glasses

22 In Order to Wage an Effective War Become a Student of History Know the Terrain Know Thine Enemy Change Hearts and Minds

23 Changing Hearts and Minds of Millenials in Your Business

24 What Is Not a General Characteristic for Millenials 1. Control 21% of US Discretionary Spending 2. Value Fashion Over Comfort 3. Highly Image Conscious 4. Prefer to Communicate Via

25 Millenials Control 21 percent of Consumer Discretionary Purchasing Power in the US = $1.3 Trillion. More Likely to Influence Older Generations on What s Fashion Forward Tech Simplicity Valued More Than Ever - Barkley s Millennials as New Parents: The Rise of a New American Pragmatism

26 First, Remember Fashion Trumps Comfort M s more focused on keeping up with latest fashions and being unique than the overall adult population M s More Image Conscious

27 M Consumers Less Conservative and Care Less Comfort Than the Overall Adult Optical Consumer.

28 2 nd, M s Prefer High Participation/High Shareworthy Brand Experiences WP not the first to Sell Eyewear Online, But First to do so With a Highly Differentiated Consumer Journey One-for-One Model, Try Before You Buy and Low-Cost Eyewear = Disruptive Experiences Using Video and Content Sharing Drive Millenial Business 45% of M s More Likely to Buy a Brand They Know Supports a Charity (MillennialMarketing.com)

29 Third, Use Blue Ocean Thinking: Who Will Be The Next Disruptor and How Can I Combat Disruptive Competition?

30 Ask How Can I Combat Disruptive Competition? Millennials - Little Equity in Old Schemas Q s You Need to Ask How Do I Identify Significant Unmet Customer Needs? Once Identified, What Novel Ways Can I Find to Meet Them? How Can I Use New Technology to Find New Ways to Customize and Personalize a Shopping Experience? Ask Is This Something I Would Share? Can You Get the Customer Thinking Less About Spending and More About Sharing?

31 In Order to Wage an Effective War Become a Student of History Know the Terrain Know Thine Enemy Change Hearts and Minds Disrupt Communications

32 Website and Mobile Strategy VERY IMPORTANT WEB SITE IS OPTIMIZED for MOBILE

33 Is Your Website Up-To-Date? Website is a Virtual Extension of Your Brick and Mortar Location Does it LOOK Like an Extension of Your Brick and Mortar Location? Your Patient s WANT To See Your Website Modern, Comprehensive and Social

34 What Does Your STORE Look Like to Them Online Shoppers Look at Your Shop in a Completely Different Way Than Your Traditional Customers 45% of People Who Showroom WANT to Buy the Product Online Make it Natural for Shoppers to Order From You, Not a Competitor EASY to Shop on Line; They Come to You For the Experience, so Give it To Them

35 Think About a Retail Website Without These Things ewallets Social Login Reviews Product Videos Detailed Specs/Info Personalized Recommendations Wish Lists Home Delivery Options

36 Create and Share Entertaining and Engaging Content Millenials Engage in Content Sharing Over Social Media Using MOBILE Communications Busy Consumers Want to be Assisted With Their Decisions and Entertained Simultaneously. Effective Mobile s are Short, Information Heavy, Require Consumers to Take Few Actions, Yet Connect Consumers to a Marketer and Give Them a Reason to Share the Marketer s Content With Others.

37 Warby Uses Mobile as an Engagement Tool YOU CAN TOO!!!!

38 Warby Builds Video Content to Answer Consumer Queries, And s It To Customer Customers Are More Inclined to Share This Way Share with 80 Others on Average YOU CAN TOO

39 In Order to Wage an Effective War Become a Student of History Know the Terrain Know Thine Enemy Change Hearts and Minds Disrupt Communications Educate and Indoctrinate Troops

40 Emphasize the Customer Experience A Chief Customer Experience Officer Meeting Expectations vs. Exceeding Expectations Give Them a Wow and They ll Share Make Sharing Easy and Fun

41 Customer Education Buying Online Creates Information Asymmetry Consumers Cannot Test the Product They Are Going to Buy

42 You Need to Get That Message Across Patient Education on Product, Medical and Optical Aspects Show the Buyer You Know What You re Talking About When it Comes to Optical Technology WP Claims State of the Art Tech, But Not Using 100% Individualized Lenses; No Free Form, Low Quality Acetate

43 Emphasize Quality of Care and Personal Service Eye doctors also need to emphasize and further differentiate the quality of care and personal service they offer service that is unlikely to be matched by their online competitors (Bain and co 2012)

44 Train Your Opticians or Train Your Docs, Opticians

45 In Order to Wage an Effective War Become a Student of History Know the Terrain Know Thine Enemy Change Hearts and Minds Disrupt Communications Educate and Indoctrinate Troops Engage in Defensive Tactics

46 Showrooming Tactics

47 When Your Patients Connect to WiFi YOU RULE Their Landing Page Push Text Rewards, Incentives and Product Info People Who Showroom Are 3X More Likely to Respond to a Location-Based Reward Foursquare Facebook 98% of All SMS Messages Are Opened You Can Take Their Mobile Phone # and Push Them Stuff Afterwards Too

48 Other Showrooming Tactics Private branding Pricing Customer Education Merchandising OMG Keep Frames Locked Up X

49 In Order to Wage an Effective War Become a Student of History Know the Terrain Know Thine Enemy Change Hearts and Minds Disrupt Communications Educate and Indoctrinate Troops Engage in Defensive Tactics Play on Consumer Reticence to Buy Sight-Unseen

50 Play on Consumer Reticence... Buying Online Eyewear Makes People Nervous Because.. Buying Sight Unseen. Concerned Might Be Unable to Decipher Their Rx; Something Might Go Wrong B/N Doctor Rx and Manufacture Time Worry if the Glasses Won t Fit Properly, they ll Have no one to fix them, or they will have to return them.

51 The Dreaded PD Topic

52 "Taking PD measurements and adjusting frames purchased on the web are opportunities to one-on-one market our services and to educate people about the differences. SOOOO.

53 Provide PD Under One Condition

54 In Order to Wage an Effective War Become a Student of History Know the Terrain Know Thine Enemy Change Hearts and Minds Disrupt Communications Educate and Indoctrinate Troops Engage in Defensive Tactics Play on Fears of Citizen-Customers Wage Effective Propaganda Campaign

55 Have Comparison Pairs and Actively Do Demonstrations

56 Keep a Photo Montage of the Great Fits People Get From Online Optical....

57 Other Strategies They are the same quality of Eyewear We Would Sell for $100 or Less Sell High End Handmade Frames, Freeform Lenses, Spend Time With the Customer to Listen and Address all Their Needs. When Adjusting/Cleaning be Sure to Twist Slightly and Point out the Crack They Make to Your Patients.

58 Most Importantly.. Don t Worry!!! Warby Parker is Currently in What Optical Icon Barry Santini Calls Their Krispy Kreme Stage of Customer Infatuation Really Focusing on Simple Single Vision Rx Job Lowers the Amount of Bottom Feeders In my Practice

59 Sell From a Position of Strength 78% of People Who Take an Eye Exam in a Retail Context Buy Glasses Immediately Afterwards theoculists.com The Sale is Up to You: The Patient is In Your Office You Need to Have Staff That Can Sell If the Rx Walks Out It s No One s Fault But Your Own WP Does Not Provide Contact Lens Prescriptions or Fittings

60 Fighting Showrooming With Showrooming Diffusion of Innovation how new products and services are introduced to society