Published by MBA Skool Team, Last Updated: December 09, 2017
Marketing Strategy of Lenskart analyses the brand with the marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion). There are several marketing strategies like product innovation, pricing approach, promotion planning etc. These business strategies, based on Lenskart marketing mix, help the brand succeed in the market.
Lenskart marketing strategy helps the brand/company to position itself competitively in the market and achieve its business goals & objectives.
Let us start the Lenskart Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
The product strategy and mix in Lenskart marketing strategy can be explained as follows:
Lenskart is a leading Indian ecommerce website specialising in eye-wear & eyecare products. Lenskart through its online and offline stores sells customized made to order spectacles, contact lenses and sunglasses as a part of its marketing mix strategy for men and women of all age brackets. Some of the popular brands include Ray Ban, Bausch and Lomb, Tag Heuer, Johnson and Johnson, Spirit, Fastrack to name a few. Single, bivision, bifocal or progressive spectacles and sunglasses can be made as per requirement simply by presenting the prescription. Lenskart offers a one year warranty on its products and offers glasses in three types- small, medium and large. Because it is common for spectacle users to own more than a pair of glasses, Lenskart captures this sentiment by positioning glasses as a statement fashion piece more than as an item that customers need for their daily usage. Lenskart also sells other accessories related to eye wear and care like spray solutions, contact lenses solutions, wiping clothes, lenses case, eye wear stands and so on.
Image: company website
Lenskart Price/Pricing Strategy:
Below is the pricing strategy in Lenskart marketing strategy:
To meet the demands of all existing income brackets in the market who are willing to afford the purchase of eye wear online or through physical stores, Lenskart offers value based pricing, in which products are priced depending on the value they offer to the customers.
Products are available in value, or premium segment depending upon what is the requirement of the user looking for the product. Since a lot of marginal costs in the supply chain get surpassed when the store delivers to the customers directly, a number of costs are cut down leading to a reduction in the prices of spectacles by as much as 50%. Lenskart also offers a no questions asked return policy, yet it has the lowest return rates in the industry accounting to about 4%.
Lenskart Place & Distribution Strategy:
Following is the distribution strategy in the Lenskart marketing mix:
Lenskart, being an online brand, can be accessed everywhere. Predominantly, an online store, over the past few years as part of its expansion policy in India, it has expanded itself to a number of cities across the Indian subcontinent. The company through its online portal, delivers to more than 450 cities across India. They have partnered with a number of third party vendors who are involved in rolling out deliveries across locations for the Lenskart brand. These partners include BluDart, Javas and Delhivery to name a few.
Through the offline medium, they have expanded their reach by setting up stores in more than 66 cities across India including tier I and tier II cities like Agartala, Tirupathi, Siliguri, Raipur, Haridwar and Varanasi.
Lenskart Promotion & Advertising Strategy:
The promotional and advertising strategy in the Lenskart marketing strategy is as follows:
To keep the brand alive in the minds of the consumer, Lenskart extensively promotes itself through Social media and offers 24x7 helpline service to meet the best customer service requirements. Lenskart also engages in email marketing like the initiative that they took up in collaboration with netCore which specialises in email based marketing. They have a range of schemes which make them extremely popular with the users. Some of them are:
First frame free for the customers. Only payment for lenses of the first frame
Exchange option for an old frame
Try at home option for customers by ordering maximum 5 frames at home, trying them and selecting
Virtual try on through a try on a model’s picture
Home eye check-up facility
Doctor locator to find nearest ophthalmologist.
TV commercials and print ads have also helped Lenskart grow.
Since this is a service marketing brand, here are the other three Ps to make it the 7Ps marketing mix of Lenskart.
Since Lenskart is a new company, based on an entrepreneurial work style; the employees are young and high spirited. The team is driven everyday to first bring value to its employees and then its customers. The employees are treated as the biggest assets of the company. Experiential learning is given importance by inculcating a learning culture through certification courses and training facilities.
Lenskart manifests itself as brand with high recall that has online stores as well as offline stores. The logo is identifiable with customers of the young generation. With Purab Kohli as the brand ambassador, they launched several advertisement campaigns in an attempt to tap on the young market looking for trendy eye wear. Hence this concludes the Lenskart marketing mix.
The Lenskart brand provides access to sophisticated technology that uses the robotic technique to deliver micro-precision glasses with errors correct up to 0.00 degree. They import machines from a US based company called Welch Allyn, which produces sophisticated machines which have the capability to detect flaws in eyesight of a three-month baby as well.
Started as an online portal for shopping of eye wear products and now established as a chain of physical stores as well, Lenskart has achieved the position of the number one store for online eye wear shopping and offers many solutions to customers today. Lenskart was co-founded by Sumeet Kapahi, Amit Chaudhary and Peyush Bansal.
It has a variety of more than 10,000 styles that customers can pick and choose from and can be customized to fit the budget of the customer. It is the one stop solution for all needs pertaining to eye wear.
This article has been researched & authored by the Content & Research Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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