Warby ParkerPromotionThe products are primary promoted through word of mouth, buzz marketing, social websites such as Facebook, and through google AdWords. This type of marketing and promotion is cheap compared to traditional advertising such as tv commercial, radio ads, and magazine articles. This approach is just yet another way on how Warby Parkers keeps their operating cost down, which is a must if they want to continue their low price point. Suggested Marketing StrategiesBased on their current target market I would suggest further promotion to college students. This can be done through social networking, campus visits, and can be used to obtain further market research. Warby Parker can continue to grow their business towards this age group while gathering additional information related to consumer preference and needs to determine what unmet needs may be unsatisfied within their current target market by age group. In addition to targeting college students, they can create a program that will offer credits towards the purchase of textbooks either through their campus book store, online merchants such as Valore or Chegg. This will give the students another reason to use Warby Parker opposed to a competitor. Whenever a pair of eyewear glasses is purchase the consumer at the time of sale can earn credits towards the purchase or rental of textbooks on a future order with whatever merchant that may be selected at that time.Another promotional strategy would be for older age groups. As people tend to get older they may have a need for reading glasses. By creating styles that meet the needs of older generations Warby Parker can add additional segment to their target markets. Warby Parker should consider accepting insurance as payment or partial payment for their eyewear products. Not doing so is resulting in a narrowly defined target market for the 9
Warby Parkerorganization. By accepting insurance Warby Parker will be opening the door to a much larger market. This market can help achieve further growth, brand awareness, and may help achieve long term success for the organization. ConclusionWarby Parker is a fairly new organization that entered the eyewear market by focusing a narrowly defined target market. The early success of the organization is due to their revolutionary price point of their products that they are able to offer by keeping overall operatingcosts low and their unique try on program. The organization has a dominate competitive advantage based on their price point, but also has threats that can hurt the organization. A decrease in online shopping can be detrimental to their organization since it is their primary distribution channel. However, the organization also has opportunities that they can cash in on if they are willing to make some changes. The biggest opportunity for the organization is the consideration on accepting insurance for prescription eyewear. This will allow the organization to serve a much larger market and help achieve sustainability within the market.10
Warby ParkerReferences Luxottica. (2014). #EXPLORE | Luxottica. Retrieved from TOMS. (2014). TOMS : One for One. Retrieved from -enWarby Parker. (2014). History | Warby Parker. Retrieved from U.S. Eyewear Industry - Statistics & Facts | Statista. (n.d.). Retrieved from 11
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