Warby Parker Essay

B Corporation

Warby Parker is of the few companies that promote social change while maintaining quality. The founders of Warby Parker knew from the beginning that they wanted a company that was both socially and environmentally conscious. Therefore, they decided to certify Warby Parker as a B Corporation. A “B Corporation” stands for Benefit Corporation and this means that Warby Parker is a for-profit business that is commitment to consider employees, community and the environment when making decisions, rather than being beholden solely to profits.

4 Ps of Marketing

Product

Warby Parker was founded with the purpose of providing high quality eyewear at affordable prices. It meticulously designs its collection of eyewear for both men and women.

It manages this by skipping the traditional approaches well known brands take, and attracting customers directly through its website. However, Warby Parker not only provides higher-quality, better looking prescription eyewear for under $100, but it also provides free shipping and free returns for home try-ons.

Place

Eventhoug Warby Parker follows an online-business model, it started opening physical stores across the United States. This allows customers to try on its collection, and at the same time, turned buying glasses into a fun and fashion experience. Additionally, Warby Parker has partnered with a select number of like-minded stores serve as showrooms for their collection.

Promotion

A well managed customer relations is what has enabled Warby Parker to be successful because almost half of Warby Parker’s sales are driven by word of mouth. The company also efficiently markets its products through print advertising, social media, and online promotions. Warby parker has a Blog Archive called Zagg Pepper which helps consumers to stay up to date with their activities, while also responding to questions or doubts customers have about the

Warby's $1.2 billion valuation values the company at 12 times its 2015 sales. By comparison, Luxottica has an EV/Sales ratio of just 2.5. A few days after its launch in 2010, Warby Parker found itself inundated with so many orders that it ran out of inventory, and it had a waiting list of 20,000 people. More importantly, the company reached its first year sales goal in only three weeks. In addition to this, Warby Parker has distributed over 3 million pairs of glasses through its “Buy a Pair, Give a Pair” program.

Since its founding, the company has raised more than $200 million from investors. Warby Parker's list of investors mainly includes venture capital firms like T. Rowe Price, Tiger Global Management, General Catalyst, and First Round. Other notable publicly traded investors include companies such as American Express, Mickey Drexler (the founder of J.Crew), Lerer Ventures and Menlo