LENSKART

Marketing Plan
On Customized 3D Eye Powered Glasses

MM-Term Paper
8/18/2019

Sujan Makam M P, PGDM 1

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INDEX
TOPICS SUB-TOPICS PAGE NO.
1. INTRODUCTION TO 1.1 VALUE PROPOSITION 03
THE BRAND & VALUE 1.2 VALUE SPHERES 03
PREPOSITION 1.3 STP MODEL 03
1.4 MARKETING MIX 04
1.5 CUSTOMER 07
DEVELOPMENT PROCESS
1.6 CUSTOMER PYRAMID 07
2. CONSUMER BUYER 2.1 DEMAND MEASUREMENTS 08
BEHAVIOR 2.2 BUYER BEHAVIOR 08
2.3 VALS 08
2.4 BUYER ROLE 09
2.5 5 STAGES OF MODEL OF 09
BUYING PROCESS
2.6 BRAND BELEIFS 10

3. SEGEMENTATION & 3.1 B2C and B2B 10

TARGETING 3.2 VENDOR ANALYSIS 11
3.3 SEGMENTATION PROCESS 12
3.4 TARGET MARKET 12
SELECTION

4. POSITIONING & 4.1 PERPECTUAL MAP 13

BRANDING 4.2 BRAND MAPING 14

5. REFERENCES 14

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1. INTRODUCTION TO THE BRAND

Lenskart is India’s leading online shopping portal for eyewear, products ranges from a large selection of
eyeglasses, sunglasses and contact lenses and now introducing 3D customized eye powered glasses.

Founded by Peyush Bansal in 2010 with the headquarters in New Delhi, India. Valyoo Technologies Pvt.
Ltd is the parent company of Lenskart delivering their products to 450 cities across India. In the last 3
years, Lenskart has seen a remarkable growth with 300% increase in its turnover.

VISION: Revolutionize the eyewear industry in India.

MISSION: An aim to provide every Indian access to high-quality designer glasses.

SLOGAN: “Log on, Play on!”

Now lenskart is launching a new sub-product which falls under the eye care category where you can
customize your own powered 3D glasses.

1.1 VALUE PROPOSITION

Lenskart Powered 3D glasses are highly innovative product in the market as there is no such concept of
implementing power to 3D glasses resulting the uniqueness of the product which can be easily
differentiated with the competitors and also attracts customers in the wide range.

1.2 VALUE SPHERES

Lenskart powered 3D glasses are bounded with 4 core concepts :-

A. Value Creation

Product offered to the end user is a completely new concept in the history of 3D lens which enables
customers to customize their eye-power according to prescription for visualizing 3D in a better way.

B. Value Capture

Lenskart captures value by offering yearly subscription where the customers can buy golden
membership at affordable price accessing the benefit of “Buy one get one free” for the complete
duration period of gold membership.

C. Value Communication
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As Lenskart is an e-commerce based company they use social media as a promotion platform where
customers can buy powered 3D glasses from Instagram accounts, downloading exclusive Lenskart
mobile application or by the Lenskart official website having a 3D preview of how exactly the frame
looks on the customer, more of the communication happens by referring another customer with earning
benefit on each referral.

D. Value Delivery

Lenskart is very concerned about the customers with regards to the delivery of the product, every
paying customer is made sure that they are satisfied with the product and service, delivery of
troubleshooting is taken care with the mail request and call request.

1.3 STP [SEGMENTATION , TARGETING , POSITIONING]

A. SEGMENTATION

Market segmentation is the process of dividing a market of potential customers into groups, or segments,
based on different characteristics, Segmentation variable of Lenskart 3D powered glasses can be grouped
into AGE which covers kids, youngsters, middle age, old age. GEOGRAPHICAL AREA which covers
metropolitan cities, class 1 cities, class 2 cities, semi-urban and rural areas. PRICE which covers low,
medium, high and USAGE which covers relaxation, entertainment.

B. TARGETING

Target marketing involves breaking a market into segments and then concentrating your marketing efforts
on one or a few key segments consisting of the customers whose needs and desires most closely match
your product or service offerings. Now the segmentation of the 3D power glasses is framed out of that
segmentation the targeting is as follows AGE which targets kids, youngsters, middle age. GEOGRAPHIC
AREA which targets metropolitan cities, class 1 cities, class 2 cities. PRICE which targets medium and
USAGE which targets entertainment.

C. POSITIONING

Positioning refers to the place that a brand occupies in the minds of the customers. Here the product is
positioned as customized 3D eye-powered glasses which acquire the mind of the sighted customers as it is
a burden to wear glass over a glass for enjoying 3D visual. Lenskart is favoring in reducing this burden and

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resulting in occupying the minds of the customers. Currently there are no brands that have this product in
their product line which again attracts the target customers towards this product.

1.4 MARKETING MIX

Marketing Mix of Lenskart analyses the brand/company which covers 4Ps (Product, Price, Place,
Promotion) and explains the Lenskart marketing strategy.

A. Product:

The product strategy and mix in Lenskart marketing strategy can be explained as follows:

Lenskart is a leading Indian e-commerce website specialising in eye-wear & eyecare products. Lenskart
through its online and offline stores sells customized made to order spectacles, contact lenses, sunglasses
now introducing 3D spectacles 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, bi-vision, bi-focal or progressive spectacles, sunglasses
and 3D spectacles 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.

B. Price:

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.

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C. Place:

Following is the distribution strategy of Lenskart:

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, Ekart, Javas and Delhivery to name a
few. The same strategy is followed to distribute the new launch 3D eye power customized spectacles

Through the offline medium, they have expanded their reach by setting up stores in more than 66 cities.
Delivery of the new launch product can be done through offline stores which already exist across cities in
India

D. Promotion:

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 and Virtual try on through a try on a
model’s picture.

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1.5 CUSTOMER DEVELOPMENT PROCESS

• Customers can be made aware of the product by having partnership with

television outlets like Croma, Adishwar, Pai electronics and so on, by this
Awareness customers gets to know about the product from other purchases also.

• Interest of the customers can be captured by giving 3D glasses for free on

their 1st purchase, as there are no substitution for the product, interest on
Interest the product gets increased over a period of time.

• As the product reach the needs of the customers by favouring with a

multiple benefits from which the need gets converted to want, there the
Desire desire of the product gets incresed.

• Reward points on the payment of lens, surprise cupon inside the box with
the voucher worth rupees 2000.00 on which the customers can shop on any
Action products of Lenskart.

1.6 CUSTOMER PYRAMID

Customers are classified into four categories on the bases of how much the customers have the business
with the brand, how regularly the product is been consumed, on bases of this customers can be brought
down in four heads which are as follows

Platinum

Gold

Iron

Lead

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2. CONSUMER BUYING BEHAVIOUR

2.1 Demand Measurement

Demand is the desire and ability to consume certain quantities at certain prices at a particular point of
time, The factors of Lenskart’s demand that shifts the demand curve are price, age, taste and preferences.

Price: Price plays a very important role in deciding the consumer behavior in purchasing of lens,
customers tends to compare to the competitors where as this is a new product which has no competition
to be faced with and can be less sensitive in fixing of price.

Age: One of the advantage in keeping up the demand of this product is age, where age doesn’t matter in
wearing lens but in this new product as it is targeted for youngsters age will be a factor effecting the
demand of the product.

Taste and preference: Not all the lens users may be interested in 3D glasses, as the survey tells 1/3 rd
of the population has the eye sight problems the customers are getting narrowed, in the 1/3 rd of the
population 50% might not have the preference to use the product which effects the demand.

2.2 BUYER BHAVIOUR

Attitude: Lenskart sells the product which do not harm the nature or other beings while testing the
product, it can be considered as Eco-friendly product, therefore consumers attitude towards the
company is positive.

Perception: Here the product is also based with service, how well the product is reached to the
customers, how good the service is being rendered to the end users, so the perception about the brand is
not only about the product but also about the service which influences buyer behavior.

Motivation: The product here motivates the consumer to buy as Lenskart provides attractive offers like
refer and earn, BOGO, FFF (First Frame Free) and lot more, this will result in having the consumers to
keep motivated in buying of the product.

2.3 VALS:

An ideal Lenskart consumer in accordance with values and lifestyle would be an individual who is
concerned about social, environmental and health issues and is willing to pay a premium price for a
premium qualitied product.

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2.4 Buyer Roles

Initiator: The initial spark in the customer mind to have the product, it can be by advertisements, adds
on social media, bill boards or any other sort of promotion of the product.

Influence: This can be by one who is already using the product get influenced to buy the same, for
example: Ravi walks into his friend home, he captures that his friend who has eye-power watching 3D
movie using one glass, Ravi here is also a person with eye-sight and he gets influenced to buy the
product.

Decider: The one who decides on a component of buying decisions, when to buy, where to buy, how to
buy. Here the decider is not actually buyer, he gives suggestions on buying Lenskart 3D powered
glasses.

Buyer: The one who actually buy the product is a buyer, it can be for the own consumption or brought
for others consumption, the one who give gifts, token of appreciation, complements to someone is
buyer.

User: He is also known as end user where the product is consumed, enjoyed completely by him. User
can also be one who receives from buyer.

2.5 FIVE STAGES OF MODEL OF BUYING PROCESS

Need Recognition: The user will understand, what exactly is the product for my problem which will
solve the problem, In case the problem is with wearing glass up on glass the customer will think of
Lenskart 3D powered glasses, that is where the buying process starts.

Information Search: Here is where the customer will research the product to buy, how can I get access
to the product, through physical stores, website, mobile application. Although lenskart has multiple
platform for the customer to have a access to the products.

Evaluation of alternative: Products will have many brands which gives and serves similar satisfaction,
consumer finds other brands and compare with regard to price, quality. Lenskart 3D powered glasses is
a product with no alternatives will lead the customers for the direct purchase.

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Purchase Decision: It’s a final thought to buy a product of specific brand, the payment will be done
and the delivery will be initiated at this stage.

Post purchase behavior: If the customer is satisfied by using the product, this is the stage where the
customer will have a evaluation on the product, if the product is up to the mark and gets his expected
satisfaction, the customer goes for the repeat purchase.

2.6 BRAND BELIEFS

They are the trust and faith build by the company with customers, The new brand beliefs includes all
the aspects from Manufacturing to end, with regards to Lenskart it can be the type of material, Eco-
friendly glasses not made of any bones of animals, packing, employees, suppliers and everything. It
mainly has to be as how it is projected in the market.

3. Business Buyer Behavior

3.1 B2B and B2C

B2C Model B2B Model

Social Media Retail electronic stores
LENSKART
LENSKART

Website, Physical stores

INSTAGRAM, CROMA, ADISHWAR, PAI
FACEBOOK ELECTRONICS, UNILET

CUSTOMERS CUSTOMERS

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3.2 VENDOR ANALYSIS

COMPETITORS PRODUCT DELIVERY BENIFITS

VARIANTS PERIOD

3D Powered glasses 5 – 7 days FFF (First Frame

Free)
Eye glasses From the date of
booking BOGO free for
Sun glasses
Gold members
Contact lens

Eye glasses 7 – 10 days Discount up to 10%

on the total
Sun glasses From the date of
purchase
booking
Contact lens

Eye glasses 7 – 12 days No exclusive

benefits on
Contact lens From the date of
purchase of any
booking
Sun glasses number of glasses

Eye frames 10 – 15 days No benefits on any

products
Sun glasses From the date of
booking
Contact lens

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3.3 SEGMENTATION PROCESS

This product as a new strike in the market falls under the basis of the following segment:

o Demographic : (age, income, gender)

o Psychographic: (Personality, values , opinions)
o Behavior graphic : (Repeat, loyal)

SEGMENTATION VARIABLES

GEOGRAPHICS DEMOGRAPHICS PSYCHOGRAPHICS BEHAVIORAL

CONSUMER Metropolitan cities Age group between VALS – includes Consumer who
MARKET 12 – 50. innovators, thinkers, want consume at
Class 1 cities
achievers. consumer low cost and wants
Average income that have time to to enjoy the
Class 2 cities
watch TV using 3D content.
Semi-urban and glasses.
rural areas
BUSINESS OPERATING CULTURAL
DESCRIPTION PRACTICES
BUSINESS Country/continent- Industry –Internet -Centralized purchase -Highly adaptive
MARKET India. decision .
1000+ employees -Analytical
Region/Area- -franchisees business decision based
Revenue- 292.35 Cr marketing .
New Delhi -Fast decision maker
Product Mix-
No. of Outlets- Multiple use of -Loyal to supplier.
powered lens as well
450 throughout as 3D powered lens.
India

Geographic spread-
India.

3.4 Target Market Selection

In case of Lenskart the target market is national and the targets can be made on Movie freakier, value
seekers, IT employees, Upper Class children.

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Movie Freakier: As they are very much keen about watching movies every time having a glass over
glass remains as a pain, and Lenskart has a solution in which this particular people can be set as target
for sales projection.

Value seekers: Looks for benefits over the cost . Fair price and convenience are the top priority. They
are the large part of the users.

IT Employees: Most of the employees working in the IT sectors are eye sight possessed ones, by
targeting any IT company can result in huge number of sales where the product necessary is served.

Upper Class Children: They are the ones who have no compromise on the life style and can easily
afford for the product, anyhow the need of the product is necessary.

4 POSITIONING & BRANDING

4.1 PERPECTUAL MAP High cost

Medical needs Style

Low cost
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4.2 BRAND MAP

Affordability

Discomfort Comfort

Unaffordability

5 Reference:

https://www.mbaskool.com/marketing-mix/services/17457-lenskart.html

https://www.lenskart.com/about-us.html

https://www.gkboptical.com/

https://www.titaneyeplus.com/

https://www.slideshare.net/lenskart/lenskart-story-39694773

https://www.bloomberg.com/profile/company/0370405Z:IN

https://www.specsmakers.in/

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