This one is for our budding entrepreneurs and future billionaires who are seeking inspiration. In this article, we evaluate Peyush Bansal’s marketing strategy that turned Lenskart into a $2.5B company. We share the life-changing moments of Piyush Bansai’s personal decisions that influenced the success of Lenskart.
What do we know about Peyush Bansal?
Peyush did not come from a humble beginning. He is the aftermath of IIM Bangalore and has worked with the big tech giant, Microsoft. He moved away to the US, only to quit his job and come back to India. And, with his return, we have what we call Lenskart.
Lenskart is the leading eyewear brand all across India that has managed to top the market. What is Peyush Bansal up to now? He is a member of the Shark Tank team in India as an investor, making other entrepreneurial dreams come true by investing in their products with good faith.
Where did it begin for Peyush and Lenskart?
He did not become a millionaire overnight. He did his homework, there was trial and error, and then there was finally a breakthrough with Lenskart. Together, they built Lenskart as an online business while slowly progressing to making it one of the most recognized brands in eyewear in India.
As Lenskart progressed online, they set up physical spaces where they had the support of the Japanese multinational conglomerate Softbank. With an investment of $275 million, Lenskart was bound to succeed. With this, Lenskart took off.
Lenskart, an eCommerce success
A company that found its success online as an eCommerce brand, revolutionized the way people in India chose their eyewear. With one-third of the people in India using prescription spectacles, they understood that by adding style, the economic value of the product, and easy accessibility, they made it the people’s choice.
Lenskart, a B2C structure, eliminated the middlemen in the process by establishing manufacturing units in both India and China, with 20% of the products manufactured in China. Their goal is to keep the spectacles in line with the latest trends. An in-house designer creates these designs, sending them off to be manufactured.
How did they expand?
With their progress in the online market, Lenskart decided to franchise the brand, opening multiple stores in the city. It has over 50 stores in 30 cities, intending to add 50 more stores in major cities across the country.
They currently cater to the eyecare of over 4000 people a day, with the futuristic plan of increasing these numbers by 10-folds. The future of the company is to experience more growth, build and develop the way people in India use eyewear.
Buy one, get one free-the best marketing strategy
In their forever ongoing promotion, the “buy one get one free” offer has been an alluring factor that gets people to step into stores and choose not one but two. Their other additional offers come with discounts and reductions in prices, which are all alluring factors that capture the attention of the Indian population.
In this article, we discussed the success of Peyush Bansal’s marketing strategy and its success in creating Lenskart, making him a billionaire and an investor in Shark Tank. The lessons that can be taken away from here are to dream big, fall, learn, rectify, and repeat, and to try and try until the moment of breakthrough.
Stay with us for more content on other businesses and their marketing strategies.