Assignment
On
Customer-Based Brand Equity (CBBE) of Lenskart
Submitted To,
Mahfuzur Rahman
Assistant Professor
Department of Marketing
Comilla University
Submitted By:
Md. Shamim Asraf
Id: 11907045 (13th batch)
March 16, 2023,
Department of Marketing
Comilla University
1
Contents
1.1
2.
INTRODUCTION .......................................................................................................... 4
BRAND AND BRAND MANAGEMENT OF LENSKART ............................................ 5
2.1
Brand vs Products ........................................................................................................... 5
2.3
Five levels of meaning for a product of Lenskart. .......................................................... 5
2.3.1
Core Benefit Level: ..................................................................................................... 5
2.3.2
Generic Product Level:................................................................................................ 5
2.3.3
Expected Product Level: ............................................................................................. 5
2.3.4
Augmented Product Level:.......................................................................................... 5
2.3.5
Potential Product Level: .............................................................................................. 6
3.
BRANDING OF LENSKART ........................................................................................... 6
3.1
Products: ......................................................................................................................... 6
3.2
Customer experience:...................................................................................................... 6
3.3
Using cutting-edge technology: ...................................................................................... 6
3.4
Marketing and branding: ................................................................................................. 6
4.
Business-to-Business Branding of Lenskart ....................................................................... 7
4.1
Service: ........................................................................................................................... 7
4.2
Retailers and Distributors: .............................................................................................. 8
4.3
Sports and Entertainment: ............................................................................................... 8
4.4
Brand Equity Concept of Lenskert ................................................................................. 9
5.
CUSTOMER BASED BARAND EQUITY..................................................................... 10
5.1
Demography of the respondents ................................................................................... 10
5.1
Brand Salience .............................................................................................................. 11
5.3
Brand Performance ....................................................................................................... 12
5.4
Brand Imagery .............................................................................................................. 13
5.5
Feelings ......................................................................................................................... 15
2
5.6
6.
Resonance: .................................................................................................................... 16
CHOOSING BRAND ELEMENTS TO BUILD BRAND EQUITY .............................. 18
6.1
Memorability: ............................................................................................................... 18
6.2
Meaningfulness: ............................................................................................................ 18
6.3
Likability:...................................................................................................................... 18
6.4
Transferability: .............................................................................................................. 18
6.5
Adaptability: ................................................................................................................. 18
6.7
Protectability: ................................................................................................................ 19
7.
MARKETING PROGRAMS TO BUILD BRAND EQUITY ......................................... 20
7.1
Lenskart's product strategy: .......................................................................................... 20
7.2
Pricing Strategy............................................................................................................. 20
7.3
Channel Strategy of Lenskart: ...................................................................................... 21
7.4
Omni Channel: .............................................................................................................. 21
7.5
Home Trial Service: ...................................................................................................... 21
7.6
Partnerships: .................................................................................................................. 21
7.7
Social Media Channels: ................................................................................................ 21
8.
Secondary Brand Associations of Lensakrt. ..................................................................... 22
9.
CONCLUSION AND RECOMMENDATIONS ............................................................. 22
References ................................................................................ Error! Bookmark not defined.
3
Customer-Based Brand Equity (CBBE) of Lenskart
1.1
INTRODUCTION
Lenskart is a leading Indian online eyewear retailer that offers a wide range of eyeglasses,
sunglasses, contact lenses, and other eyewear accessories. Founded in 2010 by Peyush Bansal,
Sumeet Kapahi, and Amit Chaudhary, Lenskart has become a popular destination for customers
looking for high-quality eyewear at affordable prices. (Vyshnavi, 2021).
By using the omni-channel strategy, Lenskart is able to serve both clients who prefer physical
locations and those who prefer to shop online. With some of the finest brands in the market,
Lenskart offers a comprehensive selection of eyeglasses, sunglasses, and contact lenses. The
company also sells eyewear under its own private label, including the John Jacobs and Vincent
Chase brands, which are house-designed and feature a distinctive appearance. One of the ecommerce businesses that utilizes both online and offline distribution channels is Lenskart.
Consumers have the option of placing their orders through the internet store or at the
distinctively designed offline Lenskart store. Using a groundbreaking "Home eye checkup,"
the company is transforming the eyewear sector. In 2019, Lenskart also attains unicorn status.
Its business approach of Lenskart places a strong emphasis on innovation and technology. The
business has created several proprietary technologies, such as 3D Try-On, which enables
customers to virtually try on glasses before making a purchase. In addition, Lenskart offers a
unique at-home eye test service that lets customers have eye exams in the comfort of their own
homes. In recent years, Lenskart has increased the scope of its business outside India and into
foreign nations like Singapore and the UAE. it already secured its position as India’s 27th
unicorn in 2019 with $4.5B valuations backed by 'VALYOO technologies'. (Forbes
India,Venature intellegence , Sep 19, 2022)
Overall, Lenskart has made a name for itself in the Indian eyewear industry by providing a
huge selection of premium goods and cutting-edge services. Due to the company's dedication
to innovation, affordability, and quality, it is a well-liked option among clients in India and
elsewhere. By providing high-quality, reasonably priced products and cutting-edge services,
Lenskart has carved out a position for itself in the eyeglasses business. The business is wellpositioned to continue growing and expanding in the upcoming years because to its hybrid
online-offline approach and dedication to client satisfaction.
4
2.
BRAND AND BRAND MANAGEMENT OF LENSKART
2.1
Brand vs Products
How do we compare a product and a brand? Anything we can provide to a market in exchange
for attention, individual or organizational acquisition, use, or consumption that could meet a
need or want is referred to as a product. Thus, a product could be any kind of physical good,
like a tennis racquet, car, or cereal; a service, like an airline, bank, or insurance firm; a retail
location, like a department store, specialty shop, or supermarket; a person, like a public figure,
entertainer, or professional athlete; a group, like a nonprofit, trade organization, or arts group;
or a location, like a city, state, or nation.
2.3
Five levels of meaning for a product of Lenskart.
2.3.1 Core Benefit Level: Lenskart's core benefit is to provide its customers with better
vision and eye health. The company's products include prescription glasses, sunglasses, contact
lenses, and other vision care accessories that help to correct vision problems and protect eyes
from damage.
2.3.2 Generic Product Level: At the generic product level, Lenskart's products include basic
features such as lenses and frames. it offers a wide range of lenses, including single-vision,
progressive, and bifocal lenses, as well as various lens materials and coatings. The frames
available range from classic styles to the latest trends in eyewear.
2.3.3 Expected Product Level: Consumers expect Lenskart's products to have high-quality
lenses and frames, and the company has built a reputation for providing these at affordable
prices. In addition, it offers free home eye check-ups and a 14-day return policy for customers
who are not satisfied with their purchases.
2.3.4 Augmented Product Level: Lenskart's augmented product level includes additional
features and benefits that exceed the expectations of consumers. For example, the company's
3D Try-On technology allows customers to virtually try on glasses before making a purchase,
which helps to ensure that they find the perfect pair of glasses. The company also offers a
virtual mirror feature that allows customers to see how different glasses frames will look on
their face.
5
2.3.5 Potential Product Level: At the potential product level, Lenskart is exploring future
possibilities and potential improvements that its products can offer. One such possibility is the
use of more personalized and customized eyewear options, such as glasses that are tailored to
an individual's unique facial features and style preferences. The company is also exploring
more advanced eye health monitoring technology that can help customers to monitor and
maintain their eye health more effectively.
By understanding the different levels of meaning for their products, Lenskart can continue to
innovate and improve their offerings, meet the expectations of their customers, and build a
stronger brand identity in the highly competitive eyewear industry.
3.
BRANDING OF LENSKART
A company called Lenskart has made a name for itself as one of the top manufacturers of
eyewear in India. Peyush Bansal launched the business in 2010, and since then it has expanded
quickly. Some of the elements that have helped Lenskart succeed and establish itself as a brand
include:
3.1
Products: Contact lenses, eyeglasses, sunglasses, and other eyewear accessories are all
available from Lenskart. Under its brand, the company has also launched its own line of
eyewear items. With such a wide selection of goods, Lenskart can meet the demands of a
variety of customers.
3.2
Customer experience: By making the process of purchasing eyewear as simple and
convenient as possible, Lenskart has focused on offering a wonderful customer experience.
Customers may try on glasses electronically with the company, which also offers free home
trials and has a network of physical storefronts where they can get their eyes checked and try
on frames.
3.3
Using cutting-edge technology: Lenskart has improved the consumer experience and
made it simpler for clients to purchase eyewear. The business has created a smartphone app
that lets clients digitally try on frames, and it has also launched a "3D Try On" function that
makes use of augmented reality to show clients how various frames would appear on their
faces.
3.4
Marketing and branding: To establish itself as a brand in the Indian eyewear market,
Lenskart has made significant marketing and branding investments. Celebrity endorsements,
social media marketing, and traditional advertising have all been utilized by the business to
increase brand recognition and draw in customers.
6
4.
Business-to-Business Branding of Lenskart
When it comes to business-to-business (B2B) branding, Lenskart focuses on building
relationships with other businesses that can help them expand their reach and improve their
products and services. This includes working with eyewear manufacturers, suppliers, and other
industry partners to create a strong network of collaborators.
One of the key strategies that Lenskart uses for B2B branding is to focus on quality and
innovation. The company invests heavily in research and development to create new products
and improve existing ones. This has helped Lenskart to establish a reputation as a leader in the
eyewear industry and has also made it an attractive partner for other businesses. They have also
used the franchising model to open offline stores in an effort to reach a wider audience.
Agartala, Tirupati, Siliguri, Raipur, Haridwar, and Varanasi are just a few of tier II and tier III
cities where Lenskart currently has 500 outlets. They have expanded out throughout urban and
non-metro locales to balance their reach; as a result, they are already serving more than 4,000
people each day and plan to scale that number up to 200,000 in the upcoming years.
Another important aspect of Lenskart's B2B branding strategy is its emphasis on customer
service. The company has a dedicated team of customer service representatives who are
available to help businesses with any questions or concerns they may have. This helps to build
trust and loyalty among Lenskart's business partners, and also helps to ensure that their
customers are satisfied with their products and services. (www.startuptalky.com, 2021)
In addition to these strategies, Lenskart also uses a variety of marketing and advertising tactics
to promote its brand to other businesses. This includes attending trade shows and conferences,
creating targeted advertising campaigns, and building relationships with industry influencers
and thought leaders.
4.1
Service:
Lenskart places a strong emphasis on customer service and has implemented several services
to improve the customer experience. These services include free home trials, 3D virtual try-on,
and a 14-day return policy. According to a survey conducted by YouGov, Lenskart was ranked
as the top eyewear retailer in India based on customer satisfaction and loyalty (Lenskart, About
Us, 2011)
7
4.2
Retailers and Distributors:
Lenskart has partnered with over 1,000 retailers across India to increase the availability of its
products in physical stores. The company has also established a franchise model, which has
helped to increase its reach in Tier 2 and Tier 3 cities. According to its website, Lenskart itself,
it has over 700 franchise stores across India (Lenskart, Supply Chain , 2021).
4.3
Sports and Entertainment:
Lenskart has partnered with various sports teams and
events to promote its brand. For example, the company
was the official eyewear partner of the Indian Premier
League (IPL) in 2020. As part of the partnership, Lenskart
launched a campaign called "Lenskart Har Ghar Mein
IPL" to engage with cricket fans across India It has also
rolled out a campaign titled ‘nazar ghati, durghatna
ghati’ running during. The films are based on the hindi
idiom, ‘nazar hati, durghatna ghati’. (Bindiya, 2021 )
CEO/co-founder Peyush Bansal shot to fame following his ‘Shark Tank India’ appearance last
year. Post-season 1, all the ‘sharks’, including Bansal, attained celebrity status and, as a result,
viewers aspired to be like them. Last year, when Peyush was on ‘Shark Tank’, he wore a pair
of glasses designed by lenskart itself. Google search volume and search volume on app
for ‘Peyush Bansal Shark Tank glasses and Peyush Bansal glasses’ shot through the roof
following his appearance on the show. (Aanchal Jain, 2023). The company partnered with the
Amazon Prime Video show Four More Shots Please! to launch a limited-edition eyewear
collection inspired by the show. The collection was promoted through social media and digital
advertising campaigns, and helped to increase the visibility and appeal of Lenskart's products
among the show's audience.
8
4.4
Brand Equity Concept of Lenskert
The fact that Lenskart has a reputation for providing high-quality, reasonably priced eyewear
items is a significant influence in the company's brand value.
Online & offline presence, ads of all kinds of ads, website seo, high-quality product,
association with premium brands such as john jacobs, ray-ban, oakley, vogue,
celebrity
endorsements like Katrina kaif, Bhuvan Bam, Kiara Advani, Karan Johar. Following D2C
approach, frame trial using virtual reality, eye testing using modern tech, etc made a niche into
a unicorn. (VIPUL AGARWAL, 2022) The company has built a solid reputation for offering
a huge selection of fashionable and practical eyewear solutions to customers, all supported by
a satisfaction guarantee and an easy-to-use online buying platform. Lenskart’s Omnichannel
presence enables the brand to reach out to people all over India, no matter where they are. The
emphasis Lenskart places on innovation and technology is another aspect that contributes to
the company's brand equity. The company has made significant investments in creating and
deploying cutting-edge technologies, like virtual try-on and 3D scanning, to enhance the
customer experience and set itself apart from rivals.
9
5.
CUSTOMER BASED BARAND EQUITY
Customer-Based Brand Equity (CBBE) is a term used to describe the value a brand holds in
the mind of its customers. In the case of Lenskart, the CBBE can be defined as the differential
effect that its brand has on the customers' perception, preferences, and behavior in comparison
to other eyewear brands. As we have conducted a survey to measure the CBBE of lenaskart.
Here is the presentation of the response by the respondents. The portion of the population that
answers a survey is known as the response rate. It needs a high response rate for a survey to
produce accurate and useful data. 50 set of questionnaires was distributed to the respondents in
total for the study's aims. An online Google form was used to distribute the questionnaire to
the responders. A request letter that was also delivered to the responders set forth the objectives
of the study, how the results would be used, and the terms of anonymity and Confidentiality.
Description
Response
The number of questions distributed
50
The number of questions returned
23
Number of the excluded questionnaires
0
Number of usable questionnaires
23
Response Rate
46%
Valid response rate
100%
Table; Response to the questionnaire survey
5.1
Demography of the respondents
There were 16 (69.9%) males and the rest 7 (30.4%) were female from 23 respondents. Age
comparison was a little diversified age under 22 we have got 5 (21.7%), There was15 (65.2%)
between 22-25 age gap and it is the densest age gap among respondents. From 26-35, we have
got only 3 respondents hence there is no respondent among 35 or above. There were another 2
criteria to get the respondent’s demographic scenario such as occupation, and education
qualification. Most of the respondents were students due to the survey uses a convenient
sampling method 21 (91.3%) respondents were students and the rest 2 (8.7%) were private job
holders.
10
5.1
Brand Salience
Brand Salience refers to the extent to which a brand is noticeable and memorable to its
customers. Lenskart has a strong brand salience due to its distinctive logo, tagline, and
distinctive visual identity. Its innovative services, such as home eye tests and virtual try-on,
also help to set it apart from competitors and make it more memorable in the minds of its
customers. To measure the salience level the first question of the survey was “Have you ever
heard of the name Lenskart?” 20(87%) responded positively with “yes” and the rest 3(13%)
responded negatively with no. The second question was “How frequently do you think about
Lenskart while purchasing Eyewear/sunglass?” here very diversified response was received
such as 5(21.7%) responses as “Never”. 4(17.4%) think one or two times about lenskart while
purchasing. 8(34.8%) responded think 3 or 4 times about lenskart while purchasing sunglass.
Rest 6(26.1%) thinks about lenskart while they purchase sunglass/eyewear.
Based on the survey results, it appears that a majority of the respondents (87%) have heard of
Lenskart. However, when it comes to how frequently they think about Lenskart while
purchasing eyewear or sunglasses, the responses are more mixed. Only a small percentage
(21.7%) never think about Lenskart while purchasing eyewear/sunglasses, while a significant
proportion (34.8%) think about it 3 or 4 times while making a purchase. This suggests that
Lenskart is at least somewhat salient in the minds of a sizable portion of the target audience.
However, it is important to note that there are still a significant number of respondents who
don't think about Lenskart very often (17.4% think about it only once or twice, and 26.1% think
about it when they make a purchase). This indicates that there may be room for improvement
in terms of increasing the salience of Lenskart in the minds of potential customers. Overall, the
survey results suggest that Lenskart has some level of brand recognition and salience among
the target audience, but there may be opportunities to further increase awareness and
consideration among potential customers.
11
5.3
Brand Performance
Brand Performance refers to how well a brand delivers on its brand promise in terms of quality,
reliability, and value. Lenskart's performance is high as it delivers high-quality eyewear
products and services that cater to the needs of all customers. It offers a diverse range of
products and services that exceed the expectations of its customers. The company has
positioned itself as a reliable and affordable eyewear brand with a focus on quality products
and excellent customer service. Lenskart has also invested heavily in marketing and
advertising, using celebrity endorsements, social media, and other channels to promote its
brand.
To measure customer-based brand equity (CBBE) from a brand performance perspective, the
survey used a 5-point Likert scale to gain more detailed insight. Respondents showed their
responses based on the given statement. The first statement was "Basic functions of Lenskart
can satisfy customers." No respondents strongly disagreed with the statement. The frequency
with which the respondents strongly disagreed, disagreed, were neutral, agreed, and strongly
agreed was 0, 1, 7, 12, 1, 0, respectively, for the first statement.
The second statement was, "Lenskart maintains consistency in the quality of their product."
The response frequency for the second statement was: strongly disagree, disagree, neutral,
agree, strongly agree, and 0, 2, 7, 9, 4, 0, respectively. The third statement was, "Lenskart's
products are very stylish," where most of the respondents (10) showed their response as
"strongly agree." Six respondents agreed with the statement, and the rest were neutral.
The last statement intended to measure the brand’s performance is "The price of Lenskart's
product is reasonable," where 3 respondents disagreed, 7 were neutral, 8 agreed, and 4
respondents strongly agreed.
Based on the responses of the survey, it appears that Lenskart has a strong brand performance
in terms of meeting customer satisfaction, maintaining consistency in the quality of their
products, and offering stylish products. However, the response regarding the price of the
products was mixed, with some respondents disagreeing that the price is reasonable. This
suggests that while Lenskart has a strong brand performance overall, they may need to review
their pricing strategy to ensure that it aligns with the expectations of their customers.
Additionally, the responses of the survey can be used to further improve Lenskart's brand
performance by identifying areas where they can improve and areas where they are excelling.
12
5.4
Brand Imagery
Brand Imagery refers to the beliefs and associations that customers have about a brand.
Lenskart's brand imagery is characterized by its customer-oriented, innovative, and friendly
personality, which is reflected in its advertisements and social media presence, and resonates
with its target audience. To measure CBBE from the imagery perspective of a brand, three
statements were used. The first statement, "I like the people who use this brand," did not have
any extreme values or outliers. Nine respondents agreed with the statement, one strongly
agreed, two disagreed, and ten responded neutrally. However, the responses for the statement
"The brand is associated with my childhood" were inaccurate. Seven respondents agreed with
the statement, and one strongly agreed, despite Lenskart being established in 2010, and most
of the respondents being born after that time. This is likely due to a lack of knowledge about
Lenskart's establishment. In response to the third statement, "Items of this brand are available
everywhere," the accuracy of responses was lower, with six strongly disagreeing, a couple
disagreeing, eight responding neutrally, and one each agreeing and strongly agreeing.
The inaccurate responses to the statement "The brand is associated with my childhood" and the
third statement "Items of this brand are available everywhere" can have consequences for
Lenskart's brand image and CBBE. Inaccurate responses may lead to a distorted understanding
of the brand's history, availability, and customer base. This can affect the brand's perceived
authenticity, trustworthiness, and reliability, leading to a decrease in brand loyalty and
customer retention. It is important for brands to ensure that their customers have accurate
knowledge and perceptions about the brand to maintain a positive brand image and strengthen
customer relationships.
13
Brand Judgement: Brand Judgement refers to how customers evaluate a brand based on their
experience with it. Lenskart has a positive brand judgment among its customers, who view it
as a reliable and trustworthy brand that offers value for money. Its focus on customer service
and experience has helped it to build a loyal customer base, who recommend it to others and
continue to choose Lenskart for their eyewear needs.
The survey was conducted to measure customers' judgments regarding the following
statements: "The brand can fulfill my need," "Lenskart cares about my Opinion," and
"Offerings of this brand are Unique." The responses from the customers are as follows: For the
first statement, nine respondents disagreed, six were neutral, six agreed, and one strongly
agreed. For the second statement, six respondents disagreed, ten were neutral, six agreed, and
one strongly agreed. For the third statement, ten respondents were neutral, nine agreed, and
two strongly agreed.
The responses to the survey can have consequences for Lenskart's brand image and customerbased brand equity (CBBE).
If a large number of respondents disagreed or were neutral to the statement "The brand can
fulfill my need," this may indicate that the brand is not perceived as fulfilling the needs of its
customers, which can negatively impact customer loyalty and brand image.
Similarly, if a significant number of respondents disagreed or were neutral to the statement
"Lenskart cares about my Opinion," this may indicate that customers do not feel valued or
heard, which can lead to a lack of trust in the brand and decreased customer loyalty.
14
Lastly, if a large number of respondents were neutral to the statement "Offerings of this brand
are Unique," this may suggest that Lenskart's products are not perceived as distinctive or
different from those of its competitors, which can negatively impact brand differentiation and
overall brand image.
It is important for brands to closely monitor and address customer perceptions and concerns to
maintain a positive brand image and strengthen customer relationships.
5.5
Feelings
Brand feelings refer to the emotional response that customers have towards a brand. In the case
of Lenskart, the brand feelings may include feelings of trust, satisfaction, and loyalty.
Lenskart's customer-oriented and innovative approach may lead to positive brand feelings, such
as trust and satisfaction, among its customers. The brand's commitment to providing quality
eyewear solutions and excellent customer service may also contribute to positive brand
feelings.
The purpose of the survey was to gain consumer perceptions of the claims that " This brand
gives social approval. This brand gives me security. This brand gives me feelings of
excitement." The following are the consumer responses: Nine respondents disagreed with the
first statement, nine were neutral, four agreed. Four people disagreed, seven were neutral, ten
agreed, and one strongly agreed with the second statement. Three people disagreed with the
third statement, thirteen agreed, and six strongly agreed.
15
Based on the responses of the consumers, it appears that Lenskart's brand is perceived
differently in terms of the claims of social approval, security, and excitement. For the claim
that "This brand gives social approval," only a small percentage of respondents agreed with the
statement. This may suggest that Lenskart may need to work on improving its brand image to
increase perceptions of social approval among consumers.
"This brand gives me security," for this statement a higher percentage of respondents agreed
with the statement. This suggests that Lenskart may have been successful in establishing trust
and confidence among its customers in terms of the quality of its products and services.
A relatively high percentage of respondents the claim that "This brand gives me feelings of
excitement," strongly agreed with the statement. This suggests that Lenskart may have been
successful in creating a sense of excitement and interest among its customers in terms of its
innovative products and services.
5.6
Resonance:
Brand resonance is the fourth and final level of the customer-based brand equity (CBBE)
pyramid, which is the ultimate goal of any brand. It occurs when a brand creates a deep,
emotional connection with its customers, leading to a strong sense of loyalty and engagement.
The survey's goal was to learn how consumers felt about the assertions that " I consider myself
as loyal customer of lenskart. This brand is special to me. I feel a deep connection with others
who use this brand. I am proud to have this brand." The consumer answers are as follows: First
statement: 11 respondents disagreed, 8 were neutral, and 2 agreed and rest 1 is strongly agreed.
16
In response to the second statement,4 participants disagreed, 9 were neutral, 9 agreed, The third
statement was disagreed by 2 people’s, 8 were neutral,10 agreed, rest 2 shows the strongly
agree.
According to the consumer responses, the consequences of the survey suggest that the majority
of the respondents do not consider themselves as loyal customers of Lenskart. Also, the
majority of the respondents do not feel that the brand is special to them or that they have a deep
connection with others who use the brand. However, there are still a few respondents who
strongly agree with these statements, indicating that there are some customers who feel a strong
affinity towards Lenskart. It can be concluded that Lenskart needs to work on building stronger
brand loyalty and emotional connections with its customers.
17
6.
CHOOSING BRAND ELEMENTS TO BUILD BRAND EQUITY
Brand elements are the unique aspects of your brand, like name, logo, color schemes, etc. that
create a cohesive, recognizable image for your business and extend into everything you create.
(Flori Needle, 2021). The brand elements of lesnkart which are used to recall, and recognize
the brand are explained below with relevant brand elements choosing criteria.
6.1
Memorability:
Lenskart's logo features an eye-catching red and black design with the brand name written in
bold, uppercase letters. This logo is easily recognizable and memorable for customers, which
is important in a crowded and competitive industry like eyewear.
6.2
Meaningfulness:
Lenskart's brand elements are highly meaningful to its target audience, as the brand emphasizes
convenience, affordability, and style. The brand's online shopping platform is particularly
meaningful to tech-savvy consumers who prefer to shop online, and the brand's focus on
affordable and stylish eyewear options resonates with budget-conscious and fashion-conscious
consumers.
6.3
Likability:
Lenskart's brand elements are highly likable and appealing, with
a modern and stylish logo that reflects the brand's innovative and
trendy image. The brand's tagline "Log on, Play on " is also catchy
and memorable, and emphasizes the convenience and simplicity of
shopping for eyewear online.
6.4
Transferability:
Lenskart's brand elements are easily transferable across different products, services, and
markets. The brand offers a wide range of eyewear products for different demographics and
markets, including prescription glasses, sunglasses, and contact lenses.
6.5
Adaptability:
Lenskart's brand elements are adaptable to changing market conditions and consumer
preferences. For example, the brand has adapted its marketing and branding strategies to
include partnerships with celebrities and influencers, social media advertising, and
personalized marketing campaigns. This has helped the brand stay relevant and competitive in
the constantly evolving eyewear industry. Image credit (1000logos, 2022).
18
6.7
Protectability:
the brand elements of Lenskart are likely protected by various forms of intellectual property
rights, including trademarks and copyrights.
Lenskart has registered trademarks for its brand name, logo, and tagline in India, the United
States, and other countries. For example, Lenskart's logo and tagline are registered trademarks
with the Indian Trademark Office under trademark numbers 2602777 and 2982483,
respectively. Similarly, Lenskart's logo and tagline are registered trademarks with the United
States Patent and Trademark Office (USPTO) under registration numbers 4916882 and
5362496, respectively. These trademark registrations provide legal protection against
unauthorized use of Lenskart's brand elements by other companies or individuals. (Lenskart,
Disclaimer, 2011)
Brand Elements of Lenskart;
Brand Name: Lenskart
Logos and Symbol:
URL: www.lenskart.com.
Slogan: “No middle man. No extra cost” (Lenskart, About Us, 2011)
19
7.
MARKETING PROGRAMS TO BUILD BRAND EQUITY
The product strategy of Lenskart is centered around offering a wide variety of eyewear products
to meet the diverse needs of its customers while providing an excellent customer experience.
7.1
Lenskart's product strategy:
Wide product range: Lenskart offers a vast selection of eyewear products, including eyeglasses,
sunglasses, and contact lenses, with different styles, materials, and price points. This allows
customers to find products that fit their preferences and budget.
Affordable prices: Lenskart has a range of affordable eyewear products, making it accessible
to a wide range of customers. It also runs promotions and offers discounts regularly to attract
and retain customers.
Innovative products: Lenskart also offers innovative products such as computer glasses, blue
light-blocking glasses, and anti-glare glasses. These products cater to the growing demand for
eyewear that addresses specific needs, such as reducing eye strain and improving sleep quality.
Personalization: Lenskart offers a virtual try-on feature that enables customers to see how
different glasses look on their faces before making a purchase. This enhances the customer
experience by allowing them to make an informed decision and reducing the chances of returns.
7.2
Pricing Strategy
Lenskart's pricing strategy plays a critical role in building brand equity by creating a positive
perception of the brand among its target audience. Here are some ways how Lenskart's pricing
strategy helps to build brand equity.
Lenskart's affordable pricing strategy helps to attract a wider customer base, including those
who are looking for value for money products. This increases brand awareness and customer
loyalty, which, in turn, helps to build brand equity. Its pricing strategy of offering value-formoney products and services enhances its brand reputation by creating a perception of highquality products and excellent customer service. It offers the first frame free for new customers.
This helps to build trust and loyalty among customers, leading to positive word-of-mouth
marketing and increased brand equity. Its pricing strategy also helps to differentiate the brand
from its competitors by offering affordable and innovative products such as computer glasses
and anti-glare glasses. This unique value proposition creates a perception of a premium brand,
which helps to build brand equity over time.
20
Lenskart's pricing strategy, which includes promotions and offers, volume discounts, and
dynamic pricing, helps to build brand loyalty among customers. When customers feel that they
are getting a good deal, they are more likely to remain loyal to the brand, leading to increased
brand equity.
7.3
Channel Strategy of Lenskart:
Online Channels: Lenskart's primary online channel is its e-commerce website, which offers a
wide range of eyewear products and services. The website features a virtual try-on feature that
allows customers to try on different glasses virtually before making a purchase. The website
also offers various payment options and free delivery and returns, making the shopping
experience seamless and convenient for customers. (Lenskart, Lenskart, 2021).
7.4
Omni Channel: Lenskart has a strong offline retail presence with over 900 stores
across India, including standalone stores and shop-in-shops. Some of them are Companyowned stores some of are franchise stores. (Lenskart, About Us, 2011)These stores offer
customers the opportunity to try on glasses in person and get expert advice from trained
optometrists. The stores also offer a range of eyewear products and services, including lenses,
frames, and sunglasses
7.5
Home Trial Service: Lenskart's home trial service is a unique channel that allows
customers to try on up to five frames at home before making a purchase. The service is free of
charge and allows customers to take their time in deciding which frames they want to buy. The
home trial service has been a popular channel for customers who prefer to shop for eyewear
products from the comfort of their homes.
7.6
Partnerships: Lenskart has partnerships with various companies and institutions,
including hospitals, corporations, and educational institutions, to provide eyewear products and
services to their employees and members. These partnerships allow Lenskart to reach a wider
customer base and provide a convenient way for customers to access eyewear products and
services. (Lenskart, Supply Chain , 2021)
7.7
Social Media Channels: Lenskart leverages social media channels, including
Facebook, Twitter, and Instagram, to engage with customers and promote its products and
services. The company regularly posts content on these channels, including product launches,
promotions, and customer reviews. These channels provide a way for customers to connect
with the brand and share their experiences with other customers.
21
8.
Secondary Brand Associations of Lensakrt.
Lenskart has leveraged several secondary brand associations to enhance its brand image. The
collaboration between Lenskart and the popular Bollywood actor, Katrina Kaif. In 2019,
Lenskart appointed Katrina Kaif as its brand ambassador. Through this association, Lenskart
aims to leverage the actor's popularity and appeal to connect with its target audience and create
a more aspirational brand image. (Shah, 2019)
Another example of secondary brand association is Lenskart's partnership with the Indian
Premier League (IPL). In 2020, Lenskart became the official eyewear partner of the IPL cricket
tournament. Through this association, Lenskart aimed to increase its brand visibility and reach
among cricket fans and create a stronger brand image. (Sarkar, 2020)
9.
CONCLUSION AND RECOMMENDATIONS
Recommendations
Expand Product Offering and Market: Lenskart should consider expanding its product
offering to include a wider range of eyewear options, such as sunglasses, contact lenses, and
eyewear accessories and It may expand its market to Bangladesh, Pakistan and others south
Asian market. It also may open eyecare hospital to bring their service next level. This can
attract a broader range of customers and help Lenskart become a one-stop-shop for all eyewear
needs.
Create a Loyalty Program: A loyalty program can help Lenskart retain its existing customers
and encourage repeat purchases. This can include offering discounts, rewards, and exclusive
perks to loyal customers. Though it has “Lenskart Gold” but it last only 365 days after last
purchase. It should expand and need to provide more focus on that. (Lenskart, About Us, 2011)
Build Social Responsibility (CSR): Lenskart can also build its brand equity by contributing
to social causes. This can include partnering with charities or nonprofit organizations that align
with the brand's values and supporting social initiatives related to vision care.
Conclusion
In conclusion, Lenskart has implemented a variety of effective branding activities to establish
itself as a leading eyewear brand in India. The company has focused on developing a strong
brand identity through unique brand elements such as its name, logo, and slogan, which are
22
memorable and easily recognizable to consumers. Additionally, Lenskart has leveraged
effective secondary brand associations such as celebrity endorsements and partnerships with
popular events like the IPL cricket tournament to increase brand visibility and appeal to its
target audience. Furthermore, Lenskart has disrupted the traditional eyewear industry by
introducing innovative technologies like the 3D Try-On feature, which allows customers to
virtually try on glasses before making a purchase. Overall, Lenskart's branding activities have
helped the company to create a strong and aspirational brand image, which has led to its success
in the Indian eyewear market.
23
References
1000logos. ( 2022, Oct 13). LENSKART LOGO. Retrieved from 1000logos.net:
https://1000logos.net/lenskart-logo/
Aanchal Jain, h. g. (2023, 02 26). How Lenskart is capitalising on Peyush Bansal’s ‘Shark
Tank
India’
appearance.
Retrieved
from
afaqs:
https://www.afaqs.com/news/mktg/how-lenskart-is-capitalising-on-peyush-bansalsshark-tank-india-appearance
Bindiya, S. (2021 , February 22). IPL 2020: Lenskart’s new campaign with licensed footage
from
IPL
creates
some
impact.
Retrieved
from
www.insidersports.com:
https://www.insidesport.in/ipl-2020-lenskarts-new-campaign-with-licensed-footagefrom-ipl-creates-some-impact/
Flori Needle, H. (2021, 12 28). What Are Brand Identity Elements? Retrieved from Hubsopt :
https://blog.hubspot.com/marketing/what-are-brandelements#:~:text=Brand%20elements%20are%20the%20unique,stand%20out%20fro
m%20your%20competitors.
Forbes India,Venature intellegence . (Sep 19, 2022). Adjust focus: How Peyush Bansal built
Lenskart into a profitable unicorn. Dhili : Forbes India .
Lenskart.
(2011,
2
18).
About
Us.
Retrieved
from
Lenskart.com:
https://www.lenskart.com/aboutus.html#:~:text=No%20middle%20man.No%20extra,simply%20means%20no%20mi
ddle%20ground.
Lenskart.
(2011,
2
15).
Disclaimer.
Retrieved
from
Lenskart:
https://www.lenskart.com/disclaimer.htmlr
Lenskart. (2021). Lenskart. Retrieved from Lenskart.com: https://www.lenskart.com/
Lenskart.
(2021).
Supply
Chain
.
Retrieved
from
www.lenskart.com:
https://www.lenskart.com/manufacturer-to-customer
Sarkar, A. I. (2020, September 15). Lenskart becomes official partner for the tournament.
Retrieved
from
Business
Standard:
https://www.business-
standard.com/article/sports/ipl-2020-lenskart-becomes-official-partner-for-thetournament-120091500240_1.html
24
Shah, V. (2019, August 26). Katrina Kaif named brand ambassador of Lenskart. Retrieved
from
Business
Standard:
https://economictimes.indiatimes.com/magazines/panache/katrina-kaif-named-brandambassador-of-lenskart/articleshow/70829481.cms
VIPUL AGARWAL, M. (2022, February 18). Lenskart Marketing Strategy: The Spectacular
strategy of success. Retrieved from MarqueEx: https://marqueex.com/lenskartmarketing-strategy/
Vyshnavi, P. (2021, 7 9). Lenskart Business Model: First and The Only Brand to use Robotic
Technique. Retrieved from Startup Talky: https://startuptalky.com/lenskart-businessmodel/
www.startuptalky.com. (2021, 7 9). Lenskart Business Model: First and The Only Brand to use
Robotic
Technique.
Retrieved
from
www.startuptalky.com:
https://startuptalky.com/lenskart-business-model/
25