Warby Parker is a perfect example of doing what you want, not necessarily everything that financial experts say you should be doing.
True, the eyewear company isn’t throwing the away the business rule book entirely – they’re financially stable and treat their people and customers well.
But there are a lot that the company does right that goes against current business trends, from pushing for more physical locations at a time when many companies are exploring virtual options. It has created its own lines of frames, rather than other frame companies that rely on pricy licensing arrangements with other companies – which means higher prices for consumers.
Where Warby Parker is particularly impressive is in the area of business transparency. They are very open with telling all their financial details to their customers, vendors and supporters, which is something some companies keep close to their vest as a matter of habit.
One big area of business transparency that the company prides itself on is how much money goes to charity. Though many companies do have charitable arms, the amount of their generosity is sometimes a matter of tax savings and public relations, rather than actual philanthropy.
Warby Parker’s philosophy is simple: for every pair of frames sold, it donates another pair of frames to people who need them. Over the last four years, it has sold more than 500,000 frames, which means that many people were able to receive the gift of glasses who might not be able to afford them.
The business transparency includes a focus on making employees feel welcome and valued, so this attitude is able to be passed onto the customers. They might like getting inexpensive frames, especially compared to major brands known for big price tags, but they also like feeling appreciated, which goes even further in building loyalty and telling their friends about their positive experiences.
In today’s world, it’s crucial to offer something unique for your brand, rather than the same thing everyone else is doing.
If you’re considering seeking help in building your brand and expanding your business, visit Bear River Financial.