Warby Parker, the eyewear company known for its direct-to-consumer model and stylish frames, is a prime example of a startup that effectively leveraged social media to attract investors.
Brief Background
The year was 2010. Four friends – Neil Blumenthal, Andrew Hunt, David Gilboa, and Jeffrey Raider – were attending the Wharton School of Business. They were frustrated by the high prices of prescription eyeglasses, an industry dominated by a few large companies. They believed that stylish, high-quality eyewear could be made more affordable.
With this shared vision, they set out to disrupt the eyewear industry. They named their venture “Warby Parker,” a nod to two characters from the classic children’s book “The Catcher in the Rye” who sought to escape the constraints of conformity. In February 2010, Warby Parker launched as an online-only retailer, offering a curated selection of stylish frames at a fraction of the cost of traditional eyewear stores. They also introduced the innovative “Home Try-On” program, allowing customers to try five frames at home for free before making a purchase.
Word of Warby Parker’s stylish frames and affordable prices spread quickly, fueled by social media buzz and positive customer reviews. The company’s commitment to social responsibility, with their “Buy a Pair, Give a Pair” program donating a pair of glasses to someone in need for every pair sold, further resonated with customers.
As Warby Parker’s popularity grew, they expanded their reach by opening physical stores across the United States, offering a seamless omnichannel experience for customers. They also introduced contact lenses and sunglasses to their product line, solidifying their position as a leading eyewear brand.
Today, Warby Parker is a recognized leader in the eyewear industry, known for its stylish designs, affordable prices, and commitment to social responsibility. The company’s success story is a testament to the power of innovation, social media, and a strong commitment to customer satisfaction.
Social Media Success
The story of Warby Parker’s success in marketing is more than just clever and effective promotion of its brand. It is also a success story of finding investors to help bring its dream to fruition. Warby Parker’s approach was, first and foremost, about creating engaging content. Its marketing team consistently shared visually appealing content featuring their products, customer testimonials, and behind-the-scenes glimpses into their company culture. They actively engaged with their followers, responding to comments and questions, and fostering a sense of community around their brand.
With a strong track social media footprint in place, they turned their attention to Crowdfunding Campaigns. Warby Parker successfully used crowdfunding platforms like Kickstarter to raise capital, utilizing social media to spread the word and generate excitement among potential investors. As part of this effort, they partnered with influential figures in the fashion and lifestyle industries, who shared their experiences with Warby Parker’s products and helped amplify the brand’s message.
The Impact of Social Media on Warby Parker’s Investor Base
Warby Parker’s success story is a masterclass in social media marketing, offering valuable lessons for entrepreneurs seeking investment. Underlying their success in crowdfunding, Warby Parker understood that content is king. Their social media feed wasn’t just a product catalog; it was a curated collection of stylish imagery, customer testimonials, and behind-the-scenes glimpses that showcased their brand’s personality.
As part of this effort, the company prioritized community building. Instead of simply broadcasting messages, they actively engaged with their audience, responding to comments, running contests, and implementing innovative programs like their “Home Try-On” initiative, fostering a strong sense of connection. They effectively leveraged the power of influencer marketing – more than just paying for influence, they strategically partnered with individuals whose values aligned with their brand, amplifying their message to a wider audience and creating a positive brand association.
Oriented around the “Buy a Pair, Give a Pair” program, they resonated deeply with their target audience, attracting both customers and investors who sought to support a company with a strong social conscience.
By showcasing their vision through compelling storytelling, building a community around their idea, leveraging influencer marketing, exploring crowdfunding options, and highlighting their social impact, entrepreneurs can effectively utilize social media to attract investors who believe in their vision and are eager to support their journey.
End Success
As a result of their successful social media marketing efforts, Warby Parker has raised over $1.2 billion in funding and become a leading player in the eyewear industry.