The New Value: Enriching the Frame buying Experience

Brands and relationships help build a smarter equation to answer the problem: What equals value in eyewear?

By Amy Spiezio

Developing value in eyewear involves much more than pricing, including design and technology adaptation. Shown: Viva International Group style Savvy 365; below, Marchon's Nine West style NW 5006

Words like “value” have many meanings, and in optical the term is undergoing a shift away from another word for bargain and into a more complex equation of service and quality.

After several years of counting pennies and squeezing dollars, consumers are experiencing what some economists are calling “budget fatigue.” After finding bargains on Groupon and BOGO offers dotting the web and mallscapes, consumers may not be taking to the streets like Greek citizens protesting austerity efforts, but they are certainly looking for what they want rather than what they should want.

When it comes to items that get commoditized, such as eyewear, redefining value is critical. As a result, promoting frames purely as budget or value or soley by price is moving out of the spotlight. In retail, the concept of value is developing into a mix of components such as quality, branding, and relationships.

IT’S ACADEMIC

Rather than a price tag, value is defined these days as a result of the combination of various factors.

“Value-equity is defined as consumers' objective assessment of utility derived from a brand based on perceptions of what is given up for what is received,” according to an article in the Journal of Retailing and Consumer Services, “Brand, value, and relationship equities and loyalty-intentions in the Australian supermarket industry,” by Abhishek Dwivedi, Bill Merrilees, Dale Miller, and Carmel Herington.

“While arriving at value judgements, consumers tend to bundle various aspects of a brand, such as pricing, convenience, quality of product information, and value-for-money assessments,” they add.

When it comes to optical, the concept of value today is bundled into a package combining product and environment and, while the price tag may still influence, the overall impact is in the spotlight.

GETTING THE GOOD STUFF

Within the eyewear world, the first step in the revamp of value is expanding the definition from good price to good overall experience.

“Value is many times a misconception related to price point. Consumers are not looking for ‘cheap’ but looking for alternatives that fulfill their personal needs and psyche,” says Bill Harrington, vice president of optical sales for Safilo USA. “They really want to have the value demonstrated before the price question is considered.”

What provides value to patients? A variety of points:

■ EXPANDED PRODUCT OFFERINGS. A value isn't a value for patients if the frame is not a good fit. As a result, frame companies are increasingly expanding their design parameters to be inclusive of more of the world's faces.

Jennifer O’Connor, ClearVision Optical's brand manager for BCBGMAXAZRIA, observes that the company's Global Fit campaign has expanded good value by offering comfortable fit at a comfortable price.

“The value equation means creating a fit for patients' faces. It's a beneficial product for the price we offer them at,” she says.

In the process of developing the Global Fit eyewear, ClearVision created a wish list with specific accounts, then brought in samples and color chips for them to review, and went back when the prototypes were ready. The end result is eyewear with a four-base face and four-degree panto instead of an eight-degree panto.

“We do offer gooseneck armpads on the metal or acetate, and that's valuable to the people who need that fit, along with a 5mm longer temple, and a 5mm bow in the mid-temple,” O’Connor adds.

BCBGMAXAZRIA styles work for a wide range of facial fits. Shown here: Rhiannon and Christina from ClearVision Optical

■ ENHANCED DESIGNS. Fashion has also been blooming within the new extended definition of value. Designs for lines throughout the product hierarchy are getting more attention, and the result is eyewear that is more tempting to a wider range of consumers.

“In the past ‘value eyewear’ was considered very one dimensional,” notes Marc Ginsberg, Marchon's senior vice president of marketing. “Nine West optical collection offers ontrend styles and rich color combinations.”

House brands are also getting a value-boosting dose of design.

“These collections are designed by some of the best frame designers who have their pulse on the American eyewear consumer,” says Safilo's Harrington.

■ EXPANDED MATERIALS. The construction of frames is also an extra factor in the value formula. As a result, better materials, such as carbon fiber and Flexon, are present all over the frameboard.

“The use of titanium in the Viva collection and carbon fiber in Savvy are currently in development. These types of materials are predominantly seen in Viva's name brands. This shift in premium materials reflects how the value market is showing less of a gap between house and name brands, while elevating the quality of its house collections,” says Cherilou Isip, brand manager for Viva International Group's William Rast, Magic Clip, Viva, and Savvy.

■ BRAND. Whether a house or a licensed brand, the name does matter in the frame value game.

“Without clear brand differentiation, [retailers] risk getting trapped in a low-price war to entice consumers, thereby minimizing the potential to build future loyalty,” say Dwivedi et al.

Some licensed brands reflect value in quality and price from branded products in other markets, while other companies have house collections with such name recognition that they are known independent of participation in any areas.

House brands have enhanced design and technology, boosting their value. Shown Carrera style 32 by Safilo

“When consumers perceive a brand as delivering superior value, it increases customer-satisfaction and generates great brand-preference, thereby potentially influencing brand-equity,” Dwivedi et al report.

■ SIMPLIFIED TECHNOLOGY: The value market is adapting more of the high end's technological bells and whistles, from hinge design and materials to polarization.

Products such as the new Polaroid eyewear (launching in 2013) fill a niche for tech-oriented consumers at an entry price. “It will be for the consumer who is not looking to pay designer/luxury pricing, but wants an outstanding polarized lens in a quality frame,” Harrington says.

PLAYED DOWN, NOT PLAYED OUT

There are certain portions of the value equation that don't get as much attention these days, but are still influencing the perception of value.

■ SOURCE. The “Made In” issue (see feature on pg. 42) is still hot in terms of what creates and defines a value. On one hand, frames made in China are often a gateway for consumers into more expensive brands and higher levels of styling without higher price tags.

“We offer [house brands] which offer great styling and quality but are mostly manufactured in China. This allows us to offer a lower price point for that segment of the market,” Safilo's Harrington says.

On the other hand, Made in China can go against some consumer's idea of what constitutes a value. ClearVision found that its Asian BCBG customers wanted European-produced eyewear. “They didn't want a product from China, even if they are Chinese,” O’Connor says. “However, country of origin is not as important with the Hispanic market, which finds price point slightly more important.”

■ PRICEPOINT. Although the “P” word is definitely being downplayed these days, this is still a component in the value factor.

“By offering a range of price points, consumers can attain quality eyewear that meets their budget,” says Marchon's Ginsberg.

Indeed, an important part of developing the value-added experience is ensuring that the price is right, notes “Value-Added Selling” author Tom Reilly. “Before adopting this approach, a company must ensure it is right for [it] and [its] customers: Are we selling the right product to the right customer for the right price?”

As long as the full and expanded definition of value is emphasized, the price point still can be used as a selling tool.

“Many consumers are looking for alternatives to luxury pricing but do not want to lose quality. So the price/value component needs to be clearly stated in the marketing and selling messages,” Harrington says.

In the end, the true test of value in eyewear is end-user satisfaction.

Says Hart Specialty's president Arthur Jankolovitz, “There's quality and there's service, and the people who give you the best of those two give you the best for your money.” EB