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March 19, 2024

Lenskart CEO Peyush Bansal Advocates Problem-centric Business Approach Over Channel-focused Strategies

During his keynote speech at the Startup Mahakumbh on Monday, Peyush Bansal, the CEO and co-founder of Lenskart, emphasized a fundamental shift in perspective for budding entrepreneurs. In a departure from conventional wisdom, Bansal advocated for a business strategy centered around addressing core problem areas rather than fixating on specific channels.

Despite Lenskart’s dual presence in both online and offline markets, Bansal expressed his skepticism toward the widely touted omnichannel business model. He argued that while establishing an omnichannel presence might seem appealing, it often diverts attention from the crux of entrepreneurship: solving problems.

In a dynamic marketplace where consumer preferences evolve rapidly, Bansal underscored the importance of staying agile and responsive. He urged startups to prioritize understanding the pain points and challenges faced by their target audience. By identifying and addressing these problem areas, businesses can cultivate genuine value propositions that resonate with consumers on a deeper level.

Bansal’s advocacy for a problem-centric approach resonates with Lenskart’s own journey. From its inception, the eyewear brand has strived to revolutionize the way people perceive and purchase glasses. Rather than confining itself to a specific sales channel, Lenskart focused on solving the inherent challenges associated with traditional eyewear shopping experiences.

By leveraging technology and innovation, Lenskart disrupted the industry norms, offering customers a seamless and personalized eyewear shopping journey. Bansal’s entrepreneurial philosophy, rooted in problem-solving, not only propelled Lenskart to success but also serves as a guiding principle for aspiring startups.

In a landscape saturated with myriad business channels, Bansal cautioned against the temptation to chase trends blindly. Instead, he encouraged entrepreneurs to delve deeper into understanding the underlying pain points that drive consumer behavior. By aligning their business strategies with these insights, startups can carve out their niche and foster long-term sustainability.

Furthermore, Bansal emphasized the need for continuous iteration and experimentation in the pursuit of solutions. In a rapidly evolving marketplace, adaptability is key to staying ahead of the curve. By remaining receptive to feedback and embracing failure as an opportunity for growth, entrepreneurs can refine their offerings iteratively, ensuring relevance and resonance with their target audience.

The essence of Bansal’s message lies in reframing the entrepreneurial journey from a quest for channels to a quest for solutions. Rather than fixating on the means of delivery, startups should channel their efforts into understanding and addressing the pain points of their customers effectively. In doing so, they not only differentiate themselves in a crowded market but also forge deeper connections with their audience.

As Lenskart continues to chart new territories in the eyewear industry, Bansal’s insights serve as a testament to the transformative power of problem-centric entrepreneurship. By embracing this ethos, startups can chart their course towards sustainable growth and enduring success in an ever-changing business landscape.

Jhumpa Lahiri

Jhumpa Lahiri

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