LiquaLens Liquid Contacts
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LiquaLens is developing a liquid eye drop that transforms into a prescription contact lens upon application. Their mission is to provide an easy, affordable vision correction solution. The drops form a breathable, moisturizing lens that is absorbed after 48 hours. Their target market is women ages 18-34 with household incomes over $55k who need vision correction. They plan to promote the product through optometrist offices, direct mail, and social media emphasizing its convenience and comfort. Pricing will be $30 per month to gain market share. Financial projections estimate $3 billion in annual revenue and a break-even point of $2.2 billion in sales.
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LiquaLens Liquid Contacts
- 1. Transforming the way you see the world Andrew Nguyen • Christopher Ploetz • Melissa Woolfrey *LiquaLens 1
- 2. *Mission Statement LiquaLens provides a radical alternative to help the world see better by transforming liquid eye drops into prescription contact lenses. The innovation of LiquaLens offers a stress- free, cost-effective, and highly accessible solution for everyone. 2
- 3. *Product Description *Start each day with one drop that becomes a prescription contact lens. *Experience the most breathable and moisturizing lens on the market for unrivaled all day comfort. *Contact is naturally absorbed by the eye with a removal drop or after 48 hours. 3
- 4. *Market Potential 4 Market Potential United States 230 million Worldwide 4.5 billion Vision Correction Industry $20 billion Bausch+Lomb $3 billion
- 5. *Target Market *Initial Target Market *Women ages 18-34 *$55K+ annual household income *Secondary Markets *Anyone needing vision correction *Medical applications *Cosmetic use *Global market 5
- 6. *Porters 5 Force Model *Lasik surgery *Glasses industry *Contact lenses Threat of Substitutes Supplier Power Potential Entrants Buyer Power Industry Rivalry *Alcon *Johnson & Johnson *Cooper Vision *Supplier exclusivity *Strong vendor relationships *No switching costs *Price sensitive *High barriers to entry *Brand recognition 6
- 7. *SWOT Analysis 7 Strengths • Portable • Easy to Use • Cost-efficient • Comfortable Weaknesses • Product loyalty • Aversion to change Opportunities • Global Markets • Medical Applications Threats • Competition • Technology (Google Smart Lens)
- 8. *Promotion: Creative Brief *Product Concept: A liquid eye drop that transforms into a prescription contact lens. *Objective: Create awareness of new product among 60% of primary target market within six months. *Positioning: Product positioning focused on the added value LiquaLens provides. *Target Audience: *Women 18-34 *Household income of $55K+ *Who need vision correction 8
- 9. *Creative Brief: Media & Media Vehicles *Sales Promotion *Optometrist offices *Direct mail *Referrals *Online *Website *Social media *Online advertising *Email marketing 9
- 10. *Creative Brief: Message Guidelines *Unique Selling Proposition: LiquaLens provides the most convenient and comfortable way to see the world with new clarity. *Support for USP * All day comfort * Convenience *Other Verbal Guidelines * LiquaLens simplifies the daily routine * Increases comfort level *Non-Verbal Guidelines * Look comfortable * Fresh faces *Personality * Stress free * On-the-go 10
- 11. *Pricing Strategy *Market penetration based pricing strategy *Make it accessible *Threat of substitutes *First-mover advantage LiquaLens Daily Contact Lenses Daily Toric Lenses Biweekly Contact Lenses $30 $30 $60 $20 Price Monthly Cost Comparison 11
- 12. *Income Statement Income Statement (In Millions) Gross Revenue $3,000.00 Cost of Goods Sold $690.00 Gross Profit $2,310.00 COGS Ratio 23% Gross Profit Ratio 77% 12
- 13. *Break Even Analysis 13 Fixed Costs $1.7 billion Contribution Margin 77% Current Annual Sales $3 billion Break Even Point (units) 1 36.4 million Break Even Point (dollars) $2.2 billion
- 14. *Distribution *Optometrist offices *Direct sales *Online retailers *Third party vision retailers 14
- 15. *Questions? Thank You from the LiquaLens Team Andrew Nguyen Christopher Ploetz Melissa Woolfrey 15
- 16. *References * Hoover's Company Records - In-depth records. (2014). LexisNexis Academic. Web. Retrieved 20 December 2014. * Hoover's Company Records - In-depth records. (2014). LexisNexis Academic. Web. Retrieved 20 December 2014. * First contact. Professional Engineering [serial online]. March 22, 2000;13(6):8. Retrieved 20 December 2014 from Business Source Premier, Ipswich, MA. * Kamp, J. (2007). Wall Street Journal Earnings Digest: Bausch & Lomb's earnings still reflect impact of recall. Retrieved 20 December 2014 from http://search.proquest.com/docview/399091934?accountid=14971. * Pfizer Inc. (2014). PFE Annual Income Statement. * Product Usage. Eyeglasses and Contact Lenses - US - September 2013. (2013). Retrieved 20 December 2014 from http://academic.mintel.com/display/677668/. 16