Hi, I am Mark Agnew, a vision industry authority reinventing eyewear with consumer advocacy, technological innovation, and the power of e-commerce, and a passionate contributor for societal good.
Company: Eyeglasses.com
We are thrilled to have you join us today, welcome to ValiantCEO Magazine’s exclusive interview! Let’s start off with a little introduction. Tell our readers a bit about yourself and your company
Mark Agnew: My name is Mark Agnew, the Founder and CEO of Eyeglasses.com. I’ve been navigating the eyewear industry for over a quarter-century, with a deep dive into e-commerce and an unwavering commitment to bringing innovation to the retail space. At Eyeglasses.com, our mission is to deliver an extensive selection of over 350 top fashion brands to our customers, making sure they get the best value for their money.
Having previously worked in finance and investment at prestigious firms like Lehman Brothers and Bear Stearns, I have carried over a strong business foundation into building Eyeglasses.com. My goal has always been to challenge the status quo in the eyewear industry, especially by confronting overpriced products and insurance plans that don’t necessarily serve the best interest of consumers.
One of the things I’m exceptionally proud of is leading our company to be an early adopter of Virtual Try On technology. This innovation has not only changed the way we shop for glasses online but also how we serve our customers in physical stores, establishing a genuine omni-channel retail experience.
As an author and former Managing Editor for Vision Magazine, I also place a high premium on educating consumers. I authored the “Eyeglasses Buying Guide: How to Pay Less and Get More” to empower people to make informed decisions about their eyewear.
Furthermore, I am dedicated to giving back and making an impact beyond business. Through our NewVision Benefits Plan, we deliver vision benefits that are more economical and efficient than traditional plans to corporations and large groups. On a personal note, having survived street violence that left me blind in one eye, I actively engage in helping others overcome trauma by sharing my journey and providing support.
Lastly, I believe that knowledge is power, and that’s why my educational journey—from a BA at Vassar College to an MBA from The University of Chicago Booth School of Business—has been critical to shaping my vision and approach to leadership in the highly dynamic world of online retail.
What were the most significant challenges you faced during the scaling process, and how did you overcome them?
Mark Agnew: During the scaling process of Eyeglasses.com, we faced several significant challenges that required strategic thinking and a nimble approach to overcome. One of the most pressing challenges was maintaining the balance between offering a comprehensive inventory and ensuring that our logistics and inventory systems could keep pace with the growth.
With over 350 fashion brands and a vast catalog of products, the complexity of our inventory management increased exponentially as we scaled. To address this, we invested substantially in our back-end systems, integrating advanced inventory management software that provided real-time data on stock levels, and streamlined the ordering and fulfillment process. This not only improved our operational efficiency but also enhanced the customer experience by reducing backorders and shipping times.
Another challenge we faced was maintaining the quality of customer service as we grew. In the eyewear industry, personal service is paramount. As a company that prides itself on offering high-quality personal service, it was vital to ensure that our customer service standards did not diminish with expansion. We tackled this by scaling our customer service team in concert with our growth and implementing rigorous training programs to ensure that each representative understood our products and the values of our brand. We also introduced an integrated omni-channel strategy, connecting the convenience of online shopping with the personal touch of in-store services.
Additionally, market competitiveness was an obstacle that required a well-thought-out strategy. The eyewear industry is known for its high-priced products and insurance plans that often do not favor consumers. My advocacy for consumer rights and my knowledge of the market challenges helped us position Eyeglasses.com as a disruptor in the space. By leveraging my expertise and vision, we offered pricing that challenged traditional models, which earned us a competitive advantage and fostered loyalty amongst our customer base.
Technologically, staying ahead was another critical challenge. As a leader in implementing Virtual Try On technology, we had to continuously innovate to keep our tech offerings up-to-date and relevant. My experience with patents in display technology helped us to stay ahead of the curve in that aspect, ensuring that our virtual fitting technology remained cutting-edge, aiding customers in making informed purchase decisions.
Finally, after surviving street violence and losing sight in one eye, I faced personal challenges translating traumatic experiences into actions that benefit others. I used this adversity as a driving force to heighten awareness of eyewear accessibility and trauma support, creating programs such as the NewVision Benefits Plan and engaging in public speaking and counseling to help others cope with similar experiences.
In essence, these challenges were not just obstacles to overcome, but opportunities to innovate, affirm our company values, and solidify our commitment to consumer advocacy in the eyewear industry.
How did you ensure that your company culture remained intact as your business expanded?
Mark Agnew: As we grew from our inception to where it stands now, maintaining our company culture has been both a priority and a challenge. To ensure our culture remained intact through this expansion, I focused primarily on the following strategies:
Clear Definition of Values: From the outset, I ensured that the company’s values were not just evident in our business plan but were also clearly communicated to every employee. Our commitment to customer advocacy, innovation, and quality service are values that inform our day-to-day operations and our long-term goals. As we expanded, these values acted as our compass, guiding our decisions and strategies.
Hiring with Culture Fit in Mind: As we hired more employees, I emphasized the importance of not only assessing technical skills but also finding individuals whose personal values aligned with our culture. We sought out team members who demonstrated a genuine passion for our mission and who could contribute to our collaborative and innovative spirit.
Involving Employees in Evolution: The expansion of a business invariably brings change. I encouraged open dialogues with staff about how we can adapt while still holding onto our core principals. This made the expansion a shared journey whereby each employee could contribute to the evolving culture, helping to ensure it remained true to our roots yet flexible enough to incorporate new ideas.
Consistent Communication: As we expanded geographically and our teams grew in size, keeping everyone on the same page became more complex. I implemented regular check-ins, company-wide meetings, and a range of internal communications tools to keep the lines open and to reinforce our culture and values consistently.
Lead by Example: As CEO, I’ve always recognized the pivotal role I play in setting the cultural tone. Throughout the expansion, I remained an active embodiment of our core values, leading with transparency, enthusiasm for innovation, and an unwavering focus on the customer experience. By demonstrating these values at the leadership level, it set a clear example for the rest of the team.
These efforts have helped preserve the culture at Eyeglasses.com as a space where innovation is celebrated, customers always come first, and every team member feels valued and heard. This approach to maintaining our culture has not only benefited our team internally but has also been reflected outwardly to our customers, creating a consistent and trusted brand experience as we continue to grow.
What strategies did you employ to maintain quality and customer satisfaction while scaling rapidly?
Mark Agnew: In the rapidly expanding landscape of our business at Eyeglasses.com, maintaining the highest quality and ensuring customer satisfaction were imperative to our success. I found that it required a multifaceted approach where we focused simultaneously on innovative technology, streamlined processes, and a deep commitment to customer service.
Firstly, leveraging technology has been a cornerstone strategy for us. Pioneering the Virtual Try On technology not only provided an engaging customer experience but also helped reduce returns and increased satisfaction by helping customers make informed choices. Additionally, we constantly refined our online platform to ensure it was user-friendly, reliable, and able to handle increased traffic without compromising performance.
Secondly, we maintained strict quality control measures. As we scaled, it was crucial to ensure that our product sourcing stayed consistent with our brand promise. We accomplished this by cultivating strong relationships with our suppliers and implementing rigorous checks to maintain the quality of our products. Even as our catalog grew, every piece of eyewear was inspected to adhere to our high standards.
In parallel, we streamlined our supply chain and fulfillment processes to handle scale without sacrificing speed or accuracy. This meant investing in robust inventory management systems and continuous process improvement, allowing us to keep pace with the demands of our growing customer base.
An often-underrated but significant aspect of scaling successfully is the human touch – impeccable customer service. As we grew, I made sure we scaled our customer service team proportionately, hiring individuals who shared our vision of providing personal and high-quality service. We also invested in extensive training programs to ensure that every team member could resolve issues efficiently and enhance customer satisfaction.
Simultaneously, I recognized the importance of listening to our customers to improve continuously. Being open to feedback and implementing changes based on customer insights helped us to fine-tune our offerings and service, ensuring that we stayed ahead of the curve.
My previous experience in finance and investment gave me the foresight to manage our growth in a fiscally responsible manner, ensuring that we could expand without compromising our values. We placed a strong emphasis on developing strategic plans that accounted for our scaling operations, allowing us to grow sustainably.
In all, my approach was holistic – integrating advanced technology, stringent quality controls, process optimization, and superior customer service, all underpinned by sound financial management and strategic planning. This comprehensive strategy enabled us to scale rapidly while maintaining the quality and customer satisfaction that our reputation is built upon.
Can you share a specific turning point that was crucial for your business’s successful scaling?
Mark Agnew: Certainly, one significant turning point that was crucial for the successful scaling of Eyeglasses.com came when we decided to invest heavily in our Virtual Try On technology. In the highly competitive eyewear market, we recognized the need to distinguish ourselves and offer customers a more personalized and convenient shopping experience.
The implementation of this technology was a game-changer. It allowed customers to see themselves wearing eyewear from our vast catalog without having to leave their homes. This not only improved customer engagement and satisfaction but also reduced return rates. The feature bridged the gap between online and physical retail by adding a tangible element to the virtual shopping experience that had previously been missing.
Integrating Virtual Try On technology required a substantial investment in both financial resources and time to develop the patented system that we’re so proud of today. But it was a strategic risk that paid off by significantly enhancing our value proposition to customers.
This innovation propelled our business, increasing both conversion rates and average order values. It also positioned us as a pioneer in the industry, leveraging technology to create an omni-channel retailing experience that set us apart from competitors.
Additionally, the technology allowed us to tap into data analytics more effectively, enabling us to understand customer preferences better and to tailor our services to meet their needs. Overall, investing in the Virtual Try On technology was a pivotal move that catalyzed the scaling of our business. It solidified our market position and ensured a trajectory of continued growth.
How did you manage the financial aspects of scaling, particularly in securing funding and maintaining cash flow?
Mark Agnew: Scaling a business like Eyeglasses.com posed many financial challenges, which I tackled strategically to ensure the health and growth of the company. When it came to securing funding, I drew upon my experience as a Vice President at Lehman Brothers and a Managing Director/Principal at Bear Stearns, where I gained deep insights into capital raising and financial structuring.
I began by creating a robust business plan that clearly outlined our growth trajectory and the innovative value propositions that set Eyeglasses.com apart, such as our Virtual Try On technology and our drive to offer consumers fair prices. This plan was critical in discussions with potential investors. I targeted a mix of funding sources, including venture capitalists, angel investors, and strategic partners who had a vested interest in the eyewear industry’s evolution and aligned with our vision.
Maintaining cash flow is always a juggling act, especially in e-commerce, where inventory management can make or break profitability. I employed a disciplined approach to inventory, focusing on high-turnover items to reduce holding costs and improve cash flow. I also streamlined our operations, implemented cost-saving measures, and carefully managed our accounts receivable and payable to ensure continuous liquidity. This was complemented by the development of alternative revenue streams, like our NewVision Benefits Plan.
I’m proud to say that we’ve developed a self-sustaining business model. Although I was open to external financing, I largely grew Eyeglasses.com with retained earnings, which involved reinvesting profits back into the business. This method not only provided financial stability but also allowed us to remain agile and customer-focused as we scaled up operations.
Through it all, I kept my MBA-focused lessons from The University of Chicago Booth School of Business close at heart, understanding that financial foresight and prudent management are the backbones of any successful scaling endeavor.
