Peyush Bansal, the co-founder and CEO of Lenskart, shared valuable insights on building successful businesses during his talk at the Startup Mahakumbh 2024. Let’s explore his views on business models, customer-centricity, and the journey of entrepreneurship.
Passion Over Model
According to Bansal, businesses should not be constructed solely on a model or channel but should stem from identifying a problem or pursuing a passion. He emphasized the significance of understanding the core service or product that a business offers and urged entrepreneurs to focus on that essence while disregarding industry buzzwords and trends.
Customer-Centric Approach
Bansal stressed the importance of staying connected with customers to comprehend their needs and preferences deeply. He advised entrepreneurs to ask fundamental questions about why customers buy or don’t buy their products, delve into understanding these insights, and then devise solutions that resonate with customers’ expectations and aspirations.
Adaptability and Channel Flexibility
Acknowledging the evolving nature of business channels, Bansal highlighted the necessity for entrepreneurs to remain adaptable and not become confined to specific channels. He emphasized the value of staying in tune with customers’ evolving behaviors and preferences, allowing businesses to adapt swiftly and effectively.
Journey of Building a Brand
Reflecting on his journey of building Lenskart, Bansal emphasized that the initial focus was not solely on financial targets but rather on creating value for consumers and serving their needs diligently. He underscored the importance of maintaining a customer-centric approach throughout the zero-to-one journey of establishing a brand.
Brand Value and Premiumization
Bansal discussed the concept of premiumization, noting that Indian consumers are increasingly inclined to invest in elevating their quality of life. He emphasized that a brand’s value lies not just in advertising but in fulfilling promises, establishing trust, and delivering on design propositions that resonate with consumers’ aspirations.
Keys to Success in Entrepreneurship
Lastly, Bansal shared insights on succeeding in platforms like Shark Tank, emphasizing the significance of articulating the problem being solved, having a clear solution, understanding business economics, and demonstrating coachability and humility to seek guidance and support.
In conclusion, Peyush Bansal’s perspectives shed light on the fundamental principles of building successful businesses, centered around passion, customer understanding, adaptability, and a relentless focus on delivering value.
