Our client came to us with an innovative mindset and bold approach to address the following questions to help strengthen and grow the business.

• How should we reinvent our company to achieve aspirational growth objectives?
• What whitespace opportunities should we invest in to protect against disruptive technology and online entrants in our category?
• How do we build a permanent, always-on, innovation muscle and mindset inside our organization?

In the wake of the COVID-19 global pandemic of 2020, the optical category faced unprecedented disruption to an operating model formula that had been predictably successful and relatively unchanged for decades. New online entrants were undercutting on price and a wave of disruptive technologies were enabling at-home services that threatened the traditional model. The management team understood that the long-term viability of the company would depend on its ability to innovate and challenged Liberty Advisor Group to drive a 5-year innovation strategy that defined a pragmatic path forward to defend and grow the business.

In partnership with the company’s leadership, Liberty guided the team through a proprietary process to identify trapped value and identify potential opportunities already available and within their control. The framework evaluated appetite for risk and took an offensive and defensive approach to assessing inevitable trends in the category and identifying ways to leverage the company’s greatest strengths and assets that unlock unique and profitable whitespace. Each idea was pragmatically qualified based on alignment to strategy, probability for success, and ROI. The top three reinvention initiatives were further designed, modeled, planned, and pilot tested which yielded an estimated whitespace opportunity of 10% incremental growth each year for the next 5 years, or approximately $1.2B.