The revelation of Bubble Mart’s success

From the conversation shared by Mr. Run today between Bao Fan, chairman of China Renaissance, and Wang Ning, founder of Bubble Mart, the following revelations were obtained.

1. It’s faster to take your time

Pop Mart has spent ten years sharpening its sword, accumulating time and effort, and then it will become a blockbuster. As soon as it went public, its opening market capitalization reached HK$100 billion. In less than a year since its last round of financing, its valuation has increased fivefold. Bubble Mart, which "respects time and management", has spent ten years practicing its internal skills and gained its current rapid growth. Therefore, slow is fast. Nongfu Spring, which Mr. Wu Bofan talked about in his business review course, is also a typical case of slow is fast. After years of tepid hard work, it performed well as soon as it went public. On the other hand, many companies that collapsed suddenly were always in a hurry, rushing to conquer cities, recruiting troops, and expanding eastward and westward. The result is that management, services, and funds cannot keep up, and they cannot withstand the slightest disturbance. A straw is enough to break the camel's back. Haste makes waste. In the long run, laying a solid foundation at the expense of slowness is actually faster.

2. Entrepreneurship is a process of constant trial and error

Wang Ning said that when he started his business, he originally wanted to do A, but as he continued to do it, he became B. Suddenly one day, inexplicably, Succeed in C, and maybe one day we'll be great in D. Success in starting a business requires trial and error. Once you find an opportunity, be brave enough to seize it and don't wait until everything is ready before you start. Moreover, in the process of implementing strategies, we must be flexible and adaptable. If we find that the road is blocked, we must quickly adjust the direction instead of going all the way.

3. Don’t cut prices and discounts casually

Reducing prices and discounts casually will damage your brand image. In particular, if using your product will give consumers a sense of superiority, you must not reduce the price or discount it.

In addition, we must actively expand new consumer groups. The consumer group of trendy toys was originally mainly men, but Bubble Mart has vigorously expanded to women, so that women now account for 75% of its customers. Its success, in a sense, is the success of expanding new consumer groups.