POP Mart's Playbook - Lessons in Sales Leadership from a Toy Giant. Back in 2010, Wang Ning had a small store in Beijing, selling various items without a clear focus. The challenge was finding a niche that would not only capture the hearts of customers but also stand out in a crowded market. Wang needed a strategy that could turn his small shop into something much bigger. This is a common problem many CEOs face - identifying the right product or service that resonates with their audience.
Wang was inspired by Japan’s vending machines, which sold surprise toys in secret boxes. He decided to focus solely on toys, but not just any toys—mystery toys hidden in boxes. This was a risky move, as it was a new concept for many. Interestingly, by collaborating with artists like Kenny Wong, who created the popular Molly doll, POP Mart's sales skyrocketed from $22 million in 2017 to $73 million in 2018.
The struggle was real, but the innovative twist of surprise toys turned out to be a winning formula.
The key to POP Mart's success was its creative sales strategy. By teaming up with famous designers and expanding globally, they not only captured new markets but also built a strong brand presence. POP Mart's decision to list on the Hong Kong Stock Exchange in 2020, with a value of $676 million, was a testament to their robust sales positioning.
They opened stores in countries like the US, New Zealand, and Australia, proving that a unique sales strategy can break geographical barriers.
My Big Takeaway: The importance of having a strong sales system and strategy. By fostering creativity and forming strategic partnerships, POP Mart not only grew its revenue but also impacted lives by supporting new talent and designers. This approach is a reminder that a well-thought-out sales system can lead to profitability and global impact.
Stay Hungry. Stay Humble.
Che Brown
www.CEOSalesAgency.com
Connect with me - @IamCheBrown