MINISO is about to go on sale. How did this “ten yuan store” conquer young people by co-branding?

What is your impression when it comes to MINISO? Cheap ten-yuan boutiques, red and white logos that resemble Uniqlo, and entangled "Japanese brand" identities, are there any more? If you add one more item, it may be a "co-branded account" that has been co-branded with various big IPs all the year round.

When MINISO was first established in 2013, polarized evaluations have been accompanied by its growth. People who hate MINISO will think that the image of the Japanese boutique grocery store created by MINISO is a plagiarism from other brands, while fans who like it think that MINISO’s products are high in quality and cheap, and will not reject him because of the similarity.

Branded products with similar concepts to MUJI, red and white logos and shop decoration similar to Uniqlo, and "micro-innovative" products that collided with the appearance of big-name popular products. The start of MINISO really hated many consumers. Its reason.

In the constant controversy over the years, MINISO has not only not been defeated, its annual turnover and number of stores have been rising in an orderly manner. On September 24, MINISO submitted a prospectus to the US Securities and Exchange Commission. , Plans to raise 100 million US dollars, the stock code is "MNSO", and Tencent holds 5.4% of the shares.

The word "MINISO" is getting rid of the stereotype of cheap and inferior. This new retail star founded by the owner of "Oh Yeah", Ye Guofu, seems to be conducting a commercial experiment.

From "lot traffic" to "IP traffic"

If you still remember the predecessors of MINISO, oops, boutiques, then the Internet still has memories. Although MINISO has never mentioned the relationship between itself and its predecessors, it still gave a good look in front of Tianyancha.

Oops, taking over with MINISO shows that the traditional ten-yuan boutique model is no longer suitable for the market. In the past, boutiques were always located in relatively corners in order to save shop rent. Coupled with the matte appearance of the shops, apart from young girls who pursue exquisite shopping, they rarely attract other customer groups.

It can be seen from the location selection of MINISO's store that it is taking a completely different path. Wherever there is a flow of people, famous brands will be opened, and they can be opened on the first floor of a shopping mall and never on the second floor. Using simple and pleasing decoration to attract huge passenger flow, and then convert it into sales, this is also the magic weapon for MINISO's initial growth.

The passenger flow brought by the excellent location is always temporary. Without good products to attract customers, then these objective passenger flow will eventually become one-time passenger flow.

In the absence of strong enough product self-research capabilities, MINISO thought of the fastest way to get rid of cheap and low-end products and co-branded with big IP. From the childhood pink leopard to the enduring Pokémon, from the Forbidden City with a heavy cultural background to the glory of the national mobile game king, MINISO's co-branding is beyond people’s imagination. The co-branding object only needs one key word ,"fire".

In order to maintain the freshness of the store, MINISO basically maintains more than 4 IP co-branding projects a year, which means that even if you are not interested in the Hello Kitty co-branding in this issue, the Sesame Street co-branding in the next issue is likely It will stimulate your cuteness and let you enter the store.

In addition, MINISO’s product update cycle is only 7 days, and a large number of new products will be launched every week. It will not fall behind on consumer trends, so that MINISO fans always have a reason to visit the store. .

Cascade name with Marvel's phenomenon

One of the most successful joint projects is the cooperation with Marvel. Along with the box office boom of "Avengers 4" last year, MINISO also took a ride in the fire.

From the initial launch of 2000 Marvel's co-branded products, to the opening of the first Marvel Black Gold store in Guangzhou Tianhe Festival Walk, to the opening of hundreds of Marvel Black Gold stores across the country, MINISO and Marvel went to a joint event It is definitely the most powerful one.

The economic benefits brought by the huge co-branding event are naturally huge. For the time being, not to mention the strong gold-absorbing ability of the black gold store, which has soaring performance. This co-branding event also gave brand owners and consumers a new impression of MINISO.

Although the co-branded products without exception reveal the cheap flavor of the famous and excellent products, the word "genuine" is emphasized on both its labels and publicity boards.

This time the "genuine" joint name with Marvel is probably the first time that MINISO has emphasized the genuine label after being questioned for so many years. Before this, consumers rarely combined the label of "genuine" with MINISO. Think of Youpin.

MINISO has made such a great effort to emphasize that the "genuine" identity of the joint name is ulterior. After receiving many years of "counterfeit" doubts from the public, MINISO products must get rid of it if they want to continue to develop upwards. The "cottage" label.

The joint name with Marvel can not only increase the brand's height, but also use the co-branding meaning to tell consumers that MINISO also has copyright awareness, so that the "genuine joint name" will become MINISO subtly in the minds of consumers. "Genuine" awareness of the product.

Judging from the results of this joint name, MINISO is a success. It has to be said that co-branding with world-class big IPs can indeed make the brand more inferior and some big-name products can be favored by more consumers.

Even if there is no amazing product in this joint name, there is no exquisite design, Marvel fans will dislike saying "This Iron Man is really ugly", but turned around and picked up another product "It's not expensive anyway." .

After successfully co-branding with Marvel, MINISO successfully attracted the attention of IP parties including Disney, and subsequently conducted a series of big IP co-branding with Disney, including Frozen 2, Mickey series and so on. Recently, the high-quality and inexpensive peripheral products jointly launched with the glory of the king have also been sought after by many fans of the glory of the king.

Being able to co-brand with various hot big IPs with ease, what is the charm of MINISO? Is it really because of its "Japanese origin"?

Global expansion of street grocery stores

What may surprise you is that this boutique grocery store on the streets of downtown has spread all over the world. MINISO currently has more than 4,200 stores worldwide, of which more than 1,700 stores are located in more than 80 countries and regions outside of China.

MINISO relies on its own strong business model to spread the store's territory around the world within only a few years of establishment.

"In the early days, many overseas partners experienced our products and services when shopping in domestic stores. They recognized this business model very much, so they took the initiative to get in touch with us. Until now, we still receive a lot of requests for cooperation every day. Phone and email."

Ye Guofu, the owner of MINISO, emphasized in the interview that MINISO’s going overseas is a "passive" attempt. In 2018, MINISO achieved a revenue of 17 billion RMB with the opportunity of globalization. The global store network and huge fan base made MINISO a new force that cannot be ignored in the retail industry.

After these years of continuous growth, Marvel has gradually become the largest IP series in the film industry. How to use these IPs to develop peripheral markets, MINISO’s low-cost and high-quality business philosophy, and retail terminals around the world have provided Marvel with Different cooperation ideas.

Ye Guofu said that Marvel belongs to the world's top IP. Good products should benefit the public, not exclusive to a few people. MINISO will continue to follow the concept of high-quality and low-cost products and bring Marvel fans around the world. Go to genuine peripheral products with first-class quality and affordable prices.

The joint name of MINISO and Marvel gave fans of both sides a complementary opportunity. Marvel uses cute and exquisite peripheral products to impress female customers, and MINISO also uses its superhero image to attract male consumers who may not have followed boutiques.

The enthusiasm of Avengers 4 has made the Marvel superhero culture popular around the world, and MINISO has turned this culture into mugs into the homes of fans all over the world. The joint name of MINISO and Marvel proves that IP that is popular all over the world should be within reach.

MINISO's IP strategy

Co-branding has been widely used by merchants for product marketing in recent years. A pair of sneakers co-branded by Nike and a certain trendy brand will cause young people to snatch it. LV's street co-branded bag allows fans to line up in front of each store. IP economy seems to be the marketing "magic oil" of various brands. effective.

For the retail industry, it is not easy to play a good joint name. How to grasp the needs of consumers and launch suitable co-branded products to realize IP realization, and how to fully tap the value of IP into greater commercial profits, MINISO has given players in other retail industries a good answer.

MINISO clearly divides the needs of consumers into three, the higher the better the quality, the lower the better the price, and the freshness forever.

In order to achieve the coexistence of high quality and low price, MINISO has learned from Costco, which is on the other side of the ocean.

From the appearance of the logo and product route of MINISO, you might think that its "teacher" is Muji, Daiso or Uniqlo, but in fact the mentor of MINISO is more like Costco on the other side of the ocean. .

Costco adheres to the operating philosophy of low inventory single product (Sku) and low product gross profit margin. Costco's Sku is only about 3,700, which makes Costco's management cost and inventory pressure much smaller than Wal-Mart's 100,000 Sku.

After comparing the Sku of many MINISO stores, it can be found that MINISO basically controls the Sku at around 2300. With the support of many franchisees, MINISO has started a virtuous circle of operations:

MINISO can use the start-up funds of franchisees to open a large number of new stores in a short period of time, and then rely on a single product with a volume of millions of demand to lower prices from suppliers, which can keep the purchase cost of goods low enough.

After lowering the purchase cost, MINISO maintained a gross profit margin of 8%, allowing the reduced cost to benefit consumers, thus establishing an image of high quality and low price, attracting a large amount of passenger traffic, and realizing small profits but quick turnover.

MINISO compresses the product price to a price within reach, which is not only more popular with consumers, but also frees up more premium space for co-branded products, giving IP a better opportunity for realization. Since the quality of the products is guaranteed and the approachable prices are exchanged for considerable sales, MINISO is indeed a high-quality partner for the IP side.

In addition, MINISO knows that the value of IP to the retail industry is not only the added value of the product, but more importantly the traffic it brings.

The spontaneous fan dissemination effect produced by co-branding with a big IP is difficult to achieve no matter how much money is spent on advertising. With the help of IP culture fans’ sharing on various media, the IP fan group is transformed into potential consumers. Chuangyoupin virtually gained traffic outside of its target group.

Constantly co-branding with new IP also keeps its brand young. The young people's market has become the focus of capital. The easiest way to break the brand's inherent impression and cater to young people is to co-brand.

MINISO’s crazy co-branding event successfully built itself into a young person in the retail industry, which also means that if the IP party wants to reshape its young image, MINISO will be a suitable choice. The joint activity between Tao Taoju and MINISO may indicate that MINISO has begun to transform from an IP hunter into a "young retail" IP itself.

If a year ago you still felt that MINISO, with such a weak brand power, was co-branded with Marvel, do you still maintain this idea now?

When you hear the slogan "Welcome to Miniso" when you go shopping, you will still speed up your pace with disgust, or want to go in and see what suits you.

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