This is a case study on defining business vision all aspiring business owners can learn from.

When Jeremy Lu first came to us to build his vision of becoming the next Miniso, we asked him. How does he want to achieve this?

He said, he wanted to bring in as many toys as possible, even more than what Miniso had. He also felt that if he lowered on the pricing, that should bring the business some market share in the toy industry.

I said: okay, well.. if Miniso ever considered you a threat, what makes you think that they can’t remove you from existence just by dedicating more people to producing more products than you? They’ve established a strong brand in the toy industry with their own OEM series and quality premiums. Why was there even a need for your business existence?

I also pointed out several issues:

• Lowering price points – Lowering price points than your competitors aren’t going to snatch away market share. It just gives off an impression that your product is of an inferior quality.
• Toys are mainly used as gifts – What do you look for when buying a gift? Premium, exclusive? Would you give something cheap to a friend or your little ones?
• Huge assortments can incur high cost – Why go into a rat race and burn yourself out with a stronger competitor? That wasn’t how david defeated goliath, how the Viet defeated the Marines.

After a long deliberation, we discussed about our slight deviation into licensing. Most retailers, even Miniso, sells assorted brands. But none actually focused going deep into one Single brand. If the business can work its way to becoming a Disney or Minion Exclusive retailer, then we might have something there.

At that time, there was also news that the new Minions Movie was upcoming. Hence, we had no time to waste before letting the hype passed before our eyes. Jeremy was open to the idea and went ahead with the licensing play. Took up the rights to Minions distribution, gathered the licensed toy manufacturers and quickly set up their first Minions Store in Jewel. Playfulpicks was subsequently set up online as the premium Minions Store with a large assortment of toys and Gifts even before the Despicable Me movies was launched.

Recently, I got in touch with Jeremy and he told me that the Minions store was a successful investment. The online store with its large assortment is also starting to gain traction.

In business, defining the right direction can save you an entire lifetime of rowing your boat in the wrong currents. At Godata.digital, we provide realistic, implementable advise to help you see your goals even more clearly. Feeling lost or not sure if you are in the right direction? Let us hear you out. You will be happy you found us.