Introduction
The lifestyle product retailer, MINISO reveals the company’s business strategy to diversify its business and run multiple brands in 2021. Miniso has a vast collection of products, including digital accessories, fashion accessories, skin care products, home &kitchenware, and cosmetics. The marketing strategy of Miniso includes its business model, general information, marketing model, and many more.
The company’s will increase digitalization by opening unmanned stores in China with products also soon going to be accessible on all online channels including its self-owned online stores, WeChat mini program and flagship stores on important e-commerce platforms. It will apply same theory to expand its e-commerce operations in overseas markets.
Many brands sell products similar to Miniso’s, but what makes Miniso globally famous is the design of their products and their marketing strategy to reach customers in different markets. Miniso has over 3,500 stores in 79 countries, so it is clear that the brand is appealing in global eyes.
By earning customers’ trust and catering to their preferences in many countries, Miniso has experienced tremendous success in the market owning more than 5000 stores across the world. Miniso instantly gained fame for producing ingenious, cost-effective, and low-priced goods.
Brand Strategy
From food & beverages, cosmetics, health & beauty, clothing, household goods, digital products, daily life products, to fashion accessories, the Chinese brand has been earning profit through selling its wide range of products all over the world at low cost and proposing new products regularly. Moreover, Miniso collaborates with other renowned brands, such as Hello Kitty, and Marvel Studio so the fans out there would love to have products if Iron man is in them. Miniso’s brand strategy is based on the choices of the customer and aims to entice the widest range of middle-class customers.
Key Pillars of Miniso’s Marketing Strategy
In-Store Experience
Starbucks is a leader when it comes to charging for the experience. Similarly, Miniso taps onto this unstated need with great perfection. The presentation of its products, it’s shelving, and the American color palette leaves one with starry eyes. Top it up with the brand’s interior designs, and it’s almost impossible to resist walking out empty-handed. After all, it’s too pretty to handle.
Giveaways and Contests
Miniso’s special festive giveaways and competitions on social media have led to this strong customer base and increased brand awareness. Also, taking care of the exclusivity factor, it launched the Miniso Membership to make sure products and events are limited to this small pool.
Endorsements and Influencer Marketing
Word of mouth is by far the most vital marketing strategy and Miniso understands it. Seeing our favorite celebrities and influencers endorse something which is also affordable for us makes us want to pull out our car and get it before the stock runs out. Content creation increased drastically when everyone wanted those trending Marvel sippers and those cute coin purses or AirPod cases. The buzz they intended to create was mission accomplished.
Psychological Marketing
The MVP of Miniso is finally here, and time to dive deep into how we increased their sales subconsciously.
- Using psychological pricing by keeping their products at Rs. 99 or Rs. 249,
- Personalizing the perfumes by adding Sun Signs, cute customized notes, color compositions,
- The vibrant atmosphere with floor staff ready to assist, and
- Billboard Top 50 tracks playing in the store gave a feel-good experience urging people to spend more time.
Gifting
A gifting collection of cute handbags, bottles with captivating text, and in fact, even utility items like a travel neck pillow, manicure kits, and cutlery sets have made way into most houses with ease.
Campaigns
It also utilized the pandemic situation to get its users on board with their social media handles and used hashtags like #WeWillGetThroughThisTogether to lift the spirits with their cutesy collection.
Future
Talking about plans, Miniso has a special focus on strengthening its marketing strategy with its phygital presence. Phygital is the concept of using technology to bridge the digital world with the physical world with the purpose of providing unique interactive experiences for the user.
STP of MINISO
Segmentation
Previously stated that Miniso frames its marketing strategies according to the choices of customers. Generally, Miniso focuses on the age group of 15-35 years old and impose restriction on the use in the hands of children as it contains plastic and Miniso’s psychographic is based on middle-class customers.
Targeting
The key demographic for Miniso are homemakers who require uniquely designed goods and services. It concentrates on homewares and consumer goods that offer excellent value at affordable prices.
Positioning
The positioning of product differences is the foundation of MINISO’s marketing strategy. Miniso demonstrates creativity and is renowned for its unique and fashionable items of high quality at reasonable prices. It is presented as a fast-fashion brand.
Conclusion
MINISO is a global brand that specializes in various products like cosmetics, personal care, toys, stationary, and more. The brand’s stores in various countries are what makes it the most appealing among the customers.
