Original link: https://www.latepost.com/news/dj_detail?id=1420
“New Interview” Series
For a society, why do commercial companies exist? McKinsey, the founder of the consulting industry, concluded in 1937 that “increasing profitability will make the business environment healthier, thereby improving the welfare of the entire country.”
Over the past 30 years, China’s most successful companies have largely achieved this goal. And their paths to success are almost the same: find a good direction, or seek VC financing or bank loans, increase leverage and try to grow as much as possible, even if you take some risks.
Now, the inevitable path to success is not so easy to go: the financing environment has changed, consumer confidence has changed; more importantly, people and governments around the world are not only demanding more from companies.
“LatePost” launched the “New Interview” column, hoping to regularly report on more diverse business company founders and managers, to see how they explore new practices and adapt to the new environment. The social value of commercial companies has not changed, and their healthy development can still promote a healthier business environment, thereby improving the well-being of the entire society. Facing change and facing challenges has always been an important skill for entrepreneurs as a group.
The company reported in this column may be the creator of new categories and new lifestyles, it may have opened up new markets overseas, it may have deeply transformed the supply chain with new technologies, or it may be a mature company that has been established for more than ten years. try.
Entrepreneurs who start a business at a young age usually have two starting points: one is to graduate from a prestigious school, with big ambitions and visions. When they start their business, they contact venture capitalists with the same qualifications and stand on leverage to build an ideal company. Most Internet entrepreneurs are of this type.
The other kind of opportunity is not so good. Trying to do business at the age when others are studying and playing. Before establishing a knowledge system, you first hone your business intuition and start the company with the money you earn. Most of the founders of large-scale consumer retail brands in China now start from the latter starting point, including Wang Ning, the founder of Bubble Mart.
In the late 1990s, the family opened a video store, and Wang Ning, who was in junior high school, helped to name the store. During the summer vacation in high school, he distributed leaflets and taught children to play football by himself, charging 50 yuan per person. During his four years in college, he has operated a grid shop for more than two years, and he is familiar with almost all the processes of opening an offline store between buying and selling. One year after graduating from university, he opened the first Bubble Mart with more than 200,000 yuan he had saved in 2010.
In the first ten years of Bubble Mart, Wang Ning put a lot of thought into the specific work of opening the offline store. From spotlight pointing to music volume, Wang Ning picked out every detail of today’s Bubble Mart store little by little during the store tour. a detail. This process is long but important, and the store has gradually changed from what Wang Ning said at the beginning, “I want to blow up when I walk in” to “a store as beautiful as McDonald’s”.
The business intuition has been strengthened in the day-to-day operation, guiding Wang Ning to make several decisions to change the future trajectory of Bubble Mart: In 2016, he went to Hong Kong to sign MOLLY to launch a blind box toy, which was discontinued soon after. Make money selling groceries, concentrate on developing trendy toys. In 2017, Bubble Mart held the first International Trendy Play Exhibition in Beijing and installed vending machines in shopping malls.
In the past ten years, Bubble Mart has become a company that focuses on developing IP images and selling trendy toys. After the Hong Kong stock market was listed in 2020, its market value once exceeded 100 billion yuan. At this time, Wang Ning was only in his early 30s and held nearly half of the shares.
In February this year, Wang Ning took his mother on vacation in Hainan, and stopped by the newly opened Bubble Mart store to inspect the store. It was a new store, and it was especially crowded during the Spring Festival. Looking at the crowd in the store, the mother asked her son, “How do you make people all over the country start to like this kind of thing?”
After the new year, we met Wang Ning at the Beijing headquarters of Bubble Mart. His skin was tanned and he had just learned to surf. Now, he has more time than he did in the first ten years of his business. On weekends, he will go to the mountains to ride a road bike, with a trip of 80-90 kilometers and a climb of 800-900 meters-this is no longer a level that entry-level cyclists can accomplish.
The listing and financing of 4.4 billion yuan has not changed the company much. Although the project was set up to do animation and open a park, Wang Ning still maintained his usual restraint, only using the money he earned from selling trendy games to open new stores and test new businesses. By the beginning of 2022, Bubble Mart’s listing financing has barely moved, and the cash reserves on the account have instead increased to more than 5 billion yuan.
The change is that Wang Ning has changed from focusing on every detail by himself to thinking more about the company’s strategy. He hopes to hand over more management responsibilities to the team, and to control the direction of the company by himself, more like “say yes, say no”. There are 24 Bubble Mart stores in Singapore, Japan, South Korea and other countries, and the number will reach 40 by the end of the year. However, Wang Ning no longer personally examines every operating detail like opening a store in China. Even when he went to Japan this summer, he realized that Bubble Mart had already opened 7 stores there.
This has always been Wang Ning’s dream. In 2013, when there were not many stores in Bubble Mart, he was interviewed and recorded, saying that he wanted to go further than his parents and relatives, not just as a businessman, because “even if the business is big, it is Do things alone.” He wants to become an entrepreneur and “lead a group of people to do things”.
The company no longer seemed to need its founders to export their business intuition in minute detail.
Bubble Mart already has more than 300 stores and more than 4,000 employees. After the transformation in 2017, the path of Bubble Mart has become clear: hold exhibitions, sign artists, launch more trendy toys, and enter more shopping malls to open directly-operated stores. China has more than 40 first- and second-tier cities and more than 4,000 shopping malls. It seems that Bubble Mart can grow along this road for a long time. Although there have been a group of competitors after listing, they have not affected the growth rate of Bubble Mart. In 2021, Bubble Mart’s revenue will increase by 78.7% year-on-year, and its net profit will also increase by nearly 70%.
The business progresses step by step, and it takes longer for the company to reach a higher level. Entrepreneurs can no longer get happiness from the growth of the company as frequently as they did in the entrepreneurial stage. Once, Wang Ning met with several entrepreneurial friends to discuss how a person can obtain happiness. When the discussion got to the point of enthusiasm, they all took notes. The conclusion is “you have to find something with a sense of growth and experience the happiness from 0 to 1”. At the personal level, learn to surf and ride a bicycle; at the corporate level, slowly test new businesses.
Wang Ning began to think about turning Bubble Mart into a group, and regarded going overseas, games, amusement parks, and content business as equally important as IP series products. In terms of going overseas, at present, overseas stores are basically looking for local partners to act as agents – Bubble Mart as a shareholder or even a controlling shareholder; the person in charge of the game business is from Kuaishou, and the current game team is about 30 people, and they are trying to make big games; Light-following animation, and the person in charge of the park business is an old employee of the company.
A month later, the rhythm was forced to change, and China’s offline retail industry was turned upside down.
“The sense of rhythm of the enterprise is disrupted by uncontrollable things.” In August, when we met again, Wang Ning summed it up this way. In January and February of this year, Bubble Mart’s sales growth still exceeded 100%, so it increased the stocking in the second quarter. As a result, unforeseen changes occurred. 78 days more than doubled.
Almost all of the more than 300 Bubble Mart stores are in shopping centers in first- and second-tier cities, of which nearly 100 are in Beijing and Shanghai. In the first half of this year, most stores were closed for several weeks, and some stores closed for more than 3 months. In the second quarter of this year, Bubble Mart’s profit declined, which was the first time since it transformed into Chaowan. The environment did not improve in the third quarter, and the sales of Bubble Mart’s stores and online stores fell for the first time.
Wang Ning still believes that Chaowan is a product against the cycle. Many years ago, some artists said that he entered a good industry, “Because the economy is not good, everyone needs to be happy; when the economy is good, they may buy more.” will not continue. At the same time, the trendy play exhibition that helped Bubble Mart display new products and connect artists has also been suspended for two years.
The economy is resilient, but business and consumer confidence is fragile. It is very likely that people’s desire and belief in consumption will not recover immediately after the environment changes someday in the future. It’s hard to say when China’s shopping malls will return to the bustle of the past, and when consumers will have the confidence of the past. This is the reality every entrepreneur has to face.
“Going overseas” is a way out that almost all large Chinese companies will consider, but over the years, Chinese consumer products have gained a foothold overseas with more “cheap” labels. Overseas, especially in developed regions such as Europe, America, Japan, and South Korea, the only Chinese consumer companies that have successfully built brands are DJI, Huawei, SHEIN, and TikTok.
The change pushed Wang Ning back into the spotlight. Once again, his company needs the business instincts of its founders more urgently than ever in a new environment.
The main IP series of Pao Mart
The following is the conversation between “LatePost” and Wang Ning:
“The sense of rhythm of an enterprise will be disrupted by uncontrollable things”
“Later”: In 2021, you will open a total of 100 new stores. In the first half of this year, you will open 23 stores. In the second half of the year, you plan to open 30 stores. The number of stores opened is only 1/2 of last year. To what extent is your business this year affected by the epidemic?
Wang Ning: It was originally planned to open more than 100 stores this year, but the epidemic has affected the pace of store opening. We have a total of more than 300 stores, nearly 100 in Shanghai and Beijing. The revenue of one store in these two cities is equivalent to the size of 1.5 stores in other cities. In the second quarter, not only Shanghai, but also Sichuan-Chongqing, Jiangsu-Zhejiang, and Guangzhou-Shenzhen regions were affected.
In recent years, a large number of core points of offline shopping centers have been vacated, and many actively seek cooperation. Our store opening system is already very mature. The epidemic will only slow down the pace of store opening, but it is not a matter of life or death.
I still have confidence in the country. Next year, when the epidemic eases, we will enter more second- and third-tier cities.
“Later”: Why does Bubble Mart insist on opening its own offline store instead of franchising?
Wang Ning: Offline stores are very important. A real brand must have cultural value, and it is difficult for you to feel this culture online. I think the most valuable point offline is that it provides a sense of cultural package.
The money in our account is enough to open thousands of stores, but I hope to use a correct rhythm (opening stores) and maintain a certain degree of restraint.
“Later”: In addition to opening fewer stores, are there any other adjustments this year?
Wang Ning: We will slow down some exploratory businesses, such as Paqu (transformation at the beginning of this year, transforming from a trendy online community to a platform for incubating new designers); we will also reduce the number of some SKUs, and we will try some IPs first It is expected to sell 3,000 – 5,000 sets. Now if a product does not have the expectation of selling more than 10,000 sets, it will be put on the back burner.
Our core businesses such as IP series products, parks, content, games, etc. are progressing normally without reducing investment and budget.
“Later”: Your inventory at the end of the second quarter is close to 1 billion yuan. How do you balance the scarcity and scale of IP?
Wang Ning: We think a better rhythm is “7 points full”, including style and quantity.
The problem now is that the rhythm of any enterprise will be disrupted by uncontrollable things. For example, we believe that the actual market demand for a set of IP series is 100,000 sets, and we will make 70,000 sets if we are “7 minutes full”. We grew rapidly in the first quarter, so we prepared a lot of goods in the second quarter, but suddenly the epidemic came. , the overall consumption demand decreases, and your rhythm becomes chaotic.
“Later”: How to adjust the rhythm and adapt to the new environment?
Wang Ning: Since the second half of the year, we have reduced the quantity of the first batch of orders for some series and increased the flexibility of the supply chain, even if it takes longer for out-of-stocks. If the original S-class series plans to produce 100,000 sets, 60,000 sets will be produced first, and then additional orders will be added at the pace of 20,000, 10,000, and 10,000. Now it will be disassembled more finely and become 4+3+2+1. It turns out that MEGA (4 times and 10 times the size of Bubble Mart’s general trendy products) we hope to have at least two models a month, but now we have adjusted the rhythm and become one model a month.
“Later”: You mentioned a lot of adjustments affected by the epidemic. What other adjustments are based on business considerations?
Wang Ning: The epidemic has accelerated our thinking on many issues.
We used to push a lot of IPs every year, and each IP pushed a lot of series and added a lot of elements, which was a bit too much. Sometimes innovation for the sake of innovation, adding too many accessories not only affects the gross profit margin, but also becomes less like a trendy play and more like a toy.
In fact, we have accumulated many excellent and classic designs, such as the first series of SKULLPANDA, which sold very well, “Dense Forest Castle”. In this series, the most popular one is “Blood Rose”. On top of that, micro-innovation will be done, and more products will be derived, and the return on investment may be even greater.
“Later”: Bubble Mart’s IP doesn’t have to have a new hit every year?
Wang Ning: On the one hand, we still have a strong ability to create new products. On the other hand, we have accumulated a large number of classic IPs, and there is a lot of room to be tapped. The re-innovation of many classic IPs will have huge commercial value, because it has been verified by the market. For example, Nike’s Jordan brand, the most classic ones may be Joe 1 and Joe 3, which still account for a large proportion of sales revenue. Next year we have plans to launch a classic retrospective series.
“Later”: You said that Bubble Mart is anti-cyclical in the second quarter report conference call. Can you see any signs that it is really anti-cyclical?
Wang Ning: I often go to shopping malls to inspect stores and find that the bag carrying rate of Bubble Mart is higher than that of many brands, because the consumption satisfaction brought by our products can actually replace the satisfaction brought by many expensive things. Many years ago, some artists said that trendy entertainment is a good industry, because the economy is not good, and everyone needs to be happy; when the economy is good, they may buy more.
Many people will ask why your sales in the second quarter fell so much. Is it because everyone suddenly stopped buying? Is the industry starting to go downhill? I said that this year is the 12th year of Bubble Mart. The growth in January and February still exceeded 100%, and the overall growth in the first quarter was still 70%. The whole industry cannot change in just three months, right?
“We hope there are more ways to accelerate collective globalization.”
“Later”: In July, you went abroad for a month’s investigation. Which countries did you go to?
Wang Ning: Singapore, South Korea and Japan. Among these countries, Singapore has the best social vitality. The hotels are full and it is difficult to book. I heard from friends that many people will live there for a month or two; South Korea’s recovery is a bit slow, like the well-known Myeongdong neighborhood in Seoul, maybe 30% to 40% or even more than 50% of the shops are closed, closed down, and transferred; The Japanese market is relatively active, and local consumers feel that the current impact of the epidemic is 20% – 30%.
“Later”: What are the main difficulties for you to go overseas now?
Wang Ning: There are not many Chinese consumer brands that can really go global. In the past few years, the epidemic has made us go overseas a little slower, but it has also avoided many overseas thunderstorms. From product preparation, IP selection, authorized cooperation, to overseas partner and form selection, we have more preparations time.
The overall operating cost and decoration cost overseas are more expensive than domestic ones, and opening a store is at least 30% – 50% more expensive; a domestic store can be opened in as little as three months, while overseas generally takes half a year to eight months.
“Later”: The pricing of many Chinese brands overseas is adjusted according to the local consumption capacity, which may be much more expensive than domestic ones. Why is Bubble Mart similar everywhere?
Wang Ning: Internally, we hope that price parity will become a kind of management ability. We strive to give consumers around the world the feeling that the price is similar, but the specific pricing is more left to the local area. Our so-called price control is the price control of the gross profit rate. Different regions consider The price will fluctuate up and down to a certain extent due to factors such as local exchange rates and shipping costs.
“Later”: The first item of your OKR is overseas. What have you done?
Wang Ning: I now fully authorize Wen Deyi (President of Bubble Mart International) to be fully responsible for overseas. I put overseas in a higher strategic position, help coordinate resources (products, design, logistics, systems, etc.), and give them more space to display. Overseas can first relax the assessment of gross profit rate and net profit rate.
“Later”: Since you have an overseas president, why do you still let Si De (President of China) be in charge of the US market?
Wang Ning: This is an attempt, and it is hard to say whether it is good or not. At present, the large teams are still domestic teams, and Si De directly manages them. The domestic team only indirectly cooperates with overseas, the communication efficiency is not high, and the team’s global awareness is not strong.
The United States is a market with a large enough volume. It will definitely encounter many challenges if Sidd leads the domestic team to do it, but because it is a single market, it will be easier for the team to learn, and this method will indirectly promote everyone to have an international of the string.
We also hope that there are more ways to accelerate globalization.
“Later”: Did you participate in the site selection for the newly opened overseas stores?
Wang Ning: Many people asked me where I opened my UK store at the beginning of the year. I have never been to London, and I said I don’t know, anyway, it is in London.
I went to Tokyo in July to attend the opening of the first local flagship store, which is located at the intersection of Shibuya, Shinjuku and Omotesando. After the end, the local team will take me to inspect the store. I said, isn’t this the only store we have in Japan? They said that if the local area does not sign a contract of more than 5 years, it is called a pop-up (pop-up store). Most of our store opening strategies are to sign for 6 months first, and then add another 6 months if the effect is good. In this way, we have seven pop-up stores in Japan plus flagship stores that have been open for a long time.
“Later”: There is a contrast here. In the early days of opening a store in China, everything was determined by yourself.
Wang Ning: There are many shopping malls in China mainly in the world. The logic of opening stores in China does not apply to different cultures and regions. More local teams are needed to develop. It is only a 0-1 stage to open a store overseas. It is already great to open a store locally. Of course, it would be even better if you can enter the best local business district. That is a matter of 10-100.
“Later”: Which market to go to first, which market to go next, do you want to participate in the formulation?
Wang Ning: There are things you can decide, and there are things you can’t decide. We have many overseas partners, and it depends on the opportunity. For example, I asked the international team why they were going to open a store in New Zealand in April? They said that because there is an opportunity for cooperation, they only need standard management of supply and export stores, and do not take up company management costs. They think they can give it a try.
“Later”: But franchise stores are not allowed in China.
Wang Ning: I have more room for trial and error in overseas business, and there can be more forms of cooperation overseas.
“Later”: What is the model of opening stores overseas?
Wang Ning: Over the past four years, the overseas model has been adjusted, and now it is basically equivalent to direct sales. In the beginning, we set up a joint venture company with local partners, and we accounted for a higher proportion of shares. In the Korean joint venture company, we accounted for 80%, and the Japanese joint venture company accounted for about 60%-70%.
It turns out that our partner in Australia is a Chinese-American who knows the European and American markets very well. As the business progressed, we acquired all his shares and let him take charge of the entire European and American markets, which is equivalent to the Australian joint venture company becoming a wholly-owned subsidiary.
By the end of this year, there will be about 40 stores overseas. So far, there is not a single loss-making store, and all of them are profitable.
Paradise, games, film and television content, “a very small start is also an accumulation of ability”
“Later”: What is your main job in 2022?
Wang Ning: The first is globalization. I hope that overseas can do better, and the proportion of revenue will gradually increase; the second is conglomeration, and accelerate the landing of parks, games, content and other businesses.
Collectivization is to create a richer business framework, because IP can span many categories and industries.
“Later”: In addition to Chinese business, overseas, and paradise, what else is equally important in your business framework?
Wang Ning: We have seriously discussed the priority of games and animations internally, and we think that the priority of games is higher. Take “Original God” as an example. It is not just a game, but also an interactive cartoon. If our logic is to accompany you, the game will accompany you more frequently and for a longer time, and the value and world view of IP can be expressed through games.
“Later”: It is quite difficult to make an IP into a good game.
Wang Ning: We have formed a team for the game business, and the density of game talents in Beijing is still relatively high. And we have been having games in the mini program for so many years, but the weight is not high, and it is more for auxiliary products. A company’s work is not so absolute in black and white. It depends on the rhythm and energy we put in everything, which determines whether it supports the business or a node in the commercial framework.
We are currently trying to make a big game and don’t expect it to make money. In the future, the game can also interact with businesses such as offline parks to create a mutual assistance.
“Later”: When did you start thinking about structuring?
Wang Ning: Before listing. For example, the location of the park was basically decided two years ago.
“Later”: Bubble Mart is a group, do you do it yourself?
Wang Ning: We are a young and slow company. The biggest barrier is the team. In the past, it was recruitment, but now it is formation.
For example, making a paradise is not a blind investment, IP will bring soul to the paradise. We are also confident that more than half of Disneyland’s revenue comes from other than tickets. Of course, we will not expand at will. The cooperation with Chaoyang Park is just a very small beginning, and we are also accumulating capabilities.
“Later”: Which businesses in the conglomerate can be called the second growth curve?
Wang Ning: There is no need to worry about the second curve as soon as it goes public. Our first curve growth is not slow, and Chaowan itself still has a lot of points that can be tapped, such as the MEGA series, which still has huge market space and commercial value.
“Later”: You conceived a lot of things two years ago, did you have any new ideas later?
Wang Ning: We are also thinking about the content, not not doing it. We have previously voted for two films “New God List: Nezha Rebirth” and “White Snake 2: The Green Snake”.
“Later”: What kind of cognition will you increase after casting two films?
Wang Ning: The biggest recognition is that if these Chinese IP want to do better, they must need a rich business framework.
“Later”: It seems that you can get such a recognition without voting.
Wang Ning: We didn’t invest much in the two films, and the opening advertisement alone has already recovered the cost. We can also, as participants, understand the entire operation of an animated film, which is a learning process.
“Bubble Mart is more like an Alita, tearing off its skin, and the inside is very complicated parts”
“Later”: In the past year, you have layered product forms and designers. What is the overall idea?
Wang Ning: The trendy game industry is moving from the niche to the public. Everyone’s aesthetics are different. We don’t want to think about how many stores we want to open and how many members we want to increase every day. Tower logic.
If art can be layered, who likes higher-end original paintings, who likes designer IPs, and who likes popular IPs such as Disney and Harry Potter, the logic is very clear if we look at it vertically. Opportunity to offer a diverse range of products.
“Later”: With so many IPs forming their own styles, does Bubble Mart have its own methodology?
Wang Ning: Chaowan allows artists to find a carrier again, which is a bit like the combination of sculpture and painting. It does not need to be an accessory, but the design itself has a strong artistic atmosphere, including the atmosphere of spiritual value.
We are like a record agency, discovering outstanding artists who can produce records, let them display their design talents on our platform, and help them achieve commercialization. We also have several A-level and S-level IPs coming out next year.
“Later”: Can you give an example? A process for IP classification.
Wang Ning: For example, SKULLPANDA, the earliest designer of this IP, Xiong Miao, participated in our trendy play exhibition (exhibition for mining artists hosted by Bubble Mart). Many people liked her design and queued up to buy it, which shows that this IP has potential and consumption Those who voted with their feet.
After signing the A-level, the matching resources were prepared for a month, but it was sold out in half a day. It suddenly showed the potential of the S-level. We will immediately adjust the resources to provide more supply chain and promotion. Resources, and special long-term planning, control the number of series, and do not make redundant actions on it.
“Later”: Are you worried that Bubble Mart will not be able to find new “Jay Chou” and “Mayday” in the future?
Wang Ning: There are not so many IPs that really support Disney, and now Mickey still accounts for 50% of its revenue.
“Later”: But the proportion of MOLLY has decreased.
Wang Ning: The MEGA version of MOLLY is still hard to find, and its vitality and value have not diminished. How much it sells and how little it sells is also related to our control of the rhythm. In the past, we would release seven series of MOLLY a year, but this year we only planned three series, because we want to protect this IP and make each series unique. A classic, not an abuse.
“Later”: Do you think everyone has misunderstood Bubble Mart?
Wang Ning: Many people see Bubble Mart and think it is a beautiful woman, but Bubble Mart is more like an Alita, with very complicated parts inside. Physical enterprises have a lot of details, and this thing takes a long time to accumulate. This is the core competitiveness of Bubble Mart. The trendy games that everyone is discussing are just a result of the complicated work of many people.
“Later”: Do you still need to explain to others that Bubble Mart is not a blind box company?
Wang Ning: The word blind box gradually became neutral. At first, people couldn’t tell what a blind box was, or even what a Bubble Mart was. As long as it was a blind box, it was called Bubble Mart. A stage of culture from minority to mass.
“Later”: Is this a good thing in your opinion?
Wang Ning: Everyone will say that you succeeded by relying on blind boxes. I often ask, do blind boxes need a license? Is a blind box as complicated as a chip? Is it only for me to use but not for you? Is it true that if I sell 100 products, they all sell equally well? So is the blind box really that valuable? There are thousands of trendy game companies in China, and which company will become popular just by making a blind box?
Now everyone gradually understands that (blind box) is just icing on the cake, and the core is still the IP itself. The term “blind box” may have been good yesterday, but later it was stigmatized by various chaos, and now it has become neutral again. This term is gradually recognized by the public, and it will become more and more mature.
“Later”: Why must we adopt the method of blind box?
Wang Ning: The great thing about Lego is that it has created a language system. We wanted to open up a market in the early days, and we also needed a set of our language to help everyone get started. Blind box is such a stable language system, such as its standard gameplay and size.
“Later”: Is it possible to abandon the form of blind box in the future?
Wang Ning: Probably not. It is undeniable that blind boxes can increase the playability of Chaowan. I think that excellent new-age consumer products must not only sell goods, but also sell emotions and export happiness. What everyone lacks is a kind of surprise, happiness, and joy. I think blind boxes and trendy toys are a natural combination.
“The best kind of experience is good, not ‘more, faster, better and cheaper'”
“Later”: Some people describe Bubble Mart as a 12-year-old child who has grown to 1.7 meters and is still immature in all aspects. How do you deal with the troubles of rapid growth?
Wang Ning: I don’t agree that it looks like a 12-year-old child. The lifespan of most enterprises in China is no more than 3 years, and the life span of more than 10 years is rare. From this perspective, Bubble Mart is already an adult. Enterprises are solving problems every day. “Those who do things are born with worries.” Only when there is anxiety can they grow, which shows that there is room for doing better. If one day you feel that you are really perfect, maybe the crisis is not far away from you.
After the organization grows, the budget is sufficient. Many people have never experienced the life and death of starting a business, and have no concept of cost. They often solve things by using “aircraft cannons” to kill mosquitoes. I am very opposed to this. What we emphasized the most last year was called “button innovation”. The concept invented by ourselves was promoted by all departments.
“Later”: Any specific examples?
Wang Ning: In the past, when you visited our store, everyone shouted “Welcome to Bubble Mart” as soon as you entered the door. , Formed a team and squatted in many stores, and finally changed the phrase to “good morning, good noon, and good evening”.
It’s just a little bit different, but with the superposition of countless details, the overall feeling will be very different. What we call “button innovation” is the accumulation and value brought by time.
“Later”: How did you come up with the word “button innovation”?
Wang Ning: To fight a war, it takes a long time and a lot of money to develop a weapon without knowing whether it will work or not. During World War I, everyone replaced buttons with zippers. Maybe the preparation time was 2 seconds faster, and more people could survive. You will find a button innovation, which seems insignificant, but its value can be compared with that of airplanes and cannons. . We need “aircraft cannons” as well as button innovations.
“Later”: In the past, it often took several generations of hard work to form a huge company. Now the founder can build a company with hundreds of billions of dollars in his forties or fifties. The time scale is changing. How do you ensure that you can keep up with these complexities? Variety?
Wang Ning: The team. Strive to let more outstanding people join the company, so that the whole team has the feeling of learning. Last year, we were still facing a hail of disorderly competition. Everyone was making trendy games, and all industries were making blind boxes. There were also companies who came to poach people, saying that they would give you several times your salary. Although not a few were poached, it was easy. Disturb the morale of the army.
Many companies want to enter the Chaowan market. The easiest way is to “big”, open bigger stores and attract more partners, but I think this is also a flaw. Because it is large, it means more SKUs to manage, increased management costs, and lower gross profit margins. When the epidemic comes, they will be under greater pressure.
“Later”: So many new brands have taken some money to make trendy toys, will it affect Bubble Mart?
Wang Ning: No. After all, we worked really hard, we all did it for 12 years. If we can compete with us in this way, we have not worked in vain for more than ten years. This is the operational threshold.
This industry is a cultural industry, and artists who make trendy games cannot be recreated by spending money. Chaowan is not about sharing bicycles. It is purely fighting for money, resources, and operations. It has something to do with operations, but it has nothing to do with it.
“Later”: To lead the team to face such competition, what did you do?
Wang Ning: Our 10th anniversary documentary records the details since the start of the business. It has gradually become a spiritual totem, letting newcomers know how I got here and how the company came about.
I am not a rich second generation. The monthly salary of my first job in Beijing was only 2,000 yuan (in 2009). I didn’t know anyone. I was the most ordinary Beijing drifter. I struggled a little bit. I think this process will inspire many people.
I often say in the company that we have many totems, big and small. Our head of logistics turned out to be a truck driver. The store manager of our first store graduated from junior high school and used to pick cotton with her parents in Xinjiang. Now she has been with the company for more than ten years, and her stock is enough to buy a house in Shanghai and Beijing.
Countless ordinary people grew up in this company, they understand the company’s culture, and this state will inspire many people. Like-minded people are brothers, and those who are not like-minded are tools. How can more people become brothers instead of tools? I often chat with everyone, and slowly you will find more and more brothers around you.
“Later”: Does Bubble Mart have any specific style and culture?
Wang Ning: Style means that we respect art. Bubble Mart should be one of the companies with the most diverse hairstyles, the most colors, and the most young people. The company environment is relatively free, and many people like to ignore me when they see me, and I don’t mind.
In the autumn of 2012, I took the team to Insadong, Seoul. One day we sat by the French windows on the second floor of a store and drank tea. There were small pastries on delicate plates on the table. It was raining and cold outside, but the house was very warm. We watched the bustling Koreans outside, wearing nice clothes and holding transparent umbrellas. The buildings in Insadong are not high, with two or three floors. Directly opposite the floor-to-ceiling windows is a building wrapped in ivy, half red and half green. At that moment, you will feel that life is beautiful.
I think the best kind of experience is good, and it may not be “how fast and cheap”. “Beautiful” has become the DNA of the company for so many years, it is a special culture.
“Later”: Not 996 at all?
Wang Ning: We don’t encourage any overtime work, and we always work on weekends. After a while (around 19:00), you can see that 70% of the people should have left. But for example, in the design department, they are used to going to bed late and waking up late. Many people come at 10:30 and work until eight or nine.
“Our methodology is accumulation”
“Later”: Business in China, how do you and Si De (Note: Bubble Mart COO) divide the work?
王宁：基本现在绝大多数具体的事都是司德在管。我负责大方向，比如我们砍掉原有业务做潮玩、电商、自动售卖，开展会、建乐园、做海外、推出MEGA、MINI ME 等新产品线。一个公司的CEO 核心就是要引领方向，我觉得我的商业直觉还可以。
《晚点》：你什么时候意识到自己的商业直觉还不错？
王宁：高中毕业我就开始赚钱。那年暑假我上午办足球训练营，自己印一堆传单去小学门口发，场地就去公园，早上起来领一帮小朋友踢足球，下午去健身房打工教大家跳街舞。
其实我也不是有特别的商业天赋，就是一种潜意识，因为从小七大姑八大姨做各种小生意，家族聚会都是讨论你生意好不好，你卖得怎么样。
《晚点》：都是什么小生意？
王宁：什么都有，我们家卖衣架，卖磁带，卖渔具。后来想想我觉得挺有意思，我父母做的生意都是无差别生意，所谓无差别，买卡带和渔具的人，男女老少、穷人富人，年龄和阶层跨度很大，我每天在店里都能看到一群很丰富的人。
《晚点》：最近股价的变化，你个人有波澜吗？
王宁：没什么波澜。我自己钱够用，股价是一个大势的问题，担心也没什么意义。大家都觉得我越来越平静了。
《晚点》：你怎么让公司的其他人也不在意这个事情？
王宁：很多公司给高管和员工很多股权，所以大家对股价很敏感。我喜欢分享，但不一定要体现在股权上，我们会给足现金和相应的激励，公司员工，特别是绝大多数店员，薪酬高于行业水平。
我们新成立的共鸣工作室，是做二次元的。我们对他的激励第一层是充分授权，我投资你内部创业；第二层，我跟你签协议，你拥有百分之多少的分红权，而且是梯度的，你还可以分给团队。这些创新业务会有特殊的激励方式，不一定要通过总公司的股权来实现。
《晚点》：有一家知名投资机构当初没能投进泡泡玛特，他们的说法是你要的股权太多，只愿意让他们买老股，你当时为什么做这个选择？
王宁：我们（2016 年）融来的钱花到大几千万以后就开始赚钱了，这几年利润和收入都还挺好的，我为什么要稀释股权？我说如果老的股东有退出的想法，我可以帮你们撮合。
我还是一个偏强势的创业者，选择创业也是希望很多东西能按照自己的想法来做，不希望到后期被资本裹挟。真正懂这家公司的还是我和团队。
《晚点》：你们总部楼下有家泡泡玛特，你去巡店还能挑出毛病吗？
王宁：很多，比如它是早期开的，现在的IP 介绍是不是旧的？店里的展示品放的时间很长了，要不要更新？现在SKU 增加了，要不要去掉中间那个沙发？
《晚点》：但为什么没有改进？
王宁：迭代是有成本的，线下的魅力和难点就是，任何的调整都需要时间。
比如这家店我觉得刷黄色不好看，我给他的要求是下家店能不能不用这个黄色，它不是不及格，是可以从85 分变成90 分。再比如以前的购物袋太大，装东西装不满看起来很难看，这肯定要优化，但之前已经做了10 万个袋子，你要不要用？这里面有无数个细节。
一家线上店和线下店同样是1000 个细节需要做好，线上的细节更新迭代很快，你发现bug 马上可以改。线下就特别慢，因为所有细节的迭代都需要很长时间，这就带来了比较高的门槛。
《晚点》：总结一下，你们的方法论是什么？
王宁：首先我们建立了潮玩行业的标准，做了很多基础设施和行业理念的推广，这是一个漫长的过程。
优秀的艺术家不是满大街都是。很多年才出一个周杰伦，他是稀缺资源。泡泡玛特有先发优势，头部艺术家我们基本都签下了，现在我们也是新兴艺术家的首选平台。
行业的积累，让我们知道什么样的艺术家有潜力；经验的积累，让我们能帮助优秀IP 发展得更好。泡泡玛特的方法论就是“积累”。
本文转自： https://www.latepost.com/news/dj_detail?id=1420
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