Stanley cups, Barbie Mania and this years craze Labubu!
It’s taken the world by storm, and there are some great things you can apply to your business
From a fab entry price point to Limited edition launches (which are super super hyped) to collabs and user generated content.
Whether you think it’s ugly or cute. Whether you want one or not. Whether you’ve been living under a rock or not and have no idea of what I’m talking about.
Edward Berthelot/Getty Images
Here’s 6 lessons you can learn from the latest Labubu craze.
FIRST UP WHAT THE HELL IS A LABUBU?…
If like me you’re a child of the 70’s/80’s these might remind you of a cross between Monchichi monkeys or Gremlins.
But..
These little guys were initially launched in 2019 in Hong Kong and are the mischievous and lovable character from the POP MART universe and are now taking the fashion world by storm.
They have become the latest must have accessory to adorn your handbag.
SO HOW IS AN AVERAGE $20 DOLLAR PURCHASE CAUSING SUCH A STIR?
1. THE LIPSTICK EFFECT..
The price point is accessible and seen as a “little treat.” Great when there is a cost of living crisis and people need a pick me up.
How this could apply to you
Look at your price points, what is your entry price point product, could you introduce something that is a price your customer doesn’t even have to think about. An easy pick up price point, usually something under £30 depending on your overall price architecture. It’s an affordable luxury that gives your customer Joy.
2. LIMITED PRODUCTS & SCARCITY
Exclusivity, Limited quantities created a sense of urgency & FOMO, Labubu created limited drops, have suspended sales due to riots, all of which drives the consumers desire even more!
How this could apply to you
It’s important to have a core offer to have consistent sales but adding special buys, limited offers keeps customers coming back for more. Just make sure you’re letting your audience know that is limited and BUILD THE HYPE.
3. COLLABORATIONS
Collaborations with Uniqlo & Coca-Cola to name a few have resulted in unique Labubu figures and merch. It’s crossed over between fashion and pop culture.
How this could apply to you
Think about what other brands target your customer that you would like to work with & whose audience aligns with yours that there is a synergy there. Get in touch and see how you could work together and what products you could create together. Barbie did this really well during the movie Launch.
4. GAMBLE-FICATION/GAMIFICATION
With Labubu you buy in a blind box, meaning you don’t know which one you’re going to get, It builds the uncertainty and anticipation and makes you want to keep on buying more until you get the one you really want.
How this could apply to you
What mystery or suprise can you create, this one might be slightly harder but it could be a spin the wheel discount, or suprise gift when they buy over a certain price threshold, mystery rewards for Loyalty points. Make it fun, so everyone feels like a winner even if they don’t get the main “prize”
5. INFLUENCER MARKETING & USER GENERATED CONTENT
With fans like Rhiannon, Lisa from Black Pink & Dua Lipa and customers and influencers alike sharing their unboxing videos. Labubu created a movement and a community that their ideal customer wanted to be part of.
How could this apply to you.
Look at your ideal customer who are they following, who do they trust that YOU feel is aligned with your brand. Whose opinion do they value and remember this doesn’t need to be an influencer with millions of followers what matters is they have an engaged audience.
Then secondly ask your community for videos, create a specific hashtag that they can use when posting and repost those videos and these are also great to use as ads
6. ADAPTING TO TRENDS
Bag charms started to come through at the end of 2024 and searches for bag charms on pinterest increased by 65% by the end of the year. Labubu tapped into this trend.Which also helped to increase their visibility as it was the perfect fashion accessory.
How could this apply to you.
Look around you and research, google search trends, pinterest, the front row of catwalks, check out reddit, Street fashion, influencers, what is happening, what are the conversations people are having, what do your customers need and want. Their will be clues and movements that are happening that you can tap into from a type of fragrance or ingredient for beauty or wellness, or packaging trends or shapes and so much more
Get out and look at what is going on.
What are you going to apply to your product business?
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Hi I’m Nicole and I help start and scale product business with over 20 years in buying, product development and strategy.
I hope that this post helps you to continue on your journey to success in your product business and if you need any extra support then check out my free resources on my website, follow me on Instagram, subscribe to my monthly newsletter or get in touch at nicole@thebuyerandretailcoach.com
