Wearing the crown as the winner of the 2019 Youth-Women-Netizen Marketing Excellence Award by Asian Marketing Federation (AMF), Monica Singh is one of the examples of successful young entrepreneur.
At the age of 29th, she oversaw three companies engaged in restaurants, manufacturing for Fast Moving Consumer Goods (FMCG) products, and fashion.
In casual conversation with Marketeers, Monica Singh answers a number of questions about her career and the world of entrepreneurship. So, here’s a quick Q&A between Marketeers and Monica Singh, Founder and Managing Director G.M.L.Thailand. Here we go!
First, let’s talk about business that you built. Could you explain a little bit about G.M.L. Group Co., Ltd?
At the age of 23 y.o, I built G.M.L.Group Co., Ltd. Starting from the production of leather goods, the company then expanded its product portfolio by producing a variety of accessories and souvenirs. In less than three years, our business managed to go international with a strategy of making custom-made leather goods for our own brands, as well as in collaboration with other brands.
In 2017, we expanded this business by expanding in the FMCG product manufacturing field called Pennganic. Not only that, I then touched the Food & Beverages (F&B) business with healthy F&B (organic) positioning.
You already had been working in entertainment world (modeling, acting, singing). How could you decided to jump as an entrepreneur?
Everybody has a dream. Before, I dreamed to be a superstar because I love singing. I stared in seven to eight advertisements in a year. I had contract with television channel in Thailand.
Once I feel fullfield with that (be an artist), and I thought I have to move on and becoming something more sustainable. And you know, you can be more and what can you share more to other people. So, I started being an entrepreneur. Also, people who help the other to become better. That’s why I also became a speaker and teacher.
Being an entrepreneur isn’t easy. How difficult the challenges you’ve faced were?
I was struggling so bad. Without my parents, I can tell I could die. But at least, I didn’t bankrupt, because I had no money in account, it was just come and go.
Then, what did you really do to boost your business growth? How do you maintain your customer loyalty?
I build good relationship with my customers. Not only trying to get their as a customer, but more than that. What i can say is my customer never leaves me. I keep having the same customer and even more. 70%-80% aren’t changing.
The key is, I’m very much caring. Marketing in the books is about give added value, promotions, event but actually the DNA of marketing is to understand how customer feel, and providing exactly what they actually need to solve their problem.
So, I provide them with the best product with honesty and creativity. I try to bring customer into my heart not only get to them. We come up in the middle and we see what can we share. Thats all is about sharelable. We share something.
Could you give more specific case study?
For example, as i do leather goods, i used to do souvenirs for alot of weddings, and i know most players are people who don’t wanna think much ordinaries opinion. They think, “why do i have to think about it? so tired to get come up with something new.” Well, I didn’t get anything extra from something that i produce, i still gonna get paid.
Then, what I did was asking them what is their goal in their love life and what is love actually means to them. So, i translated that into a product that really matches them. It’s transforming the emotional of the customers into reality. Thats what i did.
Interesting. Okay, the last one. These days young generation wants to be an entrepreneur. Could you give any tip to be an entrepreneur in connected world?
Connected world is a very fast world. You can call and do anything very fast. But do not forget, being an entrepreneur in this world, when you do it fast, you exhange with something. There is no sustainability. So, linked in back to my moto, “to be an entrepreneur in this world you have an effort, perseverance, caring, and create fast.”
Trust and credibility is something you need to earn. Eventhough you have mobile phone, you can call up anybody, you can do any fast transaction. But, trust needs to be there and it takes time. Business starts with trust.