Immersive offerings like Stranger Things – The Encounter: Singapore are the crucial next stage in Mighty Jaxx’s evolution to forge a larger community of loyal customers.
“People buy collectibles when they like the IP,” explains Mr Aw. “We need to give them a reason to buy from us instead of other makers. You often see brands competing based on price, but it’s much better to engage people through experiences.
“It’s like when you are leaving Universal Studios and purchasing items from the gift shop. You are less price-sensitive because it’s all about buying a memory that you can take home. I want to evoke that emotion. That emotion has no price point.”
Toying with ideas
To maintain its competitive edge, Mighty Jaxx has also taken steps to encourage innovation in its ranks. In 2020, it set up a special projects team, giving staff free rein to pursue passion projects and promising opportunities. The team generally has about five members at a time, and any employee can request to join.
While some of the projects have not panned out, others have become reliable hits or even sparked new product categories for the firm. Its lines of sports collectibles are one example. “We had never done sports figurines before, so the team did a proof of concept,” says Mr Aw. “It was so successful that we went on to sign a deal with Formula 1. Now this category is part of our main team’s responsibility.”
Seeking to further build on the successes of its special projects team, Mr Aw hired a business intelligence expert in 2022 to study the firm’s sales to generate data-driven insights.