Amid tensions over the trade war in the past year, the global market for international trade has been greatly shaken, causing a fiercer competition in industries. The same is true for the lighting industry. However, when most companies are bogged down by the product homogeneity and price war, the LED Bulb Expert Shanghai Wellmax Lighting (WELLMAX) has created a 20% annual revenue growth. The company, surpassed several time-honored enterprises in Shanghai, was honored as the Export Champion of Lighting Products in 2019.
Yamin Wang, WELLMAX Chairman and founder, was featured in the cover of SHANGHAI PUDONG INTERNATIONAL BUSINESS in the latest issue and has shared WELLMAX's growing experience and core business philosophy. Mr. Wang stressed that WELLMAX's growth from a small business to a globally recognized brand was not accidental, but achieved step by step through constant trials and errors. After 33 years of the ups and downs, Mr. Wang summed up three keys to WELLMAX business success.
1. Over 30 years of focus leads to be an expert in the field
WELLMAX, established in 1987, had several different product lines in its early days. According to the positioning theory, ‘The easy way to get into a person’s mind is to be the first’, Mr. Wang realized that WELLMAX should focus on the bulb products and develop WELLMAX into an expert in the catalog. This means that when consumers need to purchase LED bulbs, WELLMAX will be their first choice. After several years of efforts, WELLMAX continued to win the trust of overseas brands and becomes the ‘LED Bulb Expert’ with professional technical performance and high quality. Mr. Wang believes that the established reputation in the lighting sector can help global clients expand their consumer base.
2. R&D is the cornerstone of quality and reputation
Since 2002, Mr. Wang has continued to hire industrial senior engineers to build a professional R&D department, innovating the latest technology for light products. The company now has a product testing center awarded "Witnessed Testing Lab" by SGS and DEKRA to ensure the quality of each new product. Every year, it still invests 20% of the annual revenue to innovate high-end LED products. The evolving technology developed by the first-class R&D laboratory has convinced clients that WELLMAX's products are of higher reliability, helping global clients to stimulate the market expansion and bringing value to more people.
3. Enhance brand value to win market share
Establishing WELLMAX brand value is an important step for WELLMAX to the new ladder. Mr. Wang said, “When clients see the design of our product, they will know it belongs to WELLMAX”. Like the WELLMAX classic Ballet series, the bulb body designed like ballet skirt is a WELLMAX brand signature of elegance and uniqueness.
In addition to increasing product recognition, WELLMAX chose to build strategic partnership with Samsung LED to strengthen brand value. The cutting-edge technology and business support from Samsung LED enhances the competitiveness of the brand in the market. As WELLMAX's clients, a mature branding and marketing system is offered to maintain their current customers and attract future customers.
The success of an enterprise is not achieved overnight, but it has experienced numerous setbacks to grow up. What keeps it going in the face of the market challenges is Mr. Wang's and WELLMAX team's passion for the LED lighting industry. Under the circumstance that many enterprises advocate diversification, they want to convey a spirit of craftsmanship to clients and consumers by focusing on the LED bulb series. As a reliable LED brand, WELLMAX has exported billions of bulbs to 95 countries. In the next few years, Wang will lead WELLMAX to further research on innovative lighting, helping global clients respond to sustainable development needs and expand economic benefits.