Featured Multimillionaire Entrepreneur #1: Goh Kai Kui, CEO of Goh Joo Hin

The 1st of the 10 featured multimillionaire entrepreneurs in our upcoming book, Niche Dominators: Success Secrets Exposed, is Goh Kai Kui, COE of Goh Joo Hin, a $110 million company that owns the well known brands like New Moon, Mili and many others.

He started from young, right from the bottom, and worked his way up the family business. When he finally took over the management, he introduced a series of innovations in his company and brought it up to the next level. Under his leadership, he turned Goh Joo Hin from a mere commodity trader into a global distribution and marketing company supplying 28 other countries including the Middle East, China, United Kingdom and Russia.

Goh Kai Kui, was awarded the Top Entrepreneur of the Year Award 2003 and also led his company on its winning streak, garnering prestigious business awards such as Enterprise 50, Singapore Prestige Brand Award–Heritage Brand Award Winner, Singapore Packaging Star Award, Superbrands and many more.

As a matter of fact, AC Nielsen reported that their flagship product, New Moon Abalone, is the #1 Best Selling Abalone brand in Singapore for the past 11 consecutive years.

He was happy to share his personal business strategies and experiences to contribute to back and benefit other entrepreneurs and business owners.

In our book he reveals how he elevate his company into an over $100 million business. He also talks about the importance of branding. A lot of people talks about branding without any real substantiation. Most of the time, they talk about branding in theory because it is such a huge and complex concept. But Kai Kui shares about branding from real experience with real results to prove it.

He explains the reason why branding is so important is because people have only split seconds to decide on which brand to buy. You don’t have time to explain your product’s features and benefits in front of your consumers. He further reveals some of his branding techniques.

He personally witnessed the huge impact branding can have. Normally a branding exercise will yield you result in one year or one and a half year. But in one of his early experimentations on branding exercise, he saw an immediate (as in within days) jump in sales. He shares the details of how he did it: the situation, the strategy he used (quite ingenious!) and why it worked. He also shares why differentiating is critical in achieving success.

In fact, he discloses a very rare insight on how he entered a new niche with very established and entrenched competitors. Many people told him that he was crazy to go into that niche. The competitors have been around for a very long time and are dominant in the market.

But he carefully analysed the opportunity and saw a gap that he could fill. (By the way, in another part of the book we share specific strategies on how to spot and evaluate opportunities) Based on the insight he got, he and his team came up with a very shrewd strategy to penetrate the market. It was a very bold but also very brilliant strategy. And within just a short period of time they managed to get a sizeable market share.

The niche? The Essence of Chicken (a health supplement product popular in Asia) market.

Frankly, that case study alone is extremely valuable and worth the cost of a full-blown seminar. But on top of that he shares more things such as why numbers are critical in business and how he uses numbers to run his business and many other powerful strategies and success secrets.

We definitely have learned a lot from Goh Kai Kui. The time we spent with him during the interviews to extract his story and strategies had been very rewarding. He is really rich with experiences and insights. And you’ll be happy to know we’ve captured a whole lot of that in the book. Personally, we think that anyone who read it will benefit tremendously from his open sharing.

Let us know what you think and leave your comments below.

Next: Another successful entrepreneur that is creating waves in the beauty industry.