The essential difference between marketing and advertising is that while advertising aims to sell a product in any way possible, marketing focuses on creating a market and gathering customers. Hence, advertising targets short-term results, while marketing anticipates long-term effects. For a business to achieve sustainable growth, it should prioritize marketing over advertising. However, many companies, driven by short-term revenue goals, find it challenging to execute effective marketing strategies. The recent success story of Musinsa's sustained growth serves as an exemplary case of how businesses should perceive and execute marketing.
Founded in 2001 as a small online community centered on shoes, how did Musinsa manage to grow into a company valued at over three trillion won in just 22 years? What's the secret behind its success?
While there might be various contributing factors, one of the most crucial is that from the beginning, Musinsa effectively gathered customers, turned them into fans, and consistently engaged them under the brand's umbrella. This is a testament to its exemplary execution of the essence of marketing.
The journey began in 2001 when Musinsa's founder, Jo Man-ho, started a community named "A Place with Loads of Shoes" during his senior year in high school. At that time, the platform primarily showcased rare international street brand products, becoming a go-to for fashion-interested teens and young adults in Korea. As the platform rapidly grew in popularity, showcasing unique global brand limited edition sneakers and the latest local street fashion, more users were drawn to it. Seeing the surge in traffic, Musinsa transitioned into a specialized shoe-centric website named "Musinsa.com" in 2003. To set itself apart, the team started taking "Street Snap" photos, which became a hallmark feature of the platform. Since social media wasn't as prevalent then, candid street pictures of well-dressed young men quickly became a sensation. This strategy, along with hosting events like club parties, StarCraft tournaments, and Winning Eleven (an online soccer game) competitions, transformed Musinsa into a recreational hub, leading to the formation of a dedicated fandom.
By 2005, the growing Musinsa.com transitioned from a mere community to a content-driven media company, employing professional fashion editors and photographers to create "Musinsa Magazine." The intent was to enrich the platform with content, ensuring users visited frequently and stayed longer. This strategy, which included fashion shoots, news about international street brands, and product curation, greatly resonated with the target demographic.
In 2009, having established itself as a specialized street fashion content media enterprise, Musinsa incorporated e-commerce features and launched "Musinsa Store," an online edited shop bringing together local fashion brands. Still, Musinsa maintained its unique essence. Their homepage wasn't dominated by products or advertisements but was filled with content, polls, rankings, and other community-driven features. This community-centric approach gave Musinsa an edge, drawing in customers not solely for purchasing but primarily for information on fashion. The visitors, drawn in by the content, actively participated in discussions, thereby indirectly driving sales growth. One of the reasons for Musinsa's unparalleled growth compared to other platforms was its role not merely as an online retailer but as a provider of diverse fashion-related content.
Musinsa's path to sustained growth is distinct from most enterprises. It focused on building a community, providing its audience with information they'd find engaging and entertaining, thus naturally transitioning into a platform. Instead of merely scaling up, Musinsa prioritized cultivating genuine fans, emphasizing the essence of marketing, and achieving success through it.
Professor Moon Daljoo
djmun@assist.ac.kr
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