500 brand cases | the live broadcast road of "education and training of New Oriental"

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Brand Name: New Oriental

Founded: 1993

Founder: Yu Minhong

Headquarters location: Haidian District, Beijing

Brand vision: to become an excellent, respectable and culturally valuable educational institution in China

Brand Story:

Yu Minhong was born in 1962. He had three college entrance examinations, his long-cherished wish to study abroad had not been fulfilled, and he had all kinds of unsatisfactory experiences as a teacher later, but he never compromised. Yu Minhong is a person who is good at finding hope from despair, and his history of New Oriental entrepreneurship is an inspirational blockbuster. In the "Chinese Partner" directed by Chen Kexin that year, Cheng Dongqing, played by Huang Xiaoming, was based on Yu Minhong, the founder of "New Oriental".

In 1992, Yu Minhong, who was blocked from going abroad because of $4,000 in tuition, began to work in social training schools, and soon found that the organizers of these private schools were either profit-oriented, short-sighted, or too poorly qualified. But it didn't stop them from making money. So, I had the idea of starting another stove. Later, he managed the training course for others, during which the number of trainees soared, which strengthened his own confidence in going it alone.

However, at that time, the purpose was very simple, that is, to make more money faster and more, and to realize his dream of studying abroad. Yu Minhong did not go abroad later, but he became the founder of the "dream of going abroad" and the "godfather" in the society of the Zhongguancun English test. By the end of 1999, New Oriental had its own teaching building in Zhongguancun, where the land was scarce, with more than 100 teachers, and his personal assets had become a huge number that people could not guess.

12 years later, Yu Minhong recalled the original intention of founding New Oriental, in his view, the reason why he chose to enter the field of private English training is because as a student who has received tuition, he understands the urgency of students' eagerness to help; Because I am a foreign language teacher, I have the opportunity to be exposed to the field of foreign language training and learn about new trends in the field of foreign language training. Find the needs of the market in your own area of expertise, and constantly think about ways to improve, every step in the difficulty to find new hope, the opportunity is always in their own hands.

Company Situation:

It has built many well-known education brands such as New Oriental Student Growth Center, New Oriental International Education, New Oriental University Student Learning and Development Center, New Oriental Online, New Oriental Future Abroad, New Oriental International Study Tour, New Oriental Full of Stars, New Oriental Dayu Culture, New Oriental International Bilingual School and so on. On September 7, 2006, New Oriental Education Technology Group was successfully listed on the New York Stock Exchange in the United States, becoming the first educational institution in China to be listed in the United States.

As of the noon break on the 16th of this month, in just 5 trading days, the stock price of New Oriental Online soared from 4.45 Hong Kong dollars / share to a maximum of 26.7 Hong Kong dollars / share, a cumulative increase of 500%. Since June this year, the bilingual live broadcast of the Oriental Selection Douyin live broadcast has exploded out of the circle, the single-day GMV has exceeded 10 million, and the single-day live broadcast sales have entered the top 10 of the Douyin station.

Market Environment:

After the introduction of the "double reduction" policy in 2021, New Oriental began to transform, and the transformed businesses include: intramural business (SaaS software service provider around core teaching application scenarios such as homework), overseas education, e-commerce live broadcasting, etc.

Brand Strategy:

Brand positioning: a large-scale comprehensive education technology group with the overall growth of students as the core and science and technology as the driving force

Target groups: students with foreign language needs, white-collar workers and parents of students

Channel strategy: As of February 28, 2021, New Oriental has set up 118 schools, 11 bookstores and 1625 learning centers in 104 cities across the country, with more than 48,300 teachers and more than 64.9 million face-to-face students.

Product strategy: It has a short-term training system, basic education system, cultural communication system, consulting service system, science and technology industry system, venture capital ecosystem and other development platforms.

Core Benefits:

1) Differentiated teaching

It is significantly different from traditional university education. New Oriental has taken a completely different approach to innovation in its approach to education. Most of the New Oriental teachers are humorous and witty, good at inspirational inspiration; Have a unique insight into the examination and the study of regularity; For exam-oriented courses, large classes are held, and the classroom atmosphere is active and the interaction is frequent; New Oriental has a high sense of service from teachers to administrators and regards students as Gods. By studying the shortcomings of traditional education and doing the opposite, New Oriental education and training has won the favor of the majority of students, thus achieving product differentiation.

2) Founder influence

On December 28, 2021, New Oriental announced the establishment of "Oriental Selection" to enter the live streaming with goods. In the 26 live broadcasts in the first two months, although the cumulative sales of Oriental Selection cannot be compared with today's eye-catching results, they have also gained a lot of attention. New Oriental's "live streaming with goods" seems to be "rubbing heat", but it is actually the founder Yu Minhong's "intentional move". Since the establishment of New Oriental, the brand IP created is not only "New Oriental", but also "Yu Minhong" as the founder. The name "Yu Minhong" will attract the attention of the majority of netizens every time, and he himself has dutifully assumed the role of the spokesperson of "New Oriental", sparing no effort to promote his own brand internally and externally. From speeches to interviews, and now live streaming, Yu Minhong continues to exert his personal influence.

3) Tough quality

Yu Minhong and his big heart interpret the most perfect brand essence of New Oriental brand - tenacity. In 2021, the double reduction policy was introduced, the company's market value fell by 90% in one year, revenue decreased by 80%, and in just a few months, the company was cut from 110,000 to 50,000. Cash expenditures such as tuition refund, employee dismissal N+1, and teaching point rent withdrawal are nearly 20 billion yuan, but fortunately, Yu Minhong insists that the money on New Oriental's account must be able to refund all student tuition fees at the same time, and be able to pay all employees' resignation wages. He didn't pay a dividend to shareholders, he said they had profited from the stock growth, so he steadily came up with 20 billion and began a tragic and calm transformation. Every crisis seems insurmountable, but Yu Minhong finally chooses to face the difficulties and challenges.

4) Value recognition

Brands need not only an exciting core, but also the right values.

The "Tao" of New Oriental's success is very important. In the face of the company's transformation, the most difficult thing for the teachers of New Oriental is the psychological barrier. Therefore, Yu Minhong used his own practical actions (donating 50 million tables and chairs) to let them know that what they were selling was not a bag of rice, but a farmer's harvest for a year, and the possibility of a rural child changing his fate; They do not sell books, but the society's pursuit of calm and heavy and respect for knowledge. When employees recognize the value of their work and pass on such things to users, the appeal of the brand naturally forms.

Brand Strategy:

1) All-out team execution

Every successful brand has a strong and efficient organization, as New Oriental employees say, as long as "pay no less than anyone's efforts, the gods will also help you."

On December 28, 2021, Yu Minhong led the team to open the live broadcast debut of Oriental Selection, with a full GMV of 4.604 million yuan. But without Yu Minhong's aura, the live broadcast room only sold 20,000 yuan on December 29. From 6:45 a.m. to 1 a.m. every day, it is not easy to insist on broadcasting for dozens of hours a day, and they need to face strong doubts from the outside world and themselves.

On May 21, because of the epidemic, the building where the Oriental Selection Live Broadcast Room was located was to be sealed at 24:00 that night, and in order to continue broadcasting, they made countless phone calls and contacted a hotel in Beijing's Tongzhou District. After the early broadcast at 9 o'clock that night, the team moved all the live broadcast equipment, cargo products and 6 large freezers to the truck before the sealing at 24 o'clock. At 2:00 a.m., after arriving at the hotel, the team resumed the live broadcast site overnight, and the next morning, the live broadcast room was launched as usual.

"Everybody, regardless of cost, regardless of pay, comes in with a brain, insists on persevering, and no one ever wants to give up." "After surviving the night, it is bound to reach the dawn." Employees said.

2) "Culture" is integrated into the production details

Consumption needs value, it needs fun, it needs wisdom, and this is a consumer revolution. Teachers and "shopping guides" actually have a lot of similarities, and those who do well in them need to direct the "audience" (students) to valuable "things" (knowledge), and tell the "audience" how amazing these "things" are, how important the value, how diverse use scenarios and far-reaching social impact.

It's time for the live world to upgrade. It just so happens that New Oriental has never lacked teachers with humorous words and charisma, who can quickly bring people into the wonderful ocean of knowledge and experience the shock of a wide range of life values.

"This book, from rocks to bacteria, shares the richness of life on this planet in its entirety. We can't really step on every piece of land, we can't hold the hands of children, go to see every scenery; We can't listen to every poet and tell their stories and ballads; We can't go to every scientist, listen to his findings, study his manuscripts. But remember, you can definitely find an idle afternoon, just like the afternoon of doing nothing after school many years ago, accompanying your child to flip through this book, talking about some childhood growth stories, and making him feel that in that situation, his parents were also a person who loved landscapes and water and placed love on nature. This is a glimpse of Dong Yuhui selling books. The scene of the product (or knowledge), the excavation of the deep value of the product, and the transmission of wisdom while introducing the product are the theoretical basis for him to become a famous teacher and a fire anchor.

Not only Dong Yuhui, but also every anchor in the Oriental Selection Live Broadcast Room has a stem and material, brings goods in bilingual languages, and integrates lectures into the goods. They don't sell products, but knowledge, values and dreams.

3) Rapid penetration in multiple fields

In addition to the recently released "New Oriental Live Streaming with Goods", New Oriental is also actively deploying business in other fields.

The popularity of overseas education is getting higher and higher, and many education and training giants, including New Oriental and VIPKID, are increasing this business layout. In 2021, New Oriental began to open Chinese courses in the United States, and its subsidiary Beijing Bilin Oriental Education Technology Co., Ltd. launched the product Adjacent Chinese Blingo, which mainly provides Chinese and Chinese culture learning courses for overseas Chinese children and teenagers, and enhances their Chinese listening, speaking, reading, writing and translation skills. In addition, last year, New Oriental held a promotion activity in California, USA, and the slogan was probably the previous generation learning English in New Oriental; Now that you have a child, you can find a new Oriental Chinese. This time caused a hot discussion in the "circle", and was interpreted by the outside world as "first teach parents English, and then go to the United States to teach children Chinese.

In addition to overseas education, New Oriental has also carried out international study tours.

In 2021, New Oriental Company issued a notice on the organizational structure adjustment of the business department of the group's training school, canceled the Bubble Children's Department and the Youneng Junior High School, and established the Ministry of Education for International Study Tours and Camps. New Oriental International Study Tour is a high-end study tour brand under New Oriental Education technology Group. As a successful example of overseas winter and summer camp upgrade, rich overseas resources cover 18 countries and regions such as North America, Europe, Australia, asia, etc., and nearly 100 theme routes are tailored for Chinese students. Every winter and summer vacation, more than 10,000 students visit countries with New Oriental teachers for short-term learning and travel, absorb multiculturalism, and harvest happy growth experiences.

Benchmarking Brands:

Good Future:

Good Future is a science and technology education company with smart education and open platform as the main body, serving public education on a global scale, helping private education, and exploring new models of future education. The predecessor of Good Future, Xueersi, was founded in 2003 and officially listed on the New York Stock Exchange in 2010. With the mission of "Love and technology make education better", Good Future is committed to becoming a respected educational institution. The Group's business covers quality education, science and technology services, life sciences, overseas education services, digital content publishing, education hardware, hosting services and other fields.

Gaotu:

Founded in June 2014 by Chen Xiangdong, Gaotu Group is a leading online education technology company in China, upgraded from "Who to Learn from". The team members are mainly from education and training institutions such as New Oriental and Internet companies such as Baidu, Ali and Tencent. On March 30, 2015, it announced a Series A funding of $50 million, setting a new record for a Series A financing for a Chinese startup. In November 2015, Who to Learn with was awarded the "Forbes 2015 China Fastest Growing Technology Company" released by Forbes.

Reference:

New Oriental Group official website

The Contingency and Necessity of the Oriental Selection Circle – Origami Business Review

New Oriental Weekly Sealing God, Yu Minhong: I hope to open up the situation from now on - Observer Network

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