No beauty pupils and incomplete makeup seem to have become the makeup consensus of contemporary young people.
Beauty pupils have gradually shifted from functional products that replace spectacles and improve eyesight to essential beauty items that increase the atmosphere of makeup, and the market size and proportion of colorless color pupil products are also increasing year by year.
However, the beauty eye industry, which has developed rapidly, suddenly "turned off" in 2022. Reduced financing, slower growth... The cooling-off period encountered by the entire consumer field, the beauty track has not been spared, and these seem to mean that the industry will enter a more cruel selection period next.
In the face of the new cycle, where will the essential gap between different brands be opened, and is there an absolute industry barrier? Will there be some hidden pitfalls in the consensus systems such as private domain and DTC?
Recently, in the series of live interviews of Inspur New Consumption "Looking Back on 2022, Towards 2023" and the New World of Consumption after the Epidemic, we had a brain-burning conversation with Zhang Xinmiao, co-founder of "CoFANCY Sugar", a cutting-edge brand with the top 3 online share in the Meitong industry.
"The differences in our industry are difficult to be essentially pulled apart, and if you look at the long cycle, all your efforts and short-lived visions than others will eventually be smoothed out." That's where the brand is fun, you keep playing this infinite game and then think about how to win as much as you can in each round. ”
In her opinion, this industry has 10 million core users online, and it is easy to break through with content and core items, and it does not cost much, so no one can make money lying down, and there is no barrier once and for all.
Instead, the essential difference will depend on more abstract things: what kind of brand you choose to be, how you communicate your value to consumers, and so on. And these all require the soil of a good brand budget.
Reflecting on this matter, Sugar has to start to re-examine, is the private domain and DTC that he was proud of in the past really friendly to the brand?
But the solution may not be suitable for everyone, but at the inflection point of the big cycle, the perspective of this challenger, which is no longer fully accepted by the old consensus system, is actually extremely necessary and rare.
Interviewed | Zhang Xinmiao (piupiu)
Edit | Wang Jialin
Wave of new consumption: Before the beauty pupil industry was very concerned by capital, after there seemed to be no financing last year, some people said that the beauty pupil turned off. What do you think of the development and changes of the industry in the past two years, and what is the state of the entire industry from last year to now?
Zhang Xinmiao (piupiu): In fact, the flame-out may be a judgment and summary at the capital level. Last year, the overall growth rate of the beauty eye and contact lens industry was about 30%, while makeup on Tmall may be negative growth. Therefore, although it is compared horizontally, the beauty eye industry is still a good growth state.
Of course, since last year, everyone has indeed become more calm in acquiring new customers in the category, and the objective result is that the growth rate of new customers in the entire online category has slowed down. Because everyone also realized that for a niche market, short-term crazy money does not necessarily bring a relative proportion of new customers.
So our strategy this year is to focus on the content base, because to make the scale of new customers in the industry continue to rise, one needs time, and the other is the content.
When we first entered the industry in 2020, the advertising of Beauty Eye products was already oversaturated. In fact, the people who should really wear beauty eyes may have seen the advertisements on our heads, but if she still does not choose to wear them, it may be a lack of basic education in the category, or a starting point that prompts her to use it.
Therefore, we will do a long-term content construction this year to cultivate the possibility of new customers in the category potentially choosing sugar. For example, we have designed and made an eyelid opener to help those who have a fear of beautiful pupils to bring beautiful pupils.
There is also the pupil color test card, if you feel that the beautiful pupils you bought in the past are not good-looking, it may be that you did not choose the right pupil color, so how should you choose different pupil colors? This becomes a content point that attracts new customers and dispels concerns.
In addition, we also see that the growth rate of the entire industry has begun to be driven by the increase in user value and repurchase rate of old customers. This is actually a good thing, indicating that consumers' online buying habits, especially the habit of wearing beauty pupils and contact lenses, are forming.
Corresponding to our short-term strategy this year, we will think more about how to let the category customers see us more times. This means that every ad impression needs a reason.
Therefore, we will spend more time thinking about the content and think about the reasons why the category of old customers need the beauty eye brand, and finally it may return to the question of how the product provides long-term value.
Wave of new consumption: So when everyone becomes cautious about new customer acquisition, is it likely to be a new opportunity?
Piupiu: Yes, it is possible. This is a particularly interesting part of the beauty eye industry, and it is also the reason why I think everyone will be more volatile in the small category.
Whether it's maintaining category regulars or acquiring new customers, its core users may be 10 million people. Therefore, using content or core items to do the breakdown is relatively higher than the probability of success of the "destroyer" than the large category.
So in the small category, the opportunity to innovate is always there, and no one can make money forever.
Inspur of new consumption: At present, there are new brands such as Moody and Kela in the market, as well as traditional players such as Johnson & Johnson and Bausch & Lomb, where do you think the gap between everyone has been widened?
Zhang Xinmiao (piupiu): One of the current situation of the industry is that the growth rate of new customers in the category is slowing down, and the user value is very important; The second is that the audience is small, and the core items and core content have the opportunity to be broken down.
Based on this logic and the scale of the industry, I think everyone has not yet opened the essential difference, but next, everyone may have different judgments on the shaping and barriers of their own brands in the next 5 or 10 years.
For example, if you give me 100 million now, I may not be willing to do a factory. So there will be differences between what everyone is good at and the path they decide to take, and that's the matter of choice.
People invest resources in things they believe can help shape their value in the long run, whether it is the shaping of valuation or the shaping of brand value.
There will be differences in decision-making on these matters, but at the business level, it is difficult for our industry to essentially pull apart. Not only us, but also those who come after us always have opportunities.
Or that sentence, this industry has 10 million core users online, how much do you need to do a breakdown? It doesn't cost much, so everyone can't make money lying down.
Wave of new consumption: It is very much like a process of natural selection, what kind of person you are determines whether it will be highlighted or suppressed in the future development of the industry. It's not that I see something different and then turn myself into something, it's hard.
Piupiu: Yes, my understanding is that if you look at the long cycle, all your efforts and short-term visionary vision will eventually be smoothed out.
Let's not talk about 100 years, even if it is 10 years, there are all kinds of uncertainties. The economic environment, culture, whether it can always maintain a young mentality, whether it can continue to raise funds, exit channels, etc. are uncertain, and in these uncertainties, everything is completely possible.
That's where the brand is fun, you keep playing this infinite game and then in each round, think about how to win as much as possible. But it doesn't stop, for example, I found that the ROI of this channel is 3, and after that week everyone knows it, its ROI will become 1.
Wave of new consumption: Many people will feel that this process is very tired and tired, then he will naturally be slowly eliminated, but the final winner may be the person who is excited about this kind of thing.
Piupiu: Yes, I believe that many industries have a one-size-fits-all approach, but I've actually been looking for this kind of thing.
I still think that purely from the business level, there is no essential difference in this industry, especially after e-commerce has been done for a long time, everyone should have a particularly deep feeling.
Inspur of new consumption: The brand upgrade made by Sugar last year, including product line division, the launch of pupil color cards, etc., is based on what new iterations and insights have been gained from the cognition of products or brands? Is there a bigger layout or ambition behind it?
Zhang Xinmiao (piupiu): When we first entered the industry, we wanted to find a completely different way from everyone who sold beauty pupils in the past. So in 2020-2021, several more important things were proposed.
First, we believe that basic education in safety is very important, so for the first time in the industry, we proposed to put product liability insurance on products. We did it to the extreme, making a copy of the policy with the order.
Later, many skin care products also learned this method, and everyone immediately realized that safety is important. This is something we went live in the first two months, and now there are people using it.
The second is to try to communicate with the user and emphasize what is safety, so a concept was proposed: a mold only produces one beautiful pupil. We also do this very extremely, and send the mold directly to the user's home.
This matter has also achieved some results, for example, when our classmates recently went out to BD some anchors or talents, the other party will ask when they get the brand introduction, is your beautiful pupil exactly the same? And then we thought, "Oh, that's great. ”
Third, when we first entered the industry, we were thinking about why everyone couldn't do much. Our judgment at that time was that the "good-looking" thing was too non-standard, and we had to be "useful", such as whether Meitong could help everyone solve any problems.
So we made the highlight series, which is by far the best-selling series of cocoa. When it comes to high-gloss eyes, everyone can basically remember our popular decors and thus associate them with the brand.
But in 2021, we began to realize that this may not be enough to meet the company's growth expectations at the time.
Because frankly speaking, if you only do the function, it will be a bit like skin care, and the efficiency of the new is bound to be not so high, so we try to use some products to cut the makeup method.
For example, the appearance of chocolate will be simulated to design packaging, and the playing method with graphics and text is very effective at that time.
The click rate of our Little Red Book's cover can reach almost 20%, and the lowest time may be a few cents to read. This incident may have been for everyone.
So, we did enjoy the joy of makeup at that stage – the growth of new products and the explosion of ROI.
It's a quick thing to learn, and we're the first to do it, but we're also the first to realize the problem.
We found that the ROI of the new product is good, but the subsequent repurchase is not as good as the highlight series. Users will buy you once for one package, but not a second time.
Therefore, we must continue to let users have a reason to buy products, we must have clear selling points and clear service and product systems, and when he has clear needs, he can find corresponding products under the brand system of sugar.
At the same time, it is necessary to take into account new efficiency. The ROI of the new product is good because there are enough makeup selling points, but it needs to be placed under the overall product system, because it must take into account the subsequent life cycle and repurchase of the product.
That said, in the past, I gave consumers one reason to buy: it was packaged like chocolate. But that's not enough, the next selling point I'm going to offer has to be how its decors are.
So we did an overall brand upgrade last year. In fact, it is not to cut off the success of makeup, but to make it integrated into our own product system and the communication between the brand and consumers.
That is, after the new product has passed the life cycle of new and marketing, it can also give users a reason to continue to buy it, not just because its packaging is fancy.
Wave of new consumption: We seem to innovate something and it is easy to be learned by others, like a bottomless pit.
Is this situation unbreakable? If this pattern is always the case, it will be like a mouse race, always in the process of chasing me, and cannot form an ultimate barrier.
Piupiu: I don't really care about content being plagiarized, plagiarism will definitely exist, and the following of content will definitely exist, which is a way to prove that we do better than others.
Or back to the core business proposition, in the small category "saboteur" can stir up splashes, rather than be a person who worries about "saboteurs" every day and wants to lie down and make money, it is better to be a "saboteur".
At least for Sugar, in the short term of five years, our value is to provide consumer insights and drive content creation, which is also something we are good at.
If we make it a core ability for Sugar to make money in the long run, we won't feel tired of the process, and instead I'll be grateful that this is an industry where disruptors can stir up splashes at any time.
Inspur New Consumption: But sugar seems to have been relatively ahead in terms of innovation insights, what do you think is the source?
Zhang Xinmiao (piupiu): The core still depends on content, and content inevitably depends on people.
Do many people think that this will become uncontrollable? I was also thinking about this before I started my business.
But after being a brand for so long, I found that the core value of a brand is to produce and exert this inspiration through the organization, and then create products and services that are valuable to users.
So business confidence is a very important thing. What makes us very different is that from the beginning, we drive people to find out what we are good at and what can be broadened by small rather than what is right.
It is a kind of thinking training, and the details are to constantly find positive feedback to the content, in fact, thanks to peers in this matter, everyone's learning and imitation will continue to give us positive feedback.
So I will deliberately cultivate everyone - if you learn this thing by others, whether it is a module or a fragment, it is the biggest reward for you.
Because it's hard for people who make content to get positive feedback from business data, this should be the hardest place for people who manage content and ideas. So this positive feedback is actually very direct, and everyone is happy to accept it.
Also, I don't want people to work blindly, and one of the big premise of these methods is that we are a niche market. A core item or core content is easy to break down, and spoilers always have a chance.
Therefore, you need to judge whether you are in your industry and whether you have taken a lot of money to defend the barriers. If that's the case, spend your money where it's supposed to be spent and don't be so overly anxious.
Inspur of new consumption: This way of thinking may have brought some advantages in the past two years, and it has also been verified by the market in terms of brand and product accumulation. In turn, have we ever suffered a loss because of this thing, such as becoming arrogant?
Piupiu: Indeed, it has a great impact on the core business segments. Because we are in Beijing, we are actually far from the core circle of consumer goods, and the frequency of people going out is not high enough. If you emphasize too much on independent judgment and business confidence, it will be easy to form the feeling of "I am the best in the world".
So a very direct disadvantage is that learning a very simple new thing may not be as fast as others. Because of those advantages of the past, on the contrary, it will constrain yourself to contact new things.
In addition, the idea of content requires a lot of input information. After everyone stopped traveling in 2022, especially after the frequency of new updates in the entire beauty circle slowed down, I can clearly feel that everyone's information input is not enough, and the creative ability and output frequency are not as good as in 2021.
Therefore, in order for everyone to return to their original creative state, we must find a way to break business confidence and communicate more.
Inspur New Consumption: Some students in the comment area asked how Sugar controls the core user group? How do I know if the buyers who buy my products are a core user group?
Zhang Xinmiao (piupiu): In the early days, we attached great importance to communication with core users, and we would mention the closeness and frequency of communication with users to a very important role.
We spent a lot of time doing private domain, but when the group size became very large, I encountered a difficult problem that had bothered me for a long time: what value did I, as a seller, pull people into the group.
Because Largroup is a deep relationship, you "captive" users there, always provide a reason or value! This has kept me particularly confused.
Because I have no value other than selling them something cheaper. But it's weird to sell only cheap things all the time. At the same time, we are more worried that if we do not do this, we will lose control of our core users.
Repurchase such an ethereal thing, what else can I do except the private domain? This is also a thing that the students in charge of this matter at that time will often talk to us argue.
But then one thing changed my mind, and that was that KFC did Crazy Thursday.
Although its essence is also to reduce prices and pull repurchases, it uses a more relaxed way of communication. It is not to pull mass coupons, but to tell you in a marketing way what the value I provide you is, one is cheap, the other is the topic.
This approach may seem like a higher upper limit and a lower lower limit, but it is more likely to be in the middle and can be tried more.
So last year, when we were 11.11, we did a very crazy thing, such as buying 6 boxes I gave a copy card, and when I bought another box next year, I gave 2 boxes, which can be exchanged 6 times. The campaign was frantically marketed on Little Red Book at the time, and it worked very well.
It is not necessary to only circle users in WeChat groups, you can use more novel gameplay, and then match more different content to make users notice you again.
It's also a little easier for everyone, saving me from having to think all day about what value to provide to the user base, which is too heavy.
Of course, private domains are doing this now, but we've layered communities.
For basic, such as users who have purchased products, we provide customer service value. If you are willing to pay for our membership card, then the follow-up is one-to-one service, such as giving you a birthday gift on your birthday, I will remember your eye habits and prescriptions, etc.
In fact, it is to use a certain threshold to screen out people who really have a strong demand for this brand, and finally only serve this group of people. Instead of pulling users into the group as a whole, today this is cheaper, tomorrow that is cheaper, it is better to let users see more of the content we create.
This approach is more valuable and helpful for everyone, and it also makes users understand why I choose Cococan, because it has a relatively mature and user-friendly product and service system.
This is a process of doing subtraction, and the upper limit is higher for long-term repurchase.
To sum up, for the maintenance of core users and the operation of repurchase, you have to let users have fun in addition to being cheap, and you have to have a reason to appear in front of him.
If a brand only uses low prices to communicate with users, users have no loyalty at all, and it is easy to cause a promotional trap.
Especially today's users are also very picky, for example, if you let him buy it at a low price once, and then you restore the original price, he may say that you increased the price, which is also very common on Xiaohongshu.
So why KFC's crazy Thursday, including the essence oil charity plan that I did book by book some time ago, I feel very good. Because after you let users enjoy the benefits and pay attention to you, they still think that this is a good thing and good content.
No one likes to be described as a wool party, and it would be a failure if a brand turned its core users into wool people.
Wave of new consumption: I feel quite magical, it seems to be a cycle, in recent years, everyone has advocated the private domain is to feel that the traditional content communication methods in the past are not efficient enough, but as a senior private domain player, in the end, you find that the private domain itself sometimes limits the efficiency of brand and user communication, and returns to the state of looking at the mountain is the mountain?
Zhang Xinmiao (piupiu): I think it may just be that our category is not suitable, which does not mean that the private domain is unreliable.
After all, our customer unit price is not high, the decision-making cost of FMCG is not so high, and real human service does not constitute a core consumption decision in it. That's why we can't find a reason to communicate with users.
Inspur new consumption: It is cost-effective to do services through private domains, but it is more cost-effective to obtain user insights through content and do user hierarchical operations, can you think so?
Piupiu: I can only say that for our industry, this is the case. Because the beauty eye industry is too fast-moving, the decision-making threshold is relatively low, and the service part such as looking at the optometry sheet does not constitute the motivation for core consumption decisions, so the service value is not high.
However, if the industry is where the unit price is very high, and service is one of the driving factors for decision-making, the transaction efficiency and user value of the private domain may be high.
For example, the unit price of a thing is very high, and it needs many persuasions from others to constitute a purchase decision, then even if your private domain is raised, I believe that the transaction efficiency is also good.
Wave of new consumption: brand going overseas is a topic that everyone pays more attention to, there are many attempts and different paths, many players in the beauty eye industry are making sea, but sugar is also among them, what kind of summary and reflection do you have in the wave of brands going overseas in the past two years?
Zhang Xinmiao (piupiu): Our motivation for making Hai is actually very simple, more as a window of user insight, it is more like an experiment.
Because this category is a more mature state in other parts of Europe, America and East Asia, and the absolute share of the "big four" is also higher, we are curious about how people in these regions will think about a new brand, how they think about color and transparent films, and what they will pay attention to when choosing a brand.
Therefore, the purpose of making the sea is to answer these questions and communicate with local consumers in a localized way. On the other hand, it also helps us to reflect - if the Chinese market becomes like this one day in the future, what will we do at that time?
In this process, because the category of contact lenses has cutting-edge manufacturing and medical properties, we encountered many problems in the implementation of details, including transportation, logistics and medical device licenses.
As a result, we also understand what the FDA's requirements are for the contact lens category, and how traditional brands such as Johnson & Johnson, Bausch & Lomb and Cooper are registered in the United States, which is quite important to us.
At the same time, it does bring some user insights. For the matter of pupil color, it is only after making the sea that he attaches so much importance to it.
Previously, we thought that the range of pupil color in Asians may be relatively more concentrated. But when we went to sea to investigate, we found that although the models were all dark pupils in the traditional sense, the effect of the retracted film was completely different, and even we couldn't recognize it.
If dark pupils will have such a big pigment difference, then we have to solve the problem of different wearing effects caused by differences in pupil tone.
Almost a week after the launch of the pupil color card, we found that users began to spontaneously go to Xiaohongshu to poke their own test results, and there were continuous explosions.
Some people posted that this thing is really good, and there are explosive articles, indicating that there are more potential people who need such content. Then we are about to do the spread of active intervention.
Therefore, it is especially important to bring topics and new content. The beauty industry has done a particularly good job of this, and it will continue to create content and create anxiety, such as skin color segmentation such as white, yellow and olive skin. Every wave of anxiety created, to put it bluntly, is a new industry increment.
Wave of new consumption: can the beauty eye industry go through this path?
Piupiu: A brand may need to be both invested in the right things in the long term and stay active.
I understand that there are two levels of beauty. One is similar to the properties of skin care, because it is after all something that enters the eyes, belongs to medical devices, and needs to pay attention to safety. Therefore, whether it is in the product or in user education, it needs a longer-term brand investment.
The other is the level of beauty attributes, which has the advantage of having an infinite subdivision of marketing topics in the matter of "beauty", which is particularly easy to generate content.
This attribute is the reason why the user sees our frequency, it is easier to bring up the frequency, and it is also used to promote activation.
But this needs to be balanced, blindly emphasizing security, users are also quite annoying, think you are fake? It is also untenable to say only beautiful words.
Inspur New Consumption: Talking to investors a few days ago, he believes that in fact, in the past two years, everyone has been too optimistic about many things, and new brands have many things that they do not have, and it is not so easy to cross the past.
I don't know if you empathize with this, but in what aspects has sugar encountered relatively large resistance in the past two years of exploration?
Piupiu: Yes, for example, in terms of brand building, it is not as good as I expected.
This is also a question that I have recently begun to reflect: Is the DTC model really brand-friendly? Or when a brand's self-operated proportion is too high, will it fall into a misunderstanding?
Because under the logic of traditional enterprises, brand advertising is spent on dealers. But in the case of a high proportion of self-employment, every penny you invest in performance advertising can be turned into GMV, even profit. At this time, the willingness of enterprises to do long-term brand building and pure brand advertising is extremely low.
If your self-operated proportion is more than 90% today, there are no distributors, what do you spend brand advertising for? Brand advertising doesn't find its own budget and business meaning.
However, the long-term lack of brand advertising thinking perspective is very dangerous for a brand, which will fall into the infinite optimization of performance advertising and operational efficiency.
Although we are very good at performance advertising and operation from Ali, today I do a good ROI of 1.2, and others do not do well ROI0.9, in fact, there is no essential difference.
The essential difference is in more abstract things: like what kind of brand do you choose to become? How do you communicate your value to consumers? This thing needs to have enough soil for the brand budget to be born.
I think we are both industry disruptors in product marketing and product innovation, but we really don't do enough in terms of brand budget. Whether it is the state of the team or some pure brand campaigns, in fact, there is no hard work to put a lot of money.
Inspur of new consumption: is this a question of whether determination is enough?
Piupiu: I'm determined, but it's a business issue. When your self-operated proportion is too high, how to split money from a business perspective to spend the brand budget, who are you serving?
Don't force yourself to do things that violate business logic, entrepreneurship does not rely on faith and determination, and ultimately can change this matter by business logic and money, and we need to optimize our existing revenue and profit structure to achieve.
What we did in the past may be marketing, which is tied to product marketing. We especially love to stuff a card in the product packaging, why? Because there is no independent brand budget, it can only be this way.
But it still serves sales, or in the category of product marketing, the real brand budget is actually not very much.
Then, our core business goal this year is to develop core distribution channels, so as to change the DTC problem from the revenue structure and really help the team find the meaning of investing in the brand budget.
Objectively speaking, we think about content from the perspective of not serving self-operated platforms, which may be more conducive to doing a good job in our own distribution channels, which is a mutually promoting process.
Inspur New Consumption: How did you realize this problem?
Zhang Xinmiao (piupiu): Because we have always been very concerned about the brand, and the core is to figure out what kind of money we are making. We know very well that if you make money with operational value, you won't make it for long.
But if it's category insights, content creation, or product innovation, it's a little interesting. It is at least a thing that lasts for 5-10 years.
To give an interesting example, I particularly like the Hitomi Color Card project, but I find it difficult to get support from the sales platform. Because the KPIs of the sales platform are profit and GMV.
So there are a lot of questions about the color card: Can you help me get customers? Can you help me save money? You have this thing for 1 dollar 1 piece, who pays the money?
But assuming there are a lot of dealers today, they welcome this thing, it can become a unique, pitch dealer point, then I have the motivation to approve the brand budget for it, do independent communication, and will not fight with the sales platform.
So if there is a solution to this matter, it is still in the revenue structure, because the revenue structure determines the budget allocation. Everyone is very rational when they come out to do business, even if we emphasize brand, content and differentiation as much as we do, they will still encounter this problem in front of accounting.
Inspur of new consumption: But if it is determined by the revenue structure, it seems that it is difficult to change, and now the high proportion of self-operation determines that its proportion is always high, how can it turn to another channel?
Piupiu: It's a chicken-and-egg question, but I understand that it must change in a dynamic loop.
When self-operation is achieved to a certain extent, the optimization space for efficiency is not as much as imagined. There are a total of things in the background, and assuming that everything shown is valid in theory, it can also be cut.
Inspur New Consumption: Companies like book by book have mentioned similar problems, and then they seem to accept this problem from their own mentality, that is, I accept that doing certain things is not economical or inefficient, but it will help me develop a little more comprehensively and perfectly.
Piupiu: In fact, everyone finally returns to the business itself, that is, you need to abstract from the perspective of cash flow, and think about the core value of the enterprise, or what the logic of being valued will be based on.
Now is very different from 2019, we are no longer based on pure GMV valuation, but on profit. Profit is a more complex thing, and there are many possibilities behind it. Some people do well in channels, some people do well with content, and the possibility of selling at a premium is more important.
Especially after the pandemic, possibilities are particularly precious. Because everyone will have some uncertainty about the future, and in this state of uncertainty, it becomes less important for you to ask for certainty.
At this stage, rather than asking you what percentage of your performance this month will be, I might be more inclined to ask you if there is anything you can bet on to get you 200% off the next month? Confidence and new speculation are important.
Wave of new consumption: what is the most important problem that sugar needs to solve today?
Zhang Xinmiao (piupiu): To sum up, it is roughly divided into two aspects.
The first is to adjust our revenue and profit structure, so that the offline and distribution parts can grow, so that there is more space and leeway to spend more long-term brand budgets, rather than relying only on determination.
The other is that if we really choose and position ourselves as brands, our core value lies in product innovation and content innovation, then the problem we have been solving and facing is the evolution of the organization.
In particular, content is difficult to cultivate and control, but we have to rely on it to shape our own corporate value. Therefore, this year, we will emphasize the evolution of organization and management methods, and use the development of business to solve the problem of business logic.