Zhu Mingyue: Why is the pig Bajie network overvalued?

After the pig martial arts network received 2.6 billion yuan of financing, it broke out instantly, and the order doubled. The founder Zhu Mingyue also became the focus. This middle-aged man, whom his friend called the "second brother", gained the first success after his career transformation.

Recently, Zhu Mingyue, the "second brother", told the "Entrepreneur" four reasons why a crowdsourcing platform has been overvalued by 10 billion yuan. It also shared the hardships of the nine years before the huge financing. Zhu Mingyue hopes that people will forget about 2.6 billion and refocus their attention on their users, services and the team that is in the southwest. At the same time, they will jump out of the platform to collect commissions, collect membership fees, and then explore more data in the ocean.

What does the pig eight ring network do?

I especially want to talk about one point today, that is, I very much hope to forget about this 2.6 billion. I will go back to our company and return to Chongqing. The five-storey 5,000-square-meter battlefield of Phoenix C is back to more than 1300 on the Ba Bajie website. Ten thousand users, whether it is 3 million buyers, small and medium-sized micro-employer employers, or 10 million professional-skilled individuals, I only set foot on our more than 5,000 square meters of office space in the face of a large user community. At that time, I realized that this 2.6 billion is not able to bring us more changes, we must go back to reality.

After 2.6 billion yuan, I remember that many media reporters bluntly said that the pigs are worth 2.6 billion. Why can Chongqing enterprises integrate 2.6 billion? This is the original words. I was very surprised and surprised at the time. Why can't we be our pigs? Why can't we be a Chongqing company?

This reminds me of my meeting with the biggest design company CEO in China last year. He bluntly told me that the pig is a spoiler for the design industry, a price butcher, and the value of this design is a devastating blow.

I asked him a few sets of numbers.

I said that as one of the largest advertising design companies and brand design companies in China, how many companies do you design VI systems in a year? He said less than 100. Then I said that there are tens of millions of small and medium-sized enterprises in China. They all want to be a brand. They all hope that when they hand someone else a business card, this business card is not only black and white, but also has its own logo and brand image. Do you spend 500,000 or 1 million to ask you to do a very professional VI system, or to put the 500,000 or 1 million - which may be almost all the capital of his venture - into the core business?

This is the pain point of small and medium-sized enterprises. Pig Bajie.com can help them to have a business card, a logo, a good idea, and a dream of getting a hand at the beginning of the brand development. I think this is very important.

I asked him the second question. I said, how many designers have you supported such a large advertising design and brand design company? He said 700. I said that the level of these 700 designers is relatively high in China. What is their income? He said that the lowest 5000, the highest 50,000, 100,000 a month, but relatively few A large number is still seven or eight thousand, one or two thousand.

I said that China is not the only 700 designers, there are tens of millions of designers, tens of millions of programmers, tens of millions of people who do marketing promotion, they have to survive. Although they can't enter a company like yours, they can't get what you call high salary, but they rely on their personal ability on the platform like Pig Bajie. They can design logos, develop apps, promote marketing for the world, and rank in the pig network. The top 10,000 designers and engineers have a monthly income of over 10,000. Some even have a monthly income of 100,000 and 1 million. In the past, they may not have such a lot of job opportunities, but because of such a platform, even if he is staying in the rural areas of Chongqing, he can also design image logos for Beijing Zhongguancun or startup companies in Shibuya, USA. This is the power and value of the Internet.

Combine four values

Why is a crowdsourcing platform worth 2.6 billion?

Since it is a platform, it must be a bilateral connection, so the first layer of value is the value of the connection. A rural designer, without this platform, would only be able to design signs for his small noodle restaurant forever. But today, because of such a connection, he can design and create for the small and medium-sized enterprises in the world.

Our company has two electronic walls: one is the buyer, they gather in the eastern and central parts of China, and continue to demand; the other is the seller, they are almost evenly distributed in most parts of China. We connected these two groups of people together. This value cannot be measured to some extent by the so-called valuation, because it is behind the needs and dreams of too many people.

The second layer of value is the match. Taobao is not a platform for selling goods in nature. It sells the ability to serve merchants. It provides a lot of seller tools, from customer service to delivery to the entire CRM to marketing, this series of infrastructure tools, making the entire society run significantly more efficiently. But Taobao does not benefit from trading connections. It provides benefits by providing these infrastructures, but the value of these infrastructures is often overlooked.

The third layer of value is the value of the data. Any platform will continue to gather all kinds of data like the ocean. What data is gathered by the pigs? We have gathered data from millions of small and medium-sized enterprises in China, and it is still growing at a rate of five or six thousand. Of course, after the release of the financing news, the number has increased to eight or nine thousand.

In addition, it is the ocean of talent data. We have absorbed 10 million talents with professional skills, and many professional design and development organizations have begun to settle in. Moreover, the transaction will gradually precipitate valuable original works, the value of this database is very large.

In addition, so many small and medium-sized enterprises, individuals with various professional skills, the transaction behavior data accumulated in these eight or nine years, including the data on the evaluation of the seller's ability, these are quite valuable things. With this data ocean, we have to make it easy to make money. We can drill in this ocean and just drill a well. It is definitely oil, absolutely gold.

In 2019, we drilled the first well - trademark registration. At that time, thousands of companies came to design the logo every day, and then they will definitely register for the trademark. After the introduction of this business, we immediately became the largest trademark company in China, no one. The traditional trademark company is small and scattered. It is the first in China to register 50 times a day in the State Administration of Trademarks. But we have now achieved 500 orders per day. The goal of 2019 is to achieve an average of 1,000 orders per day. This is very Easy things. This is the value of data oceans and rigs, a value that has been overlooked in the past.

The fourth layer of value is the value of incubation and the value of employment. Taobao, Jingdong, Amazon, Dangdang, etc., in my opinion, belong to the 1.0 platform. With the rise of crowdsourcing and O2O services, the platform has entered the 2.0 era. The platform of the 2.0 era is one step closer to the platform of the 1.0 era, and the value is even greater. Where is it? This is the fourth layer of value I want to say – the value of incubation and the value of employment. This value has been seriously underestimated in the past and no one has unearthed it.

On the 1.0 platform like Taobao, the Matthew effect is very obvious. Because its products are standardized mass production, in theory, as long as the advertising is done well, the better the shop is decorated, the sooner you enter, the more traffic you get, the more orders you have. The rise of the Amoy brand is actually not a good thing for Taobao. Its Matthew effect is very obvious. It makes most of the traffic and orders gather in 10% or even 5% of the merchants. The era of truly making money on Taobao has long since passed. This is a typical feature of the 1.0 platform. It is also very limited for the employment of the whole society and the social value.

But now that the platform has entered the 2.0 era, we certainly can't do another platform for selling goods. Uber is good, Didi is fast, 58 is good, and Pig Bajie is also good. We are essentially "selling people". platform. The essence of "selling people" is the personalization of services.

The typical feature of service transactions is that the buyers and sellers establish a connection and place an order. This transaction has only just begun, and there is a long period of follow-up that must be fulfilled. The customization of the service makes it impossible for us to produce these delivery lines in advance, and there is no way to store these so-called service warehouses. We must pick them up in a single way and then perform them in a single operation. The service capacity and production capacity of each seller on the platform are limited. At this time, the biggest challenge for operators is not to find the best sellers on the platform, to distribute all the traffic and orders to him, but to find a large number of sellers, according to the particularity of the buyer's needs and the seller's capacity, time, space, skills. Matching multiple attributes such as size and attitude.

We are calculating every day. After a service provider’s ongoing transaction exceeds his size, we should not allow him to continue to take orders. Instead, let him digest it and serve the customers in his hands. Then we Give them traffic and provide orders. This is not at all the operational logic of the 1.0 platform era. This can explain to some extent why Taobao and JD.com have also entered the Witkey service trading field, but their transaction size with the Pig Bajie.com is not on the order of magnitude. This is determined by genes. Our trading logic requires us to spread the order to as many sellers as possible.

Therefore, the platform of “selling people” in the 2.0 era is of value to society, and the value of employment is more valuable for hatching. I can justifiably say that today's Pig Bajie.com and Taobao are not in the same magnitude, but the social value of the future as a platform must be much greater than that of Taobao.

9 years of exploration and transformation

In 2006, I founded the Pig Eight Rings Network.

When I came in, I discovered that I was getting a bad card - a company may only need a logo design for a lifetime. Not only low frequency, but more importantly, small and micro enterprises are not willing to pay, and the decision is very rational. It is not like a platform for doing physical goods. Many women don’t know what to buy before they enter the mall. When they come out, they all have big bags. Many people don’t know what to buy when they visit Taobao. When they come out, the bank cards are all brushed. exploded. This is called emotional consumption.

The design, marketing and development of small and medium-sized enterprises are low-frequency, high-price, and they are rational consumption. We are faced with hard-working groups. After further operations, we found that buyers are not only unwilling to pay, but he is also a non-professional buyer. We can't stream production and warehouse layout in advance. It must be a complex transaction, and each order is personalized.

Despite this, we thought at the time: First, this direction is absolutely correct. In the future, the tertiary industry must be more developed than the secondary industry, and the service industry must have more transactions than physical commodities. Second, since there are so many small and medium-sized enterprises in China. There are so many people with professional skills who always have a platform to connect. Entity goods can be done like Taobao. Why do we do planning and writing design? Is there such a platform? I am based on such a simple judgment of direction and future, and I am embarking on the death and not returning to death. the road.

I can die to face, but life is realistic. Everyday wages must be made. Every day we need to paint cakes. This cake not only has to be painted for angel investors, VC, but also for your employees, your followers. By. Many times angel investors are flickering, but you are not too good at ignoring employees because he knows more clearly than you.

On the way, we experienced about seven or eight times to reinvent the wheel. Although the direction has never changed, it is to do service transactions and platform, but the product model, business model, operation mode, and organizational structure have been pushed down seven or eight times. Our company promotes the culture of learning, and each time it is reinstated, it is named as Tengyun No.1 and Tengyun No.2.

The real turning point is that we finally realized that the platform of the 1.0 era must be upgraded to the 2.0 era. To regard the platform as a sea of ​​big data, we should make money based on this ocean.

Today, we still have to continue to make the ocean bigger, rather than busy drilling inside, drilling is just the result of water. Drilling is very important, especially for investors who think it is important, but for entrepreneurs, the vastness of the ocean is what we should pursue the most.