What exactly is the process of dragging fast -moving commercialization?

Author ｜ Lan Bin Sheng

Edit ｜ Sang Mingqiang Ye Jing

Just a few days ago, in 2022, the ranking of the Fortune 500 companies in "Fortune" was released, and the fast -handed losses of up to 78 billion yuan last year topped the list. Although this situation has lasted for two years, if only the scriptures have adjusted the net profit, The data will look better: the loss of 7.948 billion yuan the previous year, and last year's loss reached 18.852 billion yuan.

Quickly adjust the net profit and its occupation of the revenue, the source of the country's gold syndrome 劵

In one year, the loss has doubled more than doubled. What did the commercialization of fast hands have experienced?

According to the financial report, the business of Kuaishou is divided into three pieces: online marketing services (that is, advertising business), live broadcast, and other services (including e -commerce business). Among them, the advertising business Chinese and foreign circulation advertising started in the environment and the internal circulation advertisements started shortly; live broadcast reward business is the most important monetization method of fast hands before 2018, but this part of income is with the disappearance of the industry dividends and the tightening of regulatory supervision. , Growth has a bottleneck, and the growth rate has slowed sharply. As for e -commerce, the overall volume is small, and the monetary rate is extremely low.

For these issues, the reaction of the capital market is the most honest. The commercial dilemma of Kuaishou is directly reflected in its stock price. It is listed in Hong Kong with a halo with "China's short video". The highest point of the HK $ 417.8 has rebounded in the middle, but Kuaishou's stock price has fallen to more than HK $ 80.

Since Cheng Yixiao took over the fast hands in October last year, Kuaishou has been in frequent changes from products, business to organizational structure. For example, the business side, the fast hands embarked on the road of co -connection, from cooperating with the Meituan, taking over the same city of SF, to the local living business, to aiming at the blue -collar market, the online recruitment platform "Quick Recruitment", and then in April this year's internal letter Among them, Kuaishou exploring the live broadcast model model reveals the purpose of being eager to seek new incremental increases for the commercialization of Kuaishou.

Although it is constantly changing, the commercial crisis of fast hands may be hidden in the constant "change".

01 Strategic Decisive Structure

Since the development of loose organizational structure, it has been using it for 4 years.

In 2018, Douyin rose rapidly, and the market position of the first platform of Kuaishou short video was surpassed, and management began to actively seek changes in organizational structure. The three -person headquarters composed of Ma Hongbin (commander of the K3 battle), Xu Xin, and Lian Qiao entered a comprehensive combat state from the level of strategy, products and organizations, set up operations and growth parts, and strengthened the new and new parts of the user. Store operations.

In the same year, after Douyin started advertising for a year, the commercialization of Kuaishou was able to start. It started early in the short video competition, but it was a late collection in commercialization. When we narrowed our eyes, we can find that the swing of the fast -moving commercialization strategy is more conspicuous: in 2018, the fast -moving focus focuses on the information flow. The following year, the fast hand has taken up the large -scale traffic marketing of private domain traffic marketing. flag. In 2020, the fast hands that were about to log in to the capital market at that time, under the pressure of commercialization, the first large -scale architecture was adjusted, mainly because the person in charge of the commercialization and operation department was replaced.

Kuaishou's current organizational structure map source Tianfeng certificate 劵

In September last year, Kuaishou changed from a functional system to a business department. In October, the dual -core model was announced. Suhua stepped down as CEO. Senior vice president Yan Qiang ran away. The Internet industry is a bit unusual.

Management scholar Chandler pointed out in blood that strategy determines the structure. Organizational structure is the main tool for enterprises to realize its operating strategy. The main cause of the frequent changes in the organizational structure is that in the initial design, the factors of people are too considering or only the short -term goals of the organization.

This poor level of strategy is not only reflected in the fast domestic business, but also can be seen from the tactical tour in the process of going to sea. For example, whether to choose a tool class or the localized operation of content, whether a variety of products are trial and error race or a product, and whether it is a single or two -column presentation in the global market. Slowly iterate until the best time to miss global competition.

Douyin, which is competing on the same market in the global market, gradually getting the way to get in touch with fast hands is that a large part of the reason is that the steps of Douyin to go to the sea are stable under a unified strategic traction. When the product was not launched in 2015, Douyin regarded globalization as a key strategy of the company. From the original overseas version of TOPBUZZ, which was originally headlined today, to the domestic Douyin model verification, the short video was accelerated. Musical.ly solves the content of the content side and uses mature recommendation algorithms to solve massive content distribution problems.

Another point worthy of attention is that in the organizational structure adjustment of last year, Kuaishou set up a separate business department for the game, becoming a first -level department with advertising, e -commerce, and overseas business. In fact, as early as 2018, Kuaishou invested in Liangwu Games and began to get involved in the game field. According to new eyes, Kuaishou planned to create a leading industry -leading game research and development team in 10 years, and produced the world's leading high -quality original game. Essence

However, according to many people in the game industry, although the fast game business has been advancing, the market share is not seen. For the game, the establishment of the entire process from research and development to the launch of the whole process and the construction of the follow -up operating system requires time precipitation and capital injection. However, the fast -handedness starts with short videos. To some extent, corporate genes have determined that the current fast -handed game market is inadequate, and the competition with big players in the industry is even more difficult to come to the stage. Judging from the 4 -year development situation, whether it is live broadcast, channel distribution, or heavy self -study, fast -handed games seem to leave a impression of thunder and heavy rain. In the latest financial report, game revenue is included in "other services", and according to fast -handed expressions, other service income is "mainly promoted by e -commerce business." For fast hands, whether the business department sets the game business alone is based on the strategic vision of the organization and mechanism adjustment and commercialization attempts, or the face project made to save the market value, maybe even Kuaishou cannot give the answer.

02 Xue Dingzheng's "long -termism"

In August last year, in the face of the stock price fluctuating, the official WeChat public account of Kuaishou posted an article entitled "The Tide of Tide and the Tide". For irrational shocks, the tide and tide are nothing, and tomorrow will be better. In addition to the song list, the full text uses hundreds of "long" characters to emphasize "long -termism".

In the global Internet technology circle, Bezos should be the first entrepreneur to propose and successfully practice long -termism. In 2000, the global Internet bubble broke, and Amazon's stock price shrinks by 80%. It has reached a critical moment of life and death, under the pressure of not profitable for 20 years.

How to spend the money when the money bag is tightened, which tests the strategic thinking and long -term thinking of an entrepreneur. At that time, Bezos Liqian discussed the price reduction and free shipping. To this end Advertising investment, adhering to all user experience as the center, finally out of the trough and forming a "growth flywheel", laying the foundation for subsequent Amazon's index growth.

In the past two years, facing similar profit and stock price dilemma similar to Amazon in the past, the choice of Kuaishou is to increase investment in marketing promotion: Last year, the marketing costs of Kuaishou increased from 22.6 billion yuan in 2020 to 44.2 billion yuan, accounting for total revenue The ratio rose from 45%to 55%. Sales expenses have become the biggest cost of fast -handed expenses, mainly to obtain customer acquisition and improvement. The corresponding return is that Kuaishou reached 323 million in the fourth quarter of last year, a record high.

However, it is interesting that in early 2020, Kuaishou announced the winning K3 battle. The daily life has exceeded 300 million. Two years later, the daily life is still around 300 million. In this case, what has been confirmed by the financial report, relying on the fast -moving speed version of the money to exchange scale and traffic, how can the price -performance ratio be?

Kuaishou obviously also realized the problem. As the user dividends in the domestic short video industry gradually decreased, the customer acquisition cost has reached the point where it is almost difficult to afford. Therefore, Kuaishou adjusted the growth strategy and reduced sales and marketing expenses to narrow the loss, and the effect was immediate: this year Q1, the operating loss was 5.643 billion yuan, which has made great progress over -7292 billion yuan in the same period of the previous year.

However, as of the end of March this year, the company's cash flow was only 15.33 billion yuan, and it did not even have a high loss of losses last year. Obviously, in order to relieve the urgent urgent, Kuaishou's current strategy has fallen into cost reduction. In the short term, now the brakes of fast -moving the money game may be a chance to self -examine and start. But when we imagine the future commercialization of Kuaishou, it is not difficult to make a pessimistic conclusion: the official "long -termism", I am afraid it is difficult to help the fast -handed cycle.

First of all, from the specific business level, the reward revenue of the previous performance core live broadcast rewards, under the double pinch of competition and supervision, is becoming increasingly topped, and the growth rate continues to visit for several consecutive quarters. And the live broadcast income has a low gross profit, so Kuaishou gradually tilted the focus of commercialization into the realization of "advertising+e -commerce" as a combination. Advertising is a short -term basic disk, and e -commerce is a long -term growth point.

However, the advertising business is extreme relying on the size of the user. After saving marketing expenditure, it is more difficult to further increase the user scale and stickiness. Perhaps it may be far greater than the vibrato with a huge user base. The financial report shows that this year's Q1, as the cost of reducing costs, the average DAU and average MAU increased by 17%and 15%year -on -year, respectively, and the growth rate declined significantly compared with the previous quarters. On the other hand, if you are attracting Ad Load on the basis of existing users, how to balance user experience and prevent user loss will become a new anxiety for fast hands.

Fast -handed business revenue accounted for the proportion.

In addition to advertising, the "e -commerce story" that carries the most valuable imagination in front of the IPO also has a trend of dumb fire. According to the financial report, the monetization rate of fast -handed e -commerce is only 1.07%. Among the mainstream e -commerce platforms, Pinduoduo is more than 3%, JD.com is about 9%, Ali is about 6%, and Amazon is as high as 10%. Last year, the GMV of Kuaishou Live E -commerce business was 680 billion yuan, but the result of the low monetization rate was the income from other services (including e -commerce) in 2021, which was 7.4 billion yuan. Only 9.2%.

If this monetization ability, you want to make the e -commerce business the second growth curve of Kuaishou. It is difficult to achieve without trillions of e -commerce GMV support, but how much is the GMV of the entire Chinese e -commerce company? At the level of business, the fast -handed hands are placed on the battlefield of Douyin, Kuaishou, and video number "Three Kingdoms", and the situation is not much better. Douyin has more than 600 million DAUs with a video number of 500 million.

Of course, to some extent, although the trend of "borrowing from each other" is becoming more and more obvious, these three are not the target of competition in the same stage. The fast -moving centered on the private domain is known for its inclusive logic distributed by traffic allocation. ; Douyin emphasizes the ability to grow rapidly, and is commercialized with the public domain as an anchor point; the video number emphasizes the diversion effect of social relations.

WeChat is the largest private domain traffic carrier in China, and the restrained video number is still allowing the natural growth of the content ecology. The principle of inclusiveness is also applicable at this stage. The old iron economy is based on social fields. From many perspectives, the "field" built by WeChat video numbers is the amplification version of Kuaishou "Field". Kuaishou can only be a subset of the video number. After all, WeChat has become a general existence of China's Internet infrastructure.

A fast -moving hand behind the atomic architecture, how to form differentiated competition with the video number in the future is a problem that is difficult to avoid but must be solved. Not only that, if you turn to unlimited alignment of vibrato and vigorously chase public domain traffic to fill the commercial gap, it will inevitably fight for many years of firing for the private domain commercial system, or even overthrow and rebuild.

In March last year, the person in charge of the fast -handed e -commerce company Xiao Gu announced that Kuaishou live broadcast e -commerce upgraded from "commodity plus public domain" into the thinking upgrade of "content plus private domain" and tentatively extended to the business system. Come back. It can be seen that it is difficult to escape from the internal consumption and conflict brought by the existing border. In the final analysis, it is still necessary to return to strategic and organizational issues.

Many dilemmas have formed a trend of fighting in the interior of the fast hands. For a long time, how can the "cause" planted under opportunistism grow the "fruit" of long -termism?

In the past, when the method theory of the Internet was effective, the big players closed their long -termism. Now that the dividend period is over, they like to hold up the flag of long -termism. Xue Dingzheng's "long -termism" may not only be a fast hand, but also a shared cloth that many players are trapped and could not find a way out.

03 Sinking is easy, and it is difficult to explore

Under the premise of relatively late start and smaller bases, the proportion of fast -handed advertising business revenue in recent years has expanded rapidly: from 8%in 2018 to 53%last year. According to Kuaishou's Q1 financial report this year, the contribution of online marketing services to revenue accounted for 53.9%, far exceeding the 37.2%of the second place in the live broadcast sector. Advertising growth is the basic market for fast hands.

Advertising highly depends on the realization of traffic. Previously, some media analyzed that from the perspective of the environment, the penetration rate of the short video market in China has been close to 90%. From 2018 to 2021, Douyin and Kuaishou users have climbed from 10.3%to 60%from 10.3%to 60%. Essence This not only means that the basic market of the short video market has become saturated, but also means that if Douyin Kuaishou wants to continue to maintain user growth, it must be differentiated.

Quick Hand vs Douyin User City Distribution Comparison Tu Golden Existence 劵

As a result, Douyin was sinking, and the fast hands were on the top. The problem is that sinking is easy to explore, especially in the fast -growing fast hands, the support of the explorer is not enough.

The idea of ​​exploring the circle is the brand play. By attracting mature brands to settle in, enrich the level of platform products, and use efforts to cultivate user brand minds, and enter the high -end consumer market.

At the first "E -commerce Gravity Conference" last year, Kuaishou focused on several rookie anchors, but it was not mentioned that "one brother" Simba, as a super head anchor with a sales of over 100 million yuan, is on such an important platform. During the event, the "Snow Tibetan" was very obvious. Later, it was proposed "big brand, big service, and trust in e -commerce", trying to tear off the labels such as sinking, soil LOW.

In the past year, brand -based upgrading was one of the main moves of fast -handed e -commerce, but it seemed not easy to break the circle. The problems that could not be solved by Pinduoduo was equally difficult for fast hands. This year, Kuaishou mentioned the priority of "big fast brand". From the side, under the side, under the side of the "three big work" strategies last year, the mature well -known brands settled in the conservative and cautiousness of Kuaishou, and the effect was not good.

Based on brand tone and audience considerations, the old iron culture unique to Kuaishou and the attributes of sinking have become natural obstacles in brand upgrades.

For the breakthrough in the sinking market, it is more difficult to break through than prices. It is the mind of mature brands and consumers. The reliance on the traffic of the private domain determines that the brand must let go of the body to establish an emotional connection with the user. Compared with many parents of the fast brand anchor, it is difficult for most mature well -known brands to do this. For the old iron, even if they are mature brands, they do not catch a cold. For example Compared with the amount of fans of 10,000, there is not much advantage.

In contrast, there are many reasons why the speed of sinking from Douyin will exceed the speed of fast -moving. According to the 2022 Sinking market insight released by QuestMobile, with the in -depth popularization of the mobile Internet, as of April this year, the Sinking market MAU reached 692 million, accounting for 58.4%of the overall. The proportion of users in the sinking market is more than half, so that the sinking road of Douyin is not empty -to -air sniper, and large -scale bases also reduce the difficulty of diversion. At the same time, compared with low -demand users, high -demand users' mind cultivation is more difficult, but after successful transformation, it is more stable and retention. Instead, low -demand users are easy to run with discounts, and the loss rate is higher. This can be seen from high schools in the e -commerce industry burning money subsidies to seize the efficiency of sinking markets. In fact, this caters to ordinary people's pursuit of benefits.

2015-2021 Chinese town and rural residents per capita disposable income

At the same time, the consumption upgrade pace of the sinking crowd is also accelerating. Borrowing the statement of Japanese scholar Miura Exhibition, most residents in low -line cities and regions have begun to consciously pursue personalized, branded, high -end, and experiential consumption. Exquisite is no longer exclusive to the urban population, and it has also become the life pursued by many people in the sinking market. High -quality content is also very attractive to them.

The people who sink the market in the market are especially represented by young people aged 18-30, and have become a new forces that cannot be underestimated. The impact of this is that most of the new generations in the market, most of them have naturally become a vibrato alternate user, and the original users of fast hands may become a group of people who have been overhead and can only be lost but difficult to fill.

On the content platform, the loss of users also means the loss of content creators. When the content ecology is declining, this is a fast -moving hand that is based on the foundation. Where should the commercialization go?

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