The sales fee exceeded 600 million in half a year, and the sky -high advertising fee is fighting against Miao but more ...

Musk once said: The best way to sell products is to let everyone speak.

He also believes that he does not like the concept of marketing. He always feels that marketing is a deceptive to buy inferior things. You can spend these money on the optimization of products or services ...

Of course, Musk, as an international Internet celebrity, says so much that he has a little bit of words and does not feel back pain, because which stop he goes to is a billboard that can cover the world.

But then again, although marketing is very important, the premise of marketing is to serve products and brands. Try to pass the things that consumers have. Essence

Just like Xiao Chai's adoption of the Internet celebrity brand before, it is a typical case of being led by marketing.

This brand takes out several million to pack the stories and concepts with heavy filters, but it is shocking in R & D. For example, the brand's research and development investment in 2019 turned out to be 0, even if it was 2020 and 2021 It was only 613,900 yuan and 6,871,300 yuan, and the R & D cost rate was only 0%, 0.04%, and 0.27%, respectively. Instead, it takes nearly 20%of the overall revenue to marketing.

When the filter is erased, who dares to believe in adopting a cow? Donelism is fatal for consumer brands.

Of course, in the domestic consumer market, such a brand can really be described as a big one, especially in the so -called new consumer field.

For example, in the past few years, it has become more popular in the cheese market. It has achieved operating income of 2.5049 billion yuan in the first half of the year, but it cost 607 million marketing costs, which has increased by 20.33%year -on -year. Essence Only 15.42 million yuan.

In this way, do consumers pay for the brand that inverts products and marketing?

Miao Ke Lan's background

Cheese is not new, but after being branded, it has unexpectedly become new things, and Miake Lan is mostly the one that benefits the most in this transition process.

Miao Kelan is also an old brand, but it is also a series of capital operations and resource integration after 2015.

Especially in 2016, Miao Kelan's backdoor landed on A shares. The market gap in the market in the segment of capital and cheese made Miao Kelan's development, like sitting on the rocket.

According to the data reported by Miao Kelan's 2021 financial report, its annual revenue reached 4.478 billion yuan, which was 25 times that of 2016; in addition, as of the first half of 2022, Miao Kelan's cheese market share reached 35.5%, and the cheese stick market possession The rate exceeds 40%, ranking first in the industry.

Such performance, Miao Kelan is undoubtedly the leader of the cheese market. But does this achievement really depend on the product?

Back in essence, the rapid growth of Miao Kelan is thanks to the release of the dividends after the cheese market to the brand development; the other is Miake Lan Duo Crazy Marketing.

According to the financial report, in 2021, Miao Kelan's marketing costs were as high as 1.159 billion yuan, an increase of 63.08%year -on -year. Among them, advertising promotion costs were 906 million yuan, an increase of 61.5%year -on -year; in the first half of 2022, this data increased again high, reaching 607 million.

On the contrary, its R & D cost rate continues to decline. In 2021, its R & D investment accounted for only 0.9%of the overall revenue. In the first quarter of 2022, it was only 0.37%. Fall 12.41%.

In the introduction of Miao Kelan's official website, there is such a sentence: "... Through unique R & D and innovative technologies, carefully create every cheese product."

Where the unique research and development innovation technology is reflected, there is no detailed introduction.

In addition, according to media reports, it has always emphasized the mastering of core technologies and can create more nutritious cheese sticks. It has only 78 R & D personnel in the company. Among them, the number of people with the largest number of people is high school and below, accounting for 37%.

In the most difficult financial report, in the real situation we see, the sales expenses increased at a high level, and the high level of R & D expenses fell.

Then from these two key data, the rapid rise of Miao Kelan, except for market dividends, the rest is the product brought by the product, and maybe the answer does not need to be emphasized.

Sky price marketing fee is being bother with Miaomi Lan

Re -marketing and light development are the characteristics of the so -called online celebrity brands and new consumer brands. Often such brands, such brands grow fast, but they will fall even worse.

Burning money marketing can only make fast money. A long -term brand, products and services have always been the main line, and marketing is just icing on the cake.

From adopting a cow to Zhong Xuegao, to the perfect diary, they have confirmed this. Of course, Miao Kelang is more, and such changes are also emerging.

From the perspective of revenue scale and growth rate, in the first half of the year, Miao Kelan has achieved good growth, but it has been discovered that the timeline has been lengthened. Such a growth rate is the lowest in three years.

In contrast, the growth rate of revenue in the first and second quarters of 2021 was 140.58%and 62.21%, respectively.

Among them, it is worth noting that the lack of sales expenses is a significant increase, which also means that if the investment is slightly reduced in marketing, the performance growth rate of Miao Kelang will lose.

At the same time, in the second quarter of Miao Kelan, in the second quarter of 2022, the company's main revenue in a single quarter was 1.308 billion yuan, an increase of 17.17%year -on -year. This data slowed down again. Yuan, a year -on -year decrease of 26.72%. Compared with the first quarter, Miake Lan's net profit decreased by 15.03 million yuan, and the non -net profit of deduction in a single quarter was 47.0842 million yuan, a year -on -year decrease of 40.82%. The slowdown in marketing growth and the rise in marketing costs also directly led to a decline in Miangea ’s interest rate buying rate. In particular, the gross profit margin fell by 6.37%year -on -year when the proportion of the main business cheese revenue increased by 34.11%.

In addition, the gross profit margin of its liquid milk and trade business has also declined to varying degrees. The gross profit margin of its liquid milk business is 12.21%, and the gross profit margin in the same period last year was 14.73%; Compared with 14.09%, the gross profit margin is 5.98%, and the gross profit margin of the same period last year was 6.05%.

As a result, in addition to the rise in the cost of raw materials, the incentives may also be with excessive marketing expenditure, and the low investment in product innovation methods cannot be opened.

After years of development, Miao Kelan has been a very popular brand in the consumer market, which also means that at the consumer level, marketing and actual products have clearer comparison results.

Those marketing and concepts with suspicion of gimmicks are slowly invalid. Similarly, star endorsements and cross -border joint names are gradually fatigue.

This also leads to many aspects of the reflection of sky -high advertising costs for Miao Kelang. One is excessive marketing, allowing consumers to feel that this brand is not enough to be honest; Make money.

In addition, there are external problems

Of course, in addition to internal worry, Miao Kelan is also facing more intense market competition.

It is not difficult for us to invest in the investment and development investment of Miao Kelan. The cheese market itself is an industry with a low threshold.

The reason why Miao Kelan can rise rapidly, we also mentioned two key points, market dividends and new consumption models of marketing.

In terms of market dividends, Miao Kelan cut into the market segments that the dairy giants did not look at. Subsequently, a large number of advertising fees pushed the series of consumer minds to consumers for the "concentrated essence" of cheese. It has been opened to a larger space.

However, today, the market that the giants were not seen have gradually become a must -have for soldiers. But when the giants began to fight, Miao Kelan Duo had a chess piece against the giants in addition to the existing brands that have begun to be questioned?

The ability of milk sources, channels, and products has been in front of the giants, and maybe there is no power to fight.

From the perspective of the industry, the giants and more capital cuts. This original high -gross profit market is inevitable for price warfare, while Miaoca is more, highly dependent on marketing, and how long is the profit of two -way profit?

The capital market has begun to vote with feet. Miao Kelan ’s high market value has fallen more than half ...

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