Daosheng Capital Wu Bin: Is it a good business to be able to use products for 11 years?

On September 24, Hangzhou, the high temperature of 32℃ burned the entire West Lake. The fragments of people on the streets were fully armed with the sunshade equipment, while the bustling crowds next to the lakeside surrounded by a building full of the Republic of China atmosphere, regardless of the heat.

Facing West Lake and backing against the gables, Rulu on Beishan Road is the destination of this private gathering of Golden Crown Club celebrities. Nearly 30 top-level e-commerce sellers of Golden Crown Club gathered together to awaken the " paradise " in this downtown area .

The brothers of the Golden Crown Club visited the century-old building with Lao Gao and learned from Mr. Wu Bin, the founding shareholder of Vipshop.

It is worth mentioning that this private meeting is an exclusive internal sharing specially set up for the brothers of the Golden Crown Club. The main purpose is to give everyone plenty of time to speak freely with Mr. Wu Bin, help each brother break through the bottleneck, improve cognition, and expand his thinking, just like a feast of thought!

Wu Bin: Live up to time and do everything possible to solve your worries and difficulties

Mr. Wu Bin is an old friend of Lao Gao’s e-commerce circle. He is known as the “Top Ten Angel Investors in 2019” and knows that the brothers present come from all over the world, and the opportunity to gather here is very rare. He specially asked the brothers to raise the problems they encountered when introducing themselves to satisfy the knowledgeable desire of the brothers present.

You should know that Mr. Wu Bin only slept for 3 hours the night before, and was still taking a break before the arrival of the Golden Crown Club, for fear that he would not be in good condition and let down the enthusiasm of his brothers.

During this four-hour conversation and Q&A session, many brothers entered and left the venue one after another due to long sittings, but Mr. Wu Bin never left the seat. In his words, "It is not easy for everyone to come here from afar. I don't want to let everyone down, so I have to do everything possible to solve everyone's worries."

One-on-one solution to problems

A brother from the Golden Crown Club asked, the current economic environment is declining, coupled with the epidemic effect, what is the mainstream consumption in the future? Is it consumption upgrade, or the trend of urgent needs, or a high, medium and low-end consumption?

Mr. Wu Bin said that consumption upgrade is of course the mainstream, which is questioned by Mu Yong. According to the specific situation, some basic needs do not mean that they are easy to sell. For example, Mr. Wu Bin gave a pillow to his classmates 11 years ago and was still using it after so long. This is not a good business for merchants.

Therefore, the urgent need and high frequency use does not mean that this is a good business. Today's milk tea shops and dim sum shops started with brands, with not high sales but very high valuations. This is because they give energy to categories. For example, if you want to have midnight snacks, you don't know which brand of shop to eat, you only remember the specific category, such as crayfish; and like tea, the first thing you think of is the category rather than the brand.

In contrast, in industries such as soy sauce and coffee, today's leading brands Haitian and Starbucks have unified the industry, so this is a problem with the industry itself, and the experience is very different and it is difficult to unify.

In addition, the consumption levels of high, medium and low can be increased. Uniqlo is successful and Hermes is successful. It depends on how you operate. Choosing what you are good at. Whether you can become great is not a problem of your own level, but your own problem.

Another brother who is an agent of the wine category and owns several mature brands said that he has a slow growth rate, and Mr. Wu Bin asked back, why do consumers choose your home? The brother said that his wine was French... Before he finished speaking, he was interrupted by Mr. Wu Bin raised his hand and said: It's not enough!

The origin is not what consumers care about the most. Wine must pay attention to emotions. Just like Jiang Xiaobai, looking for a high frequency of emotions and combining it with your own products, it is like drinking alcohol alone when you sniff the teeth into your stomach. It becomes a spiritual support at a specific node.

Moreover, when building a brand, it is best to gather all channels into 1-2 and focus on the efforts, and the rest is just used as an auxiliary.

Time passed by, and nearly 30 brothers from the Golden Crown Club got what they wanted one by one, indicating that this private meeting has come to an end.

I remember Mr. Lu Xun once said, "Making a person's limited life more effective is equivalent to extending a person's life." This time, the brothers of the Golden Crown Club answered questions and answered Mr. Wu Bin in order to bloom more possibilities in a limited time!

Thank you very much for Mr. Wu Bin for taking the time to share internally with the brothers of the Golden Crown Club! We are willing to leave valuable opportunities to expand our thinking and improve our cognition to entrepreneurs who are growing together. Can you become one of them?