Salted Fish’s Self-help Strategy

At the end of the table are DAU, repurchase rate and subsidy rate. However, the statistics of the repurchase rate is that one week after the user has registered, the first batch of coupons expired and the purchase is still made through the APP. Such statistics can filter out the pure wool party, but the latest statistics are temporarily unavailable today.

The so-called subsidy rate is the discount rate for subsidizing users. For example, if Ruixing Coffee users assume that they all use 1.8% discount coupons for shopping, the subsidy rate is 81%. Xiaokang’s repurchase rate was 28% before Milestone 4, and the first two subsidy rates were 26% and 41% respectively. It is normal for the subsidy rate to increase sharply during the discount period for new stores. In fact, the 41% subsidy rate is not too high, at least not too hot.

As soon as this data came out, many investors who were accustomed to the mobile Internet immediately focused on the number of three users, among which the number of registered users was 140,000 before the opening of milestone 4, and it has soared by 60,000 in the past week; two paid users The data are 110,000 and 160,000 respectively, while the membership users are only 2,600 and 2,800.

DAU is also the data of concern. Before Milestone 4, it was 26,000, and it is currently 60,000, which fully illustrates the malformation of DAU data during the opening of the new store.

After letting go of the DAU, investors quickly raised their hands, and then took the microphone and asked directly: "Mr. Chu, a store has about 10,000 customers. Even if you open 10,000 stores, you can only get 100 million customers. This Are you satisfied with the customer acquisition efficiency? I remember you said that Xiaokang’s goal is to serve at least 400 million users."

You know, the last time Xiaokang did the Pre_A round of financing was in March this year, and the money arrived in mid-April. It has been four months since then. At that time, it was just milestone 2, which was equivalent to only having a mouth and nothing else.

So the last roadshow relied on a three-inch tongue, and it was actually easier to convince investors.

After four months, although the round is still A, Xiaokang has grown up from the age of 2 to 4, and he has to hand in homework and examination papers. That's why he asked.

This is like some entrepreneurs who have raised tens of millions in financing without even doing a PPT. It is very easy, but it is not possible to raise money in the B round, because the product is made so that people can see it.

However, this question happened to be what Chu Yuanxi was willing to answer, because he had the confidence to answer, and his heart said that he arranged the table to make a special film, highlighting the number of customers this single store has acquired.

Therefore, his answer is: "I am satisfied. You have to consider the scale effect. The customer acquisition levels of ten stores and one thousand stores are different. This will be obvious when Milestone 4 ends."

Many of the estimated data in the last column "At the end of Milestone 4" are left blank. Only personnel, number of stores, number of bicycles, etc. have been planned, but Chu Yuanxi predicted the number of registered users, and he filled in It is 12 million.

The permanent population of the Imperial City is 21 million, including the elderly and children. The main battlefield of Milestone 4 is the Imperial Capital. It is a consensus that the other major core cities can provide a total of 1 million registered users. Therefore, if you want to reach 12 million registrations, you must reach a saturation attack. Many people hesitate after seeing this prediction, because the cow seems to be a bit big? Who filled Chu Yuanxi's confidence with this number?

Only a few people are thinking about this question-why does Chu Yuanxi only predict the number of registered users with three users? Why don't those two predict?

The reason for this is because Chu Yuanxi remembers every detail of the original world. Through the previous data, it can be judged that the two worlds will not be much different on the single data of "registered users". There is only a lot more in the world, so you can fill it with your eyes closed!

You must know that there were no Pakistani people in the original world, but now, before Milestone 4, the Pakistani people have not done much work. But in the future, especially when other major cities start to expand their stores, the role of the Pakistani people must not be underestimated. 12 million is already an extremely conservative estimate.

But for the other two, "paid users" and "member users," he didn't dare to accept the data in the original world. The gap between the two worlds was relatively large, so Chu Yuanxi, who pursues rigorousness, chose not to make "predictions."

Seeing a lot of people showing disapproval looks, Chu Yuanxi smiled, "If you don't believe it, do we also follow Ms. Dong and Rebs to make a billion-dollar bet?"

Yuan Mu burst into laughter in the audience: "Who is betting with you, the server is in your hands!"

Chu Yuanxi realized that many investors nodded slightly to express their approval, and marked them in his heart that they couldn't get on the car. "Do you know why no one brushes zombie fans on Douyin? Because the cost of brushing zombie fans is high, and the cost of sending real fans is low. I can get this number when I drove the bulldozer and push it over. Does it need to operate the server?"

Someone immediately picked up the microphone: "President Chu, I think in your plan, a total of 800,000 bicycles will be invested in Milestone 4. It should be mainly in the Imperial City?"

"The imperial capital is almost 700,000."

"Have you considered the intensity of the competition? When Hello and Green Orange are increasing their investment, have you ever considered using too much force in your entry? They are all professional."

Chu Yuanxi thought for a while and said, "Even if my estimation is wrong, it doesn't matter much, because our supply chain is relatively strong from production to storage to delivery, and it can be adjusted at any time. There is also a corresponding operation team. , It won’t cause too much problem. As for the specific number of launches, first of all, we are also professional, and secondly, I feel that 700,000 vehicles are not enough. Haha. Where do you usually work?"

"Wangjing."

"Oh, at this time next month, please pay attention to the people around you, as well as the company's WeChat group and other places."

At this time, Xu Xin took the microphone over and asked, "Xiao Chu, let me ask you, which of these data are you most dissatisfied with?"

Chu Yuanxi said that, as expected, **** is old and spicy, this question is so cruel. "What am I most dissatisfied with? The number of member users." The number of member users was 2,600 before Milestone 4. After 7 days of hard work, it increased to 2,800.

"I thought it was the repurchase rate." Xu Xin said, putting down the microphone, meaning that Chu Yuanxi would be self-criticizing. The repurchase rate was 28% before Milestone 4.

"The repurchase rate has been rising all the time, so there is nothing to worry about. It will always rise to an ideal level. The number of people paying membership fees can only say that the market has been broken by many unscrupulous people. It takes a certain amount of time to pay membership fees. It takes a certain amount of time to build mutual trust. In the past, three generations of Chinese medicine practitioners had not cured people before they could hang the plaque. Now Xiaokang is also facing this problem. What we want to do is a big brand. Feel free to lower this membership threshold."

Xu Xin: "You can just talk about how to solve this difficulty. I remember you told me privately that member users are one of the underlying assets of Xiaokang, which is really critical."

"In short, it is to build the user's mind and let users realize that this membership fee is a service fee, and the service we provide is worthy of this fee." Chu Yuanxi knew that this was the first test in the true sense of this venture. , Is where there is no way to learn from the experience of the original world, there is no such problem with his grandma in the original world.

"According to analysis, the general situation is that users treat this membership fee as a discounted admission ticket. Therefore, if it can be cashed out immediately, and the membership fee is earned back through a one-time fleece, the user is willing to join the membership. It’s this mind that needs to be changed, because our membership fee is a constant* fee, and no matter how you squeeze the wool, it is impossible to squeeze it back all at once."

"Yes, I understand. What I want to know is how you can change it." Xu Xin asked unwillingly.

Chu Yuanxi said, don't you know? We are so social! But now I can’t say ah dear! Xu Xin's sudden problem is absolutely nasty, because this round of financing has nothing to do with her. She has already come in when she was in Pre_A. It is impossible for her to increase her share in the A round. This has been said long ago, unless Xiaokang leaves The state of over-recruitment.

The so-called over-raising means that when shares are issued, the subscription is forever, exceeding the upper limit of the fundraising. This situation usually occurs in the A-share IPO due to the distortion of the "undefeated new shares".

Unlisted company financing, in the case of public roadshows, it is actually easy to encounter similar situations. Roadshows are publicly soliciting investors. The open financing of attractive projects will result in a state of wolves and less meat. This is regarded as a star project. The only small advantage of the roadshow helps to boost the valuation.

However, Xu Xin's questioning is also beneficial. It is unclear if Chu Yuanxi can still come up with a convincing reason to explain that the future is beautiful and the efficiency of burning money is super high, then the valuation It will also be firm. An inflated valuation is like a castle in the sky, which cannot stand up to the wind. After all, everything is important in the capital market, but the most important thing is reputation and confidence.

So Chu Yuanxi thought for a while, and said: "First of all, this data looks pretty bad, but it was worse before. The number of members a month ago was 1,000 and nodded, and the month before the 10th rose by 150. %. From the point of view of the growth rate, it is actually okay, especially the number of paying users in the same period only increased by more than 10,000 people, and the conversion efficiency of users from “paid” to “member” increased more than ten times. This shows that we have done it. Over time, it is slowly transforming users’ minds."

In fact, this statement is a kind of comfort, because the amount of data is too small, and it is too far behind the original world. At that time, shared bicycles in the original world required a deposit without exception. Because many users did not trust them, they paid a deposit when they rode, and the deposit was refunded immediately after riding, which is not too troublesome. Well-off bicycles without deposits are so dazzling in the world of shared bicycles, the number of members has skyrocketed.

But now, everyone doesn't need a deposit anymore. The advantages of this model are instantly leveled, and only free riding is left. The data growth rate seems to be good to others, and to Chu Yuanxi it is almost like a face slap.

However, when he finished speaking, his eyes swept down the stage, and he found that many investors nodded in recognition! I rely on the old man to get recognition so easily?

The villain in his heart rubbed his hands, and Chu Yuanxi had a bottom in an instant, and said eloquently: "There are nothing more than two ways to adjust this point. First, provide more valuable member services and provide registered members at the same time. Provide trial opportunities to update users’ minds and let them realize the value of these services. The second service provider’s differentiation is equivalent to creating some reasons for users to pay membership fees."

"This is too vain, have you done it?" Xu Xin continued to clamor.

This time Chu Yuanxi quit, and she snapped her palms together: "What we are doing is online content. Online content pulls core data. The function has already begun to be developed. I also reported on the milestone when I summarized the work just now. 6’s online content is developed in advance, don’t ask for specifics, ask for confidentiality."

Xu Xin had to give up. In fact, if you really want to investigate, you can find out which functions are currently being developed by Xiaokang's development team, but this is a series of functions. Even if you can find out each module, you don't know how to combine or operate.

Therefore, Xu Xin discovered that the only content of this Xiaokang that was kept secret by Chu Yuanxi, he still had to endure until next year to see the clues.

In fact, Xiaokang's data is pretty good in her opinion. The key is that the efficiency of burning money is not low. Every step has a basis, and the use of time is also very reasonable, which is equivalent to saving a wave of energy to reach Milestone 4. The speed of opening this store is a bit slower than that of Ruixing, but in a horizontal comparison, it is much faster than other convenience store companies.

The key is that all the bulls that Chu Yuanxi had said before have been honored, so Xu Xin has no doubts about the numbers on this form, and thinks it can be honored. If it can be redeemed without a discount, the efficiency of burning money is not generally high, and it is definitely higher than Ruixing. It is probably not as good as Pinduoduo, but it should not be compared with Pinduoduo.

Seeing Xu Xin sitting down, Hu Shiheng felt that this would be enough in the first half, so he asked the last question before the rest of the final half: "How much do you plan to increase in round A valuation."

Chu Yuanxi said that your question was too direct, right? However, Hu Shiheng did not participate in Pre_A. He was introduced by Xu Xin a long time after the well-off integration of Pra_A. Seeing that Chu Yuanxi first met in early June. So this time round, he is definitely the one who will lead the shot, and of course he is concerned about how much it has risen.

Chu Yuanxi touched the back of her head pretending to be embarrassed, and then directly reported the number: "The face value of each share is 18 yuan?"

Hu Shiheng said that you are too cruel! It's directly increased by 20%? The well-off angel round is 200 million, with a par value of 1 yuan per share. Pre_A is based on a valuation of 3 billion before the financing, and the face value has risen to 15, but this is very normal because it crosses the round. Is this 15 up 18 in the same round?

However, there is no need to entangle after thinking about it. Hu Shiheng and Chu Yuanxi actually talked more deeply than Xu Xin, because he is an investor with many entrepreneurial experiences, so he is not the kind of person who only looks at data. Trend research is more important. , And the positive trend of convenience stores is obvious, and the boost of policy has almost formed a new outlet. Thinking in this sense, I have lost money if I didn't make a profit, but I haven't risen to the sky yet...

So a lot of Pre_A didn't invest in the A round and waited eagerly for Hu Shiheng to bargain. It turned out that Hu Shiheng hadn't said anything?

After a short intermission, officially named Chaqi, Chu Yuanxi went down to drink for a long time, only to hear a bunch of strange talks.

For example, Liu Lu took an investor she knew and said: "Price increases are normal. You buy and sell A-share stocks. Don’t you often issue a favorable policy for the state and then the main force will increase the position? This kind of policy is impossible to buy. Yes, it was 20 or 30% higher in the blink of an eye."

Chu Yuanxi said that your stock trading skills have risen, elder sister, but don't you have to shake up after such a rise? You are not so good!

Another investor pulled Xu Xin and asked, "Sister, Xiaokang seems to have related transactions with Pakistani people, right? Both are buyers of services. Will the money be laundered through Pakistani people? Or I think Pakistani people are quite rich. Why didn't you invest a penny into a well-off society?"

Damn, the angle of your suspicion is strange enough? Chu Yuanxi couldn't help but look at this investor with admiration, and this person may not know that the Pakistani people recently cleared out a few old shareholders, and it became more suspicious and opaque!

Just listen to Xu Xin slowly saying: "I'm not worried, Chu Yuanxi invested 100 million yuan by himself. Besides, Chu Yuanxi's previous entrepreneurial experience is considered reliable. I guess what I can do with my eyes closed. It's over."

Chu Yuanxi said that what you are holding is too direct, right?

Unexpectedly, Yuan Jing also joined in ~www.ltnovel.com~ and said in the past: "Yes, yes, you can earn it when you buy it. The A round is valued at $500 million, which looks expensive. Isn't it a big deal, right? Ali? If you did a round A estimate of $500 million, would you vote or not? You would be rushing to vote for $5 billion."

Chu Yuanxi was really afraid of them. The atmosphere in this conference room was unexpectedly fanatical. It was a bit like a stock business hall. Especially when the bottom of the policy market was good, investors would be infected inexplicably after they walked in. They bought and bought without thinking about it, regardless of whether they bought it. What is it.

This kind of situation is something he has not experienced in the original world. In the original world, the financing of the well-off society basically switches between hungry and more hungry, and it is always a buyer's market. He couldn't help but stared at Xu Xinhuan's back. He said that the big guy is worthy of the big guy. He is really powerful. It seems that he is making trouble during the road show, but it is actually a means of adjusting the atmosphere. How can he do this? This is a skill that should be recorded repeatedly.

Soon, the tea break is over, and the second half is a technical question and answer session, which is not about data, but about industry, policies, trends and other commercial factors.

Investors are also divided into groups, and not all of them are staring at the data. For example, Hu Shiheng is very good at asking questions in this link. And because Xiaokang has already made "products", it seems that there are quite a few investors who have problems in the practical stage.

Hu Shiheng first offered some suggestions: "Xiao Chu, do you know the latest trend of 724?"

"Although I have been paying attention, I really don't have the energy to follow it personally."

"Ah, let me tell you, 724 is working on an app recently."

Chu Yuanxi nodded, "Then we can observe what their purpose is for making apps, but we are not the only ones who have apps in convenience stores. We have apps all the time."

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