Pig eight quit. Com is the leading crowdsourcing service platform in China. It was founded in 2006 by Zhu Mingyue, the former chief reporter of Chongqing Evening News. Service transactions cover creative design, website construction, network marketing, copywriting planning, life service and other industries. The following is the entrepreneurial case of Pig Bajie.com. Let's study together.
From June this year, Zhu Bajie. Com announced the completion of the C round of RMB 2.6 billion financing. By February 7, 65438, Zhu Bajie. Com occupies CCTV news broadcast for nearly five minutes. In the past six months, Pig Bajie, who has been dormant for nine years, has really stood on the tuyere? Pigs? .
The chief reporter started his business with 500 yuan.
As early as 2005, Zhu Mingyue, who worked in Chongqing Evening News at that time, won the China Prize for journalism for his news report "Free textbooks for poor students can only be read in black and white". In 2006, Zhu Mingyue was named the chief reporter of Chongqing Evening News with an annual salary of 200,000.
Influenced by blog China, Zhu Mingyue pays attention to new media. At that time, I registered a blog, which mainly recorded bits and pieces of news events. ?
By chance, he had an idea: can you take this virtual thing and creative idea and sign it online for sale? Not a computer major, he held the idea of giving it a try and posted a reward on the Internet for 500 yuan to find someone to do the website. Soon a programmer took the order, and a few days later a trading website selling ideas for a living? Pig eight quit. It was born.
June 5438+October 2006 10, Zhu Mingyue officially resigned from his job in Chongqing Evening News, and set up an initial team of six people in a 40-square-meter bungalow in Shangqing Temple to start a business. At that time, our editor-in-chief thought that I wanted to jump ship to another newspaper, and the policy was circuitous. At that time, no one believed that Zhu Mingyue, who was born in traditional media, would do the Internet.
At first, the team was short of funds, and in the most difficult time, eating in the team became a problem, which made Zhu Mingyue almost collapse. Fortunately, in 2007, Zhu Mingyue got to know Cao Rihui and Xiong Xinxiang (they later co-founded Yi Yi Angel), and finally Born Group led this angel round financing of RMB 5 million, which injected capital support for Pig Bajie and boosted Zhu Mingyue's confidence.
Nine years of death, killing your opponent.
Zhu Mingyue is now endowed with the aura of a successful entrepreneur, but in nine years of development, Zhu Bajie's road to entrepreneurship. Com has been tested. Even Feng Li, the investor of Piggy Bajie.com and a former IDG partner, once joked with Zhu Mingyue. You are not a dark horse, you are simply a stupid horse! ?
At this point, Zhu Mingyue revealed that in fact, around 2007, IDG Capital noticed Bajie.com the Pig, but Bajie.com's Witkey model was not optimistic at that time. Until 20 1 1, IDG investors visited other projects in Chongqing, and unexpectedly found that Bajie.com, Pig Bajie, was still alive and well, which became the opportunity to finally decide to invest in Pig Bajie. 20 1 1 In April, IDG Capital invested $100000 in Bajie.com Pig.
Zhu Mingyue once told a story many times: A few years ago, an entrepreneur took a selfie of Witkey, who was a good competitor, but later turned to Taobao and Tmall to open a women's clothing store.
In his view, entrepreneurs will always encounter various temptations at every stage, and they will take a fork in the road if they are not careful.
Although he didn't make a fatal mistake, Zhu Bajie also took many detours. Around 2008, personalized DIY printing was all the rage at that time, and there were many rewarding tasks to design this pattern on Bajie.com Pig. At that time, Bajie.com Pig couldn't stand the temptation, thinking that it could do some industrial chain extension and was also a producer of personalized printing. So I spent a lot of money to buy thermal transfer equipment and set up a special team. The result is? How many thermal transfer machines are left in our warehouse now? . From this failed attempt, Zhu Mingyue came to the conclusion that Bajie.com the Pig was not good at making goods, and the timing was not right.
In the time spent with competitors, Zhu Mingyue thinks that the most important thing is to ensure that he can survive. This is fundamental, otherwise it will be defeated in the first stage of complete homogenization competition. ?
Bajie.com, the pig, initially determined the business model to collect 20% commission by doing service transactions. In Zhu Mingyue's view, the commission mode has no upper limit. The bigger the deal, the more commission. ?
But eight years later, his proud commission model finally depressed him. In the past eight years, the user scale and transaction volume of Pig Bajie. Com has grown rapidly, but its income has never met expectations and has been growing linearly. ?
In the meantime, Zhu Mingyue has realized that the Committee is toxic, but it cannot be completely exempted. Because the commission income is almost all of Pig Bajie's income, in order to support the team and be more independent of the commission, Zhu Mingyue began to try to reduce the commission from 20% to 15% and 10%, and even to 5% for some core members.
After trying these, the income still falls short of expectations. Com has encountered a bottleneck. In addition to the failure to develop the payment habits of users in China, what bothers Zhu Mingyue even more is that Bajie.com Pig is engaged in non-standard, low-frequency service transactions that require in-depth communication. Elopement? 、? Jump orders? The phenomenon is too serious. Is the commission model too difficult to do in China? .
After years of hesitation and pandering, Zhu Mingyue finally surrendered. After closing, he decided to completely cancel the commission of the platform and give up the existing 60 million annual trading commission income.
How can we make a profit without commission? Zhu Mingyue took a fancy to the intellectual property market. From the initial logo design, App development, website construction to the current commercial service, Pig Bajie.com is a service transaction around the whole life cycle of the enterprise. ? There are a lot of design transactions on the platform every day, and the demand for intellectual property protection is growing. Naturally, we are established? Pig standard bureau? , launch enterprise trademark registration application service and enterprise knowledge product protection service. ?
The traditional offline trademark agency charges a high fee (about 2000 yuan per order). If the registration fails, the trademark agency will not refund. ? Many trademark agencies charge service fees, but are not responsible for the results. Once they catch a customer, they often over-promise, suggest that users register all categories, and even fool customers into registering abroad and collecting money first. ?
In this regard, Zhu Mingyue decided to make a fuss about the price, and set the service fee for each order as the standard 1380 yuan, including 800 yuan of the Trademark Office. In addition, he promised that if the registration was unsuccessful, he would get a full refund and the platform would post 800 yuan.
? At that time, as soon as this policy was announced, it exploded inside the company. Everyone thinks it's impossible. Because the registration pass rate of traditional trademark agencies is generally around 40%, if the refund fails, we must keep the registration pass rate above 85%. ?
However, Zhu Mingyue insisted on this forced method, and the final result was verified. Our pass rate is over 90%, and now we can receive 1000 orders every day. It is estimated that in 20 16 years, 6000 orders will be realized every day.
Zhu Mingyue also revealed that they initially tried to outsource this business, but gave up after three months. Big trademark companies look down on us and underestimate the power of the Internet. Small companies have no long-term vision, and elopement and over-commitment are serious? Finally, they decided to set up their own business team.
At this point, Bajie.com Pig spent eight years trying and verifying, and finally, the last one was the king.