Financial Institution Group Private Domain Traffic Operation Principles, Starting with New Oriental Dong Yuhui
Author: Talking Loud, Source: One Author Column
At the moment of the prevalence of mobile Internet in our country, customers’ consumption habits, living habits, information acquisition paths and other behavioral patterns have undergone tremendous changes. If the entire transaction can be completed with a "click of a finger", who would be willing to come to the door, to the store, to queue up, time-consuming and laborious?
Therefore, the bank anxiously found that although offline transactions were either actively or passively moved to the online, online products such as self-operated APPs and official accounts did not undertake much proportion, but instead flowed out to the "online supermarket" built by the leading Internet platform, and could only reach customers indirectly through the online supermarket.Banks urgently need to drain from the public domain and expand their own private domain traffic.
Insurance companies are equally anxiousThe operating pressure of a single type of insurance, unfavorable expansion of new types of insurance, and re-reflection of the agent model, and the rise of online insurance sellers, under internal and external troubles, there is an urgent need to open up the sales situation through new online business development methods. However, the entry of online traffic into the stock competitive market has led to extremely high prices, and traditional insurance companies lack Internet operation thinking and do not know where to start.
There are many ways to obtain online traffic. We start with the biggest one – short video & LIVE traffic, and deeply analyze the nature and characteristics of current traffic, so as to provide solutions to the private traffic operation problems of Financial Institution Group.
Let’s start with four typical cases
1. New Oriental and Dong Yuhui
New Oriental’s transformation was very successful, but it actually violated the "taboo" of corporate transformation – the main business switched to the big competition, just like a seriously ill person regained life through a big change of blood, the transformation risk is high, and the success rate is low. However, New Oriental fully considered the continuation and re-establishment of its core competitiveness, and selected excellent lecturers to successfully transform the network live streaming host. From the perspective of live streaming host ability training, the transformation is not difficult.
Observing the new business model of New Oriental found that New Oriental does not produce goods or services itself, but essentially uses short videos and live broadcast platforms to build New Oriental’s unified sales and delivery brand. Like a first-level wholesaler with a traditional business model, its core competitiveness can only be a strong delivery ability. How to build a strong delivery ability? What is the difference between operating with Li Jiaqi and Viya?
First of all, New Oriental’s priority is to build the "New Oriental Selection" company brand, rather than a strong personal attribute brand.
However, the IP of "New Oriental Selection" is cold, and the IP of short videos and webcasts must be personal, vivid and personalized, so it is also necessary to create a personal IP. In order to reduce the series of business risk problems that may be caused by the strong binding of the company’s brand to a certain person, New Oriental has created a group of personal IPs: Dong Yuhui, yoyo, Dundun, Shi Ming… Their common characteristic – they are all lecturers of New Oriental. By creating a "iron camp + flowing soldiers" model, strengthen the company’s branding impression and image.
Secondly, New Oriental has reshaped the new fashion of live streaming. Live streaming is no longer roaring, noisy, vulgar, but also intellectual, rational, touching, humorous. It can teach English, pick up a musical instrument and sing unprofessional but heartfelt songs, and it can be a 7 * 24 hour live streaming host.
There were many live streaming hosts, so naturally there was no shortage of topics. Therefore, the square face of the Terracotta Warriors, Dong Yuhui and Yoyo’s CP, Shi Ming’s daughter-in-law… became the title of the short climax video during the live broadcast.
However, New Oriental’s delivery advantage is based on unique forms and knowledge content, and the competitive barrier is not high. With the increase of similar competitors and the aesthetic fatigue of the audience, this advantage and hot spot will always pass. How New Oriental maintains continuous competitiveness and attention is a major issue that accompanies the operation.
2, crazy little brother yang and three sheep internet company
Take a look at the business logic of "Crazy Little Brother Yang", who currently ranks first in the number of Douyin bloggers.
"Crazy Little Brother Yang" is similar to New Oriental Selection, and belongs to the same delivery platform. Different from New Oriental’s transformation and Yu Minhong’s way of increasing fans with its own hotspots and traffic, it started with family funny short videos to build fans, and later transformed into live broadcast delivery. Establish competition barriers with highly cost-effective products, forming a virtuous circle of mutual promotion of "cost-effective products" and "strong delivery capabilities". At the same time, continue to launch high-quality funny videos to maintain fan popularity and attract re-engagement for live broadcasts.
Crazy Brother Yang was also the first live streaming host to adopt a corporate system of operation, which avoided the fate of Viya and Li Jiaqi due to business tax regulations. The operating company behind it, Sanjiyang Network, also tried to launch other Internet celebrity live streaming hosts, but under the strong personal IP, the company’s attributes are not strong, and other Internet celebrity IPs are difficult to build.
Crazy Brother Yang represents the most common Internet celebrity live streaming hosting business model and development process: "self-employed" or "small teams" initially attract fans through creativity, and after finding a self-development model, they continue to stand out from the highly competitive live streaming hosting group, and then live stream monetization.
3. Gree and Dong Mingzhu’s store
Unlike the business essence of Dongfang Selection and Crazy Brother Yang, the Financial Institution Group itself produces goods or services in the hope that the self-operated platform will directly sell to customers – it can reach customers without coercion, improve the stickiness of self-operated customers, and reduce the cost of customer acquisition. Therefore, many of the tactics of the delivery platform do not apply to Financial Institution Group.
Gree and Dong Mingzhu’s store is a more successful transformation of self-operated online sales in the physical manufacturing industry. Let’s try to analyze Miss Dong’s online sales strategy.
First of all, it is also to build an IP – Dong Mingzhu’s store, and to create an online direct brand of Gree air conditioners. Why not call Gree’s store, it may be mainly to make full use of Dong Mingzhu’s personal branding impression, with its own traffic and further strengthening the interest binding between Miss Dong and Gree.
But Dong Mingzhu is over 60 years old after all, and cannot live stream as a live streaming host. In order to attract young customers and create topics, she launched her own stand-in, "secretary" Meng Yutong. Meng Yutong’s debut was in the entertainment industry. He was picked up by Dong Mingzhu for participating in a workplace show, and he joined Gree overnight to serve as Dong Mingzhu’s secretary. The main responsibility is live streaming, and it seems that he does not hold other real positions.
Dong Mingzhu worked hard to create Meng Mingzhu’s IP, and attended various meetings with him. He asked Xiao Meng to send a hot dance in semi-entertainment occasions, and increased the popularity through short video transmission. Immediately after creating the topic, "Dong Mingzhu’s secretary" and "Gree’s next generation of female successors" became the labels of Meng Yutong. However, all of Meng Yutong’s IPs are dependent, and it is difficult to form a personalized label. The impression left is that there are several hot dances at Dong Mingzhu’s request on different occasions. The label excavation is not sustainable, and it disappears in the public eye after a flash in the pan.
Dong Mingzhu’s shop is defined as an online self-operated channel, which has more practical significance for Gree or Dong Mingzhu. Miss Dong has had several serious conflicts with Gree’s old shareholders, all of which have used the power of dealers to successfully defend the barricade several times. Success is not easy, and failure is not easy. The power of the princes of dealers is too strong, which has also become the biggest obstacle to Gree’s integration into the new retail model. Dong Mingzhu’s shop has realized the replacement of self-operated dealers: in recent years, the total sales of Gree air conditioners have not changed much, but Dong Mingzhu’s store sales have increased to tens of billions, which has invisibly exploited the cakes of major agents and distribution channels.
Due to the fact that it is only self-operated, and white goods generally have the characteristics of low purchase frequency, the frequency of short videos and live broadcasts and the popularity of a single game are difficult to maintain. The sense of topic is not strong, and short videos and live broadcasts are gradually reduced to product introductions. This is also the biggest problem that is common and difficult to solve in the private streaming operation of live broadcasts by manufacturers.
4. Wang Xiaofei’s Six Stories of Ma
It also comes with its own traffic, and Wang Xiaofei’s Ma Liuji is out of the circle. Since Wang Xiaofei’s topics mostly come from failed marriages and couples tearing each other up, in order to form an isolation from business brands, Ma Liuji’s short videos and live broadcasts never mention private life, as long as Wang Xiaofei appears on the camera.
Under the current context of consumer downgrade, high-end hotels are difficult to operate. Zhang Lan, Wang Xiaofei and their son moved to offset and mass hotels, launching offline catering brand stores such as Yue’ertang and Ma Liuji.
How to attract online traffic and drive consumption? Wang Xiaofei cleverly combines premade dishes with online live streaming, making online self-operation productive. Ma Liuji’s business idea since its birth is to drive offline store operations through online sales.
In order to increase the topic and fill the live broadcast content, Wang Xiaofei started live cooking, of course making his own pre-made dishes, selling hot and sour powder, selling homemade sausages, telling entrepreneurial stories, and even recording Ma Liuji executive business meetings to advertise for offline stores.
Ma Liuji is no longer a simple Sichuan restaurant, but has successfully transformed into a "chain restaurant + food company". Through online short videos and live broadcast sales, the online sector is responsible for its own profits and losses. At the same time, develop its own fan club – private domain traffic, play the role of online product promotion and diversion, and divert the flow of offline stores. Offline stores use trendy brands and creative operations to carry the functions of deep customer interaction and product experience.
Implications for the financial industry
At present, Internet operations in the financial industry mostly cooperate with leading traffic platforms to make hard advertisements. Push, at most, carefully select the target customer group, and guide customers to click to buy through product links under more successful online scenarios and pages. The sales conversion rate of this method is extremely low, and the core test is the "stickiness" or "demand rigidity" of the financial product itself. Therefore, it is easy to understand why the conversion rate of online credit is the highest, followed by deposits and wealth management.
For insurance products with less rigid demand, this indirect first-stream cooperation is doomed to be ineffective. Public domain to private domain cannot avoid online self-operated Customer relationship of financial enterprises. Anyway, if you want to operate private domain traffic by yourself, why not take the initiative to attract public domain traffic, but passively convert traffic? Why not integrate into the traffic concentration of short videos and live broadcast methods, but instead cling to the primary gameplay of playing the remaining page product jumps on the Internet platform?
1. The core of online operation is to build IP.
IP is the battlefield of online operation and the memory point of public traffic. Its own tonality positioning sometimes determines the success or failure of the overall operation. Therefore, IP is best to bring its own traffic, at least it is easy to attract attention and fans. This answers why Gree’s online store is not called "Gree’s store", but "Dong Mingzhu’s store".
The financial industry is mostly state-owned enterprises, and it is often difficult to "surprise" on the Internet because of "integrity". A better combination is to learn from New Oriental’s approach, hype the promotion of helping farmers and inclusive benefits, and find product connections around the themes of the rejuvenation of great powers, the heavy weapons of great powers, and the rise of nations, and use fresh methods to arouse emotional resonance among users. This is a creative industry that requires a team that understands finance and is good at advertising creativity to continue to operate.
2. The conflict between IP personal attributes and brand corporate attributes is resolved
In the field of short video and live broadcast, IP has obvious personal attributes of live streaming host. This is an objective law and cannot be subverted. For Financial Institution Groups, there will be great security risks. Just like a company choosing a product endorsement star, once the company’s brand, reputation and personal words and deeds are strongly tied, it will be a long-term and unstable factor.
New Oriental’s approach is worth learning from. It adopts the method of "highlighting the company’s brand + a group of live streaming hosts", creating but not relying on personal IP, and always emphasizing the company’s IP. The specific practices include all live streaming hosts wearing the clothes of the company’s IP, requiring the live streaming host to mention the frequency of the company’s IP, and so on.
Even so, it is still impossible to completely solve the personal instability. If Dong Yuhui changes jobs to other platforms, at least in the short term, the loss of fans and attractiveness of Dongfang Selection will be inevitable.
A trend of live video broadcast may fundamentally solve this problem – virtual human. Virtual human belongs to the intellectual property and intangible assets of enterprises, and the language behavior is completely controllable, which can perfectly solve the problem of highlighting personal IP to create private domain traffic while avoiding the negative impact of personal instability. The technology has matured rapidly so that the short video output of one-way interaction can completely replace the real person. In two-way interaction, pure voice interaction has been close to the real person interaction in some characteristic scenarios, but the video animation technology is not yet mature, and it will take 3-5 years to commercialize on a large scale. At present, a number of domestic Financial Institution Groups have tested the waters to launch virtual human, and are mainly used in the field of publicity products and customer service. This trend will be further strengthened in the future.
3. Continue to create topics, maintain popularity and customer activity
The operation of IP needs to continue to maintain popularity, just like the DAU and MAU of the APP need to be maintained in the 1.0 stage of Internet marketing. The main means to maintain popularity in the field of short videos and live broadcasts are: manufacturing or tracking hot topics, emotional resonance, ultimate cost-effective goods, lady dancing, curiosity and creativity… The audience of short videos can be classified according to the interest label, and the short videos can also be divided into different types: mukbang, funny, travel, cooking, dancing, singing… People gather in groups, and you can consider launching different types of video solutions to attract different types of customers. Of course, the customer group must be a pre-selected target customer group, and the type of scene has a high degree of compatibility with the product or service.
4. The problem of low frequency of self-operated products
Domestic manufacturers’ self-operated short video or live broadcast platforms do not seem to have solved this problem to a high extent. In the insurance industry, we have browsed the live broadcast platforms of Ping An and ZhongAn, which have launched live video broadcasts. Repeated oral broadcasts without new ideas are doomed to bleak popularity and transaction volume. Direct and blunt sales just move the offline sales scene to the online, which is meaningless. Only the brand trust formed through the continuous accumulation of popularity, coupled with the natural transformation of scene-based entry, can truly play the role of online delivery. For example, if an agricultural insurance company can establish an agricultural teaching video platform, it will use the scene areas such as planting and breeding technology and agricultural sales that farmers need to be empowered as the entry point for short videos or live broadcasts. If you think that the self-built online business scene is too heavy, you can at least shoot some low-cost teaching videos or short videos that farmers like to see, and then insert the insurance purchase link into it, which will also play a good role.
Another solution is to introduce high-frequency scenarios. There is no need to insist that your platform only sells your own products. You can consider introducing high-frequency products and services from strategic partners to attract popularity at cost-effective sales prices, and drive your own product sales when selling complementary products.
Author Email: gaoshengtan2021@yeah.net