Super Products: hi tea, so how can 9 billion valuation

During the outbreak, those who stay at home, the most memorable than the day before that period by the continued life of the tea. "Pneumonia finish quickly! I want to go out in the sun, the sea breeze blowing, I miss the joy of tea." Tea hi these people actually become a living symbol of the scene.

Hi what kind of tea is a tea shop in it? Hi tea at the official website is so introduce themselves: hi tea originated in a riverside alley named in this house only 20 square meters of small shop (now closed down), we focus on creating their own true love of tea. Hi tea from 2012 founded the first store to now, the number of stores has reached 381.

According to statistics, hi a cup of tea stores average volume of 2,000 cups / day, single-store average monthly turnover of 100 million or more. Estimate down a hi tea sales may reach 35 billion yuan. Of which net profit was 3.85 billion yuan, Hong fluttering body mass has been with the Chinese tea the first unit to break even. In 2019, when the latest round of financing, like tea valuation is 90 billion, making it by far the highest valuation of new tea areas of business.

Why a tea company to achieve such a high valuation, let Tencent, Sequoia Capital favor of it? Let's look at exactly how do hi tea products.

01

Strategy Formulation

"Otherness" This book tells us about such a view: "the development of enterprises in addition to its own strength, the market opportunity is equally important." This sentence with Lei Jun's words, that is: "Stand outlet, pigs fly. "initial stage of development of hi tea also lucky enough to run into the tea industry in this outlet.

Milk powder is dominated by the Chinese market in the early 2000s. Why is it called milk powder, because at that time the vast majority of tea and fruit are reconstituted by the creamer powder made of. Now we laugh like no wife wife cake the same, then the tea will not be better where to go: tea neither milk nor tea.

The tea industry of the long standing problem of food security finally began to break up. In early 2010 tea industry is additive chaos major news media exposure. Subsequently, the 2011 Taiwan food scandal spread to a large number of tea to join the brand, but also plunged the entire industry.

In 2012, the tea industry to upgrade their moment. At this time, there have been two positive factors of transition, one consumer awareness of food safety improves, the need for more health drinks; second is to improve people's living standards, can accept a higher price range.

Hi tea at this time founder Nieyun Chen opened the first store. Although it sounds a bit like 49 years into the national army, but we have to admire Nieyun Chen eyes sharp. Since then, he had decided to abandon the traditional brewing tea, started research and development of new tea.

Hi tea (then still called Royal Tea) of the first cover star product is milk tea. The tea made using real tea, take the initiative to remove the bad wind assessment of pearls, and innovation to join the lid on the milk tea, to further improve the taste of tea. Despite a wave of greatly increased operating costs down, but Nieyun Chen found that healthier drinks is also very marketable.

After the previous several years of exploration period, like tea portrait of core users become increasingly clear in the minds of Nieyun Chen: the pursuit of fashion, the pursuit of health, there are some younger age groups spending power.

02

Product strength to build

Hi Tea is a product-driven company. Hi tea product has two sections: each store is a great product, and within each section of the store sales are a small tea product.

This is a great product to build stores. Many people may not understand, but stores only a place of hospitality, how can it be called product? And how to build a product of the way of it? Literal meaning, the product is produced items, but deep down, is based on the use of the product for the purpose of valuable goods and services.

There are two stores in effect, the first store as a user of consumer sites, well-built stores to give users a good consumer experience, and secondly it is a place to make our intuitive perception of brand culture.

Many people may know for tea shops still remain in the vicinity of the school during the school tea shops, small stores, decoration in general. But the emergence of hi tea completely broke our tradition of this kind of recognition, like tea stores in the area and more 100-400㎡, the original tea shop could be like Starbucks, like, offer lots of space.

Hi tea every store are great design sense, the joy of tea tea shop called up with too. Hi tea shop though thousands of stores with a thousand faces, but the core product design is the same, it would convey to the user hi tea tea culture.

State Plaza in Hangzhou metropolitan hot wheat store, for example, which stores the "tea" as the prototype design, the ridge can be settled into a level, the mountain turned into shallow water through the tiles. Consumer consumption inside, as if you have entered a very layered room terraced tea plantations. These design, full of stores, will give consumers a strong visual impact and attract them into the store punch consumption.

Tea product research and development carried out using the Internet thinking. Hi tea is a well-established Internet companies thinking of tea, tea hi we look at the entire enterprise, whether it is in front of the store said the big products or tea now to introduce this little product, we can feel another company shadow. This enterprise is not Chennai snow の tea, nor is Starbucks, but Apple.

In product development, hi tea draws two kinds of Internet product development methodology: First, grayscale test before market, the second is already on the market iterative update.

A gradation test. This is the concept of the Internet, degree of your mother interpreted as:. "Grayscale test, that is, before the official release a product or application, select the specific group of people to try to gradually expand its number of trial users, in order to detect and correct problems where"

Hi tea after new research and development done, the day of listing will put out a new poster in the store. In addition to not do any promotion. No. Neither made public, there will be no staff initiative to recommend. As a user of this new point will not really rely on fate.

And other new products sold after three to five days, hi tea summarize the consumer feedback, and then to adjust the formula. For example, a large proportion of consumers believe that the taste is too light, hi tea will try to improve the tea flavor; if it is too sweet, adjust the formula so that it taste satisfactory.

As can finally go on sale, consumers will have to see after the adjustment of product evaluation Gaobu Gao. If the evaluation is good to do Xuanfa, a bad evaluation on the shelves. Hi listing of new tea every year there are more than 20 species, but many people do not know congratulate tea actually developed products each year more than a hundred species. These products are not able to do the shelves of gray when they were won.

The benefits of this sneaky listing is to receive feedback in advance, to avoid the emergence of flawed product after the listing. Grayscale test given space to modify their products, as well as trial and error costs are relatively low.

Second, the iterative. After the market, it is not over yet. Hi tea product will be like as a version of a software version repeated iteration. Take the classic hi tea drinks tea Jinfeng Wang, for example, Wang Jinfeng tea is tea-hi 13 years of research and development of products. Products listed at the beginning critical acclaim. But Nieyun Chen was not enough, there are defects in the product, because this tea is too astringent. So happy for this tea tea every year to re-adjust the production process to reduce the bitter taste of tea, tea to further enhance its flavor. So Nieyun Chen dare to promise: "Today's tea Jinfeng Wang Jinfeng sure to drink tea than the previous year's king."

A lot of people on the food industry if you want to iterate hold different opinions: "listed products are classic, not just change." But I think this is clearly unrealistic, misunderstanding the idea that unless you're from the listing Make sure that it is beginning to provide users with the perfect product, but the product is limited by the conditions and equipment costs at the expense of never reach perfection. Based on the continuous feedback iteration of the original product, this is a cost-effective products to create method. So as to constantly improve their product strength, to provide high-value consumer products.

Improved back-end products to improve power. In addition to front-end product development, back-end hi tea at two major aspects of the work carried out.

Strengthen the control of the upstream supply chain. Buy tea, tea with upstream suppliers and numerous tea plantations deeper cooperation. Today hi tea supply chain has been in over India, Taiwan, Henan, Guangxi and so on. Not only that, hi tea also funded to help partners improve tea and tea process. Tea is a process to improve the return on investment cycle is very long process. Just from this one point of view to improve the cultivation of the soil, to up to five years to finally see the results, but still wound hi tea shop and go. I believe the future hi tea can further improve the quality of raw materials while reducing cost.

Create SOP system. Hi the production of tea into a cup of tea is a plurality of steps, with a single, cup paste, tea, and ice, playing cup hanging foam, milk cap, a plurality of cups and other modules, and between these different modules there will be different people in charge. Hi-store average selling tea tea cup 2000, a record is as high as 4879 Cup. Hi tea're only open 12 hours, we converted is down 2.8 per minute tea cup. If the method according to the traditional store business, which for staff quality requirements are extremely high. It appears SOP system greatly shortens the time tea, to further improve efficiency. At the same time, SOP system also brings other benefits. Because every employee in this system is only responsible for a small piece of tea, a wide range of issues such errors do not appear to ensure that the taste of tea.

Tea industry products is often not force food recipes. Tea recipe is no secret that in a search online a lot. And for these subtle taste differences between these beverages, user perception is also not so great. I think the real joy of tea products is the high capital investment and force the formation of first-mover advantage, it is put into back-end hi tea for its own barriers. Market access threshold is raised, so that was difficult for direct competition with delight at tea time to enter this market.

03

Growth model

The tea industry has certain advantages in the food industry, because of the high sugar, high calorie milk is very addictive, if not hard to drink, consumers will always be willing to pay. Therefore, the tea industry is relatively complex purchase rate will be higher, due to the small area of ​​the floor effect will be relatively higher reason.

But that is not enough, just from the product itself is not enough to prop up the hi tea queuing two hours, day two thousand cups such sales myth. Different hi tea and other tea companies that hi tea party from continuing operations and old customers by word of mouth and the conduct of cross-border activities to attract more new users, and ultimately achieve self subscriber growth.

Old user from continuing operations, enhance user stickiness. Use of the Internet user from continuing operations old hi tea is a great tool. Today, the Internet has become the most important new tea won the road, which is a very important reason is that this group of consumers like to drink milk tea are young people. According to Commercial Industrial Research Institute data indicate that the new tea consumers ages 0-25 years old accounted for 90.74%.

These young people for the stickiness of the Internet is very high. The 36kr data: 70% of consumers tea is to obtain information about the new social media through the network (e.g. microblogging, letters, etc.). Secondly, the proportion of consumers to obtain information through short video platform (such as vibrato, deft, etc.) are also over half.

Hi tea on the micro-channel as well as several major microblogging platform are very focused on user operations. We just open each one Tweet hi tea, each one very large amount of reading. Those above illustration well-designed, with pictures and excellent copywriting certainly put great efforts to build. These new media platforms is also fond of tea a sub-product, due to the meticulous operation, hi tea lined up fourth place in the 2018 annual food and beverage brand new media influence rankings.

Cross-border promotion to attract new users. Naicha these xiaonianqing, what is the most like it? The answer is definitely fashionable ah. Naicha this thing called fashion at best, it can not be called fashion. So how to create fashion it? Hi tea approach is to engage in a cross-border. Hi tea can be said that cross-border spree: more than 10 times a year, on average once a month.

In addition to multi-frequency outside the range is very wide span. For example, areas of cooperation with L'Oreal Beauty, tide card areas of cooperation with AAPE, networking EMOJI cooperation with and so on. Also say one more thing, like wheat hot tea shop has also worked with the one introduced in Matt pickled fish, pickled fish introduced bread. These different straddling a core, that is the pursuit of creativity, fun and sense of design.

Hi tea every cross-border activities will have a great response, each micro-channel basic articles of read activity is 400,000 +. Good joint activities have several advantages, firstly, to increase sales through joint activities, and second, to increase brand loyalty and old customers, third is a new guide users through other platforms.

04

Profit model

Vertical profitable growth. Hi Tea dive down to build their own products, the force is strong enough, subscriber growth is not bad. At this time, like tea began to actively broaden their product portfolio. The main approach has the following aspects:

European soft pack tea + mode. In addition to tea shop selling tea, bread and other foods as well as sales. Although this model is the founder of rival Chennai snow, but it seems happy tea also agree with tea + bread model more in line with consumer habits. After all, the store offers dine-in area, and sale of soft European package would be a good supplement earnings.

The introduction of local snacks. Hi every tea shop to a new city, will launch a limited local tea. While also developing the use of local snacks localization ingredients. For example, there is limited money tofu shop in Changsha, Xi'an Hamburger snack shop there.

GO community stores. Hi camellia big effort to build its own single point applet hi tea GO, currently has more than 21.5 million users. Today Hi Tea GO GO community stores and bind together. The GO community store the equivalent of hi tea WeChat online store. Hi done a lot of tea, try to profit, in addition to selling food tea and pastries outside, there are even cross-border joint development of products, such as the above will sell 100 birds gazelle skin care products in collaboration with 100 birds gazelle. In addition, there are even developed its own peripheral products, such as mobile phone shells, canvas bags and so on. These are as good hi tea earnings supplement, and these can also enhance the visibility surrounding hi tea sense.

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