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Briefing Jul 24, 2020 05:52 pm EqualOcean

Online Education Firms Gain More than 100,000 Students in a Month

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Sep 21, 2020 09:59 am ·

Yuanfudao, China's First K12 Unicorn [2/2]

Core business analysis Increase in the number of users What actions did Yuanfudao take in terms of increasing the number of users? 1. As of 2020, Yuanfudao became a partner of China Railway Jixun, the operator of CCTV 'Chinese Poetry Conference' and China Railways official app. From online TV programs to offline transportation, all-round advertising has increased the firm’s brand awareness. 2. In terms of word-of-mouth, Yuanfudao aims at improving the user experience of parents. Parents can receive class reports and check class performance after their children have finished the live class. After the exam is over, parents can receive the exam report and check the performance asap so that they have a comprehensive understanding of student learning. This is incomparable to either a tutoring class or an offline training organization. Improve conversion rate It is evident from the front page of the app that Yuanfudao provides users with free and low-cost experience courses.  The fee for the most important and difficult special subjects at senior high school is only CNY 1, the famous 'thought enlightening' lesson is free to watch and there are a couple of other free or very low-priced courses. The free/low prices allow students to take trial courses and relieve users from worrying about the quality of the courses and their learning effects. This is critical to enhancing trust. On the other hand, the method of setting up coupons for newcomers and inviting friends to register to receive ape coins encourages users to spend and improves users' platform participation and enthusiasm. Finally, before users purchase core special courses, they can listen to them for free, which is very helpful to improve users' willingness to buy. In addition, Yuanfudao supports the behavior of dissatisfied withdrawing once the course is purchased. After the user listens to the first class, if they are not satisfied, they can withdraw before the second class.  Pricing strategy In terms of pricing, Yuanfudao first introduced a large number of low-price courses worth CNY 1 to attract users and increase users' trust. Hence reducing the risk cost of the user's first payment and paving the way for them to pay for the second time. As we know Yuanfudao mainly promotes large-class double-teacher courses, consisting of 30 lessons. The price of group lessons ranges from a few hundred yuan to more than CNY 1000. On average each lesson costs CNY 15-30, which isn’t very high if the teaching quality is high, especially compared to offline tuitions which may cost thousands of yuan.  It can be said that Yuanfudao has performed rather well in the three points mentioned above which is also evident by the increasing revenues year-on-year.  Industry chain Consumers of k12 online education products, that is the parents of the students, are generally mainly those born in the 80s and 90s. This group of parents is, firstly more educated, secondly, they accept the importance of online education and are ready to spend invest in their children's education.  Many parents do not register for offline tutoring classes and rely on the school’s traditional classroom teaching because they feel that their children have to complete homework when they come back from school and extra classes would be an extra burden. The problem is that in this way, the teacher can only take care of a number of students in the classroom, and others keep fail to keep up so they can only find another way. The traditional class model also has the problem of long class time and low efficiency. If they do decide to sign up for offline training institutions, the level of teachers in training institutions varies, good teachers are not guaranteed and top of that the fee is also very high. Some parents choose one-on-one offline tutoring. Comparatively, this method is safe and efficient. However, the current group of tutors is mainly college students and part-time teachers, lack of teaching experience and limited level is a problem. It can be seen that satisfying the parents' demand is a huge hurdle. Students Elementry: At the elementary school level, students’ learning autonomy is relatively poor, and it’s often the case that students are eager to play and run away easily in class. At this time, someone needs to supervise the learning and cultivate children to develop correct learning concepts and good learning habits. Junior high: Junior high school students begin to enter adolescence and rebellious period and become physically and psychologically sensitive. During this period, facing increasing academic pressure, students need to have study habits and learning methods that suit them. Otherwise, it is easy for them to get tired of being taught.  High school: At this stage, students have heavy academic work and face the pressure of the college entrance examination, that is, they need correct learning methods and a lot of exam training. Different students have different understanding and learning levels. Teach students in accordance with their aptitude and efficient special counseling is what they need. Teachers In 2015, the state issued regulations banning off-campus tuition fees for primary and secondary school teachers. At the same time, It has also issued a series of policies to encourage the development of online education. For some teachers, it is another source of income, but the workload due to the traditional school education system in China leaves teachers with no time or energy to give after school online classes. That’s why online education firms opt for part-time teachers with little to no teaching experience. However, it is not easy to find suitable methods to solve these common problems. Based on the above facts, it can be seen that parents, students, and teachers have their own demands and they have not been solved well at this stage.  To sum up the article, it is safe to say that: - The combined influence of policies, economy, social culture, technology, COVID-19 and other factors has promoted the rapid development of the k12 online education industry and will continue to maintain a relatively high growth rate in the next few years. - Yuanfudao, Zuoyebang, and Xueersi Online are the market leaders of the k12 online education industry. Each company has its own differentiated competitive advantage, but so far, there has not been a single company occupying most of the market share. The businesses of these three companies overlap and differ. In the next few years, the competition between them will become more intense. How to attract and how to retain users will be the focus of these companies.  - Yuanfudao's marketing strategy such as using a combination of online and offline marketing, a large number of advertisements on media and public transportation to has been its competitive advantage against the other two. Other than that, a series of operating methods such as free trial listening and newcomer coupons have played a large role in increasing paid users.  To find more about Yuanfudao click to check part 1 of this article. 

Analysis EO
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Analysis EO
Sep 20, 2020 01:03 pm ·

Yuanfudao, China's First K12 Unicorn [1/2]

Yuanfudao took full advantage of the closure of schools during the lockdown period in China caused by the COVID-19 pandemic; it announced free consolidated preparatory lessons and live lessons for primary and secondary school students across the country. This allowed the firm to gain millions of users over a very short period while spending little capital on marketing.  The firm was established back in 2012, developing smoothly over the past eight years. After raising a total of seven rounds of financing and a staggering valuation of more than USD 3 billion, it is safe to say that Yuanfudao is the first unicorn company in the Chinese online K12 field. In today's increasingly fierce competition in the k12 online education field, how does Yuanfudao establish its position in the industry? What kind of competitive advantage does it rely on to stand out among its fellow competitors? This article takes you through the following aspects to give you an in-depth understanding of the operation logic of this company and the entire K12  education industry. Industry K12 education generally refers to the basic education received by students aged 6-18 from elementary school to high school. The education of children within this age group has always been valued by all sectors of society. Since 2013, various Internet giants and small and medium-sized companies have begun to focus on K12 online education. Favoring policies In recent years, the Chinese government has introduced a series of policies for online education to promote the use of information technology such as the Internet to serve the entire process of education and teaching and accelerate the innovation and development of smart education, build a 'Internet + education' support service platform, paving the way for the development of online education. In February 2018, four ministries and commissions jointly issued the notice on effectively reducing the extracurricular burden of primary and secondary school students to carry out special governance actions for off-school training institutions, and strictly regulated and rectified K12 institutions. Growing economy In recent years, the adjustment of the national birth policy has resulted in providing a huge potential user base for the K12 education industry. With the upgrading of China's consumption structure and the improvement of living standards, the proportion of per capita expenditure on culture, education and entertainment has also increased. According to the National Bureau of Statistics, the per capita expenditure on education, culture and entertainment of urban residents continued to increase in 2018, accounting for 11.4% of consumption expenditure. Hence we may conclude that parents are willing to invest more money in their children's education. Technological development The development of science and technology has been at the core of creating space for K12 online education to develop.  The popularization of smartphones since 2012 has greatly improved the convenience of k12 online education. These devices have made real-time learning without any geographical barriers possible. The continuous innovation and iteration of big data and processing technology, the use of scientific and technological means to enhance the learning experience, to stimulate learning interest and cultivate scientific learning habits – all of this has allowed students to obtain high-quality educational resources more conveniently. The above-mentioned factors at all levels have jointly promoted the rapid development of the K12 online education industry in recent years. Can this rapid development and growth continue in the next five year? According to statistics from iResearch, in 2017, the market size of the K12 online education industry was nearly 30 billion yuan. In the next few years, it will continue to maintain a rapid growth rate of 30%-40%. By 2022, it will reach around CNY 150 billion. At the same time, the user scale of the K12 online education industry has maintained a steady growth from 2015 to 2020. The penetration rate has also increased from less than 10% in 2015 and will reach about 20% by the end of 2020. The K12 online education industry still has a lot of room for growth and will likely maintain rapid growth in the next few years. COVID-19 boost It is evident that the epidemic has created a window of opportunity for huge tech giants to enter the education industry but at the same time firms which are already are in the business have stepped up to prove the strength and advantages of online education. By providing free online classes, companies such as Yuanfudao, GSX Techedu and Zuoyebang gained millions of users. This has led to a huge decrease in customer acquisition cost for these companies. New customer marketing costs per head in 2020 (winter) was were recorded at less than 5% of the cost for 2019 (summer).  Fellow Competitors The online education track is full of competitors, with giants such as New Oriental with rich faculty and years of offline experience looking to grab a chunk of the market share. New companies have emerged as well during the past few years backed by strong investors and huge capital such as Yuanfudao itself, Zuoyebang, 17Zuoye, Onion Maths, VIPKID, etc. According to the latest statistics from Qimai data, in the monthly activity ranking of educational apps, the three apps of Yuanfudao, TAL owned Xueersi Online School, and Zuoyebang Live Class have long occupied the top three positions. The parent companies of these three educational products are the absolute leader in the industry in terms of user scale, company valuation, and market revenue. The following is an analysis of the development history and business models of these three companies, which will help us to understand the differences between different companies in the industry. Xueersi In 2013, Xueersi Education was renamed as TAL. In 2015, TAL acquired full shares of First Leap launching gaokao.com, kaoyan.com and 'Lewaijiao,' a new online education product which was created to be the first brand for children's education delivered by foreign teachers. In the early stage of the K12 online education market, Xueersi Online School was launched in 2009 when K12 online education was in its infant stage. In the beginning, it accumulated a large number of user traffic, and its development has been relatively stable since then. Xueersi aims to provide children aged 6-18 with all-subject extracurricular teaching, small class live broadcast + personalized tutoring, and AI technology-assisted teaching. The launch of the dual-teacher mode of live broadcast + tutors in 2015 triggered a new round of performance growth. In Q1 of 2019, the operating income of Xueersi Online School accounted for 9% of the overall income of the future, about 50 million US dollars. Xueersi was founded and developed earlier and got involved in online education earlier. Its advantage lies in his rich teacher resources and management experience. In the first-tier and second-tier cities, there is a large amount of offline education foundation. With more than ten years of accumulated reputation, users have a high degree of recognition for  their education products.  Zuoyebang Being founded in 2014, it didn’t take Zuoyebang long for its iOS version to be ranked on top in the Appstore education category. The firm is dedicated to providing full-discipline learning and guidance services for elementary and middle school students across the country. Its user base exceeds 800 million, with a 170 million MAU rate.  Zuoyebang independently develops a number of learning tools, including photo search for questions, live lessons, ancient text assistant, and composition search. Students can access the steps needed to resolve each problem and the answers to the test sites by taking pictures and voices notes, interact with the teachers through the live class, find their knowledge weaknesses and supplement them with accurate practice, watch the live broadcast of the course, connect with teachers online for one- on- one session, communicate with students of the same age across the country. Yuanfudao Yuanfudao started off as a search tool product called ‘Yuan Question Bank,’ back in 2012, and then shifted its business model to online class education. Since then, the firm has managed to raise a total of eight rounds of financing from renowned investors such as Tencent, IDG Capital, Warburg Pincus, Hillhouse, etc. As of March 2020, in addition to the Beijing headquarters, the company had established teaching and research centers and branches in 11 cities across the country, including Wuhan, Shenyang, Nanjing, Xi'an, Zhengzhou, Chengdu, Jinan, Changsha, Tianjin, and Chongqing, with over 15,000 employees. After nine years of continuous investments from well-known investors, the cumulative number of users of different products of Yuanfudao has exceeded 400 million. Among them, ‘Yuan Question Bank’ has provided 800 million problem practice services for students nationwide, ‘Xiao Yuan Search’ has provided 36 billion homework tutorials, and ‘Little Yuan Corrector’ has over 250 million daily corrections. As the renewal rate of core product courses raises the scale of users and revenue of the firm is expected to hit a new high. According to market research firm App Annie, from January to mid-March this year, Yuanfudao ranked first in ‘educational’ in-app purchases in China's app stores. In February, Alibaba developed DingTalk, which became the most downloaded free application. To sum it up, compared to the other two, Xueersi was established earlier and has the advantages of teachers and teaching content. The brand dividends accumulated by its parent company TAL also allowed Xueersi to accumulate a large user base in first- and second-tier cities. On the other hand, Yuanfudao and Zuoyebang were established at a similar time, and their development history relied on the traffic accumulated by their products to divert new teaching products and finally forming their own product matrix. The two are similar in terms of user scale and business model, hence they are direct competitors. The core businesses of all the above companies is online live teaching module. But at this stage, it can't be said which one is the most dominant. Other than that, there are more other startups catching up with the leaders trying to get a chunk of the market share. In the table below we've shortlisted top 10 education firms with the highest amount of funding raised in 1H, 2020.   To find out more about Yuanfudao's business follow the updates on the second part of this article by clicking here.

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Sep 18, 2020 05:19 pm · 36kr

TAL Cooperates with Alibaba Cloud

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Aug 31, 2020 04:56 pm ·

Yuanfudao to Complete Another USD 1 Billion Plus Financing Round

According to Chinese media firm 36Kr, online education firm Yuanfudao is about to complete a new round financing worth USD 1.2 billion. It is reported that old shareholders Tencent, Hillhouse and Boyu Capital have participated in this round of financing. If the news is true, after the completion of this round of financing, Yuanfudao will be valued at more than USD 13 billion, making it the world's highest-valued online education unicorn company, surpassing Byju's. Yuanfudao received USD 1 billion in a financing round just five-month ago. Hillhouse Capital led the round, followed by Tencent, Boyu Capital and IDG Capital. According to data provided by Yuanfudao to investors of this round of financing, the firm estimated cash income for this year will reach between CNY 18 billion and CNY 20 billion, which is an increase of more than 30% from the previous round of financing. Among them, the target income of the K12 section is about CNY 15 billion, and the adult education section is about CNY 4 billion.  As of March 2020, in addition to the Beijing headquarters, the company has established teaching and research centers and branches in 11 cities across the country, including Wuhan, Shenyang, Nanjing, Xi'an, Zhengzhou, Chengdu, Jinan, Changsha, Tianjin, and Chongqing with over 15,000 employees. After nine years of continuous investments from well-known investors, the cumulative number of users of different products of Yuanfudao has exceeded 400 million. Among them, ‘Yuan Question Bank’ has provided 800 million problem practice services for students nationwide, ‘Xiao Yuan Search’ has provided 36 billion homework tutorials, and ‘Little Yuan Corrector’ has over 250 million daily corrections.

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Aug 31, 2020 10:41 am · 36kr

Zuoyebang Records 7.8 Million Paid Students

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Aug 7, 2020 12:17 am · Jingmeiti

TAL Education to Debut Its AI Solutions at CIFTIS

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TAL Responds to Secondary Listing Rumors

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Jul 20, 2020 07:00 pm ·

Zuoyebang, China’s Leading K12 Online Tutoring Platform?

On April 17, 2020, the Beijing-headquartered online education firm Zuoyebang’s CEO Hou Jianbin announced (in Chinese) strategic cooperation with the Chinese national women's volleyball team. His company became the exclusive global endorsement partner of the team, attaching their identity to education and vice versa. This helped the K12 online education company once again attract the attention of the people across the country post-outbreak. Two months later it raised USD 750 million in a new financing round as investors demonstrated their continued trust in — and focus on — Asia’s booming edtech market. This Series E round of investment came from renowned investors such as Tiger Global, Hong Kong-based private equity firm FountainVest Partners and existing investors, SoftBank’s Vision Fund, Sequoia Capital China, Xiang He Capital and Qatar Investment Authority – after which the total amount raised reached above USD 1 billion. Since being founded just over six years ago, how has Zuoyebang(作业帮)managed to grow so rapidly? What is the development status of the entire industry? This article will take you from the perspective of analyzing Zuoyebang, together with an in-depth understanding of the operating logic of this company, to a snapshot of the K12 online education industry. Industry Education is a topic that is discussed in every household, but it has its own particularities that prevent it from being fully industrialized. It requires strong policy intervention. This also makes the education industry one of many industries that are affected more by macro factors. Online education products were first introduced in the late 1990s, and have been in development for more than 20 years. The current online education products can be roughly divided into early childhood training, K12 and adult training –, and among them, the K12 track has always been the eye-catching choice.  What makes the K12 circuit so popular? • Policies From 2018 to 2019, various national policy documents for online education provided many dividends for the development of online education in China.  The government came up with various preferential policies to encourage offline schools to go online during the peak of the COVID-19 outbreak in China.  • Economy As of 2019, the central government's fiscal expenditure on education has increased by each year, and the proportion of fiscal education expenditure in GDP has exceeded 4% for seven consecutive years. In 2019, the scale of China's online education market exceeded CNY 320 billion, of which 21.3% was in K12 education, that is, the scale of K12 online education market in 2019 has exceeded CNY 68 billion. With the rapid development of the domestic economy in recent years, people's living standards have gradually improved, and household savings have also increased. Among them, in the K12 education sector, family education expenditures accounted for 20.6% of household expenditures, 52.3% of households let their children participate in off-campus business education counseling, and the proportion in first- and second-tier cities was as high as 67%. It can be seen that, regardless of the overall economy, market size, or household expenditure, online education has a very good economic foundation and development prospects. • Technology Online education relies on the development of Internet technology. The continuous development of the Internet has made the online education industry develop rapidly. The improvement of hardware performance has brought great improvements to the online learning experience, and higher-performance devices can provide a better-quality experience. The development of big data, artificial intelligence and other such technologies has helped in providing more teaching and learning services for students. Because it relies on the Internet, compared with offline education, online education has a faster development speed and more innovative business models; in the subsequent technological development and iteration, such as VR/AR, the online education industry will branch into yet more development paths. The above factors have promoted the rapid development of the online K12 field. For various reasons – such as policy, capital, and market –, the track will continue to develop continuously. In 2018, the K12 market scale was CNY 400 billion, and the online K12 market scale reached CNY 30.2 billion, with a penetration rate of about 10%. It is expected that, by the end of this year, the online K12 penetration rate will reach 23%, and the market size will exceed CNY 100 billion. According to iiMedia the growth rate of China's online education market will remain between 19-24% in the next three years. This also represents a bright market prospect for online education. • Society At present, the level of domestic education and its layout is constantly improving, but high-quality educational resources are still short in supply. Under such circumstances, extracurricular tutoring has become a good tool for improving scores in exams. Under pressure from transportation, teacher qualifications, and teaching supervision, more families tend to consider online tutoring. Online education gives students in areas with relatively weak educational resources more opportunities to access a wider range of knowledge. It can alleviate the geographical imbalance of educational resources objectively, hence having a broader development space. In addition, the K12 education stage is longer and has a relatively longer consumption cycle, which also makes the track so popular.  A track full of Competitors Many firms have emerged in online education over recent years. There are both online and offline players, as well as companies that focus on Internet gameplay. For example, New Oriental Online, Xueersi School, Yuanfudao Series, GSX Techedu (跟谁学), Zuoyebang, etc. The participants can be divided into three major subdivisions: 1. Those that are committed to optimizing traditional offline education and emphasize the irreplaceable nature of offline education, 2. Those that rely on the Internet platform and emphasize teacher training for students as capturing the essence of education 3. Those that develop new tools/content/platforms, create new open methods and advocate the use of smart applications to replace or assist real teachers. Zuoyebang Being founded in 2014, Zuouyebang didn’t take long for its iOS version to be ranked on top in the Appstore education category. On January 16, 2015, the new 4.0 version was launched, focusing on the ‘photo search’ function. On August 18, 2015, the newest version of the app added a synchronous practice function, symbolizing the major transformation of Zuoyebang from a simple topic retrieval tool to a comprehensive and efficient learning platform. In July 2016, the Zuoyebang live broadcast function was launched, providing online teachers and course services. A month later the firm raised USD 350 million in a Series D financing. The firm is dedicated to providing a full-discipline learning and guidance service for elementary and middle school students across the country. Its users have exceeded 800 million, with a 170 million MAU.  Zuoyebang independently develops a number of learning tools, including photo search for questions, live lessons, ancient text assistant, and composition search. Students can get the steps needed to resolve each problem and the answers to the test sites by taking pictures and voices notes, interact with the teachers through the live class, find their knowledge weaknesses and supplement them with accurate practice, watch the live broadcast of the course, connect with teachers online for one- on- one session, communicate with students of the same age across the country. The firms’ own learning tool matrix basically meets the independent learning needs of K12 students. In the early days, it used the advantage of Baidu system traffic to quickly accumulate a large number of users. At present, it still has an absolute advantage in similar tools. Zuoyebangs’ direct competitor is the USD 7.8 billion- valued Yuanfudao. They both use tool products and online education courses to transform users. Yuanfudao has a slight advantage in model attempts and market operations, while the Zuoyebang is built around the community and user traffic.  These pure online education companies and players such as New Oriental are potential competitors. These opponents have a better user base offline with less focus on online.  It is not just about moving offline classrooms to online, nor is it more about providing better auxiliary tool optimization – rather, how to explore better education models and business models, and play a differentiated competition with offline education and training, are the problems online education players need to consider and solve. User value  In the K12 online education market, there are three main parties: parents, students, and the platform. If the platform wants to gain recognition from more users and increase the number of users, it must meet the needs of parents and children. Let's explore the needs of the participants and how Zuoyebang meets the needs of its users. • Parents In the context of the current relative shortage of high-quality educational resources, and as the majority of K12- stage parents don’t have the educational ability to help their children with their homework, it has almost become a rigid requirement for students to participate in extracurricular tutoring. Parents’ appeals to students’ participation in extracurricular tutoring are mainly because of its high -quality and efficiency. High -quality mainly refers to high-quality teaching methods, high-quality classroom experience, visible achievement improvement, etc. High -efficiency mainly refers to the improvement of student quality and achievement within a time period. At present, parents adopt more learning methods – mainly including on-site tutoring, nearby trusteeship or education institutions, and online school platforms. • Students For students, interest and deliverable stage results are the things they care about most. Starting to like learning, good course experience and the teacher's style are all factors that attract students to participate in tutoring and learning. Whether it is online education or offline education, students' academic performance and growth experiences are the most critical factors and the best feedback to parents. The traditional online school platform is more convenient and can solve the problems of time and regional transportation teaching resources. The courses are mostly recording and broadcasting, and more are providing universal learning skills, which cannot be well solved and improved for specific student problems. The existing K12 students are basically those born after 2000 or even after 2010, and the Internet has a high penetration rate in their lives. They are also more able to accept online education to receive information and learn knowledge. Personalized learning, gamified learning, and how to use the advantages of the Internet to compete with the offline education industry in the differentiated competition are issues that the current education platform has been working to solve. • Platform From the above analysis, we can know that parents and children in the K12 stage have their own needs and the current solutions have not met their needs well. As a platform operator, how can one meet their needs and attract them to this platform? As mentioned, Zuoyebang provides a photo search function and a package of student learning tools (Chinese composition, word query, ancient text assistant, English composition, correction book, etc.), which can solve the problems of students' self-study improvement after class and homework for most of the parents.  Classes are graded according to students’ own levels, which can provide students with better-personalized learning rhythm. Teachers’ personal tags, audition courses, college evaluations and other information also provide more personalized options for parents of students. Business value  Zuoyebang’s core business is live classes. The important indicator for judging whether a business can be healthy is revenue. Here we use the GMV model to analyze whether the core business of the operation is healthy. GMV = number of users * conversion rate * customer unit price. The improvement of any one of the indicators – such as the number of users, the conversion rate, and the unit price of customers – will have a positive impact on the growth of the overall revenue, so next, we focus on analyzing the means by which the Zuoyebang improves these three key indicators. • Increasing number of platform users The continuous registration of new users is the most basic guarantee for the continued increase in revenue. How does Zuoyebang attract new users to register? Payment channels include advertising, public welfare, offline agency and other methods. Precise user promotion on Internet platforms (such as Douyin, Weibo, WeChat public account, etc.). Free channels include tool matrix and word-of-mouth drainage. The tool matrix of Zuoyebang is relatively good, which can attract and accumulate new users to join. After users like their experience on the platform, they share and recommend it to users around them. • Improve user conversion rate After users enter the platform in various ways, the platform needs to guide users to convert their consumption into paid users. Improve the user experience of the experience class. Zuoyebang provides high-quality free experience classes and low-cost regular class experience packages. Dispel consumer concerns and promote consumption. Provide a refund method and customer service hotline in the App. • Raising the unit price of customers For online education platforms, the main way to increase customer unit prices is to repurchase. In addition, Zuoyebang has also developed VIP services and other modules. Operations In the Internet industry, the working relationship between products and operations is extremely close. The following is a list of the main operating activities of Zuoyebang: • Star endorsement activities • Cooperation with and sponsoring TV and Film Programs  • Cross-border cooperation and advertising  • Public welfare assistance On the whole, the advantages of the Zuoyebang user scale, user experience, technology development, etc. are obvious with weak marketing and other aspects comparatively. Policy support and market development have given opportunities to the platform to develop continuously, but high traffic and competitors is a very strong threat. 

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