Is the mode of education together - on campus + off campus reliable

Analyze concretely and educate together (NASDAQ:YQ)“ The campus + Outside school ” The challenge of mode . This article is about 2021-01-01 Release , Published again due to collection of materials , With deletion .

Part1 Point of view

1. Together, education develops and grows in a free mode , And try to generate hundreds of millions of revenue in the mode of value-added advertising , But it was limited by public opinion and policy and failed
2. The business model is “ School homework tools + After school tutoring ”, The school homework tool is the cost center , It does not reflect the supporting value of after-school counseling
3. “ The campus + Outside school ” The pattern of , In terms of brand, it is difficult for parents and customers to reach 、 User and channel public opinion policy restrictions 、 Business models hinder the value of data
4. Whether education will be limited by its own profit model ; Whether the free mode of education together will hinder the development of personalized education in China

source ： Together with the official website of Education

2020 year 12 month 4 Japan , Education together 1（ Work together ） stay NASDAQ list . Education together , from “ School homework tools ” Our tool products started , And by the end of 2020 year 9 month 30 A few days ago 9 Monthly net income 7.51 In the one hundred million yuan , Proportion 93% The source of is “ After school tutoring ”. From a business point of view , It makes people curious ——

1. Why does the revenue not come from 2G（ Facing government finance ） or 2S（ Facing the school finance ） Sales of school homework tools ？
2. Why is the revenue not in the general product model of tool products ： Advertising or value-added services as the core ？
3. “ The campus + Outside school ” Business model of , Whether it has user and business value ？

source ： An education prospectus - Business model description

Part2 Education commercialization process

1 Free mode of education together

“ Free mode ”[2] It should be an early branch of the Internet “ Show learning ”. The landmark event of opening the free mode is 2009 year 360 Free antivirus was born . thereafter , The free model is popular on the Internet in China , Become the most effective 、 The most important marketing means , Even the business model written into textbooks , It was once regarded as the spirit of the Internet . Founded on 2012 Years of Education , With B2S2C Free mode to complete enrollment , From point to area , Public relations school or teacher , Parents and students naturally use it together , Users explode quickly . And in 2015 year , Together Education announces , Free for teachers forever .

end 2020 In the first half of , Together, education covers 7 Ten thousand schools , It covers China about 56% Our primary school ,60% Junior high school and 7% High school ） end 2020 year 9 month 30 Japan , The total amount of education together is more than 90 10000 teacher users 、5430 10000 student users 、4520 Ten thousand registered parent users provide services . and 2019 At the end of the year, China 2019 year 12 month 31 Japan , Mainland China has 1.78 100 million students , Among them, primary school students are about 1 Billion

Together, the core function of education is to serve as a tool for schoolwork , The main function is to help teachers assign and correct homework 、 Analyze and intervene students' learning . In terms of functional value , The first beneficiaries of the function of education together are schools and teachers , Improve efficiency 、 cost reduction 、 Improve the effect . however , Education together has no choice B2G or B2S Education informatization “ Not sexy ” Track . But enter the school quickly in the free mode , Fast “ Horse racing enclosure ”, Form a permanent free strategy for teachers .

2 The dilemma of free education together

Enterprises always want to make money , No matter where you collect the wool , Wool is a must . The wool of education together can only come from students .

source ：xueqiu.com The net friend comment on

Follow the story of free mode , It should be advertising 、 The old story of value-added .2017 year 8 month , Education is online together 「 Growing up in the world 」[3] Explore value-added services .「 Growing up in the world 」 Value added services should constitute the core part of the commercialization of work together .“ Growing up in the world ” plate , Similar to the once popular “ The Farm ”. The game mainly focuses on the simulated management of towns and pet cultivation , To complete some projects , You need to open the specified products , Such as Chinese 、 mathematics 、 dubbing 、 Words, etc , Open basic Chinese 365 Tianxu 300 element , The most expensive dinosaur era opened 365 Tianxu 400 element .[4]

source ： Report pictures - Screenshot of the entrance interface of the world of education and growth

Insiders [5] call ,“ Growing up in the world ” At that time, it contributed major revenue to the company . Through the prospectus ,2018 The annual estimate of this kind of project , The benefits of working together are 1.7 More than hundred million （ Considering that the termination of business is 10 month , The annual theoretical income will be more ）.

source ： Prospectus - Estimate 2018 Annual value-added business income

But the myth of the free model has not been able to continue to be written in the field of Education . For minors 、 Educational field , Gameplay 、 Commercialization is a sensitive area that can no longer be sensitive , It is bound to be under the double pressure of public opinion and policy .2018 year 10 month , CCTV news on Education APP In depth coverage of chaos [6]. One of the jobs guides consumption 、 Excessive Gamification is also being reported .

source ：《 Homework App Investigate the chaos again ： There are hundreds of hidden online games, including pornographic Games 》

Under pressure , Education release together 《 Always be in awe and forge ahead 》 Statement of , Announce from 2018 year 10 month 18 Japan 18:00 Start and close 「 Growing up in the world 」[7]. Since then, the free mode of school homework tools has been advertised 、 The commercialization of value-added services is forced to “ Self-discipline ” The way of declared failure .

and 2018 year 12 month 28 Japan , The general office of the Ministry of Education issued 《 About forbidding harmful App Notice of entering the primary and secondary school 》[8], In response to education APP Excessive data collection 、 The content involves pornography and violence 、 Entertainment 、 Forced promotion of excessive business and other issues , Give education APP Put on the hoop curse . This 《 notice 》 Medium “ Mandatory non-commercial , Business is not compulsory ” Clause （《 notice 》 The original for ： Study on campus APP No fees shall be charged to or paid by students ）, From the policy level, take “ Heteronomy ” Way completely blocked 「 Free mode 」 Commercialization within the May .

From public opinion to policy , The complete end of the commercialization of advertising and value-added services in the free mode of Education .

3K12 After class tutoring is the breakthrough of commercialization

The new commercialization direction of education together , I chose to tutor large classes after class . The prospectus shows , Education together is called from 2017 Started to get involved in online K-12 After class tutoring of Double Teachers in large class . After all, after class tutoring is a good story —— Large scale （ China 1.78 Billion K12 Student hundred billion level market ）、 The space is large （ There is still room to double the permeability ）、 Grow fast （ The compound growth rate reached 100%+）、 High potential （ It has a scale effect ）. 2018 year 8 month , Mr. zhangguanghao joined in education , Maybe it's a sign of after-school tutoring together . Zhang's experience is mainly in tal (NYSE: TAL), From class to class, from traffic 、 product 、 Content and other comprehensive abilities .

source ： Prospectus - Mr. zhangguanghao's appointment and resume

since 2018 Education online since K-12 The big class double teacher tutoring class began to work , The growth momentum is also very considerable .

source ： Prospectus - Education together K12 Net business income and growth

One “ The campus + Outside school ” The beautiful story of has also begun to take shape ： Teach the left hand homework tools together —— Get the brand 、 user 、 data ; Right hand after-school tutoring —— Customized courses 、 service 、 product . I feel that a virtuous circle has formed inside and outside the school .

source ： Prospectus - Educational product relationship

Part3“ The campus + Outside school ” Is the model reliable

4 Debate on the mode of education together

In the school of education together + The off campus model looks like a good story . In school homework tools get a large number of users , Education together through free mode , end 2020 In the first half of , Together, education covers 7 Ten thousand schools , It covers China about 56% Our primary school ,60% Junior high school and 7% High school . After school tutoring undertakes the task of commercialization , The after-school tutoring business of education together jumped into the top five in the industry . however , Our problem is , Is the business of education really as beautiful as it seems ？ The key to the problem is the business of schoolwork tools , How does it support the after-school counseling business ？ if 「 The campus 」 Just cost center , It can't be income Center 「 Outside school 」 Generate practical business support , Then this story has a great possibility of bankruptcy . The possible value of on campus homework tools for off campus after-school tutoring is reflected in , brand （ Popularity and trust ）、 user （ Channels and users ） And data （ Localized content and students' learning situation ） etc. , And such value can be quantified —— The brand and user value created by school tools , Can it be reflected in the cost of getting customers for after-school counseling , Make the cost of getting customers lower ？ Localization of school tools 、 The value of personalized data , Can it play a role in the product value of after-school tutoring , Make the product price higher ？ Localization of school tools 、 The value of personalized data , Can it play a role in the product value of after-school tutoring , Make the re purchase and expansion higher ？

5 A comparative analysis of education together and with whom

For the convenience of analysis , Need a reference object , We choose K12 Who should the leading enterprises of large class business learn from (NYSE:GSX) As a reference object . Who to learn from K12 The net income of large class business is 2018 year 、2019 year 、2020 In the first nine months of the year, it accounted for% of the total net income respectively 73%、81%、87%. Education together K12 The net income of large class business is 2018 year 、2019 year 、2020 In the first few months of the year, it accounted for% of the total net income respectively 30%、89%、93%. Both are based on K12 Large classes are the core business , It is a better control group .

The cost of getting customers from education together is higher

Educate the brand and user value created by school homework tools , Can it be reflected in the cost of getting customers for after-school counseling ？ Based on the prospectus of education together and the prospectus and financial statements of who learned from , We can get total net income 、K12 Net income 、 The total marketing expenses and the number of paid course registrants with the same caliber （ Are greater than 99 Number of meta course registrants ）. Through the above data , We can calculate the approximate average customer acquisition cost （K12 The market selling expenses corresponding to the proportion of net income are K12 Marketing expenses , Divide the selling expenses by the number of registrants ）. In terms of customer acquisition costs ,2018 year 、2019 The cost of getting customers from education together in is higher , And the cost of learning from who to get customers is 2020 It was higher in the first nine months of the year .

source ： Prospectus - The cost of educating customers together

But when introducing product prices for comparison , Average product price （K12 Net income divided by the number of registrants ）.2020 The reason why the cost of acquiring customers is higher in the first nine months of the year is , The price of products learned from who has significantly increased . Definition ROI= product price / After getting the customer cost, I found ,ROI The perspective of education together is not dominant .

source ： Prospectus - Education together ROI

therefore , Work together so called 「 The campus 」+「 Outside school 」 The pattern of , In the brand 、 Users do not show advantages at this level . contrary , From the perspective of getting customers , The efficiency of education together is relatively inefficient . And the above inefficient conclusion , There is no education from 2012 Founded in 、2015 Annual strength , What we have is in the channel 、 user 、 The influence of historical accumulation such as brand is excluded .

6 The product price of education together is lower

The localization of school tools for education together 、 The value of personalized data , Can it play a role in the product value of after-school tutoring , Make the product price higher ？ A third party is quoted in the prospectus together with education Frost & Sullivan The report of , Its average price is similar to that of other major institutions . But the course price calculated by taking care of the book , Education together is relatively low compared with who to learn .

source ： Prospectus - The price of educational products is relatively low

From the disclosure of the prospectus and the calculation based on its data , Education together K12 The price of after-school tutoring products does not reflect the advantages .「 The campus 」 The mode is not found for 「 Outside school 」 Price support . A small side example is , When listening to the course through the experience course channel , Sample communication with parents in the Group , It is found that its users come from no region 、 Convergence of achievements , It can be inferred that its curriculum may not have targeted development investment , So we can't show the advantage in price .

It is difficult for users who are educated together to make advantages

The localization of school tools for education together 、 The value of personalized data , Can it play a role in the product value of after-school tutoring , Make the re purchase and expansion of products higher ？ About user re purchase , The detailed operation data cannot be restored from the financial data of the prospectus for the time being . however K12 The repurchase rate of large class business itself is running at a high level , On-line K12 The renewal rate of large classes is generally about 70%-80%[9], This information is consistent with the verification of people in the industry . therefore , Education together in time is based on its 「 The campus 」 Business can be 「 Outside school 」 Coaching provides more support , It is difficult to generate multiple increments in user repurchase , The value of timely improvement is also small , It can't even offset the high cost of getting customers 、 Disadvantages in product price .

Educated together “ The campus + Outside school ” The mode of has no advantage

From the above analysis , Working together “ The campus + Outside school ” The business model of , Although it seems beautiful , But judging from the current operating data , There is no advantage over whom to learn , Including the cost of getting customers 、 Product price and re purchase expansion . however , Past data cannot predict the future ,“ The campus + Outside school ” Whether the business model of is logically established ？

Part4“ The campus + Outside school ” Whether the mode of ？

As mentioned above , The brand created by free school homework tools （ Popularity and trust ）、 user （ Channels and users ） And data （ Localized content and students' learning situation ）, Need to generate practical business support for commercial after-school tutoring , Including the cost of getting customers 、 product price 、 Re purchase, expansion and other advantages .

7 It is difficult for the brand to be understood by parents and customers

Schoolwork tools for education together , The strongest stakeholder is the teacher , Teachers hope to improve teaching efficiency and student performance , The second is students , Because of the tasks that students must complete . Parents are only marginal supporters in the value chain of homework tools , It may be to provide mobile phones 、 regulatory 、 Know the progress and achievements , It is difficult for parents to get deeply involved in the process of homework tools in school . A social phenomenon that can be confirmed is , Almost all the news about parents' participation in their children's homework is based on “ Burst state ” The emergence of , The significance behind this hot news phenomenon is that parents are not participants in their children's homework . Users and clients of after-school tutoring are separated . Users are students , Customers are parents . The consumption motivation of an after-school tutoring product 、 Consumption decisions may be made mainly through parents . therefore , Parents who seldom contact with school homework tools , It is difficult to have a real brand awareness of the after-school tutoring of the education together .

8 Users and channels are difficult to use

In the free mode mentioned above , education 、K12 education 、 School education 、 Public education , This is a sensitive area of public opinion and policy . Commercialization is one of the sensitive points . The government faces the commercialization of Education , It will involve fairness and overall competitiveness ; Schools face the commercialization of Education , It will involve corruption and ethos ; Teachers face the commercialization of Education , It will involve the problems of teachers' morality and dedication . Just like a problem in the exploration stage of the commercialization of educational value-added applications , Users and channels in the school , In the commercialization of after-school tutoring , Can't use ,「 The campus 」 Become 「 Outside school 」 Users and channels , It can't really happen .

9 Business models hinder products

Finally, there is another value in teaching school homework tools together , It's data . Whether it's localized content or learning data of individual groups of students , In essence, they are all regional teaching 、 Student groups 、 Individual students , Personalized and targeted Information understanding , I believe this is indeed the advantage of education together . however , Currently online K12 Among the three commercial forms of after-school tutoring , The after-school tutoring of education together chose the large-scale class model , It has not formed a certain targeted small class and highly targeted 1 Yes 1. For example, the Oriental Youbo of New Oriental online adopts the mode of localized small classes , So its hawk model is also developed in the way of offline stores .

source ： Prospectus - On-line K12 Three modes of after-school tutoring

although , From the current revenue scale 、 Growth rate and scale effect , Big classes are really a good business , However, after-school tutoring in large classes can't give full play to the data advantages of an educational school homework tool . contrary , We also need to carry the burden of the cost center of school homework tools . And a more important problem is , There is no school work tool that provides sufficient support for an educational business , When there is greater performance pressure after the listing of education together ,“ Make learning a wonderful experience ” Is the vision of becoming an unaffordable cost , Whether the real personalized direction of school homework tools is to continue to invest in education together 、 The object of creation .

Part5 Postscript

Sometimes I think —— Whether the profit model of education together hinders the development of personalized learning business of education together ？ And through the free occupation of most of the school market , Whether it hinders the development of personalized learning in Chinese schools ？

Light up    2021-01-01