According to the little red book, the valuation after the latest e-round financing exceeds US $20 billion. There are probably two views on the market. From the perspective of user value, it is worth it, because young users can directly benchmark station B. from the perspective of business efficiency, it is not worth it. Discussing the value of a company is the baptism before listing that every company has to experience. I think discussing xiaohongshu from this perspective is a bit of avoiding the core issues. Kwai hung is a special presence in China's Internet. This is why I love it very much. It is the only product of B content that can break through 60 million of the content of the day, under the background of the byte system plus fast hand +BAT pattern, which is only two. Another important appreciation is that the two founders of xiaohongshu are not pure Internet origin. They are the initial users of xiaohongshu. They start their business from the perspective of users and have pure intentions. The biggest reason for xiaohongshu's success in that year was to find a new content supply - overseas students. In 2013, the domestic logistics infrastructure was not perfect, and everyone was still shopping in the sea. With this just need, the first batch of users of xiaohongshu locked in overseas students for purchasing on behalf. This batch of students also had a feature that they were mostly handsome and beautiful, which was also conducive to xiaohongshu's follow-up video strategy. The initial gene of little red book is UGC + planting grass, which I think is the most important starting point for discussing little red book. Today, even after countless rounds of slogans, little red book has to go back and clarify its birth. As tiktok finds, the new supply side is two + anime users. The new supply of jitter is a group of art college students sharing singing and dancing -- these two platforms are also strengthening the initial imprint on the outside world now. The two stations are also singing. Grass planting content - this is the reason why xiaohongshu is successful. Through the sharing of one group of users, it will affect the cognition of another group of users, and then deeply affect their actions in real life. The core value of grass planting content must be altruistic, useful and real. For example, I started to use little red books more than a year ago because I was determined to lose weight. I often search for key words such as low fat, running and fitness in Xiao Hong book. There are many Kol official account recommendations on the platform. I will explain my success in losing weight. The way of information transmission is far more reliable than knowing, keep and public numbers. Like your friends around you giving you advice, it is first true. Two days ago, I found that xiaohongshu is the app with the longest residence time after wechat. For example, when I was on vacation in November this year, I didn't open public comments, and it all depends on xiaohongshu to guide me. This is also the increment that xiaohongshu's monthly live users have reached 170 million: it grabs some Zhihu users + some public comment users + some keep users + some kitchen users + some good living users... Xiaohongshu is worth redoing all other pan life vertical apps. So the little red book "photo fraud incident" that happened not long ago can trigger such a big discussion. On any platform, there should be no fewer such photos, but in xiaohongshu, it will be infinitely enlarged and even become a public relations crisis - users feel cheated, because xiaohongshu users will really experience it in their life. The cost of this mistake is too high. But if you think about it further, with the increase of the scale of platform users, some new users use xiaohongshu as a circle of friends or ins. I have such friends around me. I have two friends who are engaged in home decoration design. Both of them began to play little red books this year. Friend a updates the beautiful pictures of home decoration all over the world in Xiaohong book. The pictures are very aesthetic. Friend B also shares the beautiful pictures of home decoration, but the copywriter will mark what reference the skirting line has and how to apply the ceiling in Chinese families. The latter has ten times more fans than the former, which shows that there is no problem with the traffic distribution of xiaohongshu. The problem is how users understand xiaohongshu. I once asked friend a, why only send beautiful pictures and don't write more copies? Her answer is that she thinks Xiaohong books are some good-looking pictures. Handsome boys and beautiful women, and beautiful hair pictures are her cognition of this platform. Of course, she is also wondering how to grow her fans. She is not a professional producer of little red book, nor does she have an operation team. Because of her working relationship, she has no time to ponder the operation logic of the platform, but she could have become a qualified content creator of little red book. Obviously, this and the photo deception event are two manifestations of logic, representing the cognitive confusion at the user's mental level after the expansion of xiaohongshu. My friend a will never send a beautiful picture at Zhihu or station B. There is a great deviation between "who is xiaohongshu" and "who is xiaohongshu" by users, and a unified cognition has not been established among users, creators and platforms. I think this is the biggest problem faced by little red book. It is not the valuation problem at all, but that it does not establish a clear brand label. If there is no deception, xiaohongshu will not seriously face up to this cognitive confusion. It is an underwater problem. However, once a negative event occurs, the outside world and public opinion will explain a company's various in their own way. At this time, companies without brand awareness will find that external communication is so laborious and inefficient because there is no unified context at all. I wrote an article before, that is, Kwai Kwai did not operate, it is based on the observation of the fast hand operation during the Olympic Games. Before and after writing this article, I read a lot of information about Xiao Hong book. Little red book doesn't have a brand, at least it doesn't do it seriously and systematically - the consequences are low efficiency of external communication, confusion of creators' ecological cognition, and estrangement between new and old users. B station successfully established the label of "post wave" through the wave. It was known that there was "Xie invitation". Tiger flutter was a straight man, micro-blog was Kwai melon, and the old fellow was "old iron". What is little red book? Now, now, can we quickly sum it up in five words? Now the slogan of little red book is - mark your beauty, but what is this beauty? Is it the beauty of INS or the beauty of mushroom street? Is it a beauty with an unreal filter or a beauty of real life? Mark your beauty. This slogan is too ambiguous. For example, I understand that the "beauty" of xiaohongshu is that people share the beauty of real life here. Is it that we can see how countless ordinary people work hard to live here? It is the beauty of being altruistic in the community. But my understanding may not be the same as others. My design friend a doesn't understand this beauty so much. Is the little red book worth $20 billion? I don't think this is the most important question for xiaohongshu to think about now. What xiaohongshu should clarify now is: what kind of image does it want to convey to the outside world? Who the hell is it? Or another fundamental question is, what needs does it meet and what users do not want to meet? The company has grown to a scale of 1000 people with a valuation of US $20 billion. It is time to re sort out the brand and clarify the key node of external label. Otherwise, the capital market will have 100 explanations for you. As for the business efficiency of xiaohongshu, which has been criticized by the outside world, I don't think it is the core problem of this company. In fact, the imagination of capital is very limited. They are all behind experience - just like station B. a few years ago, the capital market thought station B was a Chinese version of Youtube. Now, it's not at all. I remember that before and after station B was listed, many analysts couldn't understand the business logic of station B. And now? The share price of station B has increased more than ten times. Like station B, xiaohongshu belongs to a new species. They firmly grasp the most dynamic group of users in this era through UGC ecology. Not long ago, I saw a survey that xiaohongshu users are the most vigorous offline consumer groups. With this group of users, xiaohongshu can do a lot of exploration. The latest news is that the tiktok is also on the little red book, and is about to launch new functions, directly against the little red book. But I'm not optimistic about the little red book in the byte system. Although this is in line with the consistent growth logic of the section system, I'll imitate whoever endangers me. It's not to win anyone, but to kill the opponent and make it disappear in the market. Xiaohongshu doesn't need to worry about bytes. Byte gene is to pursue extreme efficiency. They will quickly create popular funds in terms of traffic through centralized distribution - but UGC ecology needs to establish soil, which is a long cycle. Xiaohongshu has been a community for ten years, and this company also believes in UGC ecology, It is said that xiaohongshu has repeatedly discussed whether to learn bytes to become more efficient in terms of products and traffic, but from the front page of xiaohongshu, it is still an UGC community. Little red book has no intention of doing byte. Tiktok is glad to see that the company is still believing something. Its commercial efficiency is certainly not as loud as that of jitter, and it will not become a super flow factory. But so what? Not long ago, I heard a saying that the byte algorithm is not an algorithm, but a solution of the times. It is the most extreme solution in the development of the Internet. It is the best path respected by capital - higher, faster and stronger. But does the world allow some unique existence? For example, the significance of station B, such as little red book, is to make us realize that people are not traffic to tools, and talents are the purpose of the world. I hope such companies can live well and for a long time. Tiktok and B are all born in Shanghai. If we compare Beijing with Shanghai, the difference between the two super city is the difference between Xiao Hong and jitter. (Xinhua News Agency)