Recently, the 2023 China Listed Company Development Forum - National Brand "New Quality and New Empowerment" sub-forum was held in Jinjiang, Fujian Province.
Jiang Anqi, senior vice president of Zhihu.
Jiang Anqi said that product power is the core foundation of any brand and any enterprise. The top 40% of enterprises with relatively high year-on-year growth in all walks of life basically have a very high proportion of R&D. Therefore, in product research and development, continuous investment in product strength is the basis for an enterprise to adhere to long-termism and have lasting benefits.
The current changes in the consumer market have also put forward higher requirements for "product power". Kantar's 2023 Product Power Marketing*** shows that consumers' focus on "cost performance" has shifted from ** to performance, and up to 72% of consumers are willing to pay more for a good product**. The discussion and consumption data during Zhihu's Double 11 period confirmed that the average consumption price per order of Zhihu's new professional group reached 1,375 yuan on Double 11, of which the average consumption price per order of digital products was 65% year-on-year, and at the same time, the search volume of professional content related to product ingredients, formulas, and technologies soared on Zhihu station. When users get professional consumer answers on Zhihu, they are willing to pay a premium for product power.
How to convey "product power" to consumers?The traditional low-price sales model can no longer have a long-term impact on consumers. Jiang Anqi shared data from Bain & Company, 80% of companies believe that their products have differentiated competitive advantages when surveyed, while only 8% of consumers agree with this statement, and there is a 10-fold difference in the perception of the product power of the same product between the two sides. Bridging this cognitive gap, the answer given by Zhihu is "professional": professional creators bring professional dismantling of product power, professional discussion venues help further ferment high-quality content, and professional and professional new professional user groups bring direct conversion and circle influence.
A lot of money earned in the short term is due to luck, and only money earned in the long term is strength. Jiang Anqi said that in the future, Zhihu hopes to work with more partners to pass on "professionalism" to more users and go through the cycle.