In the Chinese enterprise service market, it is not difficult to do SaaS, but it is difficult to do only SaaS.
article丨Ma Hui
Edit丨Cheng Manqi
Eleven a year ago, Mark Anderson wrote a famous article: "Why is software swallowing the world? 》.
At that time, technology stock was at a valuation trough, and the market value of Apple just exceeded US$300 billion (now 2.7 trillion). Silicon Valley is still controversial about the high valuation of Facebook and Twitter. Anderson, who founded A16Z and invested in these companies, felt it necessary to speak out loud: "We are in a dramatic technological and economic change, and software companies are ready to take over most of the economic sectors." From retail to finance to energy, he listed a variety of industries that will be taken over, including the software industry itself: traditional software companies such as Oracle and Microsoft are being challenged by new companies such as Salesforce. In 2020, Salesforce's market value exceeded , Oracle and became the most expensive enterprise software company.
In the business world, the new king replaces the old king rarely comes from behind on the same runway. The "software" in Anderson's article and the "software" that Salesforce founder and former Oracle employee Benioff is a new thing: Internet-based software, SaaS, Software as a Service, Software as a Service. It is a set of standardized software in the cloud, which charges annually and at quantity, which can reduce operation and maintenance costs and achieve predictable growth. In fact, the browser Netscape, which Anderson himself founded, is a kind of SaaS for to C (for individual consumers).
's attention to SaaS has since spread to the primary market in China. In 2014, there were 479 investment events in the field of enterprise services in China, mainly enterprise software, more than twice the previous year, and the investment amount was 24.3 billion yuan, more than five times the previous year.
But over the past 8 years, SaaS has gradually become more complicated by the feelings of investors. There is no SaaS company in China with a market value of over 10 billion US dollars. The focus of the industry discussion includes whether SaaS is suitable for China's business environment. A joke is that the valuation of Moutai and Salesforce is quite reasonable, because the United States relies on Salesforce for sales, while China relies on Moutai for sales; it also includes the debate on the authenticity of SaaS: the original school believes that cloud, standardization, annual and quantity charges are SaaS, and the reform school believes that local deployment and regular operation and maintenance fees are also SaaS...
In many enterprise software fields where SaaS can "swallow" these debates are concentrated. The main function of electronic signing is to help enterprises or individuals sign contracts online. China's electronic signing industry has a history of 20 years, and dozens of companies have been born. After the epidemic, major technology companies such as Tencent and ByteDance have also launched their own electronic signing products. It started from the traditional software period of local deployment and was transformed by SaaS after 2014. Due to the slow start of SaaS and low early income, practitioners have swayed about this business model again, and a few can maintain the SaaS form. Many companies choose to save the country on a curve, while doing local deployment projects with immediate revenue, while also creating SaaS products with better business models in the long run.
, but was founded in 2014, Shangshangdao has been playing straight balls: doing SaaS, and only doing SaaS. It also hopes to make the field more network-like. Compared with to C Internet services, in to B enterprise services, the network effect is scarce or weak, but Shangshang believes that he has found the possibility of building a network. Wan Min, the founder of
, is not from software or Internet technology, nor is he a veteran in a vertical industry - these are the two most common types of founders of corporate service, either with technology or industry cognition.
0 million is a founder who is learning-oriented, strategically focused, persists in and even stubborn in the direction he recognizes. Her persistence on pure SaaS forms, and network effects based on this is rare when most of her peers compromise.
is more gray-scale than the to C market with clear pricing and simple purchasing process, but Wanmin stipulates that sales signed on the top cannot give customers rebates. She will write long articles on her personal official account to analyze the competitor's data moisture and inflated financing amounts - this is regarded by some as something that needs to be seen through without saying it. Xiong Fei, an investor who signed on
and a partner of Jingwei Venture Capital, commented that Wan Min is "somewhat lonely" in the business world. He hopes to see her succeed and see people who persist can find their place in the business jungle.
It is not difficult to do SaaS, it is difficult to do SaaS only
0,000 Min Founded in August 2014, she is not the kind of CEO who emphasizes her foresight. She told LatePost that at first I wanted to do a Shangzhangzhang was to benchmark the DocuSign that adopted the SaaS model: "At the beginning, I didn't see this track so charming. I just thought I could give it a try, because China does not have DocuSign yet."
DocuSign is an American electronic signing company founded in 2003. In March 2014, it received $85 million in financing and a valuation of $1.6 billion.
At that time, Wan Min knew the cumbersomeness of paper contracts: there were many programs, long mailing time, and troublesome storage in the later stage. Electronic signing could greatly improve efficiency and reduce costs. A paper contract that can only be signed for three days to one week can be completed in one hour by signing electronically. Since postage and labor are saved, the cost is only one-tenth of the paper contract. The SaaS model used by DocuSign allowed her to see the possibility of large-scale promotion of electronic signatures in China.
Before this, the Chinese electronic signing market had a history of 10 years.
In 2002, the Chinese government promoted paperless office, and the " Electronic Signature Law of the People's Republic of China " was also drafted in the same year (effective in 2005), providing legal guarantees for electronic contracts.
A group of electronic seal software companies with government and enterprises as the core customers were born. They mainly have a local deployment model, that is, tailor-made customized software for customer needs and deployed in the customer's own IT environment (local computer room or data center).
In the next ten years, the popularity of electronic visas was limited, and no large companies appeared in the industry, nor did they attract capital attention.
This is because the growth of the traditional software model is not high, its products are customized, and products between different customers may not be reusable; if you want to expand customers and revenue, you have to lay more manpower to develop projects for different customers; the majority of its revenue is one-time purchase and deployment costs, which are not sustainable.
SaaS has the opposite characteristics. It uses a set of cloud-based standardized products to serve all customers. The more they sell, the lower the marginal cost. It charges annually and in quantity, not a one-time transaction, which can prompt SaaS companies to provide good services to attract "renewals" while achieving continuous revenue and predictable growth.
is also an electronic signature. Whether to use the SaaS model is very different. Taking Jiangxi Jinge and Anzhengtong, which have been listed on the New Third Board as an example, the two electronic seal software companies were established in 2003, with revenues of RMB 40 million and RMB 33 million respectively in 2016. And DocuSign's revenue in 2017 was $380 million. Since its listing in 2018 to the end of 2021, DocuSign's single-quarter revenue increased from $156 million to $581 million, with a current market value of nearly $20 billion, with a market share of more than 70% in the United States. In 2014,
was established, like Wan Min, there are many people who saw the superiority of in the SaaS mode.
As DocuSign and other American SaaS companies have gradually become unicorns, Chinese VCs have once again adopted the "Copy to China" strategy when investing in the Internet. A large number of new venture capital companies have emerged in the electronic signing market that may announce the transformation of the SaaS model: Yunzhan, method, Dada , Shangzhan, e signing , and Yibaoquan have successively obtained financing.
At first, it was not difficult to make standardized SaaS.At that time, the electronic signing industry had a rapidly growing customer base: the Internet financial platform.
In 2014, the number of domestic financial platforms in China increased from less than 600 in the previous year to more than 2,200. It requires sending loan contracts to a large number of individual users .
This scenario contract is small, large in quantity, and has a wide coverage area, making it suitable for electronic contracts with high efficiency and fast speed. It also determines the product characteristics of electronic signatures at this stage: thin and standardized tool products, which can be used by using APIs to connect to the Internet Finance APP. This is a one-way scenario for B2C (enterprise to individuals).
Wan Min said that it was not difficult to get customers short and fast at that time. Shangshangdao launched its first signing tool product in early 2015, quickly gaining the first batch of customers. That year, 70% of their customers were Internet finance companies. According to Suning Financial Research Institute data, from 2014 to September 2018, the Internet finance industry signed a total of 4.831 billion electronic contracts, and 1.814 billion in 2017 alone.
However, after 2017, SaaS, which was favored by many companies, became more of the stories in BP, and it is difficult to fall into execution. The average customer unit price of SaaS products in
contract tool category is less than 100,000 yuan. For a group of newly established or transformed into SaaS after 2014, product revenue is increasingly difficult to support subsequent financing. Xiong Fei, partner of Jingwei Venture Capital, once led the investment in many celebrity to B companies such as PingCAP, Beisen , Taimei Medical, etc. He is the first investor to Shangshangda. Xiong Fei told LatePost that under the pressure of growth, there are two ways for enterprise service companies:
One is to do some local deployment projects, with higher customer unit price and can earn more revenue in the short term. Some major customers in traditional non-Internet industries, especially state-owned enterprises, hope to master the data themselves, and they are willing to pay higher costs for it. Some local deployment projects with electronic signatures cost as much as hundreds of thousands or even millions of yuan. The second is to continue to do cloud-based standardized SaaS and make the product deeper. Xiong Fei observed that most companies in the electronic signing industry chose the former, and Shangshangda is one of the very few companies that only do SaaS.
"This is a question of sweet first and bitter then bitter first or bitter then sweet." Xiong Fei said, "Local deployment can increase revenue faster, but when you have more than a dozen customers, it is easy to maintain it. As the number of customers increases, each customer version is different, and there are some customized functions. The higher the operation and maintenance cost and the heavier the burden. SaaS is a small early revenue scale, but it is better to scale in the long run. There is no difference between the operation and maintenance of 300 customers and 10 customers, and it is also convenient to renew the contract."
There is also an industry view that doing some customized and high-priced projects does not affect the company's SaaS at the same time. Starting a business is to take into account both the current survival and future growth. There have been similar voices inside Shangshangdao.
But Wanmin is very persistent in the SaaS content.
In 2017, the Shangshang Sign sales team won 2 projects with a total amount of more than 3 million yuan, with a total amount equivalent to more than 70 standardized SaaS customers at that time.
sales hope Wanmin specially approved, but was rejected. The co-founder at that time also disagreed with Wan Min's judgment. He believed that startups were not qualified to pick customers and should not give the money they obtained to their peers.
0,000 told him that local deployment seems to be expensive, but in fact it is a low-gross profit project that piles up people. The more you take, the more you lose. Startup companies have limited resources and dispersing forces to deal with meaningless projects will only make the company farther away from the goal of doing SaaS.
"Once this opening is opened, the company can't go back," said Wan Min. When the sales team and company management find that doing localized and customized projects is more profitable in the short term and can convince most investors, the company will be dragged into the traditional software route that is easy but painful in the future.
She believes that even when facing large customers, cloud standardized products have advantages.
When the cost is lower, its performance is more guaranteed because SaaS companies can maintain and upgrade products in the cloud more timely. In the Chinese enterprise service market, it is not difficult to do SaaS, but it is difficult to do only SaaS. article丨Ma Hui
Edit丨Cheng Manqi
Eleven a year ago, Mark Anderson wrote a famous article: "Why is software swallowing the world? 》.
At that time, technology stock was at a valuation trough, and the market value of Apple just exceeded US$300 billion (now 2.7 trillion). Silicon Valley is still controversial about the high valuation of Facebook and Twitter. Anderson, who founded A16Z and invested in these companies, felt it necessary to speak out loud: "We are in a dramatic technological and economic change, and software companies are ready to take over most of the economic sectors." From retail to finance to energy, he listed a variety of industries that will be taken over, including the software industry itself: traditional software companies such as Oracle and Microsoft are being challenged by new companies such as Salesforce. In 2020, Salesforce's market value exceeded , Oracle and became the most expensive enterprise software company.
In the business world, the new king replaces the old king rarely comes from behind on the same runway. The "software" in Anderson's article and the "software" that Salesforce founder and former Oracle employee Benioff is a new thing: Internet-based software, SaaS, Software as a Service, Software as a Service. It is a set of standardized software in the cloud, which charges annually and at quantity, which can reduce operation and maintenance costs and achieve predictable growth. In fact, the browser Netscape, which Anderson himself founded, is a kind of SaaS for to C (for individual consumers).
's attention to SaaS has since spread to the primary market in China. In 2014, there were 479 investment events in the field of enterprise services in China, mainly enterprise software, more than twice the previous year, and the investment amount was 24.3 billion yuan, more than five times the previous year.
But over the past 8 years, SaaS has gradually become more complicated by the feelings of investors. There is no SaaS company in China with a market value of over 10 billion US dollars. The focus of the industry discussion includes whether SaaS is suitable for China's business environment. A joke is that the valuation of Moutai and Salesforce is quite reasonable, because the United States relies on Salesforce for sales, while China relies on Moutai for sales; it also includes the debate on the authenticity of SaaS: the original school believes that cloud, standardization, annual and quantity charges are SaaS, and the reform school believes that local deployment and regular operation and maintenance fees are also SaaS...
In many enterprise software fields where SaaS can "swallow" these debates are concentrated. The main function of electronic signing is to help enterprises or individuals sign contracts online. China's electronic signing industry has a history of 20 years, and dozens of companies have been born. After the epidemic, major technology companies such as Tencent and ByteDance have also launched their own electronic signing products. It started from the traditional software period of local deployment and was transformed by SaaS after 2014. Due to the slow start of SaaS and low early income, practitioners have swayed about this business model again, and a few can maintain the SaaS form. Many companies choose to save the country on a curve, while doing local deployment projects with immediate revenue, while also creating SaaS products with better business models in the long run.
, but was founded in 2014, Shangshangdao has been playing straight balls: doing SaaS, and only doing SaaS. It also hopes to make the field more network-like. Compared with to C Internet services, in to B enterprise services, the network effect is scarce or weak, but Shangshang believes that he has found the possibility of building a network. Wan Min, the founder of
, is not from software or Internet technology, nor is he a veteran in a vertical industry - these are the two most common types of founders of corporate service, either with technology or industry cognition.
0 million is a founder who is learning-oriented, strategically focused, persists in and even stubborn in the direction he recognizes. Her persistence on pure SaaS forms, and network effects based on this is rare when most of her peers compromise.
is more gray-scale than the to C market with clear pricing and simple purchasing process, but Wanmin stipulates that sales signed on the top cannot give customers rebates. She will write long articles on her personal official account to analyze the competitor's data moisture and inflated financing amounts - this is regarded by some as something that needs to be seen through without saying it. Xiong Fei, an investor who signed on
and a partner of Jingwei Venture Capital, commented that Wan Min is "somewhat lonely" in the business world. He hopes to see her succeed and see people who persist can find their place in the business jungle.
It is not difficult to do SaaS, it is difficult to do SaaS only
0,000 Min Founded in August 2014, she is not the kind of CEO who emphasizes her foresight. She told LatePost that at first I wanted to do a Shangzhangzhang was to benchmark the DocuSign that adopted the SaaS model: "At the beginning, I didn't see this track so charming. I just thought I could give it a try, because China does not have DocuSign yet."
DocuSign is an American electronic signing company founded in 2003. In March 2014, it received $85 million in financing and a valuation of $1.6 billion.
At that time, Wan Min knew the cumbersomeness of paper contracts: there were many programs, long mailing time, and troublesome storage in the later stage. Electronic signing could greatly improve efficiency and reduce costs. A paper contract that can only be signed for three days to one week can be completed in one hour by signing electronically. Since postage and labor are saved, the cost is only one-tenth of the paper contract. The SaaS model used by DocuSign allowed her to see the possibility of large-scale promotion of electronic signatures in China.
Before this, the Chinese electronic signing market had a history of 10 years.
In 2002, the Chinese government promoted paperless office, and the " Electronic Signature Law of the People's Republic of China " was also drafted in the same year (effective in 2005), providing legal guarantees for electronic contracts.
A group of electronic seal software companies with government and enterprises as the core customers were born. They mainly have a local deployment model, that is, tailor-made customized software for customer needs and deployed in the customer's own IT environment (local computer room or data center).
In the next ten years, the popularity of electronic visas was limited, and no large companies appeared in the industry, nor did they attract capital attention.
This is because the growth of the traditional software model is not high, its products are customized, and products between different customers may not be reusable; if you want to expand customers and revenue, you have to lay more manpower to develop projects for different customers; the majority of its revenue is one-time purchase and deployment costs, which are not sustainable.
SaaS has the opposite characteristics. It uses a set of cloud-based standardized products to serve all customers. The more they sell, the lower the marginal cost. It charges annually and in quantity, not a one-time transaction, which can prompt SaaS companies to provide good services to attract "renewals" while achieving continuous revenue and predictable growth.
is also an electronic signature. Whether to use the SaaS model is very different. Taking Jiangxi Jinge and Anzhengtong, which have been listed on the New Third Board as an example, the two electronic seal software companies were established in 2003, with revenues of RMB 40 million and RMB 33 million respectively in 2016. And DocuSign's revenue in 2017 was $380 million. Since its listing in 2018 to the end of 2021, DocuSign's single-quarter revenue increased from $156 million to $581 million, with a current market value of nearly $20 billion, with a market share of more than 70% in the United States. In 2014,
was established, like Wan Min, there are many people who saw the superiority of in the SaaS mode.
As DocuSign and other American SaaS companies have gradually become unicorns, Chinese VCs have once again adopted the "Copy to China" strategy when investing in the Internet. A large number of new venture capital companies have emerged in the electronic signing market that may announce the transformation of the SaaS model: Yunzhan, method, Dada , Shangzhan, e signing , and Yibaoquan have successively obtained financing.
At first, it was not difficult to make standardized SaaS.At that time, the electronic signing industry had a rapidly growing customer base: the Internet financial platform.
In 2014, the number of domestic financial platforms in China increased from less than 600 in the previous year to more than 2,200. It requires sending loan contracts to a large number of individual users .
This scenario contract is small, large in quantity, and has a wide coverage area, making it suitable for electronic contracts with high efficiency and fast speed. It also determines the product characteristics of electronic signatures at this stage: thin and standardized tool products, which can be used by using APIs to connect to the Internet Finance APP. This is a one-way scenario for B2C (enterprise to individuals).
Wan Min said that it was not difficult to get customers short and fast at that time. Shangshangdao launched its first signing tool product in early 2015, quickly gaining the first batch of customers. That year, 70% of their customers were Internet finance companies. According to Suning Financial Research Institute data, from 2014 to September 2018, the Internet finance industry signed a total of 4.831 billion electronic contracts, and 1.814 billion in 2017 alone.
However, after 2017, SaaS, which was favored by many companies, became more of the stories in BP, and it is difficult to fall into execution. The average customer unit price of SaaS products in
contract tool category is less than 100,000 yuan. For a group of newly established or transformed into SaaS after 2014, product revenue is increasingly difficult to support subsequent financing. Xiong Fei, partner of Jingwei Venture Capital, once led the investment in many celebrity to B companies such as PingCAP, Beisen , Taimei Medical, etc. He is the first investor to Shangshangda. Xiong Fei told LatePost that under the pressure of growth, there are two ways for enterprise service companies:
One is to do some local deployment projects, with higher customer unit price and can earn more revenue in the short term. Some major customers in traditional non-Internet industries, especially state-owned enterprises, hope to master the data themselves, and they are willing to pay higher costs for it. Some local deployment projects with electronic signatures cost as much as hundreds of thousands or even millions of yuan. The second is to continue to do cloud-based standardized SaaS and make the product deeper. Xiong Fei observed that most companies in the electronic signing industry chose the former, and Shangshangda is one of the very few companies that only do SaaS.
"This is a question of sweet first and bitter then bitter first or bitter then sweet." Xiong Fei said, "Local deployment can increase revenue faster, but when you have more than a dozen customers, it is easy to maintain it. As the number of customers increases, each customer version is different, and there are some customized functions. The higher the operation and maintenance cost and the heavier the burden. SaaS is a small early revenue scale, but it is better to scale in the long run. There is no difference between the operation and maintenance of 300 customers and 10 customers, and it is also convenient to renew the contract."
There is also an industry view that doing some customized and high-priced projects does not affect the company's SaaS at the same time. Starting a business is to take into account both the current survival and future growth. There have been similar voices inside Shangshangdao.
But Wanmin is very persistent in the SaaS content.
In 2017, the Shangshang Sign sales team won 2 projects with a total amount of more than 3 million yuan, with a total amount equivalent to more than 70 standardized SaaS customers at that time.
sales hope Wanmin specially approved, but was rejected. The co-founder at that time also disagreed with Wan Min's judgment. He believed that startups were not qualified to pick customers and should not give the money they obtained to their peers.
0,000 told him that local deployment seems to be expensive, but in fact it is a low-gross profit project that piles up people. The more you take, the more you lose. Startup companies have limited resources and dispersing forces to deal with meaningless projects will only make the company farther away from the goal of doing SaaS.
"Once this opening is opened, the company can't go back," said Wan Min. When the sales team and company management find that doing localized and customized projects is more profitable in the short term and can convince most investors, the company will be dragged into the traditional software route that is easy but painful in the future.
She believes that even when facing large customers, cloud standardized products have advantages.
When the cost is lower, its performance is more guaranteed because SaaS companies can maintain and upgrade products in the cloud more timely.
introduced the logistics company , which was signed in 2020. Xinnan, the head of the electronic signing project of Debang Express, said that when choosing electronic signing products, Debang Express attaches great importance to stable performance and convenient signing.
labor contracts and resignation contracts of all subsidiaries across the country have been online, with more than 500,000 electronic contracts signed each year. A stable user experience is particularly important for employees and recruitment specialists. The lower price and shorter deployment time of standard SaaS are also one of the factors that Debang Express considers.
standardized products can bring more standard and continuous services.
ZTO is one of the earliest logistics companies to introduce electronic signing. In 2018, they purchased a localized electronic signing software. They found that traditional electronic signing companies have a software-selling thinking, "It's all done if you sell it to you. After something bugs occurs, it's useless for executives to urge them to change it." said the head of the electronic signing project of ZTO's legal department. After signing the
in 2019, ZTO's experience was that SaaS products deployed in the cloud responded more timely. This is because when purchasing localized software, the implementers are the ones who are most familiar with the customer environment, but the implementers will continue to transfer to new projects and cannot handle the problems of old customers. Since the product is local, it is sometimes difficult for the customer service team to locate the problems. When using SaaS, customers and Shangshang Service Personnel see the same set of products in the cloud, which can position and solve problems faster.
Wanmin's persistence in SaaS is also because she believes in time.
DocuSign has been in existence for 11 years when it became a unicorn in 2014. In the internal training course of Shangshangdao, Wan Min explained to employees the growth characteristics of SaaS: "The lotus in one pond will be twice the number of the previous day. If the lotus blooms on the 30th day, on which day the lotus blooms halfway?"
's answer is "day 29", and the speed of the last day is the sum of the first 29 days. Although the growth rate in the early stage is slow, once it exceeds a certain turning point, the growth curve of the SaaS model will become steep.
From making tools to building platforms, capturing potential network effects
Withstand the pressure of income and not doing customized projects, another thing happened in 2017. It accelerated the originally planned SaaS commercialization process that was slow first and then fast, but it also made Shangshangzhang encounter the most stressful moment since he started his business.
In the second half of 2017, Wan Min accidentally learned about Metcalf's law that describes network effects in a business school course: network value increases exponentially with the number of nodes connected to the network, that is, V (network value) = 2^N (network node number). The user growth trends in social networks such as Facebook and WeChat are typical.
This hits the problem that Wan Min has been thinking about. Since 2014, when I mainly used B2C contracting tools for Internet finance, the model of Shangshang Signing and the entire industry has grown linearly, and one customer can call each customer: "It cannot be said that if I call one customer, I can bring other customers in."
At this time, Wan Min realized that electronic signing can actually have a network effect. The key is to shift the focus from the B2C contract scenario to the B2B (between enterprises) scenario, and to make tools to build platforms.
is a tool for others' network services. Taking Lianjia, which uses Shangzhangzhang as an example, when its users sign online rental and buying a house, they log in to the Lianjia account. The electronic signing company only provides single-point technology and does not master the account system.
, and building a platform is to build your own network. Unlike the B2C scenario where massive contracts are sent to individuals in one-way, signing a contract in B2B is a two-way interoperability process with both back and forth. When a department or enterprise uses a certain electronic signature platform, it will lead multiple internal departments and upstream and downstream cooperative enterprises to also use the platform and enter the same network. The more companies there are on the Internet, the more convenient they are for mutual contracts. The platform can deposit customer accounts.
"After working for a few years, we found that we were lucky. This track is so good." Wan Min said that she realized that in addition to simply working hard, she could also have cleverness.After the class of
, Shangshangda formed a technical team of less than 10 people, secretly developed it in the small dark room for half a year, and launched a new product of the contract management platform in early 2018.
new products are still standardized SaaS products in the cloud.
Wan Min has a new understanding of adhering to standardization at this time: contract management is something that allows enterprises to communicate with each other, just like railways, highways, and E-mail systems, which itself should be standardized, "otherwise the contracts sent by enterprises cannot even be viewed and signed." Wan Min said.
is deployed in the cloud, that is, on the Internet, because it can complete the entire process of data production, processing and transmission on a unified platform, which can better ensure the data security of all parties to the contract. If a locally deployed system is used, when enterprises want to send contracts to each other, although the data transmission is in the cloud, production and processing are still local. This means that the companies that sign the contract must back up their own enterprise information and seal information to the other party's system, which poses a potential security risk for printing. When an enterprise wants to sign a contract with multiple enterprises, it needs to have an account in the system of multiple contract objects, which requires repeated registration and the process is more complicated.
But the new product is no longer a lightweight product, which is very different from the design idea of B2C contracting tools.
In the B2Ch scenario, the contracts of the same template are repeatedly and largely sent to individuals, and the permission management and process are relatively simple. However, in large companies, detailed authority distinction and information isolation should be carried out. This includes specifying which seals are managed by the parent company and which are controlled by the subsidiary; the types of contract templates available to the subsidiary, specific fields that can be changed, etc. Similarly, personnel contracts in the same company that involve sensitive information such as salary cannot be viewed by other departments.
new products also need to consider cooperation among multiple people and departments. For example, initiating a procurement contract, it must go through multiple links such as drafting, legal review, financial review, and supplier qualification certification.
In terms of external communication, for enterprises that have been deposited in the contract management platform, the contract recipient can be automatically updated. Even if Party B takes over the personnel, Party A who issues the contract does not need to re-enter because the platform knows who Party B is the specific person in charge.
When signing a three-party contract, such as when a human resources outsourcing company regularly helps customers recruit personnel, the new product has the "Seal Authorization" function, which can set what seal to authorize, how long to authorize, and which contracts to be used for. If you follow the offline process, the human resources outsourcing company needs to go to the customer to stamp it regularly, and it also needs to be used for the time being.
cooperates with the new product, Shangshangzhang adjusted its sales strategy: leaving 4 sales to continue to serve the top 200 Internet finance companies, and the remaining more than 60 sales have turned to promote new products to traditional industry companies, such as manufacturing, retail, finance, etc.
This made Shangshang unexpectedly escape the industry fluctuations. With the explosion and stricter supervision, Internet finance companies closed down intensively after June 2018, with more than 1,000 remaining by the end of the year, which was halved compared with the previous year. Shangshangdao's new product won 91 major customers of traditional enterprises that year, and the company's revenue in the second half of 2018 was even higher than in the first half of the year.
continued to run in the new direction for a year, at the beginning of 2020, Wan Min found that the sales transformation was still not thorough enough. The sales team's execution of winning node-type large customers is not in place. A node-type large customer refers to a company that has contractual transactions with a large number of companies and can attract more companies to "enter the Internet". A typical example is the top 500 in the world.
These customers are strategic to the company but are not cost-effective to sales personnel. It took 11 months for Shangshang to discuss Starbucks . In the same amount of time, a salesperson with outstanding performance can make more than a dozen medium-sized customers, and Starbucks will not bring 10 times the revenue of medium-sized customers. After 2018, the company has higher incentives for large customers to complete orders, but it is still difficult to change the team's inertia.
0 Min made a decision: Mandatory sales elites who contribute 75% of the revenue and 20% of the number of people to Shangshangzhang. They specialize in the top 500 globally and can no longer be small and medium-sized customers.
She knows that this means that the company's revenue growth rate will slow down that year and the cost of acquiring customers will increase. Strategic salesmen specializing in leading customers sent an email to Wan Min, "What's wrong with being a little more customers? It's too few to be a top 500 customers for us." Twenty strategic sales personnel lost half that year. For those who are still losing money, just starting a node will lead to a slowdown in revenue growth, which also means financing pressure.
"Let go and hit medium-sized customers, the speed of networking will be slow. You must choose one among networking speed and income, and I will definitely choose networking." Wan Min said that 2020 is the most stressful and the most difficult time, but she thinks she has chosen the right one. That year, Shangshangzhang received 55 strategic major customers.
After confirming that the strategy of large customers is strictly implemented, the practice of signing up on the upper and lower levels is to first understand one industry, connect the upstream and downstream, and then connect multiple industries to form a network. Taking the automobile industry as an example, after entering the vehicle factory through Shangshang Sign, sales followed the clues and entered upstream and downstream companies such as power batteries, car dealers, travel, parts, automobile finance, and automobile services. At present, Shangshangdao has entered 11 industries including automobiles, banking, manufacturing, logistics, home appliances, chain retail, fast-moving consumer goods, and the number of new products reached 310,000 corporate users last year.
Olix Financial Leasing (China) Co., Ltd., as a professional financial leasing subsidiary of Japan Olix Group in China, introduced signing under the 2020 digital transformation strategic plan. First, it tried the waters in the vehicle leasing business, and then spread it in the field of small-scale direct leasing business, which improved the signing efficiency of Olix and upstream and downstream companies, and also led to many Olix's leasing business customers and upstream and downstream companies to register and sign.
When Japan's Daikin Industrial became a sign-up customer in 2020, the other party's person in charge told Wan Min that when they inspected sign-up, they found that they had dozens of dealers who had signed on to sign on, so that they did not need to teach the dealers to use the system, and promotion was more convenient. These dealers also serve Haier and Hisense . The two companies began to use the company in 2019. Haier currently has more than 20,000 cooperative companies on use.
, which owns well-known snack brands such as Oreo and Quduoduo , had about 25% of cooperative distributors used 期彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩
Wan Min said that when going out to talk about customers now, sales will directly place customer logos. The network diagram of the contract: "These companies in this industry are all using our products. Do you want to do business with them?"
Wan Min believes that the essence of using electronic signs to create a network effect is not a technical barrier, but a comprehensive difference in product design, sales strategies and other aspects caused by cognition. Therefore, in the early stages of network establishment, she was unwilling to explain her strategies too much. But now, she believes that the upper sign has initially formed a prototype of the Internet. An important indicator of
SaaS is the renewal rate, which measures the change in the total amount of renewal for all old customers. In 2021, the renewal rate of Shangshangdao’s contract management platform products is 105%. Since the launch of this new product in 2018, the annual renewal rate has exceeded 100%. There is also a special indicator to sign on
: mutual signing rate. Mutual signing refers to two paid companies that have already been on the Shangshang Signing Network that spontaneously sign contracts with each other. The mutual signing rate refers to the proportion of the number of companies that have had mutual signing behavior to the total number of paid companies on the upper signing platform. Wan Min believes that mutual signing is a signal of mutual communication. The mutual signing rate of the Shangshang Signing and Signing Management Platform in 2021 is 42%.
Learn to be a CEO
Wanmin is not a serial entrepreneur and has many years of experience in the enterprise service industry. She is learning to be a CEO. In addition to strategy and product direction, an important homework is people and organizations.
From 2018 to 2019, former co-founder Lin Xianfeng and former CTO Tao Zhen, who was the leader of Shangshangzhan, resigned one after another. Staff turmoil at senior levels of entrepreneurial teams is often an unfavorable factor affecting the development of the company.
Lin Xianfeng is a member of the founding team of Shangshangdao. When the company was first established, he served as the CTO. Since 2016, he has been managing the customer success team, customer service team, etc., and when he left, he served as a senior expert in the product market. He sued Shangshangzhi for illegally terminated the labor contract and demanded three times the salary. The court ruled in the second instance that Shangshangzhi would have to pay 134,000 yuan.
Tao Zhen was invited by Wan Min to join Shangshangzhang in 2018. He previously worked for the American SaaS company Intuit and Paycor. After resigning in 2019, he sued Shangshangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhang
When dealing with the relationship with Lin Xianfeng, Wan Min thought he was not decisive enough. In the 8th month of the company's establishment, she realized that the other party could not keep up with the pace, but it took more than 2 years to adjust the other party's position and role in the company. Job changes are one of the reasons why Lin Xianfeng is dissatisfied.
0 Min's review of Tao Zhen's resignation was that he did not conduct a comprehensive and in-depth examination of the other party's specific work experience in the United States. A year after Tao Zhen joined the company, Wan Min found that the other party's ability did not meet the company's needs. "This is my big failure in identifying and employing people," said Wan Min. This time she made a decision faster, from Wan Min realizing the problem to Tao Zhen’s resignation, it was 2 months. Shangshangdao’s current executive team has absorbed former senior vice president of UFIDA, former founder of a SaaS company, senior managers of Salesforce, Tencent, SAP, etc.
Xiong Fei commented that Wan Min's advantages and disadvantages are the same. She is very persistent. The advantage is that she is determined by the strategic direction. After 8 years of SaaS, she is not moved even if she faces income pressure and changes in investment preferences. However, the relationship between people has grayscale, the goals can be direct, but the means must be soft sometimes. "She is much better than 5 years ago, but she is still a very tough person," said Xiong Fei.
In some principles recognized by Wan Min, she is stubborn and unwilling to compromise. In early 2018, I rejected the investment invitation from Alibaba and the in-depth cooperation proposal of Dingding . Wan Min believes that although it is easier to survive with Internet giants, it will lose the "neutrality" that big customers particularly value. They hope that there are no giants with competitive business behind the electronic contracting platform. Take bank customers as an example. They do not want the electronic signature platform they use to have investments from Alibaba or Tencent, both companies have Internet banking business.
The other two leading companies in China's electronic signing market eTagbao and Fada chose to cooperate in depth with technology giants. Ant Financial holds more than 20% of the shares in e-Sign Bao, making it its largest shareholder; Tencent led the investment in the C and D rounds of Fadada. The main investors of Shangshangdao are financial institutions such as Jingwei, Wuyuan, DCM, Shunwei, and Tiger. Another principle of signing on
is that sales personnel are strictly prohibited from giving rebates to customers' purchasing personnel. This sounds like a rule that everyone should abide by, but in fact, companies to B who dare to publicly declare that they will not give kickbacks are a minority.
Wanmin believes that this is a difficult approach to start, but it will be profitable to stick to it. After the reputation of not giving kickbacks is formed, customer purchasing personnel will be more daring to recommend products to their bosses to sign up, and there will be no psychological burden of being suspected of getting benefits. Eliminating kickbacks can also reduce the legal risk of signing up. Electronic signature is an industry related to contracts. Wanmin hopes to form an honest corporate culture. Customers’ choice of signature is based on trust in products and services, rather than short-term interest binding.
There may be few Chinese CEOs like Wan Min, who writes a long article on his personal official account to analyze the data moisture of competitors. Many people questioned her motivation for writing the article. In Chinese business culture, it is not a virtue to openly accuse her of opponents. But she said she didn't care about following the usual founder's standard answer: "I respect my opponent very much, thank you for the common education market." Since fraud is made, it should not be respected. "Disda means contempt, and there is no need to cover up."
Once, an Internet technology giant was providing cloud services to Shangshangdao, and the system bug occurred, which was considered a low price. However, the company did not inform Shangshangdao of this mistake, but secretly raised the price and contacted Shangshangdao, who was directly responsible for the cloud service, to help conceal it. Wan Min was very angry when she found out that the employee was bribed. Shangshangzhang decided to replace the cloud service provider. The data is currently being gradually migrated.
signs the office buildings in Hangzhou. During morning rush hour, the elevators are slow and there are many passengers. When waiting for the elevator on the first floor, there are often no empty space after the elevator is opened. This is because many people will run to the second floor first and squeeze in and occupy the space when they are down the empty elevator, which makes people who are normally queuing on the first floor unable to squeeze into the elevator for a long time.
The fundamental reason why the elevator has no location is that there is insufficient resources. In this case, some people look for shortcuts and don’t follow the rules, while others continue to queue up honestly.
0km is the third type of person. Once, when the elevator door opened on the first floor, she said to an elevator person who had occupied a good position: "You are bad money driving out good money." Later, she went to the property to solve the problem of plugging: during the peak upwards, the downwards elevator did not open on the second floor, and the entire second floor was a team of upwards signing, and everyone went downstairs to take the stairs.
After the class of, Shangshangda formed a technical team of less than 10 people, secretly developed it in the small dark room for half a year, and launched a new product of the contract management platform in early 2018.
new products are still standardized SaaS products in the cloud.
Wan Min has a new understanding of adhering to standardization at this time: contract management is something that allows enterprises to communicate with each other, just like railways, highways, and E-mail systems, which itself should be standardized, "otherwise the contracts sent by enterprises cannot even be viewed and signed." Wan Min said.
is deployed in the cloud, that is, on the Internet, because it can complete the entire process of data production, processing and transmission on a unified platform, which can better ensure the data security of all parties to the contract. If a locally deployed system is used, when enterprises want to send contracts to each other, although the data transmission is in the cloud, production and processing are still local. This means that the companies that sign the contract must back up their own enterprise information and seal information to the other party's system, which poses a potential security risk for printing. When an enterprise wants to sign a contract with multiple enterprises, it needs to have an account in the system of multiple contract objects, which requires repeated registration and the process is more complicated.
But the new product is no longer a lightweight product, which is very different from the design idea of B2C contracting tools.
In the B2Ch scenario, the contracts of the same template are repeatedly and largely sent to individuals, and the permission management and process are relatively simple. However, in large companies, detailed authority distinction and information isolation should be carried out. This includes specifying which seals are managed by the parent company and which are controlled by the subsidiary; the types of contract templates available to the subsidiary, specific fields that can be changed, etc. Similarly, personnel contracts in the same company that involve sensitive information such as salary cannot be viewed by other departments.
new products also need to consider cooperation among multiple people and departments. For example, initiating a procurement contract, it must go through multiple links such as drafting, legal review, financial review, and supplier qualification certification.
In terms of external communication, for enterprises that have been deposited in the contract management platform, the contract recipient can be automatically updated. Even if Party B takes over the personnel, Party A who issues the contract does not need to re-enter because the platform knows who Party B is the specific person in charge.
When signing a three-party contract, such as when a human resources outsourcing company regularly helps customers recruit personnel, the new product has the "Seal Authorization" function, which can set what seal to authorize, how long to authorize, and which contracts to be used for. If you follow the offline process, the human resources outsourcing company needs to go to the customer to stamp it regularly, and it also needs to be used for the time being.
cooperates with the new product, Shangshangzhang adjusted its sales strategy: leaving 4 sales to continue to serve the top 200 Internet finance companies, and the remaining more than 60 sales have turned to promote new products to traditional industry companies, such as manufacturing, retail, finance, etc.
This made Shangshang unexpectedly escape the industry fluctuations. With the explosion and stricter supervision, Internet finance companies closed down intensively after June 2018, with more than 1,000 remaining by the end of the year, which was halved compared with the previous year. Shangshangdao's new product won 91 major customers of traditional enterprises that year, and the company's revenue in the second half of 2018 was even higher than in the first half of the year.
continued to run in the new direction for a year, at the beginning of 2020, Wan Min found that the sales transformation was still not thorough enough. The sales team's execution of winning node-type large customers is not in place. A node-type large customer refers to a company that has contractual transactions with a large number of companies and can attract more companies to "enter the Internet". A typical example is the top 500 in the world.
These customers are strategic to the company but are not cost-effective to sales personnel. It took 11 months for Shangshang to discuss Starbucks . In the same amount of time, a salesperson with outstanding performance can make more than a dozen medium-sized customers, and Starbucks will not bring 10 times the revenue of medium-sized customers. After 2018, the company has higher incentives for large customers to complete orders, but it is still difficult to change the team's inertia.
0 Min made a decision: Mandatory sales elites who contribute 75% of the revenue and 20% of the number of people to Shangshangzhang. They specialize in the top 500 globally and can no longer be small and medium-sized customers.
She knows that this means that the company's revenue growth rate will slow down that year and the cost of acquiring customers will increase. Strategic salesmen specializing in leading customers sent an email to Wan Min, "What's wrong with being a little more customers? It's too few to be a top 500 customers for us." Twenty strategic sales personnel lost half that year. For those who are still losing money, just starting a node will lead to a slowdown in revenue growth, which also means financing pressure.
"Let go and hit medium-sized customers, the speed of networking will be slow. You must choose one among networking speed and income, and I will definitely choose networking." Wan Min said that 2020 is the most stressful and the most difficult time, but she thinks she has chosen the right one. That year, Shangshangzhang received 55 strategic major customers.
After confirming that the strategy of large customers is strictly implemented, the practice of signing up on the upper and lower levels is to first understand one industry, connect the upstream and downstream, and then connect multiple industries to form a network. Taking the automobile industry as an example, after entering the vehicle factory through Shangshang Sign, sales followed the clues and entered upstream and downstream companies such as power batteries, car dealers, travel, parts, automobile finance, and automobile services. At present, Shangshangdao has entered 11 industries including automobiles, banking, manufacturing, logistics, home appliances, chain retail, fast-moving consumer goods, and the number of new products reached 310,000 corporate users last year.
Olix Financial Leasing (China) Co., Ltd., as a professional financial leasing subsidiary of Japan Olix Group in China, introduced signing under the 2020 digital transformation strategic plan. First, it tried the waters in the vehicle leasing business, and then spread it in the field of small-scale direct leasing business, which improved the signing efficiency of Olix and upstream and downstream companies, and also led to many Olix's leasing business customers and upstream and downstream companies to register and sign.
When Japan's Daikin Industrial became a sign-up customer in 2020, the other party's person in charge told Wan Min that when they inspected sign-up, they found that they had dozens of dealers who had signed on to sign on, so that they did not need to teach the dealers to use the system, and promotion was more convenient. These dealers also serve Haier and Hisense . The two companies began to use the company in 2019. Haier currently has more than 20,000 cooperative companies on use.
, which owns well-known snack brands such as Oreo and Quduoduo , had about 25% of cooperative distributors used 期彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩
Wan Min said that when going out to talk about customers now, sales will directly place customer logos. The network diagram of the contract: "These companies in this industry are all using our products. Do you want to do business with them?"
Wan Min believes that the essence of using electronic signs to create a network effect is not a technical barrier, but a comprehensive difference in product design, sales strategies and other aspects caused by cognition. Therefore, in the early stages of network establishment, she was unwilling to explain her strategies too much. But now, she believes that the upper sign has initially formed a prototype of the Internet. An important indicator of
SaaS is the renewal rate, which measures the change in the total amount of renewal for all old customers. In 2021, the renewal rate of Shangshangdao’s contract management platform products is 105%. Since the launch of this new product in 2018, the annual renewal rate has exceeded 100%. There is also a special indicator to sign on
: mutual signing rate. Mutual signing refers to two paid companies that have already been on the Shangshang Signing Network that spontaneously sign contracts with each other. The mutual signing rate refers to the proportion of the number of companies that have had mutual signing behavior to the total number of paid companies on the upper signing platform. Wan Min believes that mutual signing is a signal of mutual communication. The mutual signing rate of the Shangshang Signing and Signing Management Platform in 2021 is 42%.
Learn to be a CEO
Wanmin is not a serial entrepreneur and has many years of experience in the enterprise service industry. She is learning to be a CEO. In addition to strategy and product direction, an important homework is people and organizations.
From 2018 to 2019, former co-founder Lin Xianfeng and former CTO Tao Zhen, who was the leader of Shangshangzhan, resigned one after another. Staff turmoil at senior levels of entrepreneurial teams is often an unfavorable factor affecting the development of the company.
Lin Xianfeng is a member of the founding team of Shangshangdao. When the company was first established, he served as the CTO. Since 2016, he has been managing the customer success team, customer service team, etc., and when he left, he served as a senior expert in the product market. He sued Shangshangzhi for illegally terminated the labor contract and demanded three times the salary. The court ruled in the second instance that Shangshangzhi would have to pay 134,000 yuan.
Tao Zhen was invited by Wan Min to join Shangshangzhang in 2018. He previously worked for the American SaaS company Intuit and Paycor. After resigning in 2019, he sued Shangshangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhangzhang
When dealing with the relationship with Lin Xianfeng, Wan Min thought he was not decisive enough. In the 8th month of the company's establishment, she realized that the other party could not keep up with the pace, but it took more than 2 years to adjust the other party's position and role in the company. Job changes are one of the reasons why Lin Xianfeng is dissatisfied.
0 Min's review of Tao Zhen's resignation was that he did not conduct a comprehensive and in-depth examination of the other party's specific work experience in the United States. A year after Tao Zhen joined the company, Wan Min found that the other party's ability did not meet the company's needs. "This is my big failure in identifying and employing people," said Wan Min. This time she made a decision faster, from Wan Min realizing the problem to Tao Zhen’s resignation, it was 2 months. Shangshangdao’s current executive team has absorbed former senior vice president of UFIDA, former founder of a SaaS company, senior managers of Salesforce, Tencent, SAP, etc.
Xiong Fei commented that Wan Min's advantages and disadvantages are the same. She is very persistent. The advantage is that she is determined by the strategic direction. After 8 years of SaaS, she is not moved even if she faces income pressure and changes in investment preferences. However, the relationship between people has grayscale, the goals can be direct, but the means must be soft sometimes. "She is much better than 5 years ago, but she is still a very tough person," said Xiong Fei.
In some principles recognized by Wan Min, she is stubborn and unwilling to compromise. In early 2018, I rejected the investment invitation from Alibaba and the in-depth cooperation proposal of Dingding . Wan Min believes that although it is easier to survive with Internet giants, it will lose the "neutrality" that big customers particularly value. They hope that there are no giants with competitive business behind the electronic contracting platform. Take bank customers as an example. They do not want the electronic signature platform they use to have investments from Alibaba or Tencent, both companies have Internet banking business.
The other two leading companies in China's electronic signing market eTagbao and Fada chose to cooperate in depth with technology giants. Ant Financial holds more than 20% of the shares in e-Sign Bao, making it its largest shareholder; Tencent led the investment in the C and D rounds of Fadada. The main investors of Shangshangdao are financial institutions such as Jingwei, Wuyuan, DCM, Shunwei, and Tiger. Another principle of signing on
is that sales personnel are strictly prohibited from giving rebates to customers' purchasing personnel. This sounds like a rule that everyone should abide by, but in fact, companies to B who dare to publicly declare that they will not give kickbacks are a minority.
Wanmin believes that this is a difficult approach to start, but it will be profitable to stick to it. After the reputation of not giving kickbacks is formed, customer purchasing personnel will be more daring to recommend products to their bosses to sign up, and there will be no psychological burden of being suspected of getting benefits. Eliminating kickbacks can also reduce the legal risk of signing up. Electronic signature is an industry related to contracts. Wanmin hopes to form an honest corporate culture. Customers’ choice of signature is based on trust in products and services, rather than short-term interest binding.
There may be few Chinese CEOs like Wan Min, who writes a long article on his personal official account to analyze the data moisture of competitors. Many people questioned her motivation for writing the article. In Chinese business culture, it is not a virtue to openly accuse her of opponents. But she said she didn't care about following the usual founder's standard answer: "I respect my opponent very much, thank you for the common education market." Since fraud is made, it should not be respected. "Disda means contempt, and there is no need to cover up."
Once, an Internet technology giant was providing cloud services to Shangshangdao, and the system bug occurred, which was considered a low price. However, the company did not inform Shangshangdao of this mistake, but secretly raised the price and contacted Shangshangdao, who was directly responsible for the cloud service, to help conceal it. Wan Min was very angry when she found out that the employee was bribed. Shangshangzhang decided to replace the cloud service provider. The data is currently being gradually migrated.
signs the office buildings in Hangzhou. During morning rush hour, the elevators are slow and there are many passengers. When waiting for the elevator on the first floor, there are often no empty space after the elevator is opened. This is because many people will run to the second floor first and squeeze in and occupy the space when they are down the empty elevator, which makes people who are normally queuing on the first floor unable to squeeze into the elevator for a long time.
The fundamental reason why the elevator has no location is that there is insufficient resources. In this case, some people look for shortcuts and don’t follow the rules, while others continue to queue up honestly.
0km is the third type of person. Once, when the elevator door opened on the first floor, she said to an elevator person who had occupied a good position: "You are bad money driving out good money." Later, she went to the property to solve the problem of plugging: during the peak upwards, the downwards elevator did not open on the second floor, and the entire second floor was a team of upwards signing, and everyone went downstairs to take the stairs.
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