Shanghai Lingkong SOHO 188bet online live casino Headquarters，A game to "reshape culture、The mid-level and high-level meeting with the theme of "Recovering the Original Aspiration" lasted for nearly three hours。Considering the several setbacks this online travel giant has encountered in half a year，This meeting in late November 2017，The atmosphere is serious，This is not surprising。

The confrontation occurs in the third link。Being the Chairman of 188bet online live casino’s Board of Directors Liang Jianzhang、188bet online live casino CEO Sun Jie spoke successively，Reviewing 188bet online live casino’s entrepreneurial history，And summarized the child abuse incident in parent-child kindergarten、After the ticket tying incident，Someone stood up and asked a question in front of everyone - the question was direct、Sharp，This is the unanimous evaluation of many 188bet online live casino employees afterwards。

“Does 188bet online live casino pay too much attention to short-term profits，Ignoring corporate culture and long-term value？”The employee asked.

188bet online live casino question goes to the core.

Several occurrences in succession、The seemingly unrelated incidents that caused public uproar、But there is a certain internal connection。The biggest enemy of a large company established nearly 20 years ago is itself，How to balance long-term and short-term interests，How should we behave towards ourselves？

188bet online live casino admitted that he himself“I don’t have time to worry about values”，"responsible" for 188bet online live casino。He emphasized，The pursuit of KPI must be based on user experience。

More than 200 188bet online live casino’s mid-level and senior executives attended this meeting。Next，The meeting content is in the form of video recording，Learn step by step in this company with more than 30,000 people、Loop play，covering almost every corner。

“Meetings often feel like a waste of time，But 188bet online live casino meeting，You see a department leader can do it in front of so many people，Speak directly，Will inspire the people below。188bet online live casino is how you can talk to your boss。”A 188bet online live casino employee said to 36Kr.

Although ticket tying and parent-child child abuse incidents are far different in nature，But the turbulent public opinion has no patience to distinguish the difference。On social networks，Some users called for uninstalling 188bet online live casino，Others pointed out meaningfully，It doesn’t matter，"You will forget after a while"

Since hitting rock bottom in 2012、After Liang Jianzhang’s return in 2013，188bet online live casino has staged a miraculous counterattack in the past five years: its stock price has increased by 6.5 times，Total market value reached US.2 billion，Net revenue growth 3.6 times，Profit nearly doubled。2015，188bet online live casino invests in eLong one after another，After merging with Qunar，Build OTA (Online Travel Agency，Half of the online travel booking platform。The merger of Tongcheng and Yilong at the end of 2017，It can also be called the final move of the "188bet online live casino system" to unify the online travel traffic portal。

188bet online live casino was supposed to be a proud moment for founder Liang Jianzhang and new CEO Sun Jie，But it became a year of reflection for them。

188bet online live casino stock price

188bet online live casino Performance Table

This winter，Liang Jianzhang and Sun Jie canceled many planned public events and visits。A mid-level 188bet online live casino employee said，Even when he posted a recruitment message on Moments, he felt aggressive pressure from the outside world，Someone left a message and asked a question，“You still dare to recruit people now？"A supplier whose relationship with 188bet online live casino had previously broken down said，"User first、Supplier No. 2、188bet online live casino’s slogan “Third” is often a joke。In some investor meetings，Some people are already discussing whether there is a chance to create another 188bet online live casino，Satisfies practicality，Winning the trust and loyalty of users。

We do not intend to simply accuse a company of ethical misconduct，188bet online live casino’s story has more value worthy of discussion and reflection:How a large company that controls the voice of the industry uses its dominant position？How a large, established company gets rid of path dependence、Regain the power of innovation？

These problems are very serious for 188bet online live casino。Just like Tencent in the 3Q war、Baidu in the Wei Zexi incident，This kind of crisis is also an excellent opportunity for a company to reflect on itself。

"Tying of last resort"

During National Day in 2017，An article titled "10 Billion a Year？Revealing the “trap” of “188bet online live casino””、An old article that was originally circulated in April of the same year was widely circulated again on social networks。Article name，188bet online live casino on air tickets、Train ticket and other booking links，Insurance will be bundled by default、Hotel Coupon、Pick up and drop off at the airport、VIP lounge and other various fees，And the interaction design is hidden，Hard to discover and cancel。Subsequently，Artist Han Xue “188bet online live casino is in hand，Weibo denunciation of "see clearly before leaving"，Push public opinion to a climax。

"Tie-in" is an ancient and common 188bet online live casino model，Referred to as cross-selling or related selling in marketing。E-commerce companies have learned to inspire related purchases based on user data and past behavior。

A 188bet online live casino employee told 36Kr，In designing these machines＋X，When wine + X product，188bet online live casino made calculations based on data，For example, customers from Shanghai may prefer Huatai’s insurance，Not so for guests from Beijing。This X is in addition to insurance，Also includes city card、wifi etc "everything you can think of"。

“It’s not easy to talk about these resources，You still have to compare prices with other companies，The business manager will be ecstatic to add the product，Hope guests like it。"This employee defended 188bet online live casino。

But there is a fine line between meeting user needs and exploiting user loopholes。“Cross-selling is no problem，But the setting becomes the default check，Let you pay accidentally，There is a problem。" said a tourism industry analyst。This also represents the main criticism of 188bet online live casino from the outside world。

Domestic OTA platforms have some mild or severe default tying behavior，The reason why 188bet online live casino has received the most violent criticism，Due to its high market share in the air ticket field，And high revenue and profits through cross-selling。

According to data from Analysys，2016，In China’s online transportation booking market, which accounts for more than 90% of air tickets，188bet online live casino accounts for 35%，Qunar20.7%，Considering that 188bet online live casino’s merger with Qunar will be completed at the end of 2015，The total of the two is more than half-this is the source of the impression of "the store is bullying customers"。

This impression doesn’t just come from bundled sales。The online tourism industry’s major mergers and acquisitions were just completed from the end of 2015 to the beginning of 2016，188bet online live casino’s “air ticket tricks” have been exposed，Writer Jiang Fangzhou、Li Miaohe ttdz, a travel professional，has made complaints about the existence of connecting tickets on its international air tickets、Fake ticket、Points Ticket Vulnerability，Points to 188bet online live casino’s poor control over air ticket agents on the platform。

“A large proportion of Japan Airlines’ tickets in China are sold by 188bet online live casino，188bet online live casino is unscrupulous towards these airlines，The airline has no choice but to be sold points tickets，It has become a vulnerable group。”ttdz said。New Year’s Day 2016，He received a "points ticket" from 188bet online live casino that belonged to someone else (only he and his immediate family members can use it)，Awkwardly blocked while checking in in Tokyo，Contacting 188bet online live casino customer service to no avail，In the end, I had to buy a new flight ticket back to China worth more than 10,000 yuan on the spot。

Earlier，CCTV News Channel also exposed that 188bet online live casino’s “travel packages” charge as high as 60%-80% in refund, change and booking fees – but in fact airlines do not charge this much。Due to “buy low, sell high”，188bet online live casino also refuses to provide users with itineraries。

Such user complaints occur from time to time。After the bundled sales controversy，188bet online live casino’s rectification plan is online，In two parallel booking channels，“Quick Booking” still includes default car and wine coupons, etc.，But "normal reservation" no longer has any default options under the premise of watching a 5-second ad。

Why 188bet online live casino is so slow and painful in similar reforms？

A person close to 188bet online live casino told 36Kr，The above-mentioned change alone caused the revenue loss of 188bet online live casino’s ticketing section to be as high as 70%。

The revenue of the transportation business is so dependent on tying--according to a previous report by Caijing，Cross-selling contributed 15% of 188bet online live casino’s total revenue in 2016，40% of net profit。

188bet online live casino’s air tickets come from three channels: direct sales from the airline’s official flagship store、188bet online live casino is self-operated as an agent、Third-party agent sales。Since 2015, "direct sales have been reduced to direct sales" (China's State-owned Assets Supervision and Administration Commission requires airlines to increase the proportion of direct sales，Reducing agency fees) policy implemented，The airline flagship store will no longer pay commission to 188bet online live casino，The number of third-party agents has also been greatly reduced，Objectively causing the loss of price-sensitive users，All of this may ultimately affect 188bet online live casino’s revenue。

Based on 188bet online live casino’s internal calculation，Non-airline flagship store part，Average one ticket sold，The commission income obtained by 188bet online live casino is around 10 yuan，This does not include marketing、Technology and other costs。In case of cancellation or change，188bet online live casino needs to rebate 28 yuan。

The opposite，Although the price per customer of the ticket bundled products is not high，But the profits are considerable。Private car hotel coupon、188bet online live casino already has a purchasing advantage for self-operated products such as travel vouchers，Insurance products account for the highest proportion in tying，The gross profit is as high as over 90%。“Some insurance companies are trying to achieve performance，Will tell 188bet online live casino，95% or even 98% of the profits will be given to you。"A travel industry person said to 36Kr。

“The promotion of direct discounts makes 188bet online live casino more willing to bundle sales，The amount is getting higher and higher。” Another industry insider said。In his opinion，This is equivalent to a kind of path dependence-188bet online live casino relies too much on transportation business，Domestic and international air ticket revenue accounts for about 80%、The rest are train tickets, bus tickets, etc. - and the only way to make this section’s revenue grow rapidly，Just make the default tie-in more active、More fierce。And points ticket、Connecting ticket、Many ways to bet on the probability of refund, change of ticket, etc.，The purpose is the same - to make money from the ticket business。

“Big Mac squeezes the industry，Everyone has grievances。It broke out this time。” A person close to 188bet online live casino’s senior management told 36Kr，"The boss knows in his heart, but there is nothing he can do."

In other words,188bet online live casino can only get out of these "quagmires" by finding new paths.

Transportation is the only segment whose revenue share has increased significantly，The proportion 188bet online live casino first three quarters of 2017 has also stabilized at more than 40%

KPI anxiety

It is an obvious fact that it is difficult to make money on air tickets。188bet online live casino is also the reason why the international OTA giant Priceline has built its business model in the hotel business more wisely - compared to the aviation industry where there are only a few large companies，Low concentration in the hotel industry，It is more suitable for OTA to exert its platform matching value-the ticket revenue is not even 10% of its total revenue。

188bet online live casino’s transportation revenue is based on air tickets，is its largest income，Accounting for more than 40%。

Source: Priceline 2016 Financial Report；Refer to Haize Capital

Transportation ticketing with air tickets as the core is for 188bet online live casino，It should be more of a traffic-based business - just like Didi can’t make money from taxis，But I can start by relying on the taxi business to accumulate users、Drive express trains and other profitable businesses like this。

Traffic-based businesses should not bear too much profit pressure，But on 188bet online live casino，This is not the case - the Business Unit it adopts，abbreviated as BU）made，And a single-dimensional KPI assessment system，Objectively, it blocks the possibility that the huge transportation department can only be used to divert traffic。

Under the BU assessment system，188bet online live casino can only tolerate some small traffic-based businesses that are not very profitable - such as content-based strategies、The food forest is still in the growing stage - in a state of being raised。“188bet online live casino’s hard to imagine a mature person，Transportation departments with thousands of people do not need to bear revenue responsibilities。”A 188bet online live casino employee said to 36Kr.

2013，When 188bet online live casino founder Liang Jianzhang ended his six years of academic life，When appointed to take over the company again in the face of crisis，An important measure is to implement the business unit system，That is, dividing the company’s organizational structure into independent BUs according to business lines，Rudajiao、Big accommodation、Vacation，There is also SBU (Strategic) under BU、EU (Entrepreneur) and other secondary business units。

The core of the BU system lies in delegation and incentives，The CEO of each BU is solely responsible for costs and benefits，The way 188bet online live casino assesses BU，It is a strict valuation formula: four times revenue (revenue) + 20 times net profit (profit)，divide by two。This formula is equivalent to 188bet online live casino acting as a stock exchange，Pricing for each BU，The price is directly linked to personnel bonuses。

When a new business grows and grows，We must also obey this rule，It determines the amount of resources the company allocates to it。“Just like an external company taking Series A、Series B financing requires the same valuation，188bet online live casino’s big boss is like your investor。" said a mid-level 188bet online live casino employee。He thinks，This calculation method is even more stringent than the outside，The difficulty lies in it，“We must grow without losing money”。

“The valuation results largely determine a department’s say in 188bet online live casino。" A person close to 188bet online live casino told 36Kr。The advantage is that each department has greater initiative，The disadvantage is that the synergy becomes worse。“If you want revenue or profit，Has a direct impact on business line behavior，But for cross-department cooperation，It cannot be reflected。”

188bet online live casino means，Every BU must find its own path to commercialization，and maximize it。

To win in mobile battles，2014、188bet online live casino will not count losses in 2015、Two years of price war，The fourth quarter of 2014，188bet online live casino ushered in its first loss in more than ten years (2.2.4 billion RMB)。“The reason why 188bet online live casino bought Qunar，Mainly to end the war、Increase profits。"More than one person in the tourism industry said。“Qunar is a successful capital game，But it does not reflect the success of the model，Because it is unsustainable。" A person close to 188bet online live casino told 36Kr。

Pursuit of profit、Reducing operating costs becomes a priority after acquisitions and integration are completed，188bet online live casino’s primary goal in the past two years。For overlapping sections、Local promotion business to lay off employees，Strictly control the headcount of each department，Open up traffic between “188bet online live casino” systems，Consolidating hotel purchasing rights into one place，All belong to this column。

188bet online live casino CFO Wang Xiaofan said at the 2016 annual report conference call，188bet online live casino’s profit margin，No matter domestic or international business，Both have great room for improvement，Next 2 to 3 years，The profit rate can reach the level of 20%-30% - this is the commitment of listed companies to secondary market investors。

A travel startup CEO thinks，188bet online live casino as a public company，All financial data and some core operating data are public，It must emphasize its profit growth to cheer investors，Companies such as Meituan invested by primary market private equity funds，Just emphasize the continued rise in market share，“What is the core is often closely related to the company’s stage”。

This is also the reason why Liang Jianzhang and the board members appointed Sun Jie as CEO。The former 188bet online live casino COO and CFO are considered to have strict execution capabilities，Also have a clear judgment on numbers。

Sensitive and highly dependent on numbers，is one of the principles of this Shanghai company。At the business discussion meeting between Liang Jianzhang and Sun Jie with various BUs，A core process is to pass the numbers one by one。A former 188bet online live casino employee said，Liang Jianzhang’s questions will be detailed to what a certain percentage of molecules are，What is the denominator。Sometimes he seems to be dozing off，But suddenly his eyes light up and he stands up，Speak out what he thinks is wrong，And usually get to the point

188bet online live casino even systematically trains “statistics” internally for middle-level employees，And organize the exam，And this is not an easy task。“The boss hopes that the CEO of the business unit can have methodology，Don’t pat your head and make judgments，Still with data、Based on probability。" A mid-level person from 188bet online live casino told 36Kr。

Highly rational、Advocating technology is the unanimous evaluation of Liang Jianzhang from the outside world，This is somewhat a lesson from the battle with Qunar，It also profoundly influenced 188bet online live casino’s culture。More than one 188bet online live casino employee said，On 188bet online live casino，Technology、Mid-level and senior managers with R&D background are more likely to be promoted。After returning in 2013，Liang Jianzhang took the lead in raising the salary of R&D personnel from 13 salary to 15 salary。

"Liang Jianzhang will never seek nepotism，Whoever has the ability will come，Absolute KPI orientation。” said a Qunar employee。All of 188bet online live casino’s current technology executives are from Qunar。

From the perspective of business ethics，KPI orientation is not directly equivalent to doing evil，It even earned 188bet online live casino some praise。“You must know that it can still make money with a call center with more than 10,000 people，From a business perspective, we should respect others，And admire others。"A hotel startup CEO said to 36Kr。

But excessive pursuit of KPIs may lead a company to instinctively despise something that cannot be measured with data，For example, values。“Liang Jianzhang is a genius，Not a businessman。He doesn’t care much about corporate culture，I don’t like communicating with others either。" said a person close to 188bet online live casino executives。

After the reflection meeting last November，188bet online live casino has incorporated “customer value” into the KPI system as a new indicator，Rated by a Quality Assurance (QA) department independent of the line of business。

Quality control, a department with thousands of people, has always existed as a "regular email sender"，Oversee the processes and services of each 188bet online live casino line，Assessment such as search no-result rate、Call answering rate、Non-availability rate、Concrete and subtle indicators such as the car-free rate at the site。

“Every business will be quantified，More than a dozen major defects，There are small defects under the big defects，Each flaw is divided into different scores from the least serious to the most serious。One defect per record，Just deduct points、Deduction of money。" said a 188bet online live casino employee。

But before，For the default tying category, it is related to user experience、But a vague area，QA has always lacked intervention。“QA does not have direct rights，More questioning”，A former 188bet online live casino employee said，“But if BU pays more attention to its own revenue，will pay less attention to opinions，QA supervision will be weakened。”

Declaration of war for 200 million room nights

But it has been more than two years since the major Internet mergers and acquisitions at the end of 2015，The giants born at that time all faced new competition。Didi is like this、Meituan is like this，Invested in eLong continuously in 2015、After merging with Qunar，The same goes for 188bet online live casino, which has established its dominance。

188bet online live casino makes people think again，Can mergers and acquisitions really end competition？

“When Meituan announced nightly volume and sought independent financing，ACM in the tourism industry (Alibaba Fliggy、188bet online live casino、Meituan Travel) era has officially arrived。" said a person in the tourism industry。

If Fliggy’s platform model breaks 188bet online live casino’s dominance in air tickets，Then the most profitable accommodation segment on 188bet online live casino，Meituan has become the most feared opponent。

once，Liang Jianzhang tried to do what he did to Qunar，End the war with Meituan Liquor Brigade through merger。Summer 2016，There have been rumors in the industry about the merger of Meituan Wine Travel and 188bet online live casino，But it was severely denied by both parties。But according to a person close to the transaction told 36Kr，The two parties did have contact，However, no agreement was reached because Meituan advocated equal status。Because，“Although Meituan’s room nights are 2-3 times that of 188bet online live casino，But the unit price is only 1/4 to 1/3 of 188bet online live casino。” said the above person。But this data has not been officially confirmed by the two companies。

In short, the competition continues.

Just like Didi’s generous commission rate of 26%，After it merged with Uber at a high cost，Still attracted Meituan、Same as Mobike and other new rivals，188bet online live casino also encountered competition from Meituan。

Although 188bet online live casino has long established a complete hotel supply chain，But its high commission of 10%-25% encountered a backlash from high-star hotels to inn owners。

A boutique B&B with a unit price of nearly 1,000 yuan expressed 36 Krypton，188bet online live casino charges itself 15% commission，This means nearly 150 yuan per room per night。Because of this，This B&B is trying to attract customers through various methods such as WeChat ID。This is why hotel groups such as Huazhu have spent great efforts to build their own membership systems、The reason why Marriott and Alibaba established a joint venture。

188bet online live casino also gives the pursuers a chance，Hotel sources say，Meituan’s commission was once as low as 3%。

“188bet online live casino has always been very competitive，The opponent will be very nervous when they get up，Never relax。The approach is that we must have what they have，Then compare prices every day，Negotiate a low price with the resource provider。" A 188bet online live casino hotel business employee told 36Kr，“Because the characteristics of the Chinese market are，No matter how many stars the guest is，They are all sensitive to price。”

“It will also be more targeted in market launch，A place in a certain city where Meituan has an advantage，We also want to market to。” Sun Bo, 188bet online live casino’s senior vice president in charge of marketing, said in an interview with 36Kr in July 2017。

In strategy，Both 188bet online live casino and Meituan are attacking each other’s areas of advantage—Meituan hopes to break through 188bet online live casino’s high-star hotels、A solid line of defense for high-end consumers，Make more profits。188bet online live casino is targeting the third and fourth tier markets，Expand user base beyond business travel

A person close to Tencent Guangdiantong told 36Kr，188bet online live casino’s annual advertising spend on Tencent exceeds 100 million，The product with the best conversion rate is an hourly room for about 100 yuan。“This shows that 188bet online live casino intends to penetrate into low-spending groups，And the results have been seen。" the person said。

Another person close to 188bet online live casino said，188bet online live casino’s popularity rose rapidly in bottom-tier cities last year，Reservations in some county-level cities increased by more than 60%。

For lower-tier cities and young people，188bet online live casino’s more important weapon is Qunar。Although this seems to be a logical arrangement，But the investment in this battle is not low，It is difficult to make money and even affects profits，That’s why 188bet online live casino is not firm enough in execution。

A city manager of Qunar hotel department said，Zhuang Chen Super Era，Their main strategy is to keep a close eye on Meituan，Top ten hotels in a second-tier city on Meituan，its booking volume、Check-out quantity、Business data, etc.，It will be tabulated every day，Submitted by email。But from the second half of 2016，I can no longer receive this kind of mail。"To put it bluntly，188bet online live casino still doesn’t value low stars。" the city manager said。

“It is normal for Qunar’s strategy to shrink，Before the acquisition, it was to increase the hotel’s capacity，At Qike、Very aggressive in terms of subsidies。But it is no longer necessary after the acquisition，188bet online live casino has no intention of spending money with Meituan for medium and low stars。"A person close to Meituan said。

188bet online live casino period，Meituan has maintained its fierce momentum，The official room night volume is from 2016 1.300 million jumped to 200 million in 2017。“We will do precise marketing through big data，Help merchants increase marketing ROI by 3 to 4 times，At the same time our ‘wine + meal’ model，Can bring 1 to high-star hotels every month.500 million catering consumption。” Guo Qing, general manager of Meituan-Dianping’s accommodation division, told 36Kr。

Some people think，188bet online live casino does not require heavy investment，Waiting for these young people to automatically become 188bet online live casino customers when they upgrade their consumption。But some people in the hotel industry think that，“Meituan’s growth rate will become a potential energy，Gradually threatening the lifeline of existing monopolies。”

The general view in the industry is，Meituan-Dianping targets the high-frequency demand for catering，The cost of acquiring customers is extremely low - Meituan officials once said，The customer acquisition cost is only a few yuan，Less than 1/10 of traditional OTA - even the unit price and commission are not high，There is also a small profit。In addition, 188bet online live casino is recommended to finish eating，Recommended to play、live，Scene matching。And traveling around、The rise of local consumption such as one-day tours，Give 188bet online live casino more opportunities。

December 2017，188bet online live casino Senior Vice President Chen Gang becomes CEO of Qunar.com，Considered to be 188bet online live casino’s drastic transformation of Qunar、Grooming business for it，The beginning of rebuilding goals。This person transfers train tickets internally to 188bet online live casino、The star CEO who single-handedly led the bus ticket business，Having high expectations from the outside world。

Following Chen Gang，Sun Bo, senior vice president of 188bet online live casino, also serves as CMO of Qunar，Announcement of reorganization of Qunar marketing team。“Different from traditional marketing department，This team focuses more on efficient and fast growth-driving functions。"Sun Bo said bluntly in the circle of friends。He also posted photos of having dinner with Chen Gang after taking up his new job，And said that he will "frequently fight against Zhongguancun" in the future。

“Chen Gang will make major strategic adjustments to Qunar，Competition with Meituan should be more direct，More close combat。"A person close to 188bet online live casino and Qunar said。"The battle that must be fought cannot be avoided。”

Judging from the results，188bet online live casino is the only profitable OTA in China，But the profit is not too much - Priceline's net profit margin is close to 30%，10% for 188bet online live casino。

However，Except fighting on old business，The issue that should be more concerned about is，What new growth points and opportunities does 188bet online live casino have。

No ticket，Airbnb, an upstart startup with only accommodation business，The valuation reached US billion during last year’s financing round。I have been working with 188bet online live casino for 18 years，Today’s market cap is billion。Less than Airbnb。

Trapped next big thing

What 188bet online live casino often asks his subordinates is，What are the new projects recently？

Since 2016，188bet online live casino introduces internal entrepreneurial mechanism，Take advantage of traffic，Hatch train ticket、Bus tickets waiting for Baby Tiger，Also launched “air-rail combined transport”、Innovative services such as micro team leader，If the indicator is good, it will rise in the 188bet online live casino App palace grid，The bad ones will be removed。But in the user’s view，These innovations are too subtle。

On the other hand，Outside of big transportation and big accommodation，Some people should take on important responsibilities、Section with platform-level opportunities，Its development has not yet reached expectations。

188bet online live casino financial report display，2013 to 2016，Although 188bet online live casino’s third largest business segment “vacation” has maintained an average annual growth rate of more than 30%，But the revenue share dropped from 16% to 12%，Lower than the company’s overall growth rate。And leisure vacation market，As the OTA business, the online penetration rate is the lowest、The lowest standard piece，Originally had the greatest potential。

2010，Fan Min, then CEO of 188bet online live casino, once said publicly，The next ten years，188bet online live casino enters the "second journey"，One of the very important demands，"It is to increase the leisure market share"。A former fake business employee told 36Kr，Before Liang Jianzhang’s return，188bet online live casino once listed the independent listing of the vacation segment as one of the company's strategies，But nothing happened after that。

188bet online live casino is the industry consensus that leisure vacation is difficult to do，188bet online live casino involves air tickets、Hotel、Local entertainment and many other products，Long chain、Consumption is random、The cost of acquiring customers is high。“A leisure travel order，The cost of attracting new customers is between 400 and 500 yuan。" said a tourism analyst。Take the classic free travel packaged product “machine + wine” as an example，The combination possibilities are extremely complex，Users’ price comparison habits also make 188bet online live casino difficult for them to convert。

188bet online live casino once tried to break down vacations into small BUs，Activate this service。2013，Yang Tao returns to 188bet online live casino with Liang Jianzhang，Replaces current Huayuan International Travel Service CEO Guo Dongjie as vacation business CEO，Subsequently led the two-year “decoupling plan”，That is, from the technical and system levels, the vacation section will be organized into a large system，Disassembled into independent subdivided business units，This involves the supply chain、Operation、Reallocation of marketing resources。

But group tour、Free travel、188bet online live casino is extremely difficult to dismantle subdivided units such as cruise ships，Only one clear and simple business segment, Tickets, benefits from the program，Grow up independently，Other sections performed mediocre。By the end of 2015，Group tour、Free travel、The three SBUs of the cruise ship are re-merged，Become a new vacation BU。

“This took two years，Highest priority when making requests，Deploying the most manpower，But it does not generate income，Business efficiency is also affected。”The name of the above-mentioned former 188bet online live casino employee。It was during this time，Tuniu specializes in leisure and vacation travel (mainly outbound and group travel)、Tongcheng (ticket、Cruise-based) rapid rise。

Some people in the industry believe that the development strategy of 188bet online live casino is generally conservative、Not taking the right steps，Some people also think，188bet online live casino’s strategy for rival Tuniu in the vacation field is to “exchange losses for growth”，But it is difficult for 188bet online live casino to be so aggressive in marketing。

Tuniu CEO Yu Dunde once said，Leisure vacation has never been 188bet online live casino’s core business，“Between the core business of air ticket and hotel booking and vacation travel，188bet online live casino needs to make a choice。”

Vacation 188bet online live casino is relatively difficult to do，Rebuilding an Airbnb may be a better choice。

188bet online live casino previously supported Tujia as a major shareholder，But since 2017，With Airbnb、Xiaozhu and other competitors are making efforts，188bet online live casino has higher expectations for Tujia。Until October 2017，When Tujia announced that its online platform received Series E financing led by 188bet online live casino，The fortunes of this five-year-old startup have changed。

Many people close to Tujia confirmed to 36Kr，Tujia founder Luo Jun has lost control of Tujia’s online business，The company was actually taken over by 188bet online live casino and Liang Jianzhang。

This change stems from Tujia investors, including Liang Jianzhang, who are dissatisfied with its business growth。Back in October 2016，Yang Changle, the former vice president of Qunar.com, is parachuted into Tujia as COO，This move is regarded as the first step for 188bet online live casino to transform Tujia。

June 2017，Liang Jianzhang held an unprecedented business meeting with Tujia executives，He looked downcast during this time，Sharp question，Not very satisfied with the numbers reported by each section。36氪 learned from a core person，After this meeting，Tujia begins a round of staff reduction and efficiency improvement，By August，Each business unit has implemented 30%-40% layoffs，Most management positions are being replaced，Settled by many 188bet online live casino and Qunar employees。

Meanwhile，188bet online live casino will connect Tujia’s non-standard housing listings to its core hotel channel，This has a huge boost to Tujia’s transaction volume, which has nearly doubled。Liang Jianzhang previously publicly stated，Increasing supply is the direction of efforts in the non-standard field for some time，The purpose of importing traffic to Tujia is probably to use demand to force supply。

But this brings some potential risks，For example, 188bet online live casino’s large accommodations are ultimately provided by hotel brands，In the non-standard market，The platform has a deeper awareness in the minds of users，Operation is also more important。

“It is too early to integrate Tujia into 188bet online live casino at this stage，Startup companies should focus on industry issues，Instead of serving the big group too early。The relationship is too close，It will get entangled。"A person close to Tujia and 188bet online live casino said to 36Kr。

Betting on internationalization

Mid 2017，Liang Jianzhang once wrote an article on the company’s professionalization and diversification issues，Rebuttal to Meituan CEO Wang Xing。He said，After many American companies have achieved success in the local market，I often think of globalization，Chinese companies consider diversification first，To invest or enter a new business，“188bet online live casino may be due to the weak globalization capabilities of Chinese companies，Or the company’s own advantages are not related to innovation。”

This speech is a tit-for-tat confrontation between competitors，It is also the most important strategic footnote of 188bet online live casino。

The monopoly position and growth bottleneck of domestic OTAs make 188bet online live casino’s internationalization inevitable，In addition to bringing Chinese people overseas，It also needs to become the first choice for overseas users when traveling。And that means and Priceline、Competition from international OTA giants such as Expedia，The latter two’s international revenue accounts for 80% and 40% respectively。2016，188bet online live casino’s indicator is 27%。

2016，188bet online live casino invests in India’s largest online travel company MakeMytrip，Strategic Investment in the United States、Seaou Two Land Connection Society，And acquired Europe’s largest air ticket search platform Skyscanner for £1.4 billion。These three targets each bring 188bet online live casino an emerging market with huge potential，Upstream control of an important destination，And a high-quality global traffic entrance。

Investment and mergers and acquisitions are the shortcut to internationalization，This is also 188bet online live casino’s strength。Previously its strategy was to lay out along all links of the tourism industry chain，Both mergers and acquisitions、Also participates in shares (mainly holding large shares)，Gradually forming the potential of a monopoly。

Incomplete statistics on 188bet online live casino’s equity acquisition cases after 2011，Source: public information

The acquisition of Skyscanner is a typical case of 188bet online live casino’s precise move。“The price when 188bet online live casino purchased it was equivalent to a premium of no more than 10% in its previous round of valuation，And it’s Brexit time、Exchange rate decreases。" said a travel industry analyst。This online ticket agent founded in the UK is not only growing at a remarkable rate，It can also complement 188bet online live casino on international air tickets。2016，Skyscanner contributes 5%-10% of revenue to 188bet online live casino。

“But there are not many good bids like this anymore，188bet online live casino may need to change its thinking before continuing，For example, buying some loss-making companies，Or traffic-based company。“The above analysts said。

188bet online live casino’s phased goals for internationalization，It’s South Korea、Japan、Asian markets such as Hong Kong – locals and Chinese travel to similar places，But its hotels and airlines are relatively weak in terms of investment and capabilities，And this gives 188bet online live casino an opportunity。

But globally，It is not easy to break the OTA separatist situation。“OTA’s success is all based on specific soil，Expedia in the United States，booking in Europe，agoda in Southeast Asia，188bet online live casino in China，But 188bet online live casino wants to successfully copy it overseas，It is just as difficult as other companies to copy to China。"A travel industry person said。

Also trying to go abroad is Meituan, which received strategic investment 188bet online live casino Priceline。Not long ago, Meituan Travel held a low-key overseas agent conference in Singapore，Intent to overtake in a popular overseas destination。

For service internationalization，After taking over as CEO at the end of 2016，Sun Jie started a craze for learning English on 188bet online live casino。She encourages employees to report PPT in English、Complete TOEIC test，Some offices are branded “English War Rooms”。Although the tough implementation method attracted criticism from some old employees at the reflection meeting，But this 18-year-old company still tries to maintain the power of self-renewal。

Someday this winter，At the front desk of 188bet online live casino’s office building in Jiuxianqiao, Beijing，The same video was played cross-playing on two TV screens - Liang Jianzhang’s speech at his alma mater Stanford University in July 2017，The theme is 188bet online live casino’s internationalization and recruitment of more overseas talents。He looks very confident in the light-colored shirt in the video。

“188bet online live casino will become the most successful online travel company in the world。”Liang Jianzhang said，“Everyone in the world travels all over the world，We are confident we can do 188bet online live casino。”

As a family there are already 30,000 people、More than a dozen BUs、A large company with a market value of more than 20 billion US dollars，What does "most successful" mean？Can 188bet online live casino be considered a vision？

188bet online live casino past 2017，China has experienced successive incidents of expansion and mismanagement of red, yellow and blue kindergartens，The child abuse incident caused by；Boss directly hires to relax recruitment company review in order to pursue the number of positions，The "Li Wenxing Incident" that caused job seekers to fall into MLM organizations；360 pursues live streaming performance，The “Water Drop Live Incident” that invades privacy。Go further back，There is also Baidu doing Putian-based medical advertisements in pursuit of performance，The “Wei Zexi Incident” caused by。How companies can balance their own development and social responsibility，Become an unavoidable issue。

In "Reinventing Culture、After the meeting about "recovering the original intention"，After 188bet online live casino incorporated “customer value” as a new indicator into the KPI system，“Now everyone dare not ignore it，If the customer value is low，No matter how much you do, it’s useless。" said a 188bet online live casino insider，"From top to bottom，Jane (CEO Sun Jie) is staring at QA (Quality Control)。”

“Most people actually don’t know what the big boss thinks，” the person said。This is the management difficulty of a large company like 188bet online live casino with a large number of people。

Liang Jianzhang once mentioned that 188bet online live casino aims to satisfy people"The only expensive spiritual need"。To achieve 188bet online live casino，It requires renewed faith、Out of the shadows。

*本Text source: WeChat public platform “36Kr”(ID:wow36kr）, author: Qiao Qian, original title: "With 188bet online live casino in hand, where should we go?》