Point of views of bink CEO on vape industry – Increasing repurchase rate greatly by optimizing nicotine salt
The founder of bink is Zhong Yunzhao. In April 2019, he received US$20 million investment from CHONG MEI TOBACCO HOLDINGS LIMITED. He has the advantage of traditional tobacco marketing experience. Since 2016, his brand bink has started to develop electronic cigarette products with HINs natural compound nicotine patented technology and committed to making vape a new choice for traditional smokers to improve their health like Juul, a satisfying alternative to cigarettes.
Zhong Yunzhao talked about his reasons for working in the electronic cigarette industry. He said he was from traditional industry and had been in the tobacco business for about 13 years. He had been exposed to tobacco like cigarettes in 2008, but at that time vape is not well developed and he did not pay much attention to it. But in 2013 or 2013, cigarette sales had been declining in overseas markets, and then found many people around him, including many people who used to smoke cigarettes before, started vaping, so he began to focus on the electronic cigarette market. He decided to enter first until 2017.
Following are some questions and answers between bink CEO and the interviewer.
Reporter: What’s the meaning bink?
bink CEO: bink brand name came out from our CMO. It means to break out from the ice. We used to develop in a small circle.
Reporter: Do you have an overseas background?
bink CEO: Yes, I went overseas since 13 years old. I graduated and worked in Switzerland.
Reporter: Why do you come back to China?
bink CEO: I come back to check the current market situation in China. After all, China has an enormous market.
Reporter: What’re your core competition strengths.
bink CEO: When I was abroad, I came into contact with many fragrant materials and crafts when doing traditional business, especially in Europe, Germany and Switzerland. So when we were working in this industry, we had to dig deep into this technology. In addition, we have rich resources. So we have been studying these things since we got them. Why did it succeed? Can we optimize its technology? Can we do better without infringing its patents? So it took us more than two years, and we were exploring the new technologies ourselves.
Our advantage is nicotine salt technology as our core competition strength. There are many nicotine salts on the market, including bad nicotine or bad nicotine. Nicotine is also divided into many kinds, used for pesticides, medicine, and some used for food. Therefore, it also has many grades, it’s not about some impurities, not about the poor purity mixed with bad things. We found that after optimization, it will increase a huge repurchase rate.
Reporter: Can customers feel the difference with your optimized nicotine salt technology?
bink CEO: Yes, they will clearly perceive this. The repurchase rate will not be immediately raised as the first impression. After two or three times comparison, they’ll find it is different from the others. Why do we still exist when the Internet marketing war is fighting so hard? Just because our own products and our own e-liquids supply are doing extremely well, that is, the more brands there are, the more contrast to our product will show in consumers which leads to alternate to our product. When comparing, the technical advantages of our products will be very prominent. So why do many Internet companies are desperately investing marketing? We are investing more in products, products are more core. After all, we are also out of the traditional industry and know the truth clearly.
Reporter: Why don’t you participate in online promotion activities like other brands? Are you afraid of getting beaten by those brands who’re good at Internet marketing?
bink CEO: Transfering from traditional industry brand to Internet innovation needs a gradual process. We always take products as the first starting point. Research and development of e-liquid technology and product optimizing need time precipitation and correct control of consumer demand. Unlike other Internet brand teams, we tend to develop slowly and gradually. Because the whole industry supply chain system is not perfect at present, and it’s in a state of demand exceeds supply. If we expanded blindly, our capacity can not keep up with the sales, it is also futile.