贝泰妮：薇诺娜占住“敏感肌”，为什么利润仍被流量分走？｜EP46

from 投研随身听 · host 慢研播客

薇诺娜在中国皮肤学级护肤品市场占19.4%，连续多年第一。但到了2026年上半年，贝泰妮仍把36.3%的收入花在渠道及广告宣传上。本期从薇诺娜的医学背书和低频购买讲起，拆解贝泰妮怎样从货架电商的主动搜索，转向抖音等内容平台购买新客；也会回顾公司在2023年至2025年之间的投放调整，以及定价权为什么留在高客单的私域老客，增长却来自议价更弱的平台新客。品牌心智决定收入的底，平台流量决定利润的顶。信息截止：2026-08-27。本节目不构成投资建议。

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贝泰妮：薇诺娜占住“敏感肌”，为什么利润仍被流量分走？｜EP46

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