Xiaomi or 'Mi' has become one of the prominent cellphone manufacturing companies around the world and the massive success achieved by them over the course of just a few years is curiously intriguing. The first time they caught everyone's eye was back in 2011 when he company sold 100,000 phones in 3 hours, then again in mid-2012 when they managed to sell 150,000 mobiles in just 15 minutes.
The company then went on to become the third largest Mobile manufacturing company in the world without even starting in the west! The record sales in the year 2015 were over 70 Million phones, causing the company to defeat the then reigning Chinese Smartphone Company 'Huawei'.
Xiaomi was founded by a Chinese tech expert Lei Jun. He was hugely impacted by Steve Jobs and influenced by the latest iPhone and Android Smartphones. His dream was to manufacture an Android based smartphone and he thought of naming his own custom user-friendly UI as "MIUI".
He recruited 7 new co-founders from huge institutions such as Google, Motorola etc. namely:
Bin Lin (President), Wanqiang Li (Senior Vice-President), Guangping Zhou (Senior Vice-President), Kong-Kat Wong (Vice-President), Feng Hong (Vice-President), Chuan Wang (Vice-President) and De Liu ( Vice-President).
These 8 Men put together their time and effort and finally succeeded in making Xiaomi a 45 Billion Dollar Company.
The Company put forth significant measures to achieve their vision as soon as possible and layed a Spider-Web like foundation in the market when they began. They had adopted the 6-Sigma rule and were constantly improving the quality of the products they designed.
*Extra: What Is Six Sigma?
Six Sigma at many organizations simply means a measure of quality that strives for near perfection. Six Sigma is a disciplined, data-driven approach and methodology for eliminating defects (driving toward six standard deviations between the mean and the nearest specification limit) in any process – from manufacturing to transactional and from product to service.
China manufacturing cheap and low quality products and hence wanted to rebrand their homeland as 'Original' and 'First Class'. Xiaomi vied against every big shot company in the world by adding extremely high class RAM's, Processors, Screens made of Asahi Dragontrail Glass and everyone's favourite feature, It's cameras. Xiaomi entered the markets with a bang due to their extremely thoughtful designs in feature separations. They started with two series:- The "Mi" Series and the "Redmi" Series both were well thought and had specifications that would beat the competition's high end phones for good. The Mi Series was a bit more high cost and was catered for the audience who'd want the best of everything. In fact the Mi series became so famous that the phones in this series were hugely being compared with the Flagship phones of companies like Apple and Samsung. The Redmi series was more low cost and had features that were enough for middle class people to carry out their basic phone functions while still being able to upgrade to higher functions at an economical price.
Even after achieving so much in the smartphone industry, Xiaomi's work ethic didn't change and went on to establish itself as a pioneer in electronics technology by adding a huge variety of products to peoples' wardrobes such as the Mi Pad, Mi Band, Mi Camera, Mi Purifiers, Mi Power Banks, Mi Bluetooth Speakers and Mi Piston Earphones and also Mi Notebook.
We hope they keep on expanding their empire like this and keep growing as well as solving peoples' problems. We also hope that all the readers of this post be extremely successful in their own domains as well.
So here are the 'Mystery Spells' behind Xiaomi's massive success story and now you know how to seize the opportunities you get and be a Shark amidst Guppies.
What this post helpful? Tell us in the comments below, we would love to hear from you!
And here's a tech meme to make you happy!
The company then went on to become the third largest Mobile manufacturing company in the world without even starting in the west! The record sales in the year 2015 were over 70 Million phones, causing the company to defeat the then reigning Chinese Smartphone Company 'Huawei'.
The Beginning:
Xiaomi was founded by a Chinese tech expert Lei Jun. He was hugely impacted by Steve Jobs and influenced by the latest iPhone and Android Smartphones. His dream was to manufacture an Android based smartphone and he thought of naming his own custom user-friendly UI as "MIUI".
He recruited 7 new co-founders from huge institutions such as Google, Motorola etc. namely:
Bin Lin (President), Wanqiang Li (Senior Vice-President), Guangping Zhou (Senior Vice-President), Kong-Kat Wong (Vice-President), Feng Hong (Vice-President), Chuan Wang (Vice-President) and De Liu ( Vice-President).
These 8 Men put together their time and effort and finally succeeded in making Xiaomi a 45 Billion Dollar Company.
The Strategies:
The Company put forth significant measures to achieve their vision as soon as possible and layed a Spider-Web like foundation in the market when they began. They had adopted the 6-Sigma rule and were constantly improving the quality of the products they designed.
*Extra: What Is Six Sigma?
Six Sigma at many organizations simply means a measure of quality that strives for near perfection. Six Sigma is a disciplined, data-driven approach and methodology for eliminating defects (driving toward six standard deviations between the mean and the nearest specification limit) in any process – from manufacturing to transactional and from product to service.
1) Pricing:
The pricing is number one on our list because all the further strategies are based around this and also because Xiaomi revolutionized all the expense causing proportions and managed to design a minimalistic and elegant smartphone without compromising in any of the parts. The competition at the time was high and mobiles with RAM's around 512Kbps were being sold for as far as 250$. The Smartphone market was still new and evolving and while the big companies were busy making costly phones Xiaomi launched its extremely cost-efficient phones and started making a name for their upcoming regime. The skimmed pricing was extremely pro-middle class and people were encouraged to buy Smartphones and not be afraid of them due to lack of knowledge.
2) Specifications:
Xiaomi epitomised the use of smartphones by making its smartphone ornate with the latest technology and without any extra cost. Their goal was to break the current stereotype aboutChina manufacturing cheap and low quality products and hence wanted to rebrand their homeland as 'Original' and 'First Class'. Xiaomi vied against every big shot company in the world by adding extremely high class RAM's, Processors, Screens made of Asahi Dragontrail Glass and everyone's favourite feature, It's cameras. Xiaomi entered the markets with a bang due to their extremely thoughtful designs in feature separations. They started with two series:- The "Mi" Series and the "Redmi" Series both were well thought and had specifications that would beat the competition's high end phones for good. The Mi Series was a bit more high cost and was catered for the audience who'd want the best of everything. In fact the Mi series became so famous that the phones in this series were hugely being compared with the Flagship phones of companies like Apple and Samsung. The Redmi series was more low cost and had features that were enough for middle class people to carry out their basic phone functions while still being able to upgrade to higher functions at an economical price.
3) Target Audience:
Xiaomi's sales team is definitely to be commended as they managed to produce the dream sales of a company to reach new heights in a matter of just few years. Their target audience also played an important role in their achieving this feat. The company focused on targeting middle class and also higher middle class audience and hence solved the problems of many by making good phones available to the audience for cheap prices. Their sales were restricted to countries who's average population was not so rich and hence ruled the markets of Indonesia, India, China, Philippines, Malaysia, Singapore and other South-East Asian countries. The company's visionary saw that there was need for good quality smartphones in the market which would be bought by everyone and solved the problem for the people at the right time. Another thing they did that helped their sales boost was using established online sales markets such as Flipkart.com, Banggood.com etc. This provided a sales foundation for their company and also generated users that trusted the brand.
4) Advertising:
Unlike most startups who tend to save money instead of investing it, Xiaomi owners had the guts to spend millions of Yuan's on advertising. This technique might not bear fruit at the earliest but if your products are noteworthy, you certainly have full chance of ruling the market. This Xiaomi definitely had and managed to feature on the Number 1 Best-Selling Smartphone company lists of many websites and forums. They had complete control over what they were doing and manufactured only enough phones per flash sale to keep the demand on and hence ensuring successful campaigns further on.
Even after achieving so much in the smartphone industry, Xiaomi's work ethic didn't change and went on to establish itself as a pioneer in electronics technology by adding a huge variety of products to peoples' wardrobes such as the Mi Pad, Mi Band, Mi Camera, Mi Purifiers, Mi Power Banks, Mi Bluetooth Speakers and Mi Piston Earphones and also Mi Notebook.
We hope they keep on expanding their empire like this and keep growing as well as solving peoples' problems. We also hope that all the readers of this post be extremely successful in their own domains as well.
So here are the 'Mystery Spells' behind Xiaomi's massive success story and now you know how to seize the opportunities you get and be a Shark amidst Guppies.
What this post helpful? Tell us in the comments below, we would love to hear from you!
And here's a tech meme to make you happy!
Tired of checking for new posts ?
