Xiaomi managed to become successful in 12 years in an extremely competitive smartphone market, but how did they accomplish it?
Xiaomi is one of the rare companies that has experienced such rapid development. Within three years of joining the market, the Chinese company has risen to become the world's third-largest smartphone manufacturer, and it has even surpassed Samsung to become China's top-selling smartphone brand, but why has Xiaomi been so successful?
Many people have dubbed Xiaomi the Apple of China because of its single-product emphasis and Apple-like presentation style. Today, the company appears to be transitioning from a single smartphone launch at a time to a clearinghouse for a variety of goods. So, how did this modest, gleaming start become so successful in just 12 years?
What is Xiaomi's Market Cap?
In 2010, eight partners got together to work on a smartphone startup called Xiaomi, with an initial investment of 2.5 billion dollars. Xiaomi means millet, or tiny rice in Chinese, and Mi stands for mobile internet.
Xiaomi's initial goal was not to make smartphones, but rather to create a modified ROM called Mi UI that was based on Android Wear. Xiaomi released its first phone, the Xiaomi Mi1, in 2011, and it was an instant smash. It was a high-spec phone with a low price tag, and it did it without sacrificing quality or performance. This has been Xiaomi's philosophy since the beginning.
With the launch of the Xiaomi Mi 2S in 2012, sales surged by a stunning 2400 percent. Xiaomi was valued at ten billion dollars at the end of 2013. Hugo Barra, former vice president of product management at Google, was hired by Xiaomi in the same year. He was hired as a new vice president to help the company expand outside of China. Xiaomi grew swiftly in new markets like as Singapore, Malaysia, the Philippines, India, Indonesia, and Brazil.
What is the secret to Xiaomi's success?
Xiaomi's product line encompasses a wide range of items, not just smartphones. In 2014, Xiaomi released the Mi Band, its first wearable fitness tracker, which was priced aggressively at just $13. With the launch of the internet-connected Mi water purifier, Xiaomi has also entered the Internet of Things.
Mi Wi-Fi routers, Mi TV, Mi setup box, Mi Cloud Meeting, Mi LED Light, and USB Fan are also on the list. Xiaomi continues to expand its product line today, particularly in China, where it now manufactures refrigerators and laptop computers. Xiaomi has even released a Drone.
Business Planning
Xiaomi has achieved success as a result of its vision and business approach. Consider a company that eliminates various components of the above equation, doesn't believe in traditional advertising, and doesn't have a physical store or a device to sell all of its products online. At first, Xiaomi appears to be doing exactly that. It no longer exists, yet it is one of the reasons for Xiaomi's current success.
Xiaomi also does not use traditional advertising strategies and instead relies primarily on social media marketing. Xiaomi combines Apple's strategies with Amazon's. Xiaomi, like Apple, has bullets at a petition by releasing one phone at a time. Adding to that, the striking resemblance between Apple's iOS and Xiaomi's MIUI has given us the moniker "China's Apple." Xiaomi has a sizable following worldwide, and the firm is quite active on social media. All of this is combined with a low price that is also outstanding in quality.
Xiaomi's Goals
The smartphone market is extremely competitive, and you must engage in a variety of engaging activities on a daily basis. So Xiaomi's mission is still alive and well, and we can expect to see more from them in the future. Xiaomi has made tremendous progress in whatever area it has entered in a relatively short amount of time, which is a sign of a successful business. With the launch of the 12 Series, the firm continues to astonish everyone.
