The journey of a startup to become a global brand
When the world’s smartphone industry is “dominated” by two “giants” Apple and Samsung with tens of billions of dollars spent on research and innovation each year to maintain the leading position. their; Few people can imagine that there will be a company that threatens the position of these two “big guys”. Therefore, Xiaomi really did a miracle when it closely followed these two “giants”.
From an unknown startup, Xiaomi only took 9 years to enter the top 500 largest enterprises in the world – Fortune 500, then in 2020 it will become the third largest smartphone business in the world. ; even become the dominant brand in India – the second largest mobile phone market in the world. So what helped create this extraordinary journey of Xiaomi?
The book “Xiaomi Journey of a Startup to a Global Brand” by Jayadevan – a technology reporter with more than 12 years of experience, has closely followed the development process of Xiaomi as well as many other companies. other tech companies – will provide a full answer for readers interested in this topic.
Leader No. 1
The first factor that determines the success or failure of Xiaomi is the locomotive, the number 1 leader of this corporation, Mr. Loi Quan. As a person who has been in the technology industry for more than 20 years, but for various reasons, Mr. Quan has not achieved significant success in the executive job. In return, he achieved more remarkable success in the field of venture capital for technology startups in China.
However, Mr. Quan still has the intention of building a big business that can reach the world. At the age of 40, realizing that smartphones were the future, Mr. Quan decided to found Xiaomi. Operating and doing business in the technology industry for more than 20 years, he has gained a lot of valuable experience when establishing and developing the company of his life.
The first is the story of calling eight friends to contribute money and contribute to the development of the company. With assets acquired in more than 10 years of successful venture investment, the money poured into Xiaomi is not a big problem for Mr. Lei Quan. But he wants to call on friends to contribute shares. He wants each person with a strength to help Xiaomi step by step to success. The development process of Xiaomi since 2010 until now is an undeniable proof of this wise and correct strategy of Mr. Loi Quan.
In fact, the latter, with the acquisition of Hugo Barra (former CEO of Google); then the discovery of Manu Jain (an Indian startup with great potential) in the senior leadership team, contributing to the outstanding development of Xiaomi; Mr. Loi Quan continued to prove his foresight as well as his talented leadership.
User-centric
User-centricity is Xiaomi’s next very important strategy. More than 10 years of working at Kingsoft and observing the failure of big brands like Nokia and Motorola helped Mr. Loi Quan clearly see the importance of meeting the needs and desires of customers.
Launched the Xiaomi brand by introducing MIUI (a customizing platform based on the Android operating system), listening to customer feedback and releasing updates weekly, instead of yearly like many other brands , is what makes customers fully believe in product excellence, helps create buzz and enthusiastic support when Xiaomi launched its first phone model in 2011. This is also the strategy adopted by Xiaomi. used throughout its development and attracted more and more people to join its fan community.
Honest pricing strategy
Next, the honest pricing strategy (selling high-quality phones closest to the production price) further helps Xiaomi win the trust of customers. In the first half of 2014, Xiaomi’s revenue reached $5.5 billion (surpassing the revenue of the whole of 2013), a net profit of $566 million, and ranked in the top of China’s top mobile phone brands. This is also a strategy that helps Xiaomi in turn conquer many major international markets like Brazil, especially India – the second largest mobile phone market in the world… Consumers everywhere are delighted. and spread the word when they can own a phone with more features than expected at a reasonable price compared to many brands in the market.
Mi Fans
Considering the user as the center and the neutral pricing strategy, Xiaomi has built a solid trust in the hearts of consumers, forming a strong Mi Fans community around the world. This helps Xiaomi take advantage of the community to promote products, without having to spend billions of dollars on advertising like many other technology corporations.
It also helps Xiaomi when developing a series of other technology products such as headphones, rechargeable batteries, bluetooth speakers, televisions, health monitoring watches, air purifiers, smart lights, robots. vacuuming… can easily “infiltrate” the family. The prestigious smartphone has become the gateway for Xiaomi to enter millions of homes with a range of other products.
To increase the connection with the community, Xiaomi also regularly provides fans with free and useful small software. (They don’t pay their fans or engage them with free phones)
Although always accused of copying Apple brand. However, business reality proves that, without its own strategies, lines, and flexible measures to cope with market changes (for example, the growing boycott in India), Xiaomi cannot can achieve such success that many people admire.
And with just the right thickness (over 200 pages), engaging writing, engaging content, and a comprehensive, insightful analysis of the phenomenal growth of the world’s third-largest mobile phone brand. , “Xiaomi Journey of a Startup to Become a Global Brand” is a must-read for anyone interested in starting a successful business, especially wishing to conquer the world market. gender.
Commenting on the book, Kunal Shah, CEO and founder of CRED writes: “Jayadevan PK takes us on a fascinating journey into the rise of Xiaomi. This is a must-read for anyone who aspires to build It unlocks the strategic elements that make many modern companies different and successful even in the face of formidable competitors.”
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at Blogtuan.info – Source: cafebiz.vn – Read the original article here
