Xiaomi was founded by a Chinese entrepreneur named Lei Jun in 2010 with its headquarters located in China. The idea behind it was to provide innovative solutions for everyone. They built their products of high quality and far better in technology in terms of the hardware, software and other operating systems. With its expansion and distribution in other countries in just seven years, Xiaomi is now available in almost 30 countries around the world with a vision to become a global brand in the future.
With the kind of success that Xiaomi have had in just a few years, it is clear that it has been successful in its industry and there are many reasons for why Xiaomi stands out in such a competitive technology world. It is often called as the ‘Apple of China’.
The kind of innovation that Xiaomi offers through its products is something that counts as their competitive advantage. Xiaomi has always kept its focus on providing something unique to the customers so that the customers keep on upgrading their Xiaomi phones. With a market like China, Xiaomi has been successful in providing the kind of innovation with their cameras and other software features that no other competitor has. Most importantly, they take their innovation ideas by the latest trends and make sure that they are the first ones to deliver in terms of that. For instance, they noticed the selfie fever rising all around the world and cashed on that by improving their selfie camera and marketed it.
Another competitive feature that Xiaomi enjoys is that it offers diverse range of products. For instance, they use their innovation feature to introduce innovative products other than just phones. This just keeps their product portfolio increasing and their customers constantly involved in following up with the latest products that they offer.
Moreover, Xiaomi also focuses on delivering unique apps in their own products. Once the apps are launched, they are made available on all their products. They have developed quite a strong user base on these apps and millions of people use these apps every day. Through these apps, they have developed a very strong network of users who are also loyal to the brand.
With this new technologically advanced generation and most of the users being active on social media platforms, Xiaomi reaches out its customers following the trend. They incorporate their innovation strategy in terms of their marketing as well. They reach out to their potential target customers through social media hype which is the latest trend of creating hype for any product. Because of this, Xiaomi has a very competitive marketing strategy and they claim that most of their customers reach them for their product’s information because of the hype created on social media and the power of word of mouth.
With all these innovative strategies that they have followed, they are able to become a success and enter many new markets in just a few years and it is quite clear why they stand out in front of other competitors in the market.
References
About Xiaomi. Retrieved February 6, 2018, from https://www.mi.com/in/about/
Ross, J. (2015, April 13). Xiaomi or Apple – two innovation strategies for China. Retrieved February 6, 2018, from http://www.china.org.cn/opinion/2015-04/13/content_35307226.htm
Xiaomi Exec: ‘We’re Playing a Completely Different Game’. Retrieved February 6, 2018, from http://time.com/4273853/xiaomi-apple-china/