Case Study: MI

40 minutes- Sold Out. 5 seconds- Sold Out. 2 seconds- Sold Out.

Not even Apple saw such a beeline that India gave to Xiaomi.

Condensing their name to just “MI”, to shed the whole “Chinese phone” image, was just one aspect of their success. Just how Xiaomi made it happen in China and then in India? Read on…

Flawless Product

Xiaomi’s products are no less than commendable at the price they’re sold, much lower than that of Samsung and iPhones. The consumers want a flawless product at a good price and it is their satisfaction that ensures the flow of any business. Xiaomi being “Fast, Good Looking and Open” has quickly become one of the favorites.

What to learn?

Provide the people what they want. If Rohit Shetty goes on making sequels to Golmaal and Singham, it is because people want to watch these movies. Give them what they want, and they’ll take it happily.

Perfect Market Opportunities

Xiaomi’s CEO Lei Jun mentioned China, India, Indonesia followed by Russia and Brazil as their priorities for selling their products. A research firm IDC expects people in China to buy 500 million smart phones in 2015. The next priority being India, where many are yet to buy a smartphone, Xiaomi has no shortage of customers.

What to learn?

Remember, the success rate of your start-up also depends on the “class” of market you want to focus on. We do not mean that you focus on the middle class only, but be sure of your target customer. A focused impression on smaller group is much more effective than a scattered one on many.

Word of mouth

“They love Xiaomi. It’s a form of idolatry,” says the vice president of a rival phone company, according to an article in The Economic Times. The leadership board values their customers, and has done many things to include their reviews. An effective communication with customers, in this case, was able to beat the ‘conventional’ marketing strategies. The company has made full use of social media as their “main marketing battlefield” but has maintained communication through other ways as well.

What to learn?

Be sure of every decision you make, however different your method is. Do not ignore the factor – just know how to make use of it – and a well thought plan will make it happen for you.

The Way of the World

Xiaomi does know how to travel with the pace of the world, doesn’t it? A very effective social media interaction with fans, they decided to sell their phones online only. On one hand, this cuts down the costs included in selling the phones. On the other hand, they managed to remain in the news, didn’t they? The world’s third largest phone-maker, with that little help from media, is all set to set records.

What to learn?

Xiaomi has acted smart and swift. With capable employees like Lin Bin and Hugo Barra, Xiaomi has adapted to the ways acceptable to this generation. A genuine product and successful marketing methods, however unique they are, Xiaomi has hit boundaries on yorkers and the bouncers even.

Bottom Line:

For an entrepreneur aiming at a business start-up, Xiaomi is an inspiration. The company was founded in 2010, and as 2015 begins, it is making its way to compete with Samsung and Apple.

“Supercloner”, yes. They have nailed the aesthetics, though – enough to make even Steve Jobs proud. MI is not just about the hype. The gadget is neat, clean and butter-smooth, and here is where their employees need to be credited. One of Xiaomi’s main success secrets is that their teams are well trained and well equipped with the knowledge about the product. As a startup, team is what you need to consider hard. When that is sorted, you have the permission to soar.