Innovation for Everyone

Xiaomi Corporation is a Chinese electronics company founded by Lei Jun in 2010 headquartered in Beijing.

Lei Jun of Xiaomi tells his story like this,

“Before 2010 When I was with Kingsoft, I had the opportunity to work with Nokia and Motorola, two mobile phone giants of their time. One day, I pointed out to their R&D boss, some inadequacies. After that, they merely acknowledged my input but never acted upon what I had said.

So I thought to myself, if I make a phone, you can tell me anything you wish for it or what’s wrong. If it is justifiable, we will work on it immediately. I’ll give you an update every week and you may even see your wishes come true within a week.” In practice, Xiaomi’s product managers invest a lot of time browsing through the company’s user forums. Once a suggestion is picked up, it is quickly transferred to the engineers. Therefore, features can turn from a mere concept to shipping products within a week. The company then ships a new batch of phones out every week on Tuesday at noon Beijing time, containing the new software builds and possible minor hardware tweaks. Xiaomi calls this process “design as you build”

Lei Jun says that they listen closely to customer feedback, having them test out upcoming features themselves, and building an extensive online community.

Based on this principle of product development through feedback and true to their Tagline of *Innovation for Everyone* Xiaomi has been able to create a formidable patent portfolio of more than 7,000 patents till date.

Xiaomi released its first smartphone in August 2011 and rapidly gained market share in China to become the country’s largest smartphone company in 2014. start of the second quarter of 2018, Xiaomi was the world’s fourth-largest smartphone manufacturer, leading in both the largest market, China, and the second-largest market, India. Xiaomi later developed a wider range of consumer electronics, including a smart home (IoT) device ecosystem.

Xiaomi makes and invests in smartphones, mobile apps, laptops, bags, trimmers, earphones, MI Television, Shoes, fitness bands, and many other products.

They are not about the products but about the Ecosystems, they build around their customers based on the feedback they get from the customer community.

They have built and are growing 3 major Ecosystems, Mobile Phone Ecosystem, Home Equipments Ecosystem & Health Ecosystem laced with Gamification around their client Community.

Xiaomi’s biggest strategy is to get their phones into our hands and rest everything follows. That’s the first product they want us to buy. That’s why they have kept prices of their phones almost at bill-of-material prices, without compromising the component quality and performance compared to other premium smartphones.

Come 5G in India and you will find their connected home equipment all over the place in your homes as well.

Xiaomi has 15,000 employees in China, India, Malaysia, Singapore and is expanding to other countries including Indonesia, the Philippines, and South Africa. According to Forbes magazine, Lei Jun, the founder, and CEO has an estimated net worth of US$12.5 billion. Xiaomi is the world’s 4th most valuable technology start-up after receiving US$1.1 billion funding from investors, making Xiaomi’s valuation more than US$46 billion.

Learning from the story
1. It’s not about what you do, it’s about WHY you do what you do.
2. It’s not about one client; it’s all about the community of clients.
3. It’s not about products anymore, it’s about the Ecosystem of Products you build around your client community.

Questions to ask ourselves
1. What is my WHY in Life & Business?
2. What is the first Product I want my clients to buy from us?
3. How do I build a Business like Xioami?

If you really want to learn the SECRETS of Building a business like Xiaomi On AUTOPILOT; here’s my personal invitation to our FREE seminar Business On Autopilot.

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Read what Amey Katkar of 4 P Solutions and Integrated Social Media Marketing Company has to say about this seminar.
“Though Sachin and I have known each other for more than 5 years now, it was the first time I got a chance to attend the historical seminar and just as his business learning Stories which I have been reading on WhatsApp I was hooked on to his session for the entire duration. Very well curated and to the point with so many relevant examples from the brands around us really made it interesting. Thanks, Sachin for making my Sunday so meaningful The workshop really opened up my thought process to so many avenues which we were aware of but never really paid heed to”