This is the in-depth brand equity analysis of Xiaomi which is well known smartphones company headquartered in Beijing, China. Following are the factors being used to measure the brand equity of Xiaomi.
China’s one of the highly recognized smartphones brand is Xiaomi. The company associates with the unique designs, affordable prices, and high-quality commodities. The most popular products of the Xiaomi are computer hardware equipment and consumer electronics (Laptops, Smartphones, Mobile Phones, and Tablet Computers). Xiaomi’s smartphones and cameras are said to give terrific results of the photos with high resolution. The brand has newly established, but it is already standing in the competition with large brands like Samsung, Oppo, Vivo, Huawei Apple, and others. Xiaomi is using a flash sale model strategy, in which limited quantity of products is only available for a short span of time.
The brand uses only those marketing strategies, which are not expensive. Xiaomi has used Facebook as a source of communication with the customers and other people to get their feedback, and this strategy has helped the company. The brand responds the social media users personally and has become one of their favorite companies in China. It charges the price only to cover its production cost. Xiaomi uses the strategy of sell-low-today but gains later, which helps a lot to the brand to build its brand value.
The company is consumer-oriented, and it is included in those few brands who are obsessed with the customers. Xiaomi proves that if they charge at low cost, it doesn’t mean that their products are of low quality. It has a huge fan base in China as well as other countries, and they support the brand because of the catching attitude of Xiaomi towards their consumers. Customers are always ready to buy whenever the new product launches and this presence of huge admirers are alone receiving enough attention from potential consumers. Xiaomi’s overall revenue in 2017 was the US $15 billion.
Xiaomi’s largest consumers are within China, but it is also providing the services in different parts of the world. The countries include Vietnam, Turkey, Malaysia, Thailand, Russia, Philippines, Mexico, India, Brazil, Indonesia, Pakistan, Myanmar, South Korea, Taiwan, Ukraine, Hong Kong, Middle East, Egypt, Bangladesh, and Singapore. Xiaomi spends most of its assets on the quality designs and production of the products. Xiaomi is not too old, but still, it comes 5th on the world’s top smartphones makers. The brand’s products are low in price, and it doesn’t have to setup offline stores because most of the products are sell online.
According to the CEO, Lei Jun, the word Xiao has linked with the Buddhist concept that small grain of rice is as important as a mountain, so we are focusing on little things first, to make it bigger with the time. Xiaomi is a Chinese word, which means “Millet,” but it doesn’t limit to the concept of the millet and rice. The logo of the Xiaomi is “MI,” which stands for Mobile Internet. The other meaning of the logo is the Mission Impossible because the company is facing too many challenges in the market.