Xiaomi, A Chinese-based multinational electronics company has had its ups and downs since the beginning of its journey. When the conglomerate entered the fiercely competitive smartphone market in 2010, it ever so slightly had a positive response. The company, then only presented an Android-based operating system and wasn’t indulged in selling smartphones as it didn’t launch one.
Despite the comprehending struggles of seven years, the company broke all the records and became the world’s largest smartphone-making company; generating an annual revenue of $15 million. The clock has just ticked at the right time as its smartphone comes with a vast utility of features and was available at affordable rates. A vast revenue generation was incorporated from its customers in India as the customers started beaming the need for a smartphone.
The large segment of the consumers loved the unprecedented attention being provided by a tech firm and were highly gauged to provide the company with suggestions to better the quality and the features. The co-development process enhanced Xiaomi brand awareness and likability and prepared a segment of potential consumers for the entry of Xiaomi phones, without spending money on traditional advertising.