Xiaomi is a consumers electronics and smart manufacturing company with smartphones and smart hardware at its core.
Embracing our vision of “Make friends with users and be the coolest company in the users’ hearts,” Xiaomi actively pursue innovation, high quality user experience and operational efficiency all while keeping the pricing of products competitive and easily accessible for multiple demographics.
Xiaomi, founded in 2010 have made a name for themselves in several different markets in a considerably short time frame. Products from Xiaomi include smartphones, power banks, air fryers, smart watches, ear buds, air purifiers, as well as eScooters and smart pillows. However, considering the USA has issues a trade ban on a smartphone competitor who carries a large portion of marketshare, it is essential that Xiaomi take advantage of this and the implications it brings in order to increase marketshare and performance.
Analysing current Market Performance
In order to capitalise on the changes in the smartphone market, Xiaomi first need to analyse and evaluate their current business performance on various digital marketing channels.
Tracking Xiaomi’s brand exposure on social media is a great indicator as to how well they are performing in the digital space. For example, in order to see how many users are interacting with Xiaomi, the frequency in which they are searched, how many views and likes they get on average for posts etc. for this, Instagram Insights is a useful tool to gauge the brand’s effectiveness on Instagram, additionally Facebook Analytics acts in a very similar manner, analysing the engagement rate on Xiaomi’s Facebook business page.
Another option is to view Xiaomi’s current marketshare in comparison to their smartphone competitors.
Once the business performance and positioning has been analysed sufficiently and the current performance statistics are identified and understood, Xiaomi can proceed to implement short term goals (0 to 6 months) and long term goals (6< months).
- Short term goals – a goal that Xiaomi should use the data they collected to increase engagement rates on the various social media platforms. Xiaomi should post more on their various social media channels, reply to comments in comment sections and in general, inform the public of what Xiaomi is about and what Xiaomi is aiming to achieve, which is cementing themselves as a real contender in the smartphone market. Another short term goal is to start gathering intel on the dominant players within the smartphone market, what consumers are drawn to, the various niches as well as what are the current trends in the smartphone space.
- Long term goals – a long term goal that Xiaomi should use is to take the data and information found when assessing competitors products and identifying what products appeal most to consumers and then creating the infrastructure needed in order to create products that will appeal to consumers and products that will perform competitively in the market.
Another long term goal is to create the products and ensure the branding and marketing is correctly, appropriately and timely communicated to the wide audience.
A specific long term goal for Xiaomi is to analyse the product of the dominant player in the market and develop products of similar specifications at a lower price point. By under cutting a big player in the market, many customers will opt for the Xiaomi product as it would have greater value for money in comparison.
Upon evaluation of the goals, it is evident that these goals are sufficient and can be aligned with S.M.A.R.T.
It is essential to note that throughout the process of implementing both short and long term goals that Xiaomi must utilise the digital marketspace with great emphasis as they are lesser known to the general public compared to their more established rivals. The more engagement Xiaomi have via various social channels, the more people will know about the brand and will therefore result in greater leads.
Key Performance Indicators (KPIs)
Key Performance Indicators (KPIs) are advantageous when gauging how well the business is doing with regards to achieving business goals and objectives. For Xiaomi, ideal KPIs are:
- Click-through rate on paid advertising – this is the number of times an ad is clicked on, divided by the impressions. This would determine the percentage of users that see a Xiaomi advertisement and proceed to click on the ad to find out more.
- Conversion rates – this is defined as the percentage of customers that have made a desirable action. In other words, the percentage of customers that were on Xiaomi’s website and selected an item for purchase.
- New Lead Generation – this is the process of identifying, attracting and transforming online browsers into potentially purchasing a Xiaomi device. This will be essential to monitor considering that Xiaomi is a relatively new player in the smartphone market.
Xiaomi’s Unique Selling Point moving forward
The unique selling point of Xiaomi products moving forward would be to offer products of high end specifications at the price point of mid range devices in order to rapidly increase the marketshare a competitor is losing due to international trade laws.
Xiaomi’s primary task should not be to solely offer impressive specifications in their devices, in order to undercut competitors, Xiaomi needs to sell a premium experience. Casual smartphone users tend to care more about the look of the device over raw performance output, therefore, plastics should be swapped out for metal and glass finishes, as well as having a captivating design.
Additionally, the packaging needs to be eye-catching and give individuals the assumption that the products stored within are premium and are of the highest quality.
By doing this, users that are not brand loyal and tend to go with what is the best value for money will gravitate towards Xiaomi.
In order to be a strong contender in the smartphone market consistently, Xiaomi needs to monitor the activities and performances of competitors, especially market leaders. Monitoring their posts on social media theur SEO ranking, identifying what customers like or dislike about what they are promoting and above all, monitor their latest product offering which could become potential market trends.
This is crucial, especially in the smartphone market where innovation is king. If Xiaomi does not monitor competitors effectively, then the competitor can gain a competitive advantage by implementing a brand new, innovative device that disrupts the market, leaving Xiaomi behind.
Promote your Content
Content is the foundation of any digital marketing campaign, Xiaomi needs to create content at a rapid pace and constantly engage with people on their social media platforms. In this technologically oriented age, if a company grows silent online, then they are soon forgotten and quickly replaced in the minds of consumers.
In conclusion, the Xiaomi brand has a great opportunity to become the new and exciting brand that smartphone users flock to. By carefully implementing this digital strategy plan, Xiaomi might just be able to accomplish that.