As the Chairman of the New Economics Committee in HKiNEDA, Dr. Lawrence Wong wrote a ‘ViewPoint’ article on the March issue of Capital Magazine.
The First New Economic Enterprise with Weighted Voting Right – Xiaomi Corporation
In the traditional 4P strategy, Xiaomi subverted the smartphone industry and successfully transformed to 4C, while adhered to two central ideas
1. Always make high-quality and cost-effective products
2. Trust customers and always be the friends of customers
The 3 successful key elements:
1. Hardware does not make money, but software and Internet services do.
2. Everything is based on the Internet. Do away with traditional offline channels and rely on direct marketing by e-commerce
3. “Word of mouth is king” strategy – social media as the core