Meet with KK Wong, Co-founder of Xiaomi
Mr. KK Wong, the Co-founder and Vice President of Xiaomi Technology visited the College of Business at CityU on April 16, 2016. Invited by CityU MBA Alumni Association (CityU MBAAA), Mr. Wong has delivered an interactive and informative morning seminar to our MBA students and alumni by showing us how “Xiaomi Way” led to success in the path of entrepreneurship.
Graduated from the Purdue University in Computer Science, Mr. Wong has spent 14 years in Microsoft since 1997. He built the data analysis system and workflow system of BizTalk in Seattle, then was responsible for the instant messaging and other applications in Windows Mobile and Windows Phone 7 in Microsoft China. In 2010, Mr. Wong co-founded Xiaomi with Mr. Lei-Jun, the CEO of Xiaomi and other partners. Now Mr. Wong is mainly responsible for Cloud platform, Mi Router and the IOT (Internet-of-Things) platform in Xiaomi.
Xiaomi is renowned for its manufacture and sales of smart hardware, especially the smartphone. However, Mr. Wong stated that they position Xiaomi as an Internet Company, not a hardware manufacturer, and they run their business like the way an Internet Company do. Mr. Wong shared the core values of “Xiaomi Way”: Convergence “專注” > Supreme “極致” > Instantaneous “快” > Word of Mouth “口碑” < Engagement “參與” < Being Friends with Users “和用戶做朋友” < Socialised Mass Communication “社會化媒體傳播”. In contrast with traditional cellphone makers, Xiaomi did not use a wide portfolio of phone models to compete for the market share, but put all efforts into making one “Explosive product 爆品” – a hit product that surprises the market with halved the price of competitive products in same quality and functions. Take Mi Phone as an example, it launched by 2011 with more than 70 million units sold in 2015.
Many people wonder how Xiaomi achieved such successful results. Mr. Wong told our participants that it is all about the “Xiaomi Way”: 1. Building products in an internet way: other than good smart hardware, a good android mobile operating system – MIUI is developed to attract huge traffic of users to Xiaomi’s community. 2. Marketing products in an internet way by using creative digital marketing strategies through social media to replace high-cost traditional advertising. 3. Being friends with fans in an internet way through social media and Xiaomi forum. Encouraging fans to engage in the process of designing Xiaomi products. 4. Direct selling products to users through Xiaomi’s own platform and other e-commerce platforms to lower the cost in logistics and inventory. 5. Frequent and instantaneous online response to Xiaomi fans so as to increase users’ engagement, satisfactory and stickiness.
Mr. Wong pointed out that enterprise will succeed if a strong corporate image and positive word of mouth were built. He also believed that the moment selling the products is just the beginning of their job. Like a cycle, the super compelling services and good user experience delivered by the enterprise will attract users to do more purchase of their products.
At the end of the event, Mr. Wong was delighted to answer questions raised by the participants. An interactive exchange of views concluded the seminar on a high note.
About Xiaomi
Xiaomi was founded in 2010 by the serial entrepreneur Mr. Lei Jun, who believes that high-quality technology doesn't need to cost a fortune. At Xiaomi, smart people were brought together from different Internet and technology companies from around the world to bring that vision to life. Xiaomi creates hardware, software, and Internet services for – and with the help of – Mi fans. Feedbacks were incorporated from fans into Xiaomi’s product range, which includes Mi 4, Mi 3, Mi Pad, Mi Box, Mi TV, Redmi 1S and Redmi Note, Mi Power Bank and other accessories. More than 18 million handsets were sold in China in 2013 and products were launched in Taiwan, Hong Kong, Singapore, Malaysia, Philippines, India and Indonesia.
