There are two ways of getting ahead of others. The first one is the conventional tactic of working hard to retain your spot. The alternative way is to adopt the unconventional and less adopted way of working smartly towards the top. In the latest trends of smart digital technology, the smart TV category has captured the average consumer’s attention.
To top it all, Xiaomi has not only rushed to the top spot but has also continued to retain its position. Innovation is the key that the Mi brand recognized and used optimally to lend a new definition to the country’s smart TV space.
The ‘Tesla’ Way to Move Ahead
There are many smart TV manufacturers in India, with each company holding on to its share of loyal customers while trudging ahead slowly to gain new ones. Instead, Xiaomi jumped ahead of the competition with its new range of Mi LED TVs that are a cut above the rest. Labeled as the ‘Tesla’ of the smart TV sector, Xiaomi has focused more on revamping the product to ensure a better viewing experience for its customers.
The word-of-mouth approach, coupled with novel marketing techniques brandished the company’s image from a mere smartphone maker to the top smart TV brand in India. Results of the IDC’s Worldwide Quarterly Smart Home Device Tracker have shown how every second household buying an Android TV has invested in a Mi LED TV, thus, compelling the company’s exponential sales growth.
Pricing plays an important role in today’s competition. Needless to say, this is how Xiaomi disrupted the Indian smart TV space with its competitive pricing strategy. Following its lead, Xiaomi sells some of its best LED TVs under Rs. 30,000. Following Xiaomi’s unprecedented strategy of offering innovative and easy-to-use technology at a reasonable price, other smartphone makers including Motorola and Nokia are contemplating entering the competition.
The latest entrant in the smart TV market is Realme that plans to add features to the current smart TV technology, and lend a customized experience. The brand intends to target the premium users who do not mind spending extra on the feature-rich product.
Playing the Early Bird
Xiaomi arrived in the Indian market when smart TVs were relatively a new concept, and Indians were getting used to unlimited data access at low prices. Thanks to Reliance Jio that changed perception surrounding internet use and pricing, India saw an alarming rise in monthly wireless data usage. Sensing the unprecedented rise in OTT media service consumption in the country due to massive data availability, Xiaomi made most of this opportunity by arriving early with its smart TV concept in the Indian market. Offering the best deals on the best smart TVs with warranty periods of five years, Xiaomi paved the way for smart TVs into Indian households that depended on DTH connection service providers attached to their television sets.
The Secret Recipe for Success
Success does not come easily to anyone unless backed by a powerful business or political enterprise. What made Xiaomi more successful than its competitors is its ability to stick to the basics. That ‘Consumer is the King’ and hence consumers’ interests and needs must be given precedence while planning product designs, and corresponding marketing strategies.
The company never underrated the importance of existing and potential customers. Xiaomi realized this early and drilled its way into the Indian market way ahead of the country’s indigenous players.
The most interesting fact is that though it has been only a while for Indians to accept and adopt the smart TV technology at their places, Xiaomi has surprisingly been at it for the past two years. The forbearance that this company showed in gradually taking home the smart TV concept has yielded great results, with the company capturing nearly 30 percent of the smart TV market.
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For example, one of its 32-inch models is counted among the best LED TVs under 30,000 INR. The Mi TV 4X is currently the most sought-after smart television in terms of market share.
Though some of the other well-established brands have their market share depending on whom they have targeted, none have been able to take home the glory of being the most coveted smart TV brand in India quite like Mi.