VP Chase Xu: Realme to Focus on Existing Market
According to Sina Tech on August 2, Chase Xu, vice president, president of China and president of global marketing of Chinese smartphone brand realme, said that, within the next three years, the company is aiming to form fifteen high-level markets on the basis of stabilizing the two major markets of China and India. It will no longer invest extra resources to explore new markets, and, instead, put the company’s personnel, capital, research and development and other resources towards key strategic markets.
Xu also talked about the efforts behind the achievements in investing in overseas markets in recent years. Differing from many leading domestic smartphone brands, realme chose to start from the Indian market, then expand its overseas markets, and then return to China. According to Canalys, in the second quarter of this year, realme shipped 6.1 million units in the Indian market and saw its market share increase to 17% to rank third, second only to Xiaomi and Samsung. The company’s annual growth rate now sits at 22% and is currently among the top ten in terms of shipments in the global market.
In addition, at the “Think with Google Marketing Conference” held in July this year, Google and Kantar jointly released the list of “2022 BrandZ ™ Top 50 Global Brands in China”, and the realme smartphone was in the list for the first time, ranking 13th in the consumer electronics category.
Considering the rapid rise of realme as a start-up enterprise, Xu attributed the company’s success to its “light asset model” since the Indian market has a high internet penetration rate and a large user base. Xu also shared that realme’s “lightness” in sales links, decision-making chains and market channels makes the company much more flexible and Internet-based, and its products and communication methods are more easily adopted by young consumers.
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When asked about the competitiveness of its products, Xu pointed to the positioning of “Science and Technology Trendy Brand” for young consumers. For example, the pop up cameras of smartphones priced at 3000 yuan ($443.7) were used in the smartphones priced at 1500 yuan ($221.85), which has attracted the attention of a large number of young consumers and student users. The trendy design such as Master Exploration Edition and co-branding with Naruto further consolidates this point.
Xu also mentioned that realme will quickly set up a local team and jointly work together with local core channels. Although the overall strategy of the realme brand is consistent all over the world, it will still fine-tune some parts of its business to adapt to different markets. For example, in Southeast Asia, it will be more fashionable, while in China, it will focus on is the China-chic and e-sports competitions.
