Chen Mingyong, the founder of OPPO, invested 50 billion in research and development in three years, and sold 110 million units a year but did not go public!
He is a farmer’s child who grew up in a small mountain village, but through his efforts, he was selected into the 2022 list of the world’s richest people with a total wealth of 20 billion. He created a national mobile phone brand.
Its unique, beautiful appearance and high-quality sound quality make countless consumers willing to pay for it. So how on earth did he do it? What has he experienced along the way?
This issue of Founder Observation will take you to meet this inspirational entrepreneur, the founder of OPPO, Chen Mingyong.
Takako is from a poor family
The story begins in the 1960s. Chen Mingyong was born in a small mountain village in Sichuan Province in 1969. His family has been farmers for generations, so the conditions are naturally not rich.
Even so, Chen Mingyong had a very happy childhood. His parents would always leave him with the best things, and Chen Mingyong was also very sensible. He knew that he could only study hard, and only knowledge could change his life. own destiny.
Hard work pays off, and the efforts of Chen Mingyong and his parents over the years have not been in vain. He was admitted to Zhejiang University with a good grade, and at the same time entered his favorite major to study, that is, information and electronic engineering.
No one expected that this child who came out of a small mountain village could be admitted to a prestigious school so smoothly, that is, since he was admitted to Zhejiang University, Chen Mingyong’s fate has undergone earth-shaking changes. Read More:- Two new viruses of the new cryo: the strongest XBB virus can damage the brain
The four years of university passed quickly, and Chen Mingyong chose to do an internship at a very popular company at that time, Xiaobawang Company. It was also in this company that he met a “noble man”, so this “noble man” Who is it?
Bole’s appreciation
After Chen Mingyong entered Xiaobawang Company, with his outstanding ability and down-to-earth temperament, he quickly became the director of the office as a small intern.
Over the past few years, he has learned a lot of business knowledge, and it was his various outstanding performances in the Xiaobawang Company that attracted Duan Yongping’s attention.
Who is Duan Yongping? Let’s put it this way, he can be called the “father of investment” in China. During that time, he spent a lot of money to directly buy the BBK trademark.
Afterward, he found the young and promising Chen Mingyong and wanted him to manage the BBK audio-visual electronics company. Facing such a god-given opportunity, Chen Mingyong was naturally very happy to agree.
Back then, to cater to the market, BBK Audiovisual mainly produced DVDs. Under the leadership of Chen Mingyong, the DVDs produced by the company’s manufacturers were very thin and beautiful.
This is all because Chen Mingyong pays more attention to the appearance and aesthetics of the products. At the same time, it is precisely because of this that the company’s products have received a good response in the market and that the sales volume is increasing day by day. Read More:- Google Scholarship 2023: Google is giving a scholarship of 74 thousand, start filling online form
Chen Mingyong has always been very avant-garde in his understanding of market demand. In 2001, China’s DVD market gradually declined. It was in this year that Chen Mingyong decided to make a complete transformation of the company.
It was also this year that he changed the name of the company to OPPO. I am afraid that even Chen Mingyong himself would not have thought that the OPPO brand would become a mobile phone brand loved by hundreds of millions of people in the future.
In the beginning, the main product launched by Chen Mingyong was MP3, not a mobile phone. The X9 MP3 of that era can be said to have become a classic product. For many years to come, every MP3 produced by OPPO will have a lot of new features. Many fans.
Its unique and beautiful appearance and high-quality sound have made countless consumers willing to pay for it. OPPO’s reputation has also laid a good foundation since then.
However, as the country’s economy develops faster and faster, people’s needs also change very rapidly, and MP3 is quickly eliminated by the market. Chen Mingyong is keenly aware of future market changes.
He decisively abandoned the MP3 market in advance, so what will he do this time? Chen Mingyong and his R&D team spent two full years, after continuous testing and improvement, finally launching the first mobile phone of the OPPO brand. Read More:- 5G technology launched And The United States, Japan, and Europe are panicking
It was officially launched in 2008, and it was also that year that Chen Mingyong and his company entered the mobile phone industry. So how did he make the OPPO brand of mobile phones gain a firm foothold in the industry?
salted fish turned over
In the beginning, Chen Mingyong continued to maintain his consistent style, and he demanded that each of his mobile phone products have the two main points of “appearance” and “aesthetic feeling.” Many enthusiastic fans of the OPPO brand took a fancy to its appearance. just chose to buy it.
And the price of the first OPPO mobile phone was only more than 1,000 yuan. Such a cost-effective marketing strategy quickly “captured” the hearts of many young women, and young women have always become the main consumer group of OPPO.
However, such a strategy can only allow OPPO to occupy a place in the relatively low-end market. How to start to “turn over” gradually? It was not until 2019 that Chen Mingyong began to adjust his strategy on a large scale.
Since 2019, more and more OPPO stores have appeared in high-end shopping malls in first- and second-tier cities. Store integration services in all cities have more comprehensive supporting facilities, and product lines have also begun to be unified.
Mainly moving closer to the high-end mobile phone market, a series of changes have also made OPPO a lot of money. In 2020, Chen Mingyong said that although OPPO is not yet a global brand, he will continue to work hard to expand its international business.
The strong rise of OPPO is not simply achieved by marketing and branding. Technology is also a key point. Since 2014, OPPO has invested a lot of research in flash charging technology.
Time has also proved that OPPO’s investment is valuable. The slogan that everyone knows and everyone knows, “charging for five minutes, talking for two hours” is the best evidence.
In 2021, OPPO was selected as one of the top 500 private enterprises in China with a market capitalization of 130 billion yuan, ranking among the top 100. This year, Chen Mingyong himself was selected as one of the top 500 private enterprises in 2022 with a total wealth of 20 billion yuan. Global Rich List.
It can be seen that OPPO’s success can be attributed to Chen Mingyong’s prediction of the market and his brave exploration of new fields. I believe that in the future, OPPO will be able to make more people in the world familiar.
The story of Chen Mingyong will also inspire more entrepreneurs. So what do you think is the biggest reason for Chen Mingyong’s success? Everyone is welcome to leave a message and discuss in the comment area.
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