boAt – PLUG INTO NIRVANA

Music systems are not portable! Hence, as a matter of fact, all of us need such gadgets which could effortlessly be carried with us even while travelling. With the advent of headphones, music lovers, listeners and other professionals can now listen to their favourite tunes, watch movies of their choice and chat with office colleagues, manager and friends without disturbing others. Although headphones have been around for quite some time in India, just like they are used anywhere else in the world, there are only a handful of Indian manufacturers that can be discovered. Boat is one of the main players among them, and the franchise simply steals the show!

 boAt offers a collection of wireless headphones, earphones, headphones and wireless speakers that stand out for the quality, affordability and world-class design the company offers. Founded in 2016, boAt is considered as number one in India. 1 brand of audio headphones. The company allows users to experience both spirit and energy.  boAt is considered the 5th largest wearable device brand in the world as of December 2020.

Boat brand ambassador

THE IDEA OF BOAT STARTUP STORY

The founders of boat Aman Gupta and Sameer Mehta wanted to create a lifestyle brand, which would bring fashionable audio products and accessories for the millennials. Boat is the brainchild of this idea. The company began its journey as a cable manufacturer and seller, which had rapidly expanded its categories to serve over 800,000 customers, as reported in 2020. Boat started as a bootstrapped start-up with a capital of around Rs 3000000 lacs that came from the founders.

REASONS FOR ITS SUCCESS

Achieving success is not an overnight process. Consistent dedication and perseverance lead to victory. The company boAt changed its approach since its inception and continues to improvise to this day. The founders did their product research and made the products affordable, durable and fashionable. boAt focuses on building customer-brand relationships, where it sees buyers as part of the Boat family.  Several factors put boAt on the path to success, as shown below:

CONSUMER SATISFACTION

The company strives to satisfy user needs and grow products by strictly complying with their requirements. The company’s first product was an indestructible Apple charger and charging cable. After the founders felt its urgency, the product was developed.

Variations in the boat catalogue:

The second product the founders brought to the table was the audio range, which included headphones. The company named its first headset Bass Heads. The organized headset market has been growing at a rate of 20-30% per year. In 2018, boAt launched speakers, and in 2019 soundbars and home audio systems. Soundbar sales are expected to reach 200-300 million in 2019.

Lifestyle brand:

The company believes that boAt is a lifestyle brand and not a consumer electronics brand. This strategy was introduced during Lakmé Fashion Week in Mumbai in 2019. During the event, models wore boAt products as their only accessory as they walked downhill for one of the designers

Marketing strategy:

boAt’s company sticks to online marketing rather than selling products in retail stores. She was deliberately away from classic media such as television and print. The founders cited millennials as a reason to sell their products online. The company runs campaigns primarily on Facebook and various other social media. We also use celebrity reviews as our marketing strategy.

Target the exact target group:

The company is aware of the target group. It presents a stylish and affordable product that attracts young people. With this in mind, boAt Company has appointed all the young faces of the industry as brand ambassadors. These ambassadors represent India’s most beloved passions (and attachments), Bollywood and Cricket. Therefore, when a celebrity or cricket player represents a brand, it creates a lot of buzz. boAt company has recently started developing products with the main target being the young people. Sports Earphones and Bluetooth Speakers developed have caught the attention of the fitness focused millennials. Thus, the customers pick and choose accessories that fit in their workouts, trails, hikes, basically their lifestyle.

BOAT – GROWTH OF THE COMPANY

The company retails at Croma outlets and in Myntra, Amazon, Jabong, and Flipkart. Quality performance of the Boat products has helped the company a lot in achieving the growth it has witnessed over the years.

Here’s a quick glance at some growth milestones of Boat:

Boat has gathered 800,000+ customers within a short span of 4 years. It claims to add one boat head to its family within every 3 minutes that pass. The company sells 4 units every minute and over 6,000 units each day. boAt audio was declared as the leading brand in the earwear category with 27.3% of the market shares. The business has been profitable for 5+ years straight. Boat has its products in 5,000+ retail stores and is supported by more than 20 distributors.

BOAT – STARTUP CHALLENGES

Boat started as a business that started in its early years with around Rs 3 lakhs in funding from its founders and struggled to raise capital at first. In addition, the company faces many challenges day in and day out when it comes to producing affordable fashion products and bringing them to the market that is already packed with equally abled competitors.

FUTURE

The company thinks that there is still a tendency to buy headphones with new smartphones. Boat sees the concept as a successful channel for them. According to the report, major phone manufacturers are forging new relationships with audio companies. For example, Samsung has JBL and Harman, Apple has Beats, and so on. These manufacturers entice consumers with great deals so that users don’t buy headphones or earbuds separately. Video consumption will be the driving force behind demand in the near future. Boat is now aiming to offer more and more products to meet the growing demand for tech gadgets and offer them at affordable prices to users in style! The brand wants to help Indians get all the quality tech equipment they need from the local Boat brand without leaving them dependent on other foreign brands.

boAt – PLUG INTO NIRVANA

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