There will be no one who does not know about the brand Boat in India. boAt is one of the brands that has achieved great success in a very short period of time. BoAt, which has a strong position in the market in just 5 years, has captivated everyone with their business strategy.
In FY 2020-21, boAt's revenue crossed ₹1500 crore. Compared to the previous quarter, sales were up 61%. Looking at the market share of TWS (True Wireless Stereo) market in the third quarter of 2021:
Boult - 5.3% The Noise - 7.7% Real estate - 8.1% But far ahead of all these, boAt has gained 35.8% market share.
The secret of the boat's success
The secret of how quickly the brand Boat became popular in India is very simple: good products, low prices, excellent marketing.
- Affordable products: Customers have been attracted by offering premium quality products at the lowest price.
- Marketing Marketing was done using celebrities in the fields of music, fitness and sports. Through this, they were able to create a brand image that the youth would love.
- On-line presence: It is easily available to customers by selling through e-commerce platforms like Amazon and Flipkart.
- Influencer Marketing: The products were promoted with celebrities and influencers.
- High quality and attractive design: the kind of design that will appeal to young people
Positioning of boAt
The possibility of wireless earphones increased with the introduction of Apple AirPods in 2016. At the same time, Jio has reduced rates and increased data usage in India.
If you look at the prices of brands in 2018:
Bose - ₹17,000 Apple - Rs 15,000 JBHi-Fi - ₹10,000 - ₹15,000 There were limited options between ₹5,000 and ₹10,000. But there were no big brands below ₹5,000. This vacuum is used by boAt. Providing a premium experience at a low price has helped boAt find great success
Priced at Rs 299, Boat's entry-level products easily impress a student. After 3 years, he is likely to choose Boat's products again when it comes to financial capabilities.
The value of the product: two sides
When we buy a product, we look at two things:
Real Value: Real value is how well the product works.
For example, the actual value of a headphone depends on how good its sound is.
Perceived value: Perceived value is how we feel about a product.
For example, if we see a famous person using that product, we may feel like buying it.
The boat was well used by both. The products were good. When people got good products at a low price, they accepted it.
The importance of celebrity endorsements
Hardik Pandya has played a big role in the success of the boat. When cricketer Hardik Pandya became the brand ambassador of Boat, Boat's products quickly became popular among the youth. When we see famous personalities like Hardik Pandya using a product, we feel that the product will be good. This is the power of celebrity endorsement
Following Hardik Pandya, Rishabh Pant, Shikhar Dhawan, Jasprit Bumrah and Prithvi Shaw were also lured to the brand in 2019. After that, the boat was marketed well with Neha Kakkar, Kiara Advani and Kartik Aaryan
Apart from this, Boat launched a stylish headphone collection at the Lakme Fashion Week 2020 in collaboration with celebrity designer Masaba Gupta. Now the boat is cooperating with millennial brands such as Beira. Celebrity endorsements can sometimes seem like a huge investment, but in a busy market, it can be a gamechanger.
Boat Stone
Moreover, another major reason for Boat's success is their invention of a product called Boat Stone. In addition to celebrity endorsement, Boat Stone has become popular for their superior technology.
What does the success of the boat teach us?
- Good products: Customers like to buy good quality products.
- Marketing: It's not enough to have a good product, you need great marketing strategies to get it to people.
- Brand Ambassadors: Making famous personalities brand ambassadors will help in increasing the brand's publicity.
- Understand customers: Understand what customers want and build products accordingly.
Aman Gupta and his team have been able to make boAt the leader in the hearables market by building quality products, choosing the right time to enter the market, and differentiating itself from other brands through lifestyle marketing. The success of the boat can be an inspiration for all of us. The boat is an example of how anything is possible with a good idea and hard work.
