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BoAt Case Study: Business, Marketing Strategy & Success Story

• Published Date : Tuesday April 5, 2022
• Last Updated November 23, 2023

Suraj Shrivastava

Chief Link Building Strategist

Boat Case Study

About Boat:

Introduction:

It takes a lot of effort for a brand to become popular among others. A strong marketing strategy , keeping pace with the changes in society, and understanding the masses are a few elements that if followed judiciously, can yield great results for the business.

In today’s article, I am going to discuss one such company which touched heights in a very less time. We shall understand their strategies and what worked for them. We shall discuss the Indian-based consumer electronic brand, “Boat”.

Music – a natural healer:

Music is something that acts as a natural way to rejuvenate our souls. Music can become your travel partner too. Even medical science uses Music therapy to treat certain ailments like autism, Alzheimer’s, depression, and many more.

It is believed that music boosts memory, improves self-love and self-esteem, reduces stress, lowers blood pressure, and builds a better human being. With so many benefits, music has been the topmost priority of people when they want to refresh themselves.

BoAt case study:

Every person has his/ her preferences in selecting music. This has led to the emergence of portable music devices like headphones, headsets, and earphones.

These devices let you enjoy your selected music without creating a hindrance to others. So the demand for portable music devices has increased tremendously over the past few years. Thus many companies have come up with different forms of musical devices.

One such popular brand is “Boat”, which provides one of the best portable music devices on the market. It provides a huge variety of devices. Using good headphones, the user can listen to music as well as connect with professionals without holding the phone.   

The emergence of the company:

A Delhi-based startup was founded in Nov. 2013. From 2013 to 2016, the company was struggling hard to generate sales . So in 2016, the company brought changes to its business strategies. BoAt emerged as a lifestyle brand that deals with fashionable electronic devices. The main idea behind launching the brand was to bring affordable, fashionable, and durable audio devices to accessorize people of different age groups. 

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Beginning of the journey: challenges faced by boat company

The company began as a cable manufacturer and seller company. In the initial years, BoAt bought earphones from Chinese manufacturers, applied branding on them, and sold them in the Indian markets bearing the name “BoAt earphones”.

It has grown in years to emerge as a popular global brand to sell fashionable audio devices ranging from portable travel charges to premium headsets. In just a few years, the company has successfully gathered more than 70,000 happy customers and popular brand ambassadors.

BoAt has emerged as the 5th largest global brand in 2020 to provide wearable music devices. Lakme Fashion Week in 2019 held in Mumbai, displayed ramp walkers carrying boAt products as the only accessories.

A story about the emergence & success story of B oat company:

Aman Gupta from Gurugram and the passionate audiophile Sameer Mehta came up with the idea of launching the brand. The rising popularity of Chinese products in the Indian market was something that made them realize the need for swadeshi products. They mainly focussed on providing good quality durable products with affordable prices to Indian customers.

Aman Gupta – Is the co-founder and CMO of boAt. Being a commerce graduate from DU, he jumped from one organization to another to finally land at co-founding one of the most popular audio devices companies in India. 

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He had an incredible career discussed below.  

• Joined The Institute of Chartered Accountants of India. 
• Pursued MBA degree in 
• General Management and Marketing, from The Kellogg School of Management from Northwestern University; and
• Finance and Strategy from The Indian School of Business.   
• Joined Citi Bank as an Assistant Manager.
• He applied to work for JBL due to his fascination with gadgets and worked there for 2 years. He managed the offline distribution of JBL through kiosks like Croma, Reliance Digital, etc. During his working period, he learned about product management which later on helped him in co-founding boAt. 
• Became CEO & Co-Founder of the Advanced Telemedia Pvt. Ltd.  
• Became Senior Management Consultant of KPMG (Klynveld Peat Marwick Goerdeler).
• Joined Harman International (JBL) as a Sales Director.
• Finally in 2016 co-founded boAt along with his partner Sameer Mehta.
• Also co-founded the parent company of boAt named “ Imagine Marketing India ”.

Sameer Mehta – Co-founder, CPO of boAt and ED of Kores. In the initial stage of his career, Sameer Mehta was the owner of a company named “Redwood Interactive”. Being a student of St. Xavier School, Mumbai, he pursued a bachelor’s degree in commerce from the popular Narsee Monjee College of Commerce and Economics.

Must read: Success Story of Razorpay: Marketing Strategy, Business Model, Revenue Model – Razorpay Case Study

Goals and vision of boat company:

BoAt found flaws in the longevity of mobile charging cables used in the market. The founders witnessed frequent damage caused to such cables due to internal and external factors and thought of finding out solutions to such problems. So they focussed on launching indestructible cables. Soon they launched water and sweat-resistant hearable products. 

Selling partners and brand endorsements:

The brand sells a variety of its products on popular eCommerce sites like Amazon, Flipkart, Myntra, Jabong, etc., and even in retail outlets like Croma. It is believed that BoAt was born virtually on Amazon.com. The company tied up with 6 IPL teams Mumbai Indians and Chennai Super Kings. 

The company includes popular endorsements from famous personalities of different industries like Bollywood, cricket, etc. Personas like Hardik Pandya, K.L.Rahul, Shikhar Dhawan, Kartik Aryan, Neha Kakkar, Kiara Advani, Jacqueline Fernandez, and many others are endorsements of boAt. Also, the company has co-branded with musical events like the Sunburn Festival and Lakme Fashion Week, etc.  

Must read: 11 Greatest [WOM] Word of Mouth Marketing Strategies to Elevate Your Business

BoAt efficiently uses the benefits of influencer marketing to promote its products. It calls its influencers “BoAtheads”. BoAt recently collaborated with Alcobev company Bira 91 and together launched an exclusive audio collection named BOOM on January 20, 2022. The collaboration saw an amalgamation of Bira 91’s vibrant colors and boAt’s exclusive audio experience.

Recently BoAt launched a line of products especially targeting the Marvel fanbase. It launched earbuds, headphones, and speakers having characters like Iron Man, Captain America, and Black Panther on them. 

boAt’s Investors:

2018: an investor Kanwaljit Singh of Fireside Ventures, invested 60 million in BoAt. He was spellbound by the unique performance of the company from choosing the right audience to maintaining a standard quality of products.

2021: Qualcomm Ventures invested INR 50 crore in the company at a valuation of INR 2200 crore. The boAt has a total of 5 investors.

Must read: What Is Viral Marketing: Viral Marketing Strategies, Techniques and Examples

Some popular products of boAt:

the boAt has a wide range of products available for every individual. Its products range from wireless earphones, and audio-focused electronic devices to assorted mobile accessories and much more.

Wireless earbuds

BoAt has a line of wireless earbuds in the name of “Airdopes’ ‘. A major difference between an EarPod and an Airpod is that AirPods are completely wireless whereas original EarPods are the wired version.

BoAt Airdopes has an active noise cancellation technology that cancels out any external noise and delivers only the pure sound of your media. Bluetooth connectivity enables wireless usage of the device. The Airdopes come with a case having an in-built battery to charge the wireless Airdope when not in use.   

Tethered wireless earbuds:

BoAt offers a range of tethered wireless earbuds under the brand name Rockerz and Boat. Such earbuds are not connected directly to an audio source. The earbuds are connected through a wire or a band. The wire/ band houses the batteries and control systems. Users can wear the band around their neck or behind their heads.

Wireless headphones:

BoAt offers wireless headphones in two forms- on-ear and over-ear. The headphones are under the brand name Rockerz, BoAt, and Nirvana. Unlike headphones of other companies, BoAt headphones have built-in Bluetooth connectivity to connect to any audio source.

The user need not connect the headphone with the audio source through any wire. The wireless headphone contains lithium-ion batteries integrated into the device. Many of the models of BoAt’s wireless headphones come with an auxiliary audio cable that can be plugged into standard headphone jacks. Connecting the headphones with the auxiliary cable does not drain down the extra charge. 

Earbuds and wired earphones:

BoAt earbuds and wired earphones get connected to a standard headphone jack of the user’s audio-output device like a music system, mobile, PC, etc. The headphones and earbuds offer good noise cancellation by obstructing external sounds which create hindrance in the musical journey of the user.   

B oAt smartwatch:

The company offers smartwatches with various modes. For instance, the sports mode helps you track your steps while cycling, walking, hiking, climbing, exercising, etc. It is a great option for fitness freaks. The smartwatches also provide a Bluetooth calling facility to enable the user to receive calls without holding his phone. The screen of the smartwatch will display the caller’s detail and provide you with an option to either receive or decline the call. The watch even has a loudspeaker with which you can have an amazing conversation with the caller. The IPX Water Resistance ensures the longevity of your device by being sweat and swim-proof. boAt smartwatches also have a menstrual tracker for women, making them one of the best smartwatches for men and women. 

B oAt wireless speakers:

BoAt offers an exclusive range of attractive portable wireless speakers under its brands Rugby and Stone. The speakers have effective Bluetooth connectivity and built-in batteries for an efficient wireless experience. They are affordable, provide louder sound output and have long battery life. The boAt Bluetooth speakers can be used indoors as well outdoors. 

Indoor theatre soundbars:

BoAt offers another range of home audio equipment through its brand Avante. It delivers subwoofers and home theatre sound systems to be connected with televisions and home theatres. It has exclusive features like Bluetooth, auxiliary audio cables, HDMI, and USB-A. These speakers give you a theatre experience. You can get the feeling of sitting in a hall without even booking a ticket. The captivating sound of Dolby Audio Technology is what will drive you crazy about this audio device.  

Mobile accessories:

Along with fancy audio devices, the brand also provides portable devices to accessorize your mobile devices, like USB cables, auxiliary cables, power banks, adapter chargers, and many more. Boat power backup external batteries are available under its brand “Energyshroom”. 

B oAt limited edition:

Limited/ special edition of a brand is the upgraded version of an existing product. The purpose behind launching a limited edition product is to promote the brand or establish collaborations with other brands. The Boat provides limited edition products to its customers which are in form of headphones/ speakers/ cables, and many more. 

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BoAt revenue performance report 2022: 

The largest product line of BoAt was wireless earphones and headphones. The sales grew by 2.5 times to Rs.947.4 crore in FY 21 from Rs.375.7 crore in FY 20. The second position was taken by the wireless speakers. Sales of the speakers grew up to 2.6 times from Rs.113.2 crore in FY20 to Rs.297.4 crore during FY21. The manufacturing and assembling of the company take place in China. The company plans to shift its manufacturing industry to India through the Indian Government’s PLI (Production Linked Incentive) scheme. The company’s total annual expenditure grew 2.2times from Rs.637.6 crore in FY20 to Rs.1420.1 crore during FY21.  

BoAt’s revenue has crossed a whopping 500crore in FY2020, which was the expected revenue of the company for FY 21-22. Today, the company has 5000+ retail stores and 20 distributors. 

Shareholders of BoAt:

The owners Sameer Mehta and Aman Gupta hold 28.26% of equity share capital on a diluted basis, i.e. both the founders hold 56.52% in the company. The BRLMs(Book Running Lead Managers) are Axis Capital, Credit Suisse, ICICI Securities, BofA Securities, and Link Intime.  

BoAt recently signed a 50-50 john venture with the electronic manufacturer Dixon Technology Ltd. to establish a powerful manufacturing base in India for local production of its products. It was a step to move away from China. 

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Marketing strategies of BoAt:

• Private label business – In the initial years of its origin, the brand used the traditional business model of Private Label Business, where it purchased its products from Chinese manufacturers, did the branding, and sold them in India under the name of “BoAt products”. This method did not benefit the company. So to increase its sales, the company thought of changing its business model .
• Designer electronic devices – Till 2014, audio devices were sold in the market as simple electronic devices. Nobody focussed on their design. The boAt started launching electronic products which grabbed the attention of the audience due to their unique designs. It sells audio devices like accessories.  The boAt is also collaborating with the fashion industry. It launched spunky headphones at the Lakme Fashion Week 2020 by collaborating with the popular fashionista Masaba Gupta. Together, they launched products that gave a feel of the disco style of the late 70s. 

• Digital marketing – To increase sales, BoAt adopted digital marketing techniques in its marketing strategy. For a successful business, it has to first create demands in the existing market. So the founders turned their focus around e-commerce. The marketing strategies of the company are as under:
• Mobile marketing – boAt connects with its audience and customers through a mobile app, emails, and SMS marketing.   
• Email marketing – The company sends personalized messages to their existing and potential customers informing them about a new product or upcoming discounts. Such messages carry catchy and crisp emails.
• Social media marketing – boAt has reached great success through social media marketing. It makes a presence on digital platforms like Instagram, Facebook, LinkedIn, etc.
• Hashtag Marketing – The company smartly uses catchy hashtags to increase customer conversion. Such hashtags have made a remarkable presence on social media platforms. Some of the popular hashtags used by the company are #boatheads, #levelupwithboat, #raisethebar, and others.  
• Campaigning through social media – Instagram stories are created and shared by BoAt under the name “boAt adventures” to catch the attention of the audience. Digital campaigns have helped the company connect with the right target audience and share the right type of content. 
• Influencer marketing – boAt has struck deals with influencers, celebrities, and popular personalities from different industries. Celebrities like Kartik Aryan, Kiara Advani, and Jacqueline Fernandes are some famous endorsements of BoAt. Also, popular content creators like Prajakta Koli, Harsh Beniwal, and Bhuvan Bam are some of the promoters of the brand.  
• Engagement Marketing – Concerts created by boAt are unforgettable to the audience. The company uses a two-way communication method using photo booths, and nirvana zones and asks its customers to participate. They then share customer stories on their official Instagram page. This creates emotional bonding between BoAt and the audience and creates a loyal customer base. This engaged communication generates buzz around the market. Further boAt has conducted takeover tours with popular musicians like A.P.Dillon and has successfully launched campaigns in Mumbai, Chandigarh, Goa, Gurugram, and Hyderabad. In 2019, boAt conducted the Sunburn Festival at Goa where stars like Wiz Khalifa, DJ Snake, Tyga, and Yellow Claw performed.  

• Offline marketing – Digital marketing has been proved to be a very effective marketing strategy for many businesses. Offline marketing like print media, newspaper ads, and others also play a pivotal role in promoting a business. The boAt uses print media to promote its brand. The company also sells through retail outlets like Reliance Digital and Croma.  

• Innovation – The company experts adopt innovation in their product range. The company keeps launching different types of products and continuously grabs the attention of its audiences. Every product launched by the company has a touch of innovation.   

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boAt mainly focuses on customer needs, the customer wants, and their behavioural patterns. The company made its products affordable and durable for every type of customer. The brand deeply studied the market and its customers. Thus it collaborated with cricketers, musicians, fashionistas, and such personalities who were popular among the target audiences . In such a way the company could successfully create a strong customer base and become a billion-dollar company in India.    

Triumphs of BoAt:

The boAt has emerged as the 5th biggest audio company in the world. There is no particular tip or reason behind such a huge success. The consistency in the efforts put in the company by the team has given them such a huge success in a short period. Let us discuss some of the reasons for their success.

Reasons for the success of BoAt:

• Improvisations – BoAt refers to the influencers of its brand as BoAtheads. They form an integral part of the clan. The company aims at customer satisfaction and brings in products based on their likes and requirements. This gives their users a feeling of belongingness. The products of the company are fresh and colourful.  
• Adaptability – The steep growth of the company is mainly because it adapts itself to the changing trend in the market. It kept a keen eye on the latest trends in the market. It constantly kept adopting such changes in its marketing strategies. The brand’s first product was the indestructible Apple charging cable followed by an exclusive range of earphones. Their first earphones were named BassHeads. Soon after, in 2018, the brand came up with a wide range of speakers. In 2019, BoAt launched soundbars and home theatre systems. 
• Classification as a lifestyle brand – The brand depicts itself as a lifestyle brand and not a consumer electronic brand. These tactics were displayed during the 2019 Lakme Fashion Week in Mumbai, where the models displayed boAt products as their only accessories while dressed up in designer outfits.
• Blitzscaling – It refers to the quick growth of a company. This method prioritizes speed over efficiency. This method is also used by companies like PayPal and Airbnb. This risky method is meant to provide quick success.
• Targeting the appropriate group – The brand is famous for providing stylish products at affordable rates. The brand selects younger personalities as its ambassadors. The company focuses on providing lifestyle products mainly targeting the younger mass. 
• Digital marketing – The company saw a steep growth in sales during its initial period. It bypassed the traditional marketing mediums like TV and print media. The campaign by BoAt mostly runs on digital platforms like Facebook, Instagram, etc. The online group of BoAtheads consists of 80,000 members at present. Word-of-Mouth marketing is another marketing strategy of BoAt.    The company claims to sell 4 units every minute and 6,000+ units per day. The company establish 5000+ retail outlets and is supported by 20+ distributors. 

Must read: Content Marketing: Create & Deploy an Effective Content Marketing Strategy to Skyrocket Your Business

Awards and recognitions of BoAt:

• 2020: Company was declared as ‘No. 1 brand’ for truly wireless earwear in India.
• 2020: Declared as “5th largest wearable brand in the world” 
• 2021: Selected as the official audio partner of 6 IPL teams

Wrapping up:

Within 6 years, boAt company has successfully captured the whole world of electronic gadgets in a spellbound way. It has established itself as the 5th largest wearable brand in the world and the number 1 brand in India. The marketing strategies of the brand are commendable. The company mainly focuses on smart and crisp marketing campaigns. They have smartly used the digital platform for the promotion of their products. Even during the pandemic, the brand used different tactics to stay relevant in the market. Their popularity has forced other big companies like JBL to lower their product prices to compete in the affordable audio device category.   

FAQs related to BoAt:

What is boat.

It is an Indian startup that manufactures and distributes electronic gadgets. The brand has become India’s favored wearable brand. 

Who founded boAt?

The boAt was founded by Sameer Mehta and Aman Gupta in 2016.

Is boAt an Indian or a Chinese company?

The boAt is an Indian-based consumer electronics brand that provides a wide range of wearable, stylish and affordable audio devices.

Who is the present CEO of boAt?

Vivek Gambhir is the present CEO of boAt.

Suraj Shrivastava at ForgeFusion shares simple, effective ways to grow your business using SEO, content marketing, and AI, learned from helping over 50 companies. When he's not working, he loves teaching others or watching documentaries.

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boAt - How the Brand Engages Customers and Resets Minds

Purbalee Dutta , Manisha Mishra

In the realm of portable audio solutions, headphones and earphones have become essential for music enthusiasts on the go. Due to consumer desire for portable, easy to transport electronics, companies like boAt a prominent participant in the market have grown to prominence.

Since its founding in 2016, boAt has quickly become India's leading earphone brand. boAt is well-known for its innovative designs , high quality , and reasonable prices . It provides a wide selection of wireless speakers , earbuds , headphones , and earphones . This brand gives customers everything they need in terms of portability while also adding a special touch of character and vitality to their audio experience.

In this article, we will delve into the successful journey of boAt, its founder, business model, funding, competitors, and more.

boAt - Company Highlights

boAt - About boAt - Industry boAt - Founders and Team boAt - Startup Story boAt - Shareholding boAt - Name, Tagline, and Logo boAt - Business Model boAt - Revenue Model boAT - ESOP boAt - Challenges Faced boAt - Funding and Investors boAt - Acquisitions boAt - Growth boAT - Products boAT - Partnerships boAT - Advertisment and Campaign boAt - Awards and Achievements boAt - Competitors boAt - Future Plans

boAt - About

boAt, an Indian powerhouse in the tech industry, specializes in marketing an impressive array of audio-centric electronic gadgets . boAt offers a wide range of products to meet the various demands of music lovers, including wired and wireless headphones and earphones, as well as stylish earbuds called Airdopes.

The business expands its product line beyond personal audio devices to include high-end tough cables, home audio equipment, and an alluring assortment of additional tech accessories. boAt has made a name for itself as the brand to turn to when looking for premium audio solutions that also feature creative design and high-caliber craftsmanship.

boAt - Industry

boAt thrives in the vibrant and ever-evolving consumer electronics industry, which holds a pivotal role in India's growing technological landscape. This industry has experienced remarkable growth, fueled by the increasing demand for electronic devices and gadgets. With its prominent presence, boAt stands at the forefront of this dynamic market, poised to meet the changing preferences of tech enthusiasts and tech-savvy consumers alike.

According to a Statista analysis, the Indian consumer electronics industry is expected to generate US $73.0 billion in revenue in 2024 , growing at a rate of 6.06% per year (CAGR 2024 - 2028) . This highlighted the noteworthy growth and economic prospects within the Indian consumer electronics industry throughout that time frame.

boAt - Founders and Team

Sameer Mehta and Aman Gupta are the co-founders of boAt.

Sameer Mehta

Sameer Mehta is the co-founder and Chief Product Officer (CPO) of boAt. He is also the Executive Director of Kores (India). Sameer Mehta started his career at Redwood Interactive and was the owner of the company. Mehta completed his schooling at St. Xavier School, Mumbai, and pursued his bachelor's degree in commerce from Narsee Monjee College of Commerce and Economics. Sameer also co-founded Imagine Marketing Pvt. Ltd., the parent company of boAt.

Aman Gupta is the co-founder and Chief Marketing Officer (CMO) of boAt. He pursued his bachelor's degree in commerce from Delhi University, after which he joined the Institute of Chartered Accountants of India. Gupta also pursued an MBA in Finance and Strategy at the Indian School of Business and an MBA in General Management and Marketing as an exchange student at the Kellogg School of Management at Northwestern University.

He started working as an Assistant Manager at Citibank and later worked as the co-founder and CEO of Advanced Telemedia Pvt. Ltd. Aman then joined KPMG as a Senior Management Consultant. He also worked as a Sales Director at HARMAN International. Aman Gupta ultimately co-founded boAt in 2016 with Sameer.

He also co-founded Imagine Marketing India, which became the parent company of boAt. Aman Gupta served as a judge during Season 1, Season 2, and Season 3 of Shark Tank and is also the first entrepreneur to walk the red carpet at Cannes in 2023.

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boAt - Startup Story

Aman Gupta's extraordinary journey from his birth and upbringing in Delhi to founding the immensely popular lifestyle audio brand boAt is a testament to his tenacity and entrepreneurial spirit. Initially urged by his father to pursue a career as a chartered accountant, Aman harbored a strong ambition to start his own business. Before achieving success with boAt, he ventured into five other businesses, all of which faced failure.

The turning point in Aman's entrepreneurial career occurred when he founded boAt at the age of 36, driven by his passion to create a lifestyle brand catering to the preferences of millennials. Reflecting on past mistakes, he identified a recurring pattern of concentrating solely on starting businesses without considering other crucial factors.

boAt began as a bootstrapped firm, with the founders contributing an initial capital of about Rs 30 lakh. Initially focused on manufacturing and selling cables, the company quickly evolved its trajectory. Aiming to deliver stylish audio products and accessories, boAt successfully tapped into the millennial market.

By 2020, boAt's product categories had expanded to serve over 800,000 clients, a remarkable accomplishment considering its humble beginnings. Aman Gupta's perseverance and commitment to learning from the past have played a crucial role in transforming boAt into the prosperous success story it is today.

boAt - Shareholding

As of January 2022, the shareholding pattern of boAt, based on information from Entrackr, indicates the following distribution:

boAt - Name, Tagline, and Logo

The amazing success of boAt in the audio technology business is attributed to the strategic foundation set by Imagine Marketing India , the parent company of boAt , at its founding in 2014.

boAt - Business Model

boAt operates on an agile business model , prioritizing a keen understanding of consumer needs , desires , and behavior patterns . Its capacity to quickly adjust and respond in real time to give customers exactly what they want gives it a considerable competitive advantage.

The company's dynamic product expansion, which offers technological solutions in line with changing customer demands and consumption patterns, demonstrates its dedication to ongoing innovation.

boAt uses a multi-channel distribution approach, being active on online marketplaces like Amazon and Flipkart as well as physical storefronts. The brand is also aggressively growing its offline presence. This omnichannel strategy contributes to the overall expansion and market reach of the brand while guaranteeing accessibility for customers with a range of buying preferences.

boAt - Revenue Model

boAt generates revenue through various channels, including:

Product Sales:

• Online Channels: Establishing a robust online presence, boAt selectively sells audio items on platforms like Amazon, Flipkart, and others.
• Offline Retail Stores: Expanding into physical retail locations, boAt forms alliances with consumer electronics and multi-brand retailers.

Additional Revenue from Operations:

• After-Sales Services: Offering warranty services enhances client satisfaction and encourages recurring business.
• Licensing & Brand Partnerships: Collaborating with influencers and companies, boAt creates co-branded products, leveraging their notoriety for joint sales and exclusive releases.

Promotion and Advertising:

• boAt invests in marketing and advertising to build brand awareness, utilizing various platforms for a wider audience reach. These efforts contribute to product visibility and customer acquisition, further enhancing revenue streams.

boAT - ESOP

According to regulatory filings, the boAt board approved a special resolution to grant its employees 9,55,523 Employee Stock Options (ESOPs) valued at around Rs 72 crore (almost $9 million) on October 17, 2023. As per the filing, these ESOPs were intended to be converted into equity shares, aligning with the goal of promoting employee ownership and attracting, retaining, motivating, and rewarding key personnel in line with business growth. This strategic decision demonstrated boAt's commitment to both its personnel and its long-term growth ambitions in the tech sector.

boAt - Challenges Faced

In its early stages, boAt faced formidable challenges, especially in convincing Chinese contract manufacturers to produce in small quantities. A crucial juncture arose as the dedicated boAt team, immersed in product and packaging design, implored manufacturers with a commitment for larger orders in the future: "Please support us now, we will order more later."

The logistical intricacies unfolded as products were shipped to the Indian company, maintaining minimal inventory, and Amazon took charge of distribution. Prior to the official launch of its brand in 2016, boAt served as a distributor for the international audio brand House of Marley from 2014 to 2016. boAt's early narrative was defined by bootstrap funding, approximately Rs 30 lakh from the founders, and the resilience to surmount financial challenges.

Even with such modest beginnings, boAt faced enduring difficulties in the fiercely competitive business. The business negotiated the challenging terrain of producing fashionable goods at reasonable prices, a challenge made more difficult by a market full with equally skilled rivals.

boat's dedication to conquering challenges and providing cutting-edge audio solutions has been important in forming its success story in the tech sector as it carved out its place.

boAt - Funding and Investors

boAt has raised a total amount of $177 million in funding over 7 funding rounds.

boAt - Acquisitions

boAt has acquired two companies to date: KaHa Pte on January 15, 2022, and TAGG on June 9, 2021. These strategic acquisitions reinforce boAt's commitment to innovation and market expansion in the audio technology sector.

boAt - Growth

boAt has experienced phenomenal growth by strategically placing its products in leading retail outlets, including Croma, Myntra , Amazon , Paytm , and Flipkart . The remarkable growth of the brand is evidence of the reliable, high-caliber performance of boAt products, drawing in a large consumer base.

By emphasizing innovation and flexibility in response to customer demands, boAt has become a prominent player in the audio technology sector, attaining notable accomplishments and acknowledgment within the industry.

Here's a quick glance at some of the most prominent growth milestones of boAt:

• boAt has gathered 800,000+ customers within a short span of 4 years as of July 2022.
• It claims to add one boAthead to its family within every 3 minutes that pass, as per reporting of July 2022.
• The company sells four units every minute and over 6,000 units each day as of May 2022.
• It is the 5th largest wearables brand globally, as per news report of December, 2020.

Expenses Breakdown

Company expenses for FY21 were Rs 1,202 crore in total, and in FY22 it was Rs 2,787 crore.

Below are the expenses breakdown:

boAT - Products

boAT has launched various products. Some of the prominent products are:

Stream Edition

boAt launched stream edition audio products including a neckband, headphones and TWS earbuds in India in partnership with Netflix in December, 2022.

boAt, and StanceBeam, a leading sports technology start-up in April, 2023, have joined forces to offer StanceOS, which includes advanced smart sensors and sports motion detecting AI technology in smartwatches.

Dolby-powered neckband

The Nirvana 525 ANC was formally introduced by boAt and Dolby in June, 2023.

Kids Wireless headphones

Rockid Rush, a line of wireless Bluetooth headphones for kids, has been introduced by boAT in August 2023, expanding its line of products. The 10-hour battery life, 30-mm drivers, and 85 dB sound limit of the limited-edition Bluetooth headphones are included.

As a new addition to the Airdopes series, boAt has introduced the Airdopes Flex 454 ANC in India in September, 2023. These cost less than Rs 2,000 and have ANC, up to 60 hours of playback time, and other capabilities.

boAT - Partnerships

boAT has partnerships with many companies. Some of the most prominent partnerships are:

boAt partnered with Netflix in December 2022, and through this collaboration, boAt announced that it would launch True Wireless Earbuds (TWS), On-Ear Headphones, and Wireless Neckband.

boAT partnership with IPL team

boAt agreed to become the official audio and wearable partner of three Indian Premier League (IPL) clubs, including Gujarat Titans (GT) and Royal Challengers Bangalore (RCB) in March 2023.

The company stated in a press release that it also extended its relationship with the Kolkata Knight Riders (KKR) and continued to serve as the team's official audio partner throughout the IPL's 16th season.

ONDC Partnership through Shopalyst's Plugin

boAt and Shopalyst teamed up to make their product catalog searchable on the Open Network For Digital Commerce (ONDC). Through this partnership, boAt aimed to create multiple consumer touchpoints in May 2023.

Reliance Digital

boAt partnered with Reliance Digital in September 2023, and through this collaboration, they planned to introduce 3D hologram projections as part of an exciting retail experience featuring the boAt Smart Ring.

boAT - Advertisment and Campaign

boAT Campaign

360-degree campaign

boAt enlisted a star-studded lineup, including actor Kiara Advani, cricketer Shreyas Iyer, fashion designer Masaba Gupta, and co-founder Aman Gupta, for their comprehensive 360-degree campaign.

The ad, which was released to mark the audio line's launch, masterfully conveys how Indians value their freedom to watch movies and TV shows whenever it suits them. This celebrity-studded commercial demonstrates the brand's dedication to providing a captivating and entertaining auditory experience.

boAt - Awards and Achievements

boAt has been awarded and recognized on numerous occasions by a list of organizations. Here's a look at some of the most prominent awards and achievements of the brand:

• Aman Gupta, the Chief Marketing Officer and co-founder of boAt, was named the e4m D2C Tycoon of the Year 2023 .
• He was recognized as the Entrepreneur of the Year in 2020 and included in the list of 40 Under 40 Achievers by Businessworld .
• Aman Gupta received the Businessworld Young Entrepreneur award in 2019 .

In terms of boAt's achievements:

• In Q3 of CY21, boAt became the " Number 1 brand for truly wireless and earwear in India. ".
• The company was recognized as the " 5th largest wearable brand in the world in 2020 ."
• boAt served as the official audio partner for six Indian Premier League (IPL) teams in 2021.
• In the 16th season of the IPL, boAt became the official wearable partner for RCB and GT and the official audio partner for KKR.
• Celebrities and cricket players that the brand has partnered with include Hardik Pandya, Diljit Dosanjh, and Kiara Advani.

boAt - Competitors

The top competitors of the boAt are Noise , Mivi, and Skullcandy .

Gonoise is one of the biggest rivals of boAt. It is headquartered in Gurgaon, Haryana, India and was founded in 2014. Noise competes in the electronic equipment industry.

Mivi is another rival of boAt. It is headquartered in Telangana, Andhra Pradesh, India and was founded in 2015. Mivi also operates in the electronic equipment industry.

Skullcandy is also one of the top competitors of boAt. It is headquartered in Park City, Utah and was founded in 2003. Skullcandy also works in the electronics industry.

Apart from these, there are certain other competitors of boAt like pTron, Boult Audio, Fire-Boltt , and Ambrane.

boAt - Future Plans

One of the main reasons for boAt's success is that they are aware of the trend of customers buying earbuds together with new smartphones. This is in line with a larger trend in the business, where big phone manufacturers collaborate strategically with audio providers to offer bundled prices that deter independent purchases. Co-founder of boAt Aman Gupta claims that changing market dynamics are reflected in this bundling technique.

boAt has a strategic positioning that focuses on providing fashionable yet reasonably priced products for Indian consumers in order to address the growing demand for technology gadgets. While considering a public listing in India, there are no immediate IPO plans in the next couple of years after deferring its IPO plans.

What is boAt?

boAt is an Indian startup that manufactures and distributes electronic gadgets. boAt is founded by Aman Gupta and Sameer Mehta and is hailed as one of India's favourite audio and wearable brands today.

When did boAt Company start?

The boAt company was started in 2016 by Sameer Mehta and Aman Gupta.

Who are the founders of boAt?

The founders of the boAt are Sameer Mehta and Aman Gupta .

What is boAt's revenue?

boAt's revenue in FY23 increased to Rs 3,377 crore, demonstrating remarkable growth compared to the previous fiscal year's revenue of Rs 2,873 crore.

How much funding has been raised by boAt?

boAt Lifestyle has successfully raised $177 million in funding over 7 funding rounds, as of October 28, 2022.

Is boAt an Indian company?

boAt is an Indian Company. It is headquartered in Gurgaon, Haryana, India.

How much is boAt's valuation?

boAt's valuation is around 1.4 billion, as of October, 2022.

How are boat headphones?

According to most reviews, boAt headphones are decent in quality, amazing in design and looks, and pocket-friendly too. boAt is building its brand image and credibility through these qualities that the branch wields.

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Awards and Achievements

1. The company was recognized as the 5 th largest wearable brand in the world in 2020.

2. It served as an official audio partner for six Indian Premier League teams in 2021.

3. In Q3 of FY 21, it became the Number 1 brand for truly wireless and earwear in India.

4. Aman Gupta, the chief marketing officer and co-founder of Boat, was named the D2C Tycoon of the year 2023.

5. Founder Aman Gupta received the Businessworld Young Entrepreneur Award in 2019.

Financial Highlights

Balance sheet.

As can be seen from the above table, the company’s non-current assets increased significantly in 2022. It was 231.7 million INR in FY 2021 and increased to 3698.82 million INR in 2022. In addition, the company’s current liability decreased year over year, indicating a strong financial position. 

Income Statement

Revenue for the company has climbed by about 18% year over year, while profit—both before and after taxes—has sharply declined. The company recorded a total net loss of 1294.54 million INR, compared to a profit of 687.04 million INR for FY 2022. 

Cash Flow Statement

Boat’s cash flow from operating activities has been erratic over the last three fiscal years. While it has improved from FY 2022 to FY 2023, it is still negative by 641.79 million Indian rupees despite positive cash flow from financing activities. 

SWOT Analysis

1.     When compared to other brands in the business, the items from Boat are comparatively less expensive , making them more affordable for consumers. 

2.     Customers in the electronic markets have significant brand awareness for the corporation, particularly in the audio sector.

3.     The company sells a variety of products , such as speakers, earbuds, headphones, and more. 

4.     Their after-sales service brings consumer loyalty towards their brand, as they provide on-time service and have centers across the country.

1.    Boat has captured the Indian market but they were not able to expand its reach in other countries which could be a hindrance to its growth potential.

2.     Boat depends heavily on outside parties to supply the components needed to make their goods. 

3.     The corporation is diversifying into more market categories, which could dilute its brand identity and confuse customers. 

4.    The boat does not have control over its relationships with customers because it sells its products on well-known platforms.

Opportunities

1.    The company’s growth may be aided by its overseas market expansion. 

2.     Boat has recently ventured into the smart wearable industry , which has the potential to grow its revenue in the long run, given how popular wearables are right now. In addition, they can investigate various tech accessories. 

3.     E-commerce platforms are becoming more and more popular , which presents a chance to expand their audience.

4.    The company can sell its products by collaborating with well-known influencers and celebrities , which will raise awareness of the brand.  

1.     Boat may lose market share if they don’t pay attention to their pricing and business strategy in the face of competition from several new companies. 

2.     There are many different fake goods in the market; they must cease as soon as possible since this will damage the brand’s reputation and reduce its income. 

3.     Any economic crisis may affect consumers’ purchasing habits, which will reduce the market for electronic goods. 

In just eight years, Boat has become a leading brand in India and has taken control of the electronic audio gadget market. Their product quality, marketing tactics, and post-purchase assistance are all excellent. Due to their aggressive pricing, other industry titans like JBL and Bose are forced to cut their prices to make the products more accessible to consumers. 

Given the dynamic nature of the consumer electronics market, the company ought to prioritize product innovation, international expansion, and distribution network optimization to sustain its growth pace. 

Frequently Asked Questions (FAQs)

Q1. What is the boat’s parent company’s name?

Ans. Imagine marketing India is the parent company of the boat.

Q2. Is the boat operating in losses?

Ans. Despite reporting a profit in FY 22 and FY 21, the company recorded a net loss of 1294.54 million INR in FY 2023. 

Q3. What is the valuation of boat?

Ans. As of Dec 2023, the valuation of boat was 11500 crores.

Q4. Is boat listed on the stock exchange?

Ans. Boat is not yet listed on any Indian exchange, although an initial public offering (IPO) is anticipated shortly. 

Q5. Where is the headquarters of boat?

Ans. Boat has its headquarters in Mumbai, India.

Disclaimer: The securities, funds, and strategies mentioned in this blog are purely for informational purposes and are not recommendations.

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boAt Case Study: This Fifth Largest Wearable Brand is Earning Beyond Guesses

How did boat transition from its inception to becoming a dominant force in india’s wearable electronics market, what unique features of boat’s business model and partnerships have contributed to its success and differentiation in the industry, how does boat envision its future trajectory, including potential expansions, innovations, and global ambitions in the electronic products market.

boAT (legal name “Imagine Marketing Services Pvt. Ltd.) is an India-based company incepted in November 2013. The company is an online brand that offers electronic products. boAt produces earphones, headphones, stereos, hair trimmers, power banks, travel chargers, smart watches, and cables. Aman Gupta and Sameer Mehta are the company founders. boAt became one of the largest wearable electronic brands in 2022.

For the company, every boAthead (nickname for people who use boAt) out there is its anchor! Their love and support inspire them to never back down, even in the turbulent waters and stormy seas.

How did boAt Company start?

The visionary entrepreneurial spirit and a growing market demand led to the inception of boAt. In 2016, Sameer Mehta and Aman Gupta co-founded boAt to fill a discernible void in the market for portable audio solutions. The creators understood that Indian consumers, especially millennials, and their changing tastes, and they wanted audio goods that were not just reasonably priced and long-lasting but also stylish.

Aman Gupta’s entrepreneurial vision and discontent with traditional career paths propelled the founders to set out on a mission to develop a brand that catered to the vibrant lifestyle and tastes of the younger market. Aman’s perseverance and strategic acumen helped boAt’s success. Using their knowledge of consumer behavior and market trends, Aman Gupta and Sameer Mehta laid the groundwork for boAt’s success by designing it as more than just an audio selection for contemporary Indian consumers.

How has boAt Succeeded?

boAt has grown into the largest wearable electronic brand in 2022 because of the company’s market awareness, innovative collaborations, and strategic diversification. Since its foundation, it has added several wireless speakers, earbuds, tech accessories, and conventional headphones and earphones. By diversifying, boAt has been able to meet the needs and interests of several customers, securing its place as the top lifestyle audio brand in India.

The strategic alliance boAt has with Netflix and Indian Premier League (IPL) teams has significantly enhanced its visibility and market penetration. It has helped increase the company’s reach and reinforced its association with lifestyle and entertainment. With numerous accolades and awards, boAt continues to cement its reputation as a trailblazer in the tech sector, poised for sustained growth and innovation in the following years.

Who are the investors in boAt company?

boAt Lifestyle has a lot of investors and their names are:

• Fireside Ventures, NAVI
• InnoVen Capital
• South Lake Investment
• Warburg Pincus
• Qualcomm Ventures
• Warburg Pincus, Malabar Investment Advisors
• Ranveer Singh

How does boAt’s business model contribute to its success? 

boAt’s perfect designs, innovative approaches, and customer-centric nature are factors for its business success. It understands its customers’ requirements, desires, and behaviour patterns, enabling the business to react quickly to shifting market conditions and ensuring the offerings are relevant and consumer-friendly. Moreover, a key factor in boAt’s success has been its multi-channel distribution strategy, including physical retail outlets and online platforms.

The multi-channel distribution strategy makes the company more visible, consumer interaction becomes more seamless, and customers become more happy. boAt’s continued growth and expansion in the worldwide marketplace demonstrates its dedication to innovation, customer satisfaction, and market response. As a result, the company continues to set new standards for success in the tech sector.

What are the different marketing strategies of boAt?

boAt uses a diversified marketing approach to connect with customers through several media platforms and fit in with their lifestyles. It leverages the potency of influencer partnerships by teaming up with athletes, celebrities, and social media influencers to promote their goods and establish connections with their intended markets. These collaborations raise brand awareness while establishing trustworthiness and authenticity, drawing consumer interest while fostering interaction.

Moreover, boAt deliberately associates with prestigious events and establishments to enhance its visibility in the market and broaden its scope. boAt creates connections with several consumers by sponsoring events such as the Indian Premier League (IPL) and partnering with entertainment platforms like Netflix. Furthermore, the company markets itself as a lifestyle option associated with sports and entertainment by forming strategic partnerships and sponsorships.

The company uses marketing initiatives ranging from engaging TV ads and participatory social media campaigns that help connect with customers on a human level, building brand loyalty and paving the way for long-term success in the cutthroat field of audio technology.

boAt Revenue Chart FY 22-23

boAt Lifestyle saw a notable 2X gain in revenue in the fiscal year 2022–2023. It achieved a net sales amount of Rs 4,000 crore. The company’s sales income in the previous fiscal year, 21–22, was approximately Rs 2,000 crore. Its strong position in the dynamic audio market is responsible for the significant revenue growth. boAt’s significant market share was shown in its ranking as the fifth-largest wearable brand globally and its top spot in India in 2022.

The company’s ability to maintain a high client retention rate and the increased demand for its products are both evidenced by revenue growth. In its financial reports for FY 22–23, boAt showed that its operating revenue increased by 2.2 times to Rs 2,873 crore from Rs 1,314 crore in FY 21–22.

What are the bestselling products of boAt?

Below are some of the best-selling products of boAt:

Wireless Earbuds from the Airdopes series

These earbuds are renowned for their sleek styling, cosy fit, and excellent sound quality. Customers looking for dependable and portable audio solutions for usage on the go are fond of these earphones.

Wireless Earbuds and Headphones

boAt provides a range of wireless earbuds and headphones renowned for their elegant designs, exceptional sound quality, and long-lasting construction. These devices offer a seamless audio experience without the inconvenience of cords, appealing to both audiophiles and casual listeners.

Portable Wireless Speakers

Due to their small size, strong sound production, and extended battery life, boAt’s portable wireless speakers are quite popular. These speakers provide superb audio performance in a portable design, making them ideal for social events, home entertainment, and outdoor excursions.

boAt offers several durable cables, such as audio and charging cables, made to survive everyday wear and tear while providing dependable and quick data transfer and charging. If customers want their electronic equipment to be durable and work well, these cables are a must.

What are the Future Plans of boAt?

As a company, boAt wants to maintain its position as the industry leader in wearables. Moreover, the company intends to focus on product innovation, global expansion, and strategic partnerships.  boAt wants to double its manufacturing capacity to fulfill the growing demand for its products globally. Moreover, the brand aims to optimise its manufacturing and supply chain procedures through collaborations and financial investments, guaranteeing effective functioning and expandability in the worldwide market.

In addition, boAt is dedicated to creating innovative and high-quality goods, and it keeps growing its line of business to provide customers with a wide selection of wearable and audio devices. It has unveiled new products, like neckbands with 3D Spatial Bionic Sound technology, demonstrating its dedication to providing cutting-edge solutions to satisfy changing customer needs.

Bottom Line

The idea for boAt, the top wearable electronics company in India, came from Aman Gupta and Sameer Mehta, who saw a need in the market for fashionable yet reasonably-priced audio solutions. b oAt was established in 2013 and offers a wide variety of electronic devices, such as portable speakers, headphones, and earbuds, to suit the active lifestyle of Indian consumers. Its growth is driven by its multi-channel distribution strategy, influencer partnerships, and affiliation with high-profile events like the Indian Premier League.

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boAt Marketing Strategy: How the company became the biggest audio superstore in India

Learn about boat's iconic marketing strategy and advertising campaigns. read how boat aces the 4ps of marketing mix - product, price, promotion & placement..

• overview#goto" data-overview-topic-param="about">About boAt
• overview#goto" data-overview-topic-param="marketing">boAt's 4Ps of Marketing
• overview#goto" data-overview-topic-param="noteworthy">Noteworthy Marketing Campaigns
• overview#goto" data-overview-topic-param="key">Key Takeaways

Audio devices are highly personal such that their own form a part of one's personality. The Indian youth is no different, and many homegrown and international consumer electronics brands strategize to capture this third-largest smart personal audio market .

One such brand is boAt, which successfully launched in the Indian market in 2014 via an aggressive marketing strategy that is also its competitive advantage. Today, it is a success story such that it has captured 32% of the market share and is India's fastest-growing audio brand.

In this article, we break down the boAt marketing strategy and business model that teaches us how to stay relevant in a red ocean market.

About BoAt consumer electronics company

Boat is a consumer electronics startup that brings millennials affordable, durable, and fashionable audio products and accessories .

The boAt story began when co-founders  Aman Gupta and Sameer Mehta , the owner of Redwood Interactive, saw an opportunity in the Indian market for affordable, good-quality audio products. Aman Gupta used to work as a CA and Assistant Manager at Citi Bank before he joined JBL in 2012.

In 2014, Aman Gupta launched boAt lifestyle when he teamed up with Sameer Sharma to sell unbreakable charging cables for iPhones. Due to his previous experience working for JBL, Aman was ambitious as he had a deeper understanding of the audio industry. Since there weren't any branded manufacturers at low pricing rates, and even if they were, they didn't provide good quality products, there was a HUGE  gap in the market.

Image source: Aman Gupta's Twitter

Since then, the company that began its success story from being a cable manufacturer has expanded its product range to include wireless headphones, wireless speakers, computer gaming peripherals, wireless or wired earphones, Bluetooth speakers, and other electronic gadgets.

BoAt's Investors

In 2018 Investors Kanwaljit Singh and Fireside Ventures invested a combined $600m into the company. They felt enthralled by the extraordinary service of the organization in identifying the right audience and maintaining an outstanding standard of quality products.

As mentioned in their blog , in 2021 Qualcomm ventures  i nvested approximately 100m in the business at an estimated cost of Rs 2200m. Overall, The company now holds five investors.

Image source: Entrepreneur India

Marketing strategies that helped lifestyle brand boAt succeed:  The 4P's of marketing

When talking about boAt as a rising brand providing technical audio support, it's not just any ordinary audio support; it's high-quality, reliable audio that everyone can depend on. So, how does boAt market itself as a brand to ensure consumers understand this?

There are multiple marketing strategies adopted by boAt to become a leading brand in India's fastest-growing audio devices market - let's look at them with 4P analysis lens:

boAt products strategy

boAt started with only accessories, but today offers a wide range of audio products, including boat headphones, boat earphones, wireless speakers, wireless earbuds, home audio equipment, wireless earphones, etc. They have something for everyone, and is a market leader for consumer electronic products in affordable prices or high-end gear range.

Regarding sound quality, the boAt brand is known for delivering exceptional audio. This company aims to deliver products designed to provide an immersive listening experience, and they often use premium materials to ensure optimal sound quality.

Overall, boAt's products are well-made and offer great value for the price. This helps further boat marketing strategy as they can position good quality products at affordable rates compared to the competition in this category.

Image source: India TVNews

boAt's pricing strategy

The boAt pricing strategy is simple yet effective - they offer quality products at an affordable price. This has allowed them to become the biggest audio superstore in India.

boAt offers a wide range of products, from earphones and headphones to speakers and cases. Their prices are highly competitive, and they regularly offer discounts and promotions on their website. This makes them an attractive option for customers looking for quality audio products at a reasonable price.

BoAt Revenue and Marketing Performance

In both the initial years of business as an Indian startup, boAt lifestyle needed more funds. After Fireside ventured, boAt lifestyle has tripled its revenue . In December 2020, boAt became the fifth-biggest wearables brand in the world, overtaking Apple , Samsung, and Xiaomi in India. As reported by Forbes India , boAt's revenue stood at rupees 701 crores in FY20, and profits at rupees 49 crores.

In addition to selling 15,000 units every day within its three million+ online community, it partnered with six IPL teams this year and enlisted 14 brand ambassadors from Bollywood and cricket.

Furthermore, true wireless stereos were priced 48.6 percent cheaper year-on-year in the third quarter of this year, dropping to $57 on average. The market grew to 10 million units during this period, with boAt concentrating on the entry-level product range audio segment, thus finding a sweet spot in terms of pricing.

Image source: Forbes India

boAt's Distribution Channels

The boAT marketing strategy across its product distribution essentially follows a pronged approach when it comes to marketing - online- offline, and word of mouth.

for online digital marketing, the company invested heavily in search engine positioning so that they appear as the top result when users search for keywords related to their products.

Word-of-mouth marketing is also critical for boAT's success. They have leveraged their strong and loyal customer base to spread the word about their products via community-building initiatives. In addition, they've made sure to actively engage with their customers, especially on social media platforms. This has allowed them to get positive reviews which have further boosted sales.

Source: boAt Lifestyle website

All in all, the boAt marketing strategy of combining online, offline, and word-of-mouth tricks has helped them stand out from their competitors. Their focus on creating an omnichannel presence along with engaging customer relationships has enabled them to become one of India's most recognized brands in the audio equipment segment.

boAt's Promotion Strategy

To break into the audio market, boAt had to establish itself as one of the significant premium brands and invested heavily in digital marketing and influencer marketing to reach a wider audience.

boAt’s digital campaigns included creating digital content for its target audience, advertising on major digital platforms like Instagram and YouTube, and engaging with online influencers to a   brand development hype.

boAt collaborated with celebrities and content creators such as actors Ranbir Kapoor, Kartik Aaryan and influencers such as the YouTube sensation Prajakta Koli who could help spread the word about their fashionable audio products. This led to widespread brand visibility and an aura of exclusivity being created around BoAt products.

Let us look at various promotional marketing strategies adopted by the boAt brand:

Lifestyle Marketing strategy

To market itself as a lifestyle brand, India's leading audio support company, boAt made use of various marketing strategies.

Firstly, it utilized social media platforms such as Facebook and Instagram to reach its target audience. Through these platforms, boAt created a community of people who shared the same passion for the music industry and audio products.

For example their Marvel Collection was a special collection of earbuds, headphones, and speakers designed especially for Marvel fans. This collection features characters like Iron Man, Captain America, and Black Panther.

Images source: boAt lifestyle

Organizing events and meet-ups

Secondly, the company began organizing events and meet-ups where like-minded individuals could come together and share their love for music. This helped create a solid bond between the brand and its existing and potential customers.

Traditional marketing strategies

Finally, boAt also used traditional marketing channels such as television and print media to spread awareness about the brand. Overall, using a combination of online and offline marketing strategies, boAt successfully established itself as a lifestyle brand.

Personalized message strategy

For the boAt marketing strategy to win, the brand needed to focus on customer service. It did this by ensuring that its customers could get the best possible experience when using its products. They sent personalized messages via emails and SMS, created a customer care helpline, tailored warranty policies, and kept the customer in mind when designing new products.

Additionally, now Boat offers "Do what #floats your boat" pages on its very own website. They designed various digital marketing campaigns around this for building a stronger community. This allowed customers to get quick help and walkthroughs on using specific products or features according to their tastes.

Image source: boAt lifestyle website

Apart from all this, the boAt co-founders, especially Aman Gupta has become very popular since his stint in Shark Tank India edition. He is publicly appreciated and loved, and his brand received a lot of publicity thanks to the show's popularity.

Noteworthy boAt Marketing Campaigns

The boAt marketing strategy is always on top for its digital marketing campaigns. They never fail when it comes to aggressive social media marketing campaigns that often include celebrity endorsements, social media influencer partnerships, and innovative marketing initiatives like community building.

image source: Shark Tank India

Rock with boAt challenge

This is one the most recent challenges of boAt that has reached over 1 million people and generated a lot of positive buzz around the brand. A lot of celebrities and influencers were seen wearing their wireless earbuds and showing some moves.

More in Everyday

The #MoreInEveryday campaign was a reminder for GenZ, hustlers, and doers about all that they can accomplish with an Alexa on their wrist.

View this post on Instagram A post shared by boAt (@boat.nirvana)

Thanks to this well-rounded approach, boAt quickly became the go-to brand for quality audio products in India. In just four short years, they have gone from selling headphones out of the trunk of a car to becoming a Rs.100 crore company!

Official audio partner for Lakme fashion week

boAt's unique intent to promote itself was evident at the Lakme Fashion Week (2009) in Mumbai, where all models wore BoAt products. BoAt showcased its products in the fashion industry as fashion accessories. Models in the Lakme fashion week wore BoAt products as the only accessories on the stage.

The brand even created a limited edition of their headphones for the Lakme fashion week. In addition, the brand ambassadors were carefully selected based on their face value among millennials, especially those from Bollywood and sports (cricket). Such simple curation allows boAt to stay relevant among their target audience.

Images source: Lakme Fashion week Facebook

Key takeaways from the boAt marketing strategy for Entrepreneurs

One major takeaway from boAt marketing strategy is how one should think of finding market gaps and getting aggressive for winning the market via pricing strategies. Apart from this, here some more marketing strategy lessons to remember:

Establish a personal connection with your audience:

One of the critical things that boAt does well is to establish a personal connection with its audience. This is evident in their social media presence, which is very engaging and relatable. They use a mix of humor "baby ko bass pasand hai" and SERIOUS business advice to connect with their followers, which has helped them build a strong bond with their target market.

Image source: boAt lifestyle

Know your USP

boAt knows its unique selling proposition (USP), and it uses this to its advantage in its marketing efforts. The brand's USP focuses on providing affordable and high-quality audio products, which is reflected in its marketing messages. By communicating this USP clearly to its target market, boAt is able to differentiate itself from other brands in the industry.

Be active on social media

Social media is a powerful platform for promoting businesses, and boAt has leveraged effectively. The brand is active on all major social media platforms, and it uses these platforms to engage with its audience, promote new products, and offer valuable content. This approach has helped boAt build a solid online presence and reach more people with its message.

Use influencers wisely

Influencer marketing can be extremely effective, but it must be done carefully to avoid pitfalls. Boat uses influencers wisely by partnering with relevant influencers who have a genuine connection with the brand's identity.

BoAt captivated the entire electronic gadgets market in just six short years. The company is one of the five largest and top-selling wearable brands worldwide and at present the 1st in India. It has excellent branding strategies. Currently, it concentrates on an intelligent, crisp marketing campaign and effectively use digital platforms to promote their business.

Although there were several pandemics, the brand used different tactics. The boAt marketing strategy has caused other giant companies such as JBL and other audio manufacturers to lower their product prices in a competitive market.

If you are building a consumer brand, you can also check out our other case marketing strategy case studies for Apple in technology space or Nike in wearables brand space for more inspiration.

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The One Liner

Boat marketing strategy case study that can blow your mind, diptaraj bhaduri.

March 2, 2023. 2 minute Read

The wearable electronics marketplace in India was already competitive, with more than 200+ brands lethally competing against each other to take over the Indian market. The reason behind this was the massive size of the Indian market with a young population whose average age is 27+ years. The BoAt was an underdog when it started, but over time, it has become one of the most used and profitable brands in the wearable electronics market sector of India.

BoAt is an Indian company founded in 2016 by Aman Gupta and Sameer Mehta which sells audio-focused electronic products like wireless speakers, earbuds, wired and wireless headphones, home audio gear, premium rugged cables, and a variety of other tech accessories. 

According to a report from 2022, the company started out as a cable manufacturer and seller before quickly expanding into other markets currently has a market share of 32.1% keeping brands like Mivi and Realme far behind.

History of BoAt company

BoAt with the motive to provide millennials and Gen-Z customers in India with cost-effective, durable, and stylish audio goods and accessories, launched as a lifestyle brand in the consumer electronics sector in 2016. Born in 2016, boAt began offering connector cables on Amazon India as its sole channel of revenue. Slowly they then entered into markets of personal audio before sliding into more recent areas like wireless audio, home audio, and smartwatches. The products of boAt are Well designed and reasonably priced in each category and are also backed by aggressive marketing campaigns and a multi-brand ambassador strategy. BoAt now asserts that four devices are sold every minute, or 6,000 units per day. The successful story of boAt made Aman Gupta popular as a marketing genius. It quickly rose to become the fifth-largest wearable business in the world and one of India’s first digitally native brands to record revenues of over $65 million and this success made boAt marketing strategies a talk of the town for all other entrepreneurs who are also trying to stand out in their respective market defeating all their rival brands. 

Success story of BoAt

BoAt concentrates on establishing a quality relationship with its customers in which it views the customers as members of the boAt family, the customer service that boAt provides actually makes their customer feel a bit more special. Also their quality marketing tactics which make them seen everywhere. The products of boAt were made affordable, enduring, and fashionable as the founders thought to make their wearables more attractive to the young customer base of India. They also put a lot of emphasis on the boAt brand and portrayed it as an Indian one using the face of different Indian celebrities. Because Indians are huge fans of both cricket and Bollywood movies, boAt chose to use these cricketers and bollywood stars there as brand ambassadors for the company’s marketing efforts. With affordable pricing and appealing designs, all of these helped the business build a sizable customer base and become a billion-dollar company in India.

Marketing Strategies that BoAt used to capture the market

1. boat used the opportunity quite well..

In 2016, India was changing at a rapid rate, jio has just the Indian market and people have started using the internet at peak. At that time there was a high need to wearables in the market as most mobile phone companies stopped giving a headphone with their mobile sets and the other options were premium companies such as Apple, JBL, and Bose but there was no affordable brand for the majority of population and there’s where boAt saw an opportunity and used it to fullest.

2. Celebrity endorsements

boAt marketing strategies were insane and one of the strongest pillars of their marketing strategy is celebrity endorsements. From cricketers like Hardik Pandya and Rishabh Pant to bollywood celebrities like Kartik Aryan and Kiara Advani, a lot of these celebrities worked as the brand ambassador of boat which made it highly popular among young Indians especially through internet.

3. BoAt featured itself more as lifestyle brand

More than just a normal wearables electronic brand which makes earphones and earpods boAt decided to become a lifestyle brand for the young generation. They even collaborated with different top fashion designers in Lakme fashion week. The cool and funky designs of the headphones attracted many young Indian customers. 

4. Strong Online presence

It’s a well known fact now that if you want to win in the modern world then you need to be able to make your presence felt on social media platforms. boAt ran a lot of social media marketing campaigns and stayed away from traditional media which is also a big reason why young Indians prefer boAt over every other brand. A report says that social media plays a very important role in shaping the purchasing decisions of GenZ.

Final thoughts

We at The One Liner also wish to see you as a successful business person someday. Aman Gupta has already inspired thousands of entrepreneurs in India trying to build something from scratch. Even Aman Gupta claims that Boat has been profitable since day 1. And as per the Economic times, BoAt has seen a solid year-to-year rise in profits and revenue in the financial year 2020. These days, when every company is looking more for funding and talks less about Profit, Boat is the only startup that can inspire many on how to create a profitable business that targets mostly Genz and Millenials.

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Business Case Study: The Marketing Strategy which turned Boat into a 1500CR Company

Here is the business case study explaining the marketing strategies which turned boat into a 1500 cr company..

Boat is one of the most incredible brands in the Indian startup ecosystem and the most astonishing thing about this company is that within just five years they have achieved such a strong position in the market that if you look at the True Wireless Stereo (TWS) market as of Q3 of 2021 while Boult stands at 5.3% , Noise stands at 7.7% , Realme stands at 8.1% , Boat stands way ahead with a market share of 35.8% which is literally more than the next three competitors combined.

On top of that, the revenue of the company has already crossed Rs.1500 Crores in FY-2021 and the profits have already shot up by 61% since FY-2020.

Now considering the fact that Boat is now going for an IPO, the question is,

How did Boat achieve such an extraordinary position in the crowded hearable market of India,

What exactly was their business strategy, and

What are the business lessons that we need to learn from Mr.Aman Gupta (CoFounder) and his wonderful team at Boat.

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One of the most important reasons for Boat’s success is its genius Market Positioning and if you look at the rise of Boat it is very very similar to the rise of OnePlus phones in India.

Many of you must have seen that there was a time when the OnePlus brand was just one of the most functional underrated brands in India and it was only popular among tech enthusiasts but suddenly with the launch of OnePlus 7, the OnePlus tag became one of the most popular brands in India and you could literally see OnePlus 7 phones everywhere in 2019.

In fact, at one point in 2019, OnePlus was selling more phones than Apple and Samsung combined. Now the question is in spite of the phone market being so crowded with Vivo , Oppo , Samsung , Huawei , and Apple , how did OnePlus become a legend.

The answer to this question lies in this pricing chart,

Now if you look at the pricing of phones in India back in 2019, you will see that iPhone was the costliest with the pricing of Rs.85K+, then we had Samsung S10 priced at Rs.55K+ and then straight away we had Oppo, Vivo, and other companies that were primarily focused on selling phones below Rs.25,000.

Now although they had costlier phones, in India, the focus of these companies was more on Rs.25,000 and below price range. Now you see, there is a huge gap that's left out between Rs.25,000 to Rs.55,000 rupees which was only being addressed by Samsung then. As we all know Samsung phones do not offer as much value for money as their counterparts and this audience was the most premium unaddressed audience that was left untapped.

Here's where we saw the rise of two phones, one was Xiaomi MI 9 and Rs.31,000 and OnePlus 7 that was priced at Rs.35,000 and both these phones positioned themselves exactly in between Rs.25K to Rs.55K price range and they both had insane specs and offered way more value for money as compared to Samsung phones.

Now the question is why didn't MI 9 become a market leader like OnePlus?

Well, that is because OnePlus built a crazy level of aspirational value for its brand by getting endorsed by Robert Downey JR .

Everybody knows what an insane fan base Robert Downey JR has in India and this aspirational value is something where Xiaomi lagged because of which OnePlus won a huge market share in India in 2019.

Now, how is all this related to Boat and what does OnePlus positioning have to do with Boat?

Well if you look closely after Apple introduced the AirPods in 2016 three important things happened in the exact same year,

There was a sudden boost in the fascination of wireless earphones.

The JIO wave hit India in 2016 that led to the skyrocketing of the screen time of Indians.

Most importantly many phone manufacturers stopped shipping earphones along with their smartphones and if they did these earphones were the most basic versions in the market.

All these three factors created a huge market for hearable in India so from 2017-18 onwards many companies started jumping into the wearables market and if you look at the pricing charts of the most popular brands in 2018 this is what it looks like,

First, we had the ultra-premium wireless earphones category wherein we had Bose and Apple that had a base price of Rs.17K and Rs.15K respectively. Then in the premium category that is between Rs.10K to 15K, we had only JBL as a significant brand with its pod version being priced at Rs.10K. Then for sub-premium that is between Rs.5K to Rs.10K we had Sennheiser's wireless earphones that started from Rs.6,400 onwards and below this price point that is below 5000 there was no giant brand and yet there was a huge demand for wireless earphones in India.

This is where we saw four brands come in MIVI priced at Rs.3K to 4K, SkullCandy priced at Rs.2000+ we had Boat at Rs.1999 and then we had Noise priced atRs.3999, and then we had several local brands including Boult that were priced at Rs.999 and below.

Now the question, is with these four competitive brands what was so special about Boat that it is now the market leader by such a huge margin.

Well, there are two specific reasons for that,

Firstly, while SkullCandy was only popular among enthusiasts and among a very limited segment of the audience, the other brands like MIVI and Boult were barely known in the market. Whereas Boat had become far more popular because they had roped in Hardik Pandya in 2018 and this is where the power of celebrity endorsement comes in, just like Robert Downey JR 's endorsement brought in an aspirational value for OnePlus. Hardik Pandya's endorsement by default built an aspirational value for Boat as a brand. As a result in the Rs.2000 - Rs.5000 category Boat became far more familiar than its counterparts. Now some people might say, just because some celebrities endorsing why will we buy earphones? We are smart enough to make a good choice without endorsements! . . . Well, that’s not always the case.

A customer knowingly or unknowingly determines the value of a product based on two types of values Tangible Value and Perceived Value.

Tangible value is the real value of the product. As in if the audio sounds great in one earphone it has a great tangible value and Perceived value as the name suggests is basically the judgment that you make based on how the product is portrayed .

The fact about audio devices especially earphones is that only trained ears or only the people who are involved in video editing or sound editing can actually spot the intricate differences in audio whereas the naive ears will not be able to tell the difference in audio quality between two devices, as a result, you can barely spot the difference between two products as a result of the entire audio market from the customer standpoint is practically commoditized and since there is no added tangible value to the product that you can spot the only value by which you will judge an audio product like your phone is by perceived value.

So if I place two earphones one of some random brand and the other that is being endorsed by Hardik Pandya, you are more likely to trust the latter than the former. Even if you are not a diehard Hardik Pandya fan so the only delta that inclines you to purchase a product like your phone is the perceived value of the product.

This is the reason why Boat obsessively focuses on presenting itself as a lifestyle brand to build an aspirational value for itself both with endorsements and design.

So after Hardik Pandya, they also roped in Rishabh Pant , Shikhar Dhawan , Bhumra, and Prithvi Shaw 2019 followed by Neha Kakkar , Kiara Advani, and Karthik Aryan after that they also signed up Shreyas Iyer and Diljit Dosanjh in 2020.

Boat also collaborated with celebrity designer Masaba Gupta to launch a limited-edition collection of spunky headphones at the Lakme Fashion Week 2020 and now they're also collaborating with BIRA which is again one of the favorite millennial brands in India.

This is how just like OnePlus was able to present itself as a far more premium and familiar product as compared to Xiaomi MI 9. Boat through its collaborations has been able to build the same aspiration value to stand out from the rest of the crowd.

Even today at the entry level in the earphones market boat is still priced at a bare minimum of Rs.299 because of which a student is more likely to buy a boat and when he loves it three years later after he graduates when his purchase power increases he is more likely to buy a Boat product.

This is how by building a Quality Product, by choosing a wonderful Time to Enter the Market, by Standing Out from the rest of the competition through lifestyle marketing and through strategic collaborations, Mr.Aman Gupta and team have turned Boat into a market leader in the hearable segment of the Indian market.

Lessons from the Case Study :

Whenever you launch a product in a crowded market always try to figure out how you are going to differentiate yourself in the presence of the big brands.

Celebrity endorsements although looks like a cash drain in some cases even today it could be a game-changer in a crowded commoditized market.

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Boat success story & business model.

Harsh Hingu

Created on 23 May 2022

Wraps up in 7 Min

Read by 51k people

Updated on 13 Aug 2024

What comes to mind when we hear  ‘Earphones’ ?  Think think? Today, we will be talking about a brand that didn’t even exist a few years ago & now it is the market leader in the audio segment. You guessed it right, BoAt it is!

Before we discuss how BoAt started, let's understand the market conditions in which BoAt targets millennials and people in their early 20s. 

In 2018 alone, more than 60 lakh students graduated, and almost all of them own a mobile phone in cities for which they require earphones, so BoAt cleverly tried to seize the opportunity.

Due to the emergence of work-from-home, where every working individual wants to attend a meeting, there is a need for earphones, and here, too, BoAt captured this opportunity very well.

So now let’s plug into nirvana 🥳 & decode the BoAt story & how it became one of the top wearable brands worldwide.

How BoAt Started

Aman Gupta was a CA and worked as an assistant manager with Citi Bank. He was keenly interested in Marketing, so he joined JBL in 2012 as Sales Head.

He fell in love with the audio industry & wanted to do something of his own. With his friend Sameer Mehta, Aman & Sameer started boAt lifestyle in 2014. They bootstrapped BoAt by investing 30 lakhs from their wealth. 

Initially, they saw a problem: the iPhone's charging cable used to break easily owing to its poor quality, so they started selling unbreakable charging cables for iPhones. 

They decided to go through e-commerce and started selling on Amazon & Flipkart. Aman & Sameer succeeded as no other company was selling quality cable at such a low price.

But Aman & Sameer were ambitious as Aman had previously worked in JBL, so he had a deeper insight into the audio industry. A massive gap existed in the market as no branded product was available at a low price & even if it did exist, they were not providing good quality products. The Gap In The Market

So initially, when no brand existed in the economy/affordable market. Some cheap Chinese products existed, but they were not up to the mark as the products they were selling were of low quality & people were not interested in buying them. So, here is BoAt to save all of us. On that note, let's discuss its business model.

Business Model of BoAt

BoAt sells various products from wired earphones to wireless ones, from speakers to headphones & from smartwatches to trimmers. BoAt lifestyle has a market share of 27.3% in the earwear category & it is the leading brand in this category.

It earned a revenue of ₹1,531 crores & the profit was around ₹127.1 crores in FY2021. Its earnings grew by 61% from ₹48.85 crores in FY20 to ₹78.6 crores in FY21.

BoAt focuses on selling wired earphones at the lowest prices possible. Their products are priced between ₹350 to ₹550 as no brand sells wired earphones in this price segment.

The company has always created products that have led to demand-pull, which means they don't have to market its launched products. It has already become popular owing to its good quality and low price. 

For example, BoAt launched a portable Bluetooth speaker named  'BoAt Stone'  that became an instant hit as they were selling this at around ₹2,000 & other competitors of BoAt were selling the speakers at ₹5,000.

Revenue Breakup of BoAt

Strategies That Helped BoAt Succeed

BoAt lifestyle has become one of the top 5 wearable brands globally. Let us know what made them one of the top wearable companies in the world.

Online Approach

Initially, it started selling online as it is easier to manage the distribution & sale of products that way. Then slowly, with time, they entered the offline market because, in small cities & rural India, people were still buying these products from nearby retail shops.

Outsourcing The Manufacturing

The main issue was they didn’t have the expertise to manufacture good quality earphones in India. So they decided to outsource the manufacturing to Chinese companies as China is the electronics manufacturing hub. So they solely focused on designing the product & building the brand with marketing & sales.  

Focusing On Affordability

“Indians want products at a logical price. We didn’t price our products very high or very low, so we sold products at the right price” - Aman Gupta.

₹100 ki cheez ko ₹500 mai leke khud ko cool samajne waalo!!!!! Hell has a special place for you. 

BoAt priced their products very low in the branded category & today; we can see they sell good quality products at the lowest possible prices. Both Aman & Sameer knew that most Indians are middle class & they wanted branded earphones at low prices.

Upping The Bass

“Baby ko bass pasand hai”  😋. Indians loved the bass when listening to music, so they added more bass to their wearable products & this alone was the factor that improved the product's quality.

Lifestyle Marketing

BoAt marketed itself as a lifestyle company & a fashion brand for Genz & millennials, not as a boring electronics company just trying to sell an earphone.

Great Customer Service

They focused on good customer service if a product comes under the warranty; the BoAt has started a new service where the customer will get the home delivery of the product. 

Impressed with the success story of boAt Lifestyle? Then, delve into similar examples of impressive success approaches that made the best brands in India today.

Future Plans of BoAt

The company is rapidly expanding its product line as they have gained a good market share in the wearable audio market & now they are also focusing on personal care & smartwatches. 

It has acquired two companies, Tagg & KaHa. KaHa is a Singapore-based smart wearable IoT(Internet of Things) development startup. With this acquisition, BoAt can continue building innovative products.

Tagg digital is an Indian consumer electronics startup founded in 2016 & it deals in smartwatches, earphones, and speakers. It was a pure bootstrapped company started by Rohit Dhingra, Amitesh Bharadwaj, and Saurav Prakash & didn’t raise capital to date.

Challenges BoAt Is Facing

Imported Products

Most of the BoAt products are made in China with third-party manufacturers & in 2020, due to the India-China dispute & covid-19, the companies are facing many issues in importing the products from China. So, to solve this issue, under the PLI scheme , they have set up a 50:50 joint venture with Dixon Technologies to manufacture some boAt products in India. 

But even this will not resolve the issue in the short term as it is costly to manufacture in India & even by 2024, around 50% of the BoAt products will be made in China.  

Cutthroat Competition & No After-Warranty Service

There is too much in this space as new-age startups exist, and even traditional companies are stepping up in this category. The competitors of BoAt are Mivi, Skullcandy, Noise, pTron, Xiaomi, Samsung, etc. Also, if a product has issues after the warranty period expires, even if a customer is ready to pay the extra money, boAt currently does not offer after-warranty service.

Imagine Marketing, the parent company of boAt filed a DRHP with SEBI earlier in 2022. The DHRP consists of an issue size of ₹2,000 crores, where it is now expected to seek a valuation of 1.5 - 2 billion dollars this year.  IPO will be a mix of fresh stock issues & an offer for sale. It is expected that Imagine Marketing will IPO before the end of this year.

The Bottom Line

Even in this hyper-competitive space where the established traditional payers exist, boAt did well. In such a short time, it has earned one-fourth market share in the wearable industry. As there are many challenges as well for BoAt, only time will tell if boAt will continue to grow 😎 or boAt will sink 🤔.

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boAt Case Study and Marketing Strategy

boAt is often regarded as India’s fastest growing audio & wearables brand. The company has become really popular in the last few years and gained further recognition when one of its co-founders, Aman Gupta, appeared as a “shark” in Sony TV’s smash hit show “Shark Tank India”. Reports suggest that the sales of boAt headphones have gone further up a notch, courtesy of the investment-raising show that had rocked the TRP charts and social media trends in early 2022.

I this post, we will ‘dive’ into boAt and take a detailed look at the company and its marketing strategies through a thorough case study.

Table of Contents

A Brief History of boAt

boAt began its journey in the year 2016 when co-founders Aman Gupta and Sameer Mehta decided to offer fashionable audio products at a price never seen or heard before. The two co-founders started out with a capital of INR 30 crore. BoAt wanted to create value for the users so they started looking to solve common problems reported by the youth. It was the time when Apple users were suffering because of their charger getting damaged without any apparent reason. So they decided to make Apple charger that could withstand wear and tear for long, and they were quite successful at that.

Later, the company went on to add a number of quality products such as earbuds, headphones, smart watches, wireless speakers, etc to its product range. As of December 2020, boAt was already selling 14,000+ products in India every single day. BoAt’s both audio and wearable range offer top-notch quality whilst keeping the price affordable. Established audio electronics brands like JBL had to drop down their prices in order to stay relevant in the target industry.

boAt Funding

• Kanwaljit Singh of Fireside Ventures invested INR 60 crore in boAt in the year 2018
• Warburg Pincus, a New York-based private equity fund invested $100 million in boAt for a significant minority stake
• The company raised INR 50 crore from Qualcomm Ventures at a valuation of INR 2,200 crore

boAt Revenue and Marketing Performance

The company struggled in the first two years of its operation (2016-2018), mainly because of the lack of funding. However, once the company raised INR 6 crores from Fireside ventures, there was no looking back. According to filings with the Registrar of Companies, boAt’s FY2018 revenues grew by 4 times to INR 108 crore.

Fast forward FY-2019, boAt became the leading ear wear brand with a 27.3% market share. In FY 2020, the fashionable audio brand generated revenue of INR 500 crore. This was a staggering 108% increase from 239 crore in FY 2019.

When boAt started off, it was just available on popular E-commerce stores like Amazon and Flipkart. However, its products are now available in 5,000+ retail stores. boAt has reportedly served more than 20 million customers so far!

boAt Marketing Strategies

The company knows just too well the likes and dislikes of their target audience and the places they visit often- social media, Google, gym, etc. In a nutshell, boAt has targeted the youth of the nation very well as can be seen from the below mentioned marketing strategies:

1) Presenting itself as a lifestyle brand

boAt has never portrayed itself as a consumer electronics company. Rather, it has always taken immense pride in presenting itself as a lifestyle accessories brand. Doing so creates an image in the mind of the user that boAt products can be used at all places whether you are sweating in the gym, or commuting in a bus.

This intent of the company was also visible at the Lakme Fashion Week (2009) in Mumbai, where all the models sported only boAt products.

2) Digital Marketing

Over the years, the company has spent a lot of money on online marketing, as they have targeted the youth. BoAt has mainly run its campaigns on Google and social networking websites like Facebook and Instagram. Interestingly, all customers of boAt are referred to as ‘boAtheads’. The company has also appointed youth icons such as Kiara Advani to win the trust of the customers.

3) Expanding Range of Products

Some companies launch a product, gain success and then fizzle out as they fail to expand their catalo. Expanding your product range over the years is a good marketing strategy in itself and boAt has been exceptional at that. The company first made indestructible apple charging cables and chargers. Tasting success, they did not stop at that introduced ear phones, which was followed by wireless speakers and headphones. With this continuous, well-thought expansion, they were able to capture a large share of the market, owing to which its popularity grew by leaps and bounds.

4) The Perfect Targeting

boAt products offer affordability without cutting down on style. This was not a common thing 7 or so years ago, when the market had either premium brands or cheap ones that did not offer an X-factor. The blend of two was rare. BoAt addressed that gap with its products that attracted the youth. The brand ambassadors were also carefully chosen which had a great face value among the millennials, especially from industries such as Bollywood and Sports (Cricket). In terms of quality of the ear wear, the products could be worn without any fear of damaging them even while gymming or performing high-intensity exercise in the outdoors.

boAt has made a huge name for itself in the last 4 years. It’s reputation and popularity was bolstered after the appearance of one of its co-founders, Aman Gupta, on Shark Tank India season 1. On the marketing, pricing and styling front, the company has left no stone unturned in outsmarting the existing competition. The impact has been such that renowned brands like JBL had to cut down on its prices in order to stay relevant in the industry.

The future of the company looks quite promising, courtesy of a dedicated R&D team, millions in funding and the zeal to stay appealing to the youth. Notably, Aman Gupta’s present net worth is INR 10,500 crore.

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UNBOXD2C: Unboxing the Latest in D2C/E-commerce Trends and Insights

Unlocking the Power of Direct-to-Consumer Strategies and E-commerce Innovations

boAt: A Case Study in How to Build a Successful D2C Brand

boAt is an Indian consumer electronics brand founded in 2016 by Aman Gupta and Sameer Mehta. The company started by selling affordable audio equipment such as earphones, headphones, and speakers, and quickly gained popularity and expanded its product categories to include smartwatches, wearables, and charging accessories.

boAt is a direct-to-consumer (D2C) brand, which means that it sells its products directly to consumers through its own website and e-commerce platforms. This model allows boAt to cut out the middleman and offer its products at lower prices.

Success Factors

There are several key factors that have contributed to boAt’s success as a D2C brand:

• Focus on affordability and value:  boAt’s products are known for being affordable and offering good value for money. This has made them popular with Indian consumers, who are increasingly price-sensitive.
• Stylish and innovative design:  boAt’s products are also known for their stylish and innovative design. The company has a team of in-house designers who work to create products that are both functional and fashionable.
• Strong digital marketing strategy:  boAt has a strong digital marketing strategy that focuses on reaching consumers through social media and e-commerce platforms. The company has a large following on social media, and it regularly runs social media campaigns to promote its products.
• Celebrity endorsements:  boAt has also partnered with several celebrities to endorse its products. This has helped to increase the brand’s visibility and appeal to consumers.

Marketing Strategy

boAt’s marketing strategy is focused on reaching the youth demographic. The company uses social media extensively to connect with potential customers and promote its products. boAt also partners with celebrities and influencers to endorse its products.

In addition to digital marketing, boAt also invests in traditional marketing channels such as television and print advertising. However, the company’s digital marketing efforts play a major role in driving sales.

Customer Experience

boAt focuses on providing a good customer experience. The company offers a variety of features to make it easy for customers to purchase and use its products, including:

• Easy-to-use website and app:  boAt’s website and app are easy to use and navigate. Customers can easily browse and purchase products, and they can also track their orders and get customer support.
• Multiple payment options:  boAt offers a variety of payment options to make it easy for customers to purchase its products.
• Fast and reliable delivery:  boAt offers fast and reliable delivery of its products. Customers can receive their products within a few days of placing an order.
• Excellent customer support:  boAt has a dedicated customer support team that is available to help customers with any issues they may have.

boAt is a successful D2C brand that has grown rapidly in recent years. The company’s success is due to a number of factors, including its focus on affordability and value, stylish and innovative design, strong digital marketing strategy, and excellent customer experience.

Key Takeaways

• Focus on affordability and value.
• Invest in stylish and innovative design.
• Develop a strong digital marketing strategy.
• Partner with celebrities and influencers.
• Provide a good customer experience.

Recommendations

• boAt can continue to grow its business by expanding its product portfolio to include new categories such as smartphones and laptops.
• The company can also expand its international presence and enter new markets such as the Middle East and Southeast Asia.
• boAt can also invest in artificial intelligence and machine learning to improve its customer experience and marketing efforts.

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• Harvard Business School →
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boAt Lifestyle

• Format: Print
• | Language: English
• | Pages: 36

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Harvard publishes case study on boAt, co-founder shares inspirational post

The 36-page case study was written by Kairavi Dey and Rajiv Lal, who are researchers at the Harvard Business School.

Getting into Harvard Business School is a dream of many, and unfortunately, it remains a dream for most students as it is really hard to get admission to this prestigious institute. However, Aman Gupta, co-founder, and CMO at boAt Lifestyle has shared a post on Instagram which shows that even if you don’t study at a university like Harvard, you can still be very successful in the business world. In the caption of his post, Aman Gupta wrote that Harvard Business School has written a case study on boAt. He went on to say that he and Sameer Mehta, Co-Founder & Chief product officer at boAt, were in the institute for talking to the students and the faculty about the case which was presented to the students. He added that he is hopeful now that their case study will help a lot of students to learn and grow around the world.

Have a look at this post:

The post received a lot of appreciation in the comment section. A user wrote, “Wow! This is great. Making India proud!”

Another individual wrote, “Many many congratulations.”

An account said, “You are an inspiration.”

Some users wrote that they are proud boAt customers.

The 36-page case study was written by Kairavi Dey and Rajiv Lal, who are researchers at the Harvard Business School. According to the case study, boAt Lifestyle is one of India’s first digitally native brands to record revenue in excess of $65 million and it is the fifth largest wearable company in the world.

Operated by Imagine Marketing limited, boAt is the Indian digital-first company that sells headphones, earphones, wireless speakers, connector cables, and smartwatches. The company sold “Indestructible” connector cables in 2016 solely via Amazon India. Following this, it began selling personal audio with wired earphone product range, BassHeads, and waterproofing. and robust cables. With time, boAt expanded into home audio, portable Bluetooth speakers, wireless audio, and smartwatches.

In a recent development, boAt deferred its plans of public share sale and raised $60 million from private investors instead amid the continuing concerns over the volatile stock market.

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'BoAt' Becomes A Case Study At Harvard University; Entrepreneur Aman Gupta Pens An Inspiring Note

Aman gupta, the bo4t entrepreneur, posted information about a case study harvard university is researching on his audio and wearables brand..

Aman Gupta, the co-founder of boAt Lifestyle and famed Shark Tank India judge, has repeatedly proved that anything is possible in this world with dedication and effort. The entrepreneur posted a lengthy note sharing how Harvard University is researching his audio and wearables brand.

He wrote a message on Instagram and shared a photo of him standing outside Harvard Business School.

"Harvard Nahee Jaa sake to Kya hua ... apna kaam our apnee company pahucha dee (So what if I couldn't go to Harvard. My work and company got me there.)"

Sharing his pride, Gupta added,

View this post on Instagram

"We are really proud to share that Harvard Business School has written a case study on boAt. Today, Sameer and I were here talking to the students and the faculty about the case which was presented to the students. "

He recalled his time when he studied various case studies from a prestigious university.

"I have studied Harvard case studies which have helped me. I am hopeful our case study will help many students learn and grow worldwide," he added.

He posted a picture of the Harvard Business School report along with the note.

Aman's heartwarming note has received comments due to the popularity of the internet.

Aman Gupta gained popularity after he appeared as one of the Sharks (mentors) on Shark Tank India.

Shark Tank India's latest season. The show's creators on Tuesday posted a teaser for it in which a vegetable seller is seen advising his customer on how a business operates using terms like equity and income.

The caption again for the advertisement stated, "Ab pura India business ki sahi value samjhega! 💸 #SharkTankIndiaSeason2 coming soon, on Sony Entertainment Television #SharkTankIndiaSeason2onSony."

The first season of Shark Tank India, which debuted last year, became an instant hit among the audience, with the ‘Sharks’ or judges on the show becoming hot favorites of the audience.

(With ANI inputs)

(For the latest trending stories , keep reading Indiatimes )

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Couldn't study at Harvard, but made my company and work make a mark here, says boAt co-founder Aman Gupta

"i am hopeful now our case study will help a lot of students learn and grow around the world," boat co-founder aman gupta said in his instagram caption..

View this post on Instagram A post shared by Aman Gupta (@boatxaman)

To read this content please select one of the options below:

Please note you do not have access to teaching notes, a case study on marketing strategy of boat.

Publication date: 10 October 2022

Issue publication date: 27 March 2023

Teaching notes

Research methodology.

All aspects like finances, marketing strategy, competitors, etc. have been taken into account to provide the readers a complete and realistic image about the working, decisions and their outcomes for boAt. Secondary data has been used from blogs, company website and other sources in this study.

Case overview/synopsis

This case presents boAt’s growth in the Indian market because of India’s exponentially growing customer base in the tech and audio industry. This case brings to light all the factors considered and the business decisions to be made while growing in the market. The challenges faced by boAt after they entered the market and the company’s business decisions to overcome these challenges are also discussed. This case provides an opportunity for students to understand the dynamics associated with expanding in a competitive market to maintain growth and maximize profits.

Complexity academic level

This case is suitable for undergraduate and postgraduate students and can be used for courses in strategy, marketing, entrepreneurship and business management.

• Marketing mix
• Digital marketing
• Competitive advantage
• Competition

Acknowledgements

Disclaimer. This case is intended to be used as the basis for class discussion rather than to illustrate either effective or ineffective handling of a management situation. The case was compiled from published sources.

Singh, L. and Agrawal, A.K. (2023), "A case study on marketing strategy of boAt", , Vol. 19 No. 2, pp. 117-136. https://doi.org/10.1108/TCJ-06-2021-0087

Emerald Publishing Limited

Copyright © 2022, Emerald Publishing Limited

You do not currently have access to these teaching notes. Teaching notes are available for teaching faculty at subscribing institutions. Teaching notes accompany case studies with suggested learning objectives, classroom methods and potential assignment questions. They support dynamic classroom discussion to help develop student's analytical skills.

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The superyacht tragedy will likely spark legal drama

• A deadly superyacht sinking off the coast of Italy during a storm will likely spark legal drama, experts said.
• Maritime legal experts say lawsuits are likely, but negligence would need to be established.
• "I would not be optimistic about the chances for any claims," one expert said.

The operator of the superyacht that sank during a violent storm off the coast of Italy this week is likely to face legal troubles over the tragedy that left UK billionaire tech tycoon Mike Lynch and others dead, according to maritime law experts.

But the success of any potential lawsuit is up for debate.

Three maritime legal experts told Business Insider that the operator and owner behind the now-sunken luxury sailing yacht called the Bayesian should lawyer up in anticipation of possible claims from families of the dead or the survivors themselves.

"There's always the possibility of claims when there's a casualty," said Martin Davies, the director of the Maritime Law Center at Tulane University School of Law in Louisiana. But based on what is currently known about the incident, Davies said it is "unlikely that any claims would succeed."

Michael Sturley, an expert in maritime law and professor at the University of Texas at Austin's School of Law, agreed. "Based on what we know now, I would not be optimistic about the chances for any claims," he said.

However, Sturley noted, "There is still a lot that we don't know."

Bad weather does not automatically absolve a party of liability, but it would be challenging to make a wrongful death or personal injury claim as negligence would need to be established, according to the experts.

"Under English law, they'd have to prove fault and I don't think there's much prospect of anyone proving fault," said Davies.

"Bad weather at sea is not at all unexpected, which is why you can't just simply say bad weather and hope to get off the hook," Davies said. "What seems different about this case is that it came suddenly."

Still, said Oregon-based maritime lawyer Gordon Carey, "It doesn't spell defeat" for a potential legal claim "just because it's a weather event."

Related stories

The yacht was carrying 22, including UK tech tycoon Mike Lynch and a Morgan Stanley exec

The British-registered 184-foot yacht was anchored about a half-mile off the Italian port of Porticello near Palermo, Sicily, and carrying 22 people when a fierce storm hit and quickly sank the vessel just after 4 a.m. on Monday, according to reports.

The body of the yacht's chef, Recaldo Thomas, was found on Monday. Six other passengers — Lynch; his 18-year-old daughter Hannah; Lynch's friend and Morgan Stanley International chairman Jonathan Bloomer; Bloomer's wife, Judy; Lynch's attorney Christopher Morvillo and Morvillo's wife Neda — went missing during the disaster.

Divers on Wednesday found the bodies of Lynch and four of the missing inside the sunken yacht that was around 164 feet below the surface. Sky News reported that Lynch's 18-year-old daughter, Hannah, was unaccounted for.

Lynch's wife, Angela Bacares , was among the 15 people who were rescued in the aftermath of the tragedy. Reports said Lynch had been on the boat celebrating his recent acquittal on fraud charges in the US.

According to the Associated Press , documents show Bacares as the sole owner of Revtom Ltd., the Isle of Man-registered company that the online international maritime database Equasis lists as the owner of the Bayesian.

The Bayesian was being managed by the global yachting company Camper & Nicholsons. In a statement posted to its website, the company said it can "confirm that the vessel encountered severe weather conditions and subsequently sank near Palermo, Italy."

There were a total of 10 crew members and 12 guests on board, it said.

"Our priority is assisting with the ongoing search and providing all necessary support to the rescued passengers and crew," the company said.

It was not immediately clear who the captain and crew of the vessel were employed by. Camper & Nicholsons declined to comment beyond the statement posted online.

The maritime legal experts BI spoke to said that the operator of the Bayesian could potentially face liability claims, depending on the circumstances, if it hired the captain and crew and managed the vessel.

Davies said a boat like the Bayesian is bound to have "all kinds of insurance."

"And so someone may make a claim in the hope of getting some money from the insurance," he said.

English law would likely apply if any claims were made

According to Davies, it is more likely that English law would apply should the family of any of the victims or a survivor try to take legal action since the yacht was a UK-flagged vessel. US law could be applied if jurisdiction could be established, said Davies and others.

Under US law, crew members, not passengers, could potentially make an "unseaworthiness" claim, according to the maritime experts.

"The advantage of unseaworthiness is it's a strict liability claim," said Sturley. "You don't have to prove negligence. For other losses, you'd have to prove negligence."

To make an unseaworthiness claim, Davies explained, "you'd have to argue that there's something about the vessel that makes it unfit to withstand a sudden storm like this."

However, he said, "I find it hard to see there was any unseaworthiness of the vessel here."

Also under US law, the families of the dead could potentially make a legal claim under the Death on the High Seas Act, the experts said.

"People are supposed to take precautions against weather, but you take precautions that are reasonable under the circumstances, and sometimes you have a freak weather event that nobody could see coming, and it would not have been reasonable to have guarded against that," Sturley said.

He added, "Nobody prepares for hurricanes in the Sahara Desert. And if a hurricane happens to hit the Sahara Desert, that doesn't mean that people who didn't guard against it were negligent."

The AP reported that Italian civil protection officials believe that a tornado-like waterspout hit where the yacht was anchored, likely causing it to capsize.

"If it was a water spout, which it appears to be, it's what I would class as like a 'black swan' event," Matthew Schanck, chair of the UK-based Maritime Search and Rescue Council told the AP.

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