Music brings peace to the mind and relaxes the soul. Everyone needs reliable and good devices that can be carried everywhere with us. Several brands offer such devices these days that do not only offer amazing sound quality but also reduce the noise around you while you are on a call. The brand boAt offers us a range of such products from an extensive catalog of headphones, earphones, speakers, travel chargers, premium cables, and whatnot. The USP of this brand is it is neither too expensive nor looks awful to the eyes. In short, the products are something you have been looking for your entire life. Given below is a little history of the brand; how it came into existence, the journey of being popular, the idea behind boAt, and more things like that.
The Idea Behind boAt
boAt has a simple history; it is a Delhi-based startup that was started in 2016 by Sameer Mehta and Aman Gupta. The company is a lifestyle brand that deals in fashionable consumer electronics. The brand was introduced with a sole aim of providing the customers with affordable, fashionable, and most importantly durable audio products and accessories. This brand is specifically designed keeping in mind the need of the millennial.
Initially the company started as the cable manufacturer and seller but today it is giving competition to brands like JBL, Sony, Philips, Mivi and more. Now, the brand has expanded its catalog and doing wonders in this field. Only 4 years since its establishment, and the company has already more than 800,000 happy customers.
About the founders
The founders Sameer Mehta and Aman Gupta started this company with a sole purpose to offer reliable and affordable products. Aman Gupta was familiar with the electronics trade since he worked for three years in his family business. Also, before joining the business, he had completed his CA and worked in Citibank between 2003 and 2006. He also worked for KPMG after completing his MBA in 2010. He worked there only for 6 months but those were enough to affect him. Since he was fascinated by electronics and gadgets, he applied at JBL, worked there for 2 years and managed the start-up’s offline distribution through stores as Croma and Reliance Digital. So, there is nothing wrong in saying that his working for JBL came in handy during product development at boAt. Aman Gupta was also a judge for a well-known reality show Shark Tank.
Sameer Mehta on the other hand, is the CPO and co-founder of boAt. Apart from that, he is also the executive director of Kores presently. He started his career at Redwood interactive where he was the owner of company. He completed his schooling at St. Xavier School, Mumbai and later on pursued his bachelor’s degree in Commerce and Economics.
boAt- Business and Revenue Model
To create a good consumer base, the company focused on 3 important market strategies-
- Consumers’ needs
- Consumers’ behavior pattern
- Consumers’ desires.
Everyone knows that in order to climb the ladder of success, one needs hard-work and dedication. Some strategies that helped boAt climb the ladder of success in the audio segment of the Indian market are given below-
Keeping the customer first
boAt is known for its amazing products and top-notch customer services. They do not keep their users anonymous; they make them a part of clan instead.
Improvisations
boAt is known for its improvisations and innovations. There is always the need of fall-proof headphones and thus, boAt manufactures them in so many different colors.
Catalog of products
boAt keeps on adding different products to its catalog. From cables to audio products, boAt is simply bringing new products to its customers each day. The designs of these products are amazing powered by innovative technologies.
Digital Marketing
Today, the success of any platform depends upon the type of marketing it chooses. boAt did not choose traditional marketing but digital marketing instead. Therefore, social media platforms like Facebook and others have become pillars of its success.
Targeting their customers
For any brand to gain popularity, one must know his customers. For a brand like boAt, youth and millennials should be the target and the company know that very well. So, the company is making sure to impress them at any cost.
In 2019, boAt audio was a leading brand with a 27.3 percent market share in the earwear category. Later in 2020, it earned a revenue of 500 crore, which was up by 108.8 percent from 239.44 crore in 2019. Initially, boAt sold its products mainly on e-commerce platforms like Amazon and Flipkart. But today the company is present in 5,000 retail stores and claims to be selling around 10,000 unit a day and four million units per year. The company has already served more than 20 million Indians till now. Today, boAt is giving a tough competition to the bigger players in this sector like Sony, Mivi, JBL, and more. Currently boAt is the fifth largest wearable brand in the world which is making it difficult for the other brands to sustain in the market. Well it became possible because the brand identified the gap in the market quite early and moreover, the pricing, the aggressive marketing, advertising, and the quality made it possible for the brand to be one of the best.
About boAt Business and History
The first ever product launched by boAt was an indestructible charging cable from and charger Apple. Those strong braided cable with a life cycle of 10,000 curves. The price was only Rs.1500 rupees. Today, that product is one of the best-selling products from the brand.
Apart from that, the company also launched BassHeads 255 in 2016. At that time the turnover because of this product was 27 million rupees and later in 2018 it exceeded 108 million rupees. boAt sold over 6000 units per day with an average of selling four units per minute.
boAt’s success is because of its strong marketing campaign and partnership with cricket teams. The brand has signed Indian cricketers including KL Rahul and Shikhar Dhawan as their brand ambassadors. Currently boAt is leading the entire earwear category with a 32.4% market share and truly wireless stereo with 26.1% market share.
Conclusion
So, the above data is enough to state the fact that this brand might have just entered the market but has already acquired a big percentage of it. boAt Lifestyle offers durable, stylish, and affordable products. Their effect on the market is so much that the popularity of the products has been giving tough competition to bigger brands like JBL, Sony, Mivi, and Skullcandy.
Undoubtedly, technology has made our lives easier and simpler. The brand wants to be at the forefront of the changes in the audio market. Since it is already gaining a lot of popularity, it does not seem to stop but rather embark on a great journey ahead.