How Boat rose to become fifth-biggest wearable brand in the world

How Boat rose to become fifth-biggest wearable
brand in the world.
It was December 2016, and Chinese tech companies were gaining momentum in
India. Samsung, India's largest smartphone maker, saw its market share decrease
from 17 percent to 5 percent. Lava, Karbon, and Intex were on the verge of bankruptcy.
It was the beginning of the Xiaomi, Oppo, and Vivo period. These up-and-coming
technical firms were poised to usher in a new era of greater and better technology in
India. When boAt debuted, the industry was experiencing a significant change.
Story of the company
“Aman Gupta and Sameer Ashok Mehta” formed the company.
Aman was a chartered accountant who only did so because of his father's influence. He
was a Kellogg MBA graduate with a network that extended from Citi to KPMG. He had
an advantage because of his business history, and he was familiar with Indian-specific
goods and inventions.

Sameer graduated from Narsee Monjee College of Commerce with a bachelor's degree
in commerce.Economics is the study of money. From Redwood, he had his share of
business and corporate life.Kores Ltd. (Business Supplies) and Interactive (Computer
Accessories Company)And Equipment Firm).In 2014, the two of them founded
"Imagine Marketing India," a distributor company.
They asked the bank for a loan, but they were turned down. Due to the competition
from big tech Japanese, German, and other firms, investors didn't have much trust in
their strategy.
This didn’t bring them down. Both of the co-founders invested
Each received a sum of Rs. 15 lakh to begin their journey by selling high-quality
chargers.
Cables that are compatible. Their research revealed that the Indian market
necessitates such a commodity.Small, high-quality pieces or accessories that are both
durable and long-lasting.Using with the goods they're supposed to go with. After the
first, they were right.They experienced a tsunami of sales the year their product was
released.

The organisation benefited tremendously from the pandemic. Their goods spread
like wildfire as work from home and online classrooms became more popular in these
days. The average price of true wireless stereos fell by 48.6% year-on-year to $4000
in the third quarter of this year, indicating a significant price drop in the first nine
months of 2020. As a result, the demand increased and 1 crore units were sold during
this time period.
What the company did di
erently
The company was formed with the intention of filling a void in the accessories
industry. Whereas the same goods were being sold by other multinational firms for an
average of 1000 dollars. Similar goods were available from boAt for less than $600.
Other locally produced goods o ered music accessories for as little as 70-100, but they
had a low shelf value and were of poor quality. The founder discovered that the
younger generation is willing to pay a fair price for high-quality, long-lasting
accessories. Their main emphasis on quality and distinct positioning benefited the
company the most.
Research and development over their product according to the
Indian market
Their research and development proved that the Indian market requires a
high-quality product at an a ordable price. According to the country's complex
climate, some places receive a lot of rain, while others experience more pollution than
others. The boAt creates sweat-proof, water-resistant hearing aids. The goods were
designed to last and were dust-resistant.
The business recognised the users' frustrations with wire breakage and snapping. The
o ered solution was not especially unique: "wires that don't crack, virtually
indestructible metal wires, and even wires that don't catch fire," but it caught the
user's attention. boAt goods are contract-manufactured in China and go through a
six-person quality check to ensure quality.
The materials used in boAt items are environmentally friendly and non-hazardous,
and they are made of tangle-free wires with a metallic finish. The company's goal has
always been to provide customers with more creative goods. They recently released
the Stone 700A, a waterproof and shockproof portable smart speaker with built-in
Alexa, which costs about $3,499 and is available now. Other major corporations
produced similar goods with a price tag of about $4000.

Marketing strategy of the company
The company's items are marketed as fashion accessories rather than electronic
goods. They want their product to be staged as part of daily fashion. They used this
tactic at the recent Lakmé Fashion Week in Mumbai, where the models walked down
the runway for one of the designers wearing only boAt items.
BoAt signed Jacqueline Fernandez as a brand endorser after signing up with
celebrity Brand Ambassadors. Along with celebrities, the company signed contracts
with cricketers and was a big audio partner with six IPL teams, giving them a boost
and exposure in the audio industry. In addition to selling on Amazon, Flipkart,
Myntra, and Jabong, the consumer electronics company is experimenting with
shop-in-shop models to give potential buyers an immersive experience of their
products.
The brand made it a point to nail the four Ps of marketing: product, price, place, and
promotion.
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