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What Is a Case Study?
When you’re performing research as part of your job or for a school assignment, you’ll probably come across case studies that help you to learn more about the topic at hand. But what is a case study and why are they helpful? Read on to learn all about case studies.
Deep Dive into a Topic
At face value, a case study is a deep dive into a topic. Case studies can be found in many fields, particularly across the social sciences and medicine. When you conduct a case study, you create a body of research based on an inquiry and related data from analysis of a group, individual or controlled research environment.
As a researcher, you can benefit from the analysis of case studies similar to inquiries you’re currently studying. Researchers often rely on case studies to answer questions that basic information and standard diagnostics cannot address.
Study a Pattern
One of the main objectives of a case study is to find a pattern that answers whatever the initial inquiry seeks to find. This might be a question about why college students are prone to certain eating habits or what mental health problems afflict house fire survivors. The researcher then collects data, either through observation or data research, and starts connecting the dots to find underlying behaviors or impacts of the sample group’s behavior.
During the study period, the researcher gathers evidence to back the observed patterns and future claims that’ll be derived from the data. Since case studies are usually presented in the professional environment, it’s not enough to simply have a theory and observational notes to back up a claim. Instead, the researcher must provide evidence to support the body of study and the resulting conclusions.
As the study progresses, the researcher develops a solid case to present to peers or a governing body. Case study presentation is important because it legitimizes the body of research and opens the findings to a broader analysis that may end up drawing a conclusion that’s more true to the data than what one or two researchers might establish. The presentation might be formal or casual, depending on the case study itself.
Once the body of research is established, it’s time to draw conclusions from the case study. As with all social sciences studies, conclusions from one researcher shouldn’t necessarily be taken as gospel, but they’re helpful for advancing the body of knowledge in a given field. For that purpose, they’re an invaluable way of gathering new material and presenting ideas that others in the field can learn from and expand upon.
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Boat Branding Case Study: How boAt Captured the Audio Market
Technology has advanced to such a level that, we are surrounded by some of the greatest inventions of humankind. Wherever we looked at, we are surrounded by electronic devices from smartwatches, to wireless speakers to wireless earbuds; all of these are keeping us preoccupied with their services.
The tech market is at its top form now. Music is something that soothes our soul, so there is hardly anyone who doesn’t like listening to music. It becomes even better when you’re travelling alone, nothing can beat the feeling of having music as your companion.
Now, every person has their own preferences, including for music as well, in this case, headsets and earphones are mandatory so that you could listen to your favourite tracks without being a hindrance to others.
The demand for headphones and earbuds has increased at an immense level in the last few years. So much that we will always find a person holding one of the equipment, all the time. There are various companies that provide all types of mobile phone assortment to their customers including earphones and headsets. Among them, one of the most famous ones in India is the company called boat.
In this article, we will talk about boAt's branding strategy and how it has established itself with its prominent and quality products as one of the most loved consumer electronics brands in India.
“What new technology does is create new opportunities to do a job that customers want done.” –Tim O’Reilly
About boAt Branding Strategy of boAt Target Audience Promotion and Advertisements Pricing and Quality of the Products FAQ
The boAt is an Indian company that deals with audio tech that mainly focuses on products like wireless speakers, earbuds, smartwatches , headsets, and earphones. All of them are quite accessible in terms of price. the boAt was founded in the year 2016 by Aman Gupta and Sameer Mehta. The main aim of the company is to provide people with fashionable tech and be a part of their daily lifestyles. Currently, Vivek Gambhir is the CEO of the company.
boAt started its journey with the capital of just INR 30 lacs, which was invested by the founders themselves. As per the reports of 2020, boAt is said to be selling 14,000 to 15,000 of its products daily and has over 2 million customers and has bale to attract the attention of their customers by developing a wide range of earphones, wireless speakers, Airdopes and headphones. The quality and the price make it more approachable to its target audience.
Branding Strategy of boAt
boAt first started experimenting by creating Apple charger cables with anti-destruction properties. It was the time when people were suffering because of getting their charger cable damaged without any obvious reason.
boAt grabbed this opportunity and up their game by creating the indestructible charger cable for Apple. This is how they stepped into the market with unique products that solved the problems of the customers .
That was just the beginning, and then the company started creating products like headphones and earphones. It was so reliable that it can be worn even while working out or exercising. These products were able to get popular amongst the younger generation who are into fitness .
From the beginning boAt was focused on the youth who are into fitness, they made all the products by keeping their target audience in mind. The demand for indestructible products has been increasing day by day, they understood it and started developing it. Plus with various advertisements, they tried to capture the attention of their target audience.
Promotion and Advertisements
To promote the durability of the products, boAt made advertisements where it can be seen people wearing all those gadgets while doing intense workouts and jogging, this proves what the brand is trying to convey to its audience.
From the very first, boAt was focused on marketing through digital marketing and social media. It took up many social media influencers to promote the products as well as their brand. Apart from that various celebrities like Cricketers Rishab Pant, Shikhar Dhawan, Virat Kohli , Shreyas Iyer were a part of a group of celebrities who endorsed boAt.
Not only that Bollywood star, Kiara Advani , Kartik Aaryan, and singer Neha Kakkar and Diljit Dosanjh were present in the list of celebrities as well. They mainly focus on athletes for the promotion of their brand.
Apart from all these, boAt has collaborated with Lakme Fashion week in 2019, promoted its products, and introduced itself as a lifestyle brand instead of an electronic brand. With developing products like smartwatches, portable speakers, and other wearable gadgets it has truly transformed itself into one.
These collaborations with different brands that are liked and followed by the youth are getting boAt its audience. Recently, boAt has collaborated with Bira 91, and the products of boAt can be seen in the music video.
Pricing and Quality of the Products
The best factor and one of the reasons that the brand boAt became such a success was its pricing strategy . Neither it is extremely overpriced nor it is unimaginably cheap, it is just in between. The target audience of boAt is mainly youth so they find it perfect to invest in.
Apart from that, even being affordable, boAt has taken special care of the quality of its products; it hasn’t compromised with it even a bit. The current revenue of boAt as per the 2021 financial year is Rs 1,511.7 crore.
It has been 6 years since boAt was founded and within a little, it has been able to capture the world of electronic gadgets in a mesmerizing way. It has established itself as the 5 th largest brand of wearables in the world and the number 1 audio earwear brand in India. By putting all the branding strategies properly, and selecting their target audience carefully, boAt has achieved an immense level of success and it is only going to get bigger and better in the future.
Is boAt a Chinese company?
boAt is an Indian-based consumer electronics brand that focuses on headphones, earphones, earbuds, smartwatches, and wireless portable speakers.
Who is the CEO of boAt?
Vivek Gambhir is the current CEO of boAt.
Why is boAt so successful?
The reason behind boAt's success is its ingenious marketing strategy and affordable prices.
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BoAt Case Study: Business, Marketing Strategy & Success Story
Boat Case Study
Table of Contents
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.
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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.
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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.
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.
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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.
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.
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.
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.
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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
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.
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My PM Interview - Product Manager Interview Question Answers
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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This is a wonderful presentation on boAt -A lifestyle Brand
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- 1. MARKETING ANALYSIS OF BOAT ROLL NO. 01314901721 BY HITESH BANSAL
- 2. About Company The boAt is an Indian company that markets audio-focused electronic gadgets like wireless speakers, earbuds (Airdopes), wired and wireless headphones and earphones, home audio equipment, premium rugged cables, and a selection of other technological accessories
- 3. OBJECTIVE OF STUDY •To analyze the marketing strategy. •To analyze the profitability of BoAt •To study and analyze the opportunities and weaknesses of BoAt. •To study and analyze the competitors of BoAt
- 4. VISION Both the founders, Aman Gupta and Sameer Mehta, realized the massive gaps in the audio and wearable market of India and hence founded boAt with the vision of making fashion meet the world of consumer electronics.
- 5. Our Goals All that has happened to us is overwhelming, yes, but it pushes us to do more, be more and make more products that you can use to jazz up your lifestyle. So, in 2021, we've started to fearlessly rock in India with a range of products that free-spirited Indians like you can truly call your own!
- 6. Literature Review Quirky is a characteristic of Boat, a comparatively new consumer electronics brand founded in 2016. Its designs have a generous use of bright colours -- red, pink, blue, fluorescent -- and the occasional grey and black, aimed at catching the eye in the cluttered segment of affordable mobile phone accessories. The company makes earphones, headphones and portable speakers, along with accessories such as chargers and cables. We tested out one in each category for its design, quality and ruggedness.
- 7. Research Methodology Research methodology is the specific procedures or techniques used to identify, select, process, and analyze information about a topic. In a research paper, the methodology section allows the reader to critically evaluate a study's overall validity and reliability. Types of Research Methodologies Quantitative: describes, infers, and resolves problems using numbers. Emphasis is placed on the collection of numerical data, the summary of those data, and the drawing of inferences from the data Qualitative: on the other hand, is based on words, feelings, emotions, sounds, and other nonnumerical and unquantifiable elements. It has been noted that “information is considered qualitative if it cannot be analyzed using mathematical techniques. This characteristic may also mean that an incident does not take place often enough to allow reliable .data to be collected
- 8. Marketing Strategy 01 Influencer marketing 02 digital Marketing 03 Personalized marketing 04 Print and offline marketing boAt left no stone left unturned regarding influencing people with influencer marketing. boAt has not struck the deal only with influencers but also with celebrity endorsements, cricketers, content creators, and even, stylists. boAt sends out targeted emails, makes short videos that resonate with the consumers and interacts with their customers on their social media platforms consistently, Digital marketing is a big player in the marketing strategy of the company. All the marketing strategies employed by boAt are listed below: Though digital plays a substantial role in the marketing strategy of boAt. Using print mediums is not dead for them. Print ads for different newspapers are still used by boAt and also up with retailing with distributors like Croma.
- 9. BOAT REVENUE AND MARKETING PERFORMANCE 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!
- 10. Co-founder and chief product officer of boAt Co founder and CMO of BoAt Aman Gupta Sameer Mehta Best Team Meet Our
- 11. Selling electronic products like accessories Before 2014 earphones and headphones were sold in the market as electronic products. The design elements didn’t really matter while purchasing such a product. But slowly, design elements started getting attention from customers. But what Boat is doing goes far beyond design. It sells its headphones like a fashion accessory
- 12. Market Share of boAt and its competitors
- 13. Brand Ambassadors
- 14. Market Insight Real Story behind the Success Excecution Strategy Market Force 1 Market Force 2 Social Behaviour Consumer Behaviour Price + Marketing Communication
- 15. BoAt Revenue Breakdown
- 16. Opportunities and Weakness of BoAt Opportunities Weakness Continued expansion for online sales Ability to develop additional stores Acquisition of additional rounds of capital Affiliate relations with related vendors Development of proprietary products Development of wholesale distribution relationships Sale of the business for a significant P/E Competitors can offer similar products quickly Limited flexibility in pricing Limited start up costs High transporation costs
- 17. THANKS FOR WATCHING
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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.
- 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.
When you’re performing research as part of your job or for a school assignment, you’ll probably come across case studies that help you to learn more about the topic at hand. But what is a case study and why are they helpful? Read on to lear...
Case studies are important because they help make something being discussed more realistic for both teachers and learners. Case studies help students to see that what they have learned is not purely theoretical but instead can serve to crea...
Examples of a case study could be anything from researching why a single subject has nightmares when they sleep in their new apartment, to why a group of people feel uncomfortable in heavily populated areas. A case study is an in-depth anal...
Mehta was running a gaming accessories company known as RedGear. Gupta handled sales for lifestyle audio brands like AKG, Harman Kardon and JBL in India as
Get access to this material, plus much more with a free Educator Account: Access to world-famous HBS cases; Up to 60% off materials for your
The boAt is an Indian company that deals with audio tech that mainly focuses on products like wireless speakers, earbuds, smartwatches, headsets
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
boAt, operated by Imagine Marketing Ltd, was an Indian digital-first company that sold earphones, headphones, wireless speakers, smartwatches, and connector
boAt began as a lifestyle brand in the consumer electronics category in 2016 with the aim of bringing affordable, durable, and fashionable audio products
The company has a specific term for its community of users. ... BOAT CASE STUDY.
Business Case Study: The Marketing Strategy which turned Boat into a 1500CR Company · Xiaomi MI 9 and Rs.31,000 and · OnePlus 7 that was priced at
BoAt.pdf. 1. MARKETING ANALYSIS OF BOAT ROLL NO. 01314901721 BY HITESH BANSAL; 2. About Company The boAt is an Indian company that markets
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
Boat is the brainchild of this idea. Thecompany began its journey as a cable manufacturer and seller, which had rapidlyexpanded its categories to serve over