BoAt, as a consumer electronics start-up, began its life in 2016, which makes it the youngest consumer electronics player in the market which sells over 6000 units every day, as per the latest records. This deliberates to four units every minute. The brand is eyeing to become a Rs 500 crore consumer Electronics company by 2014.
The company is penetrating in the market with full force with revenue growth of three times every year. Figures show that the revenue jumped from Rs. 27 crores in FY2017 to Rs. 108 crores in FY2018.
The sole aim of the company was to bring in durable and fashionable audio products in the market at affordable prices. And look where boAt is today! It clocked more than Rs. 100 crore in the domestic sales alone by selling earphones, headphones, speakers, travel chargers and premium rugged cables.
boAt’s Marketing Strategy
boAt does not sell its products like consumer electronics. It sells its products as lifestyle accessories. boAt aspires to portray its products as a part of everyday fashion. Consumers buy style today, and boAt is all set to provide them with their taste. The co-founders and CEOs of the company consider this as the third most important characteristic alongside sound quality and durability.
Portraying its products as the daily life consumer product, boAt has made successful growth in its 2-year career.
At the recent Lakme Fashion Week in Mumbai, boAt products walked down the ramp with the models, into the viewer’s minds. boAt signed Jacqueline Fernandez as one of the endorsers of the brand. This helps to build trust in the consumer’s mind, and due to her large following base, the brand gets awareness.
Along with Bollywood, the company also signed cricketers as their brand ambassadors. The celebrity word-of-mouth has helped the company widen its reach.
boAt believes that innovation is the way to the consumers. So, the company keeps on bringing newer products in the market, which satisfy the consumer’s needs with more efficient technology.
Expansion of the customer base is one of the primary goals of the company. The company has performed fantastically in the urban areas. Though the company has not been able to ruralize its reach, it is planning to expand its internationally in a few years.
boAt compelled JBL, the leader in the category, to cut prices in India. This is because boAt provides the same technology in its products that serves the purpose of the consumers in an efficient way, at an affordable cost.
Of course, there is competition for boAt in the Indian market. Phone manufacturers like Xiaomi and Realme are expanding their range of consumers, by providing affordable earphones, wireless earbuds, and portable speakers. This makes people buy more and more frequently.
One more disadvantage, as we can say, is that boAt products, at present, are made through contract manufacturing in China. There are import duties, which passes on to the cost of the products, which if the company did manufacture in India, would have not been passed on to the consumers.
However, whatever, we wish all the luck to boAt and wish them all the success in the years to come!