Success Story of boAt rose


Posted April 26, 2021 by Lakshanablucky

The company is also going to start its website to sell its products in 2020. The brand ensured was to get the four Ps of marketing right: Product, price, place, and promotion.

 
It was December of 2016, the Chinese tech companies were kicking up in the Indian market. The biggest handset player in India, Samsung faced a decline in its market share from 17% to 5%. Lava, Karbon, and Intex were on their downfall. It was the start of the era of Xiaomi, Oppo, and Vivo. These upcoming technological companies were about to bring in a wave of more and better technology in India. Around this major shift in the market is when boAt made its debut.
Aman was a chartered accountant, who pursued it only because of his father. He was an MBA graduate from Kellogg, who had its web from Citi to KPMG. This corporate experience gave him an edge, and he was consistent with Indian specific products and innovations. Sameer did his B.com from Narsee Monjee College of Commerce and Economics. He had his share of the business and corporate life from Redwood. Interactive (Computer Accessories Company) and Kores Ltd. (Business supplies And Equipment Company).Both of them came up started “Imagine Marketing India”, a distributor company back in 2014. But in November 2016 during the uprising of smart products in the market of India, they came up with a consumer brand lifestyle boAt.When they approached the bank for a loan they declined to lend any. The investors didn’t put much confidence in their plan, due to the competition against big tech Japanese, German, and many more such companies.
From the very start, the company was built on filling the gap in the accessories market. Where the other global companies were selling the same products at an average price of ₹1000. boAt offered similar products in a price range of below ₹600. Whereas there were other local manufactured products offering music accessories at as low as ₹70-₹100, but they have a low shelf value and lack quality. The founder found that the generation can pay some good amount for equally good quality and durable accessories. Their major focus on the quality and differentiated position is what helped the company make revenue the most.
Their R&D proved that the Indian market needs a quality product at a reasonable price. According to the environment of the country which is very diverse, some areas suffer quite rainfall, some areas are suffering more pollution than others. The boAt comes up with water-resistant, sweat-proof hearable products. Products were strongly built and were made dust-resistant.
The company understood the pain of the users with quick breakage and snapping of the wires. The solution the offered was not so unique “wires that don’t break, practically indestructible metal wires and also wires that don’t catch fire” and it caught the user’s eye. boAt products are manufactured in China on a contract basis and go through a six-people quality check which ensures quality.
boAt products are made up of eco-friendly and non-hazardous material, they are made of tangle-free wires and with a metallic finish. The company always kept its focus on bringing more innovative products to consumers. They recently brought a new speaker boAt Stone 700A — a waterproof and shockproof portable smart speaker with built-in Alexa, priced at around ₹3,499. Other major companies came up with the same products of about ₹4000. boAt understood that apple charging wires suffer the most often snapping so they started with Apple-certified metallic lightning cables for iPhones and iPads which they claim are indestructible.
The company sells its products as fashion lifestyle accessories, not as electronic goods. They aspire to stage their product as a part of everyday fashion. They used this strategy at the recent Lakmé Fashion Week in Mumbai where boAt products were the only accessories by the models when they walked down the ramp for one of the designers.
Signing up with celebrity Brand Ambassadors, boAt signed Jacqueline Fernandez as one of the endorsers of the brand. Along with celebrities, the company made contracts with cricketers, the company was a major audio partner with six IPL teams which gave them the necessary push and recognition over the audio market. The company aims to give a strong push towards offline sales and a plan to increase stores and sales in South India. The company is also going to start its website to sell its products in 2020.
The brand ensured was to get the four Ps of marketing right: Product, price, place, and promotion.
For more business insights, do visit: www.insellers.com
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Issued By Lakshana
Country India
Categories Business , Consumer , Education
Tags business , revenue , sales , smes , startups
Last Updated April 26, 2021