Who is Zara in the world of electronics and audio devices? boAt!
The best way to pamper oneself is by listening to good music, and if you’re using boAt devices, it’s indeed a crowning achievement for your ears. Premised in 2016, boAt is touted as India’s leading earwear audio company. This lifestyle brand offers us affordable, trendy, and premium-quality consumer gadgets.
BoAt Lifestyle filed with SEBI for an initial public offering (IPO), aiming to raise up to Rs 2,000 crore. In its DRHP, the startup plans to raise Rs 2,000 crore. boAt will likely strive for a $1.5-2 billion value in its IPO this year. Boat Lifestyle has secured $116.3 million over six funding rounds until March 29, 2022. In FY21, boAt crossed INR 1,531 Cr in revenue, profit of INR 78.6 Cr.
On August 15, 2022, boAt celebrated becoming the first company to achieve the feat of producing 1 million ‘Make In India’ products.
Now it’s time to “Plug Into Nirvana” and uncover the incredible success of this worldwide D2C player.
The conception of boAt
boAt, a name that no one would have recognized six years ago. Those days are ancient! Aman Gupta and Sameer Mehta proved that an Indian earwear brand could TRULY become a global symbol.
The boAt enterprise began as a cable producer and marketer and has since grown its dominion. The only purpose of the boAt brand was to give millennials inexpensive, sturdy, and ‘fashionable’ audio goods and accessories.
The company boasts a cult of over 2 million ‘boAtheads’ and sells about 14,000-15,000 units every day. Several celebrities and cricketers of India have been a part of the company. During the COVID-19 pandemic, the demand for the company’s products soared by 20%. It seems surreal, right? With so much popularity, it’s no longer just another audio gear company, it’s something of a revolution.
The game plan for an ever-increasing progress
Online & offline mode
Distribution partnerships primarily power the boat company’s growth. The company initially sold its goods on Amazon, Flipkart, Myntra, etc. Later, the brand began selling at various Croma storefronts and on the official website. boAt still harnesses the relevance of print advertising. The products’ exceptional performance has enabled boAt to reach new heights of growth.
Customers being the focus
The company’s initial product was an indestructible Apple charging cable and charger. The product was created once the creators realized how important it was. The boAt company responded to the need by creating fall-proof headphones. It also developed new hues for its merchandise.
Indians want products at reasonable prices. The brand didn’t overprice or underprice their items; it offered them at a fair price.
Moreover, unlike other electronics brands, boAt positioned itself as a lifestyle brand primarily targeting GenZ and millennials, erasing the boring factor from itself. It has a little of everything for everyone, from millennials to outcasts to Gen-Z, skaters to geeks.
The expanded ‘bass’ catalogue
boAt offers an outstanding selection of wireless earphones, earbuds, headphones, smartwatches, and home audio. boAt will have you floating with exercises and experiences! This was the one element that enhanced the product’s value.
Powerful digital strategies
Influencer marketing
Stars like Kiara Advani, Kartik Aryan, Jacqueline Fernandes, and content creators such as Harsh Beniwal, Prajakta Koli and Bhuvan Bam, are promoting boAt’s products. Artists such as Harry Sandhu, Diljit Dosanjh and Neha Kakkar also promote their products. Cricketers such as Shikhar Dhawan, Hardik Pandya, KL Rahul, and Shreyas Iyer have long supported boAt’s products.
Mobile, email, and SM marketing
BoAt leverages a multichannel online marketing approach to connect with its customers through its mobile app, emails, push notifications, and SMS marketing.
boAt delivers bespoke messages about product upgrades to current and potential clientele who choose to disclose their email address to get updates from them. The brand emails are quite unique, engaging, and concise.
With a presence on Instagram, Facebook, Twitter, YouTube, and LinkedIn, boAt cruises briskly across the online arena. Furthermore, to make the audience feel like they’re a part of the conversation, boAt uses hashtags like #whatfloatsyourboat, #boatheads, #trebelwithboat, #levelupwithboat, and #raisethebar.
boAt never passes on an opportunity for moment marketing. During the IPL, Marvel season, Independence Day, and other events, the company seize the chance to grab the eye of youngsters. boAt takes the opportunity to collaborate with stars or events: Masaba Collection, Sunburn Festival, AP Dhillon Tour, and many more. The promotion efforts are powerful and unstoppable.
The results are incredible
- 5th largest wearable brand and India’s #1 earwear brand.
- In FY21, boAt crossed INR 1,531 Cr in revenue and earnings rose by 61%.
- $116.3 million over 6 funding rounds
- 2X growth in its revenues
- 158.5% lift in Brand Interest
- 25% rise in conversions
- 10% decrease in cart abandonment
- AOV increased from ₹450 to ₹750
- 20% jump in gross sales
- 3.2M total visits in June
- Website gets traffic from direct (28.14%) and search (63.37%).
- 2 million consumers within 6 years
- 25.7% market share
What lies ahead for boAt?
boAt is doing everything it can to make the audience jump into its paradise. Most audio makers have joined forces with smartphone giants. Could boAt be one of them? Only time will tell.
Despite major traditional players in this crowded market, boAt managed to succeed. With such a short timeframe, it gained one-fourth of the wearable market share. boAt Lifestyle aspires to be at the vanguard of innovations in the audio industry. The brand does not appear to be stopping but instead embarking on an exhilarating path.
There are many hurdles, but the boAt will not sink. Let’s hope!