"Music heals." Well, with this belief, the founders of BoAt, Aman Gupta and Sameer Mehta were looking to create something that would connect music to a person’s soul, and transcend them into stirring bliss. That's how they arrived at the tagline: "Plug into Nirvana".
BoAt's growth has been phenomenal over the years, with the company generating a revenue of over $100 million in the financial year 2020. They have expanded globally and are selling their products in over 50 countries.
In this article, we have done a Case study of BoAt, the Swadeshi Nirvana Brand, and their voyage to success.
BoAt is an Indian consumer electronics company founded in 2016 by Aman Gupta and Sameer Mehta. The company initially started by selling affordable audio equipment such as earphones, headphones, and speakers, but quickly gained popularity and expanded its product categories which included smartwatches and charging accessories.
One of the key factors that contributed to the BoAt success story was its focus on providing high-quality, stylish, and affordable audio products that appealed to the youth demographic. The company's products were also designed to cater to the needs of the Indian market, with features such as sweat resistance and enhanced bass to suit the country's hot and humid climate and music preferences.
BoAt's remarkable success can be attributed in part to its implementation of a highly effective marketing strategy. Here are some critical elements of their marketing strategy of BoAt in detail below:
BoAt has always marketed itself as a brand of lifestyle accessories instead of a consumer electronics company. By positioning itself among the youth, boAt products give customers the impression that they can be utilized everywhere. This was fashioned at the Lakme Fashion Week (2019) in Mumbai where the models walked the ramp wearing boAt accessories, demonstrating the company's purpose.
With Kiara Advani as its brand ambassador, BoAt aims to reach its target audience through influential youth icons. BoAt partnered with various celebrities and sports persons such as Virat Kohli, Rishab Pant, Shikhar Dhawan, Shreyas Iyer, Neha Kakkar, Kartik Aaryan, Diljit Dosanjh, and many others were featured in commercials.
BoAt has also implemented several innovative marketing campaigns that have helped them stand out from the competition. For example, they launched a limited-edition range of products featuring designs inspired by the Indian Premier League (IPL), which helped them tap into the massive cricket fan base in the country.
BoAt has adopted a direct-to-consumer (D2C) business model, allowing it to sell its products at a lower price point and offer better value to its customers. This has helped them build a loyal customer base and increase its consumer lifetime value.
BoAt has been able to generate buzz around its new product launches by creating anticipation through pre-launch teasers and exclusive offers for early adopters.
With an instrumental brand strategy, BoAt's success can be attributed to its focus on providing high-quality and affordable products, catering to the needs of its target audience, adopting an effective digital marketing strategy, and investing in research and development.
So, it is essential that you understand the intricacies of business, and how you can strategize marketing plans that can rocket your profits. An MBA degree adepts you with all the skills required and can help you facilitate your start-up journey.
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