How Aman Gupta's Marketing Strategy Turned Boat into a 2200 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 Six years they have achieved such a strong position in the market that if you look at the TWS or true wireless stereo market as of q3 of 2021 while Bolt stands at 6% percent, Noise stands at 8%, Realme stands at 9%, Boat stands way ahead with a market share of 35%, which is literally more than the next three competitors combined. On top of that the revenue of the company has already crossed fifteen hundred crores in fy twenty-one and the profits have already shot up by 61% percent since fy twenty. Now considering the fact that Boat is now going for an IPO. The question is how Boat achieved such an extraordinary position in the crowded hearable market of India. What exactly was their business strategy? and as investors, and students of business what are the business lessons that we need to learn from Mr. Aman Gupta and his wonderful team?
BOAT MARKETING STRATEGY-
For Boat success is its genius market positioning and if you look at the rise of boat, it is very very similar to the rise of one plus phones in India. many of you must know that there was a time when the Oneplus brand was just one of the most functional underrated brands in India. and it is 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? If you look at the pricing of phones in India back in 2019. you will see that Iphone was the costliest with a pricing of 85000 rupees, then we had Samsung S10 priced at 55,000 rupees plus, and then straight away we had oppo, vivo other companies that were primarily focused on selling phones below 25,000 rupees.
Now although they had costlier phones in India. The focus of these companies was more on 25,000 rupees and below that price range. You see there is a huge gap that's left out between 25,000 rupees to 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 its counterparts and this audience. This was the most premium unaddressed and more importantly a large audience, that was left untapped, and here's where we saw the rise of two phones number 1 was Xiaomi Mi 9 at 31,000 rupees.