With so many competitors like Mivi and JBL, how did Boat find its way?
The main reason for Boat’s success lies in its market positioning as a brand. Before it, look at the market category-wise brand dominance in the hearables market.In the ultra-premium segment, which is for earphones and devices above Rs. 15,000, Apple and Bose were positioned. In the premium segment of Rs 10K to Rs 15K, JBL stood out. As we came down to the sub-premium segment, the brands became lesser known, as only one company sold the hearables under Rs. 10,000. In the economy market segment of Rs 1K to 5K, There was no market player that was significant enough to dominate. Boat entered the market in 2016 Jio Wave made our screen time. high, mobile phone companies repair headphones. from the phpne.box, and Apple launched its Air Pods. Aman Gupta, founder of Boat, filled the gap in the economy segment.But there were already other companies in this segment, and new companies were joining this one. Boat created a high aspirational value for the product, which means the perceived value of the product, by endorsing celebrities like Hardik Pandya, Kiara Advani, Shreyas Iyer, and a lot more. The value addition that Boat created by endorsing them gave them an edge over its competitors.This allowed them to even charge a premium amount on their orders. because they are trustworthy.Also, despite the differences in prices of the wearable devices, a normal person cannot tell much difference about them. so.There was not much to add to the tangible value, or the real value, of the product. That’s why boat found a huge market that was price sensitive and created its own way. You can also create your own way by identifying the gaps in the market, as was seen in the hearabale markets.Comment down below.
