Boat Company
Boat Company
Boat Company
Submitted to
B.J.B AUTONOMOUS COLLEGE, BHUBANESWAR in
Partial Fulfilment of the Award of the Degree of
BACHELOR IN COMMERCE
Submitted By:
DEPARTMENT OF COMMERCE
B.J.B AUTONOMOUS COLLEGE, BHUBANESWAR
2023-24
DEPARTMENT OF COMMERCE B.J.B AUTONOMOUS
COLLEGE, BHUBANESWAR
CERTIFICATE
DECLARATION
I do hereby declare that the project paper titled “IMPACT OF SOCIAL MEDIA
MARKETING ON CONSUMER BEHAVIOUR” submitted by me to the
Department of Commerce, B.J.B Autonomous College, Bhubaneswar in partial
fulfilment of the requirement for Bachelor's Degree in Commerce is an original piece
of work done by me. I have neither copied nor translated it from others and it has not
been submitted to any other institutions including B.J.B Autonomous College,
Bhubaneswar or published at any time before.
ACKNOWLEDGEMENT
My project paper entitled “IMPACT OF SOCIAL MEDIA MARKETING ON
CONSUMER BEHAVIOUR” would not have been possible without the
cooperation and valuable guidance given by my guide Mrs. MILAN TAH,
Assistant/ Associate Professor, Department of Commerce, B.J.B Autonomous
College, Bhubaneswar. I take this opportunity to convey my gratitude and
obligation to him.
While preparing this Project paper, I have tried my best to the precise and
objective. Up-to-date data and recent findings of eminent scholars have been
included by drawing on recent issues of learned journals and periodicals. I express
my gratitude to the authorities concerned in this respect.
I acknowledge my thanks to my parents without their cooperation and
financial provisions this project would not have been possible.
1.1- Introduction 06
BIBLIOGRAPHY
47
CHAPTER 1
INTRODUCTION
Social media marketing is a form of digital marketing that leverages the power of popular
social media networks to achieve your marketing and branding goals. But it’s not just about
creating business accounts and posting when you feel like it. Social media marketing requires
an evolving strategy with measurable goals and includes:
Maintaining and optimizing your profiles.
Posting pictures, videos, stories, and live videos that represent your brand and attract a
relevant audience.
Responding to comments, shares, and likes and monitoring your reputation.
Following and engaging with followers, customers, and influencers to build a
community around your brand.
Social media marketing also includes paid social media advertising, where you can
pay to have your business appear in front of large volumes of highly targeted users.
With such widespread usage and versatility, social media is one of the most effective free
channels for marketing your business today. Here are some of the specific benefits of social
media marketing:
Humanize your business: Social media enables you to turn your business into an
active participant in your market. Your profile, posts, and interactions with users form
an approachable persona that your audience can familiarize and connect with, and
come to trust.
Drive traffic: Between the link in your profile, blog post links in your posts, and your
ads, social media is a top channel for increasing traffic to your website where you can
convert visitors into customers. Plus, social signals are an indirect SEO factor.
Generate leads and customers: You can also generate leads and conversions directly
on these platforms, through features like Instagram/Facebook shops, direct messaging,
call to action buttons on profiles, and appointment booking capabilities.
Increase brand awareness: The visual nature of social media platforms allows you to
build your visual identity across vast audiences and improve brand awareness. And
better brand awareness means better results with all your other campaigns.
Build relationships: These platforms open up both direct and indirect lines of
communication with your followers through which you can network, gather feedback,
hold discussions, and connect directly with individuals .The bigger and more engaged
your audience is on social media networks, the easier it will be for you to achieve
your marketing goals.
PROBLEM STATEMENT
Social media marketing addresses various challenges and provides solutions that benefit
businesses in today's digital landscape. Here are some common problems solved by social
media marketing: can be named as the problems we are having with the traditional marketing.
OBJECTIVE
To enhance the visibility of the brand and make it recognizable to a wider audience.
To direct social media users to the company's website or specific landing pages.
To attract potential customers and collect contact information for further engagement.
To use social media channels as sales platforms and drive direct revenue.
To establish and maintain meaningful connections with the target audience.
To create a loyal customer base and encourage repeat business.
To address customer concerns and feedback promptly, enhancing overall satisfaction.
To share valuable information, updates, and educational content with the audience.
To monitor and respond to industry trends, staying ahead of competitors.
To achieve the best possible return on investment from social media advertising.
To position the brand as an industry authority and thought leader.
To create buzz and excitement around new product releases or upcoming event.
To understand customer preferences, industry trends, and market sentiment.
To foster a sense of community around the brand, encouraging user-generated content and
interaction.
To use customer feedback obtained through social media for product/service improvements.
To address and manage crises effectively, minimizing reputational damage.
To enhance search engine optimization through social signals and link building.
Setting clear and measurable objectives is crucial for the success of a social media marketing
strategy. These objectives serve as benchmarks for evaluating performance and adjusting
strategies as needed.
HYPOTHESIS OF THE STUDY
Social media marketing is the use of social media—the platforms on which users build social
networks and share information—to build a company's brand, increase sales, and drive
website traffic.
RESEARCH METHODOLOGY
introduction
The research methodology includes the data collected and measurement of these data. It
includes information regarding the digital marketing, the analysis procedure and data analysis
tool. It is very simple and more specific than explanatory study.
Sources of data
In order to carry out the objective of the study research has been done using both primary and
secondary sources. A well structure questionnaire was designed to collect information from
the people of Bhubaneswar, Puri and Rourkela
Primary Data
The primary data is collected through questionnaires by using Google forms.
Secondary Data
Secondary for the study were collected from the magazines, websites and other previous
studies. To meet the objectives, the study used qualitative research. The description study was
done through review of literature that helped in validation and extraction of the important
variables and factors.
Percentage
It is used to draw specific information from the collected data fulfil the objective of the
study. The formula used was:
P= Q/R*100
Where,
P= Percentage
Q= Number of respondents
R= total number of respondents
Frequency
It is the number of occurrences of a repeating event per unit of value. The formulas used
was:
F = I/T
Where,
F = Frequency
T = repetition of an event
Chapter plans
Chapter 1 consist of introduction, problem statement, objective, hypothesis , research
methodology and scope of the study.
Chapter 2 consists of the study related ti literature
review.
Chapter 3 consists detail study about the importance and role of social media
marketing.
Chapter 4 consists the company profile that is BOAT electronics.
Chapter 5 consists the data analysis
and interpretation of data surveyed. Chapter 6 consists of the conclusion, findings and
suggestion related to the study.
CHAPTER 2
LITURATURE REVIEW
1. Brendan James Keegan and Jennifer Rowley (2017) contributes to knowledge regarding
social media marketing strategy by developing a stage model of SMM evaluation and
uncovering the challenges in this process. The research paper has developed a Social Media
Marketing Evaluation framework. This framework has the following six stages: setting
evaluation objectives, identifying key performance indicators (KPIs), identifying metrics,
data collection and analysis, report generation and management decision m asking .Moreover,
the paper also identifies and discusses challenges associated with each stage of the
framework with a view to better understanding decision making associated with social media
strategies. Two key challenges depicted by the study are the agency-client relationship and
the available social analytics tools.
2. Rodney Graeme Duffett (2017) examines the influence of interactive social media
marketing communications on teenagers‟ cognitive, affective and behavioural attitude
components in South Africa. The paper also studies the impact of a number of additional
factors such as usage (access, length of usage, log-on frequency, log-on duration and profile
update incidence) and demographic (gender, age and population group) variables on young
consumers‟ attitudes toward social media marketing communications. The study ascertained
that social media marketing communications had a positive influence on each attitude
component among adolescents, but on a declining scale, which correlates to the purchase
funnel model. Thus this investigation also makes an important contribution to attitudinal
research in developing countries, where there is a lack of research in social media marketing
communications. The practical implication of the study is that the companies and their brands
should consider using and/or adapting their strategies based on the declining impact of social
media marketing communications on the hierarchical attitude stages among young consumers
and the divergent influence on usage and demographic variables when targeting the lucrative
and technologically advanced, but capricious, Generation Z consumers.
3. Priyanka P.V and Padma Srinivasan (2015) in her research study identified various
factors that determine the purchase of a product using social media from a customer's point of
view. A model from the retailer's perspective has been developed that explains how social
media can be used for increasing customer loyalty. The study concludes that continuous
customer support services will result in improvement of customer retention. New applications
and social platforms will flourish and allow even greater personalization and real-time,
location-based engagements in media.
4. In a recent case study by Christopher Ratcliff (2014) on a global organization that
appears to have mastered its social media strategy, Ford. In his blog, he explains how Ford
has included the key success elements in its strategy including customized posts, user
connectivity through tone of voice and perhaps most importantly, a social media team that
reads and responds to every single comment made by followers. However, it is worth noting
that Ford has worked out what works for its own business, and this exact strategy may not
necessarily drive the same achievement for different organizations.
5. Ates Bayazıt Hayta (2013) in their research paper “A study on the of effects of social
media on young consumers' buying behaviours” determines the effects of social media
networks on purchasing behaviours of young consumers. The study results indicate that
social media tools directly effects the purchasing behaviours of consumer, depending upon
their age group and educational status.
6. Benjamin Ach (2013) in their bachelor thesis highlighted the evolution of the marketing
strategies of businesses and more specifically of their communication strategies, with the
important rise of social media influence, which is changing the way people get informed as
well as their purchasing decision process. This research underlined the fact that businesses,
small or big sized, have to get online and to use social media and to adapt their business
models if they want to stay on top of the competition on their markets. The research is
supported by a case study of an Australian internet marketing company, in order to get
valuable insights from internet marketing experts.
9. Edelman (2010) in a study for Harvard Business Review, discusses how the Internet and
social marketing has changed not only the way businesses operate but also how consumers
choose their products. It takes the reader through the funnel metaphor that was previously
being used by marketers to understand how consumers select their products and how this has
moved to a more open-ended approach whereby consumers no longer follow a methodical
approach of selecting products. It stresses how important it is for brands to connect with
consumers and it also studied the consumers' decisions across five different industries,
namely automobile, skincare, insurance, mobile telecommunications and electronics, across
three different continents. Based on the results of the study, it proposed a four-stage model
that focuses on today's consumers using social media for advocating products and also
purchasing based on the reviews and backing received. The research takes the reader through
the entire customer journey and informs businesses what they should not focus energy and
resources on. Providing statistical information about various surveys enables organizations to
identify the key areas they should concentrate on in order to build a solid brand image online.
10. A comprehensive study conducted by BusinessWeek (2009) discusses social media hype
and the disadvantages that may affect any business. The study illustrates the potential risks
social media marketing poses. If employees waste their time on social networking sites
instead of on productive tasks in the interests of the organization. It also forewarns of
blunders that could have a profound negative impact on the business itself. Providing
evidence of failing of many social media campaigns, the study cites the example of one such
campaign by Saatchi & Saatchi's campaign for Toyota Matrix, which led to a lawsuit of $10
million. The study also states that it is hard to quantify the outcomes that social media
creates, such as trust and loyalty.
11. Mangold and Faulds (2009) are of the view that social media is a hybrid element of the
promotion mix because in a traditional sense it enables companies to talk to their customers;
while in a nontraditional sense it enables customers to talk directly to one another. The
content, timing, and frequency of the social media-based conversations occurring between
consumers are outside managers‟ direct control. This stands in contrast to the traditional
integrated marketing communications mix whereby a high authority of control is present.
Therefore, managers must learn to shape consumer discussions in a manner that is consistent
with the organization’s mission and performance goals. The purpose of social networking
sites is to facilitate the talks between biggest fans of the organization. Methods by which this
can be accomplished include providing consumers with networking platforms, and using
blogs, social media tools, and promotional tools to engage customers. Providing information
to the consumers regarding product of their company closely bounds the customer to the
company.
12. Russell S. Winer (2008) in his research paper describes the different kinds of new media
which was used by companies to engage customers that is social networking sites like
Facebook, Myspace and You Tube etc. The paper also describes the challenges in social
media marketing from the perspectives of the marketing manager. The paper outlines a
number of issues that need to be resolved by both managers and academics for the new media
to be fully integrated into marketing practice. It also affirms that many companies today are
using some or all of the new media to develop targeted campaigns that reach specific
segments and engage their customers to a much greater extent than traditional media. Study
also shows that the growth of these sites has led to the notion. Importance of Web 2.0 era
where user generated content and discussions can create powerful communities that facilitate
the interactions of people with common interests. But the marketers have been cautious in
using this new medium because of the risk that members of a community will become
offended from an over-commercialization of the site.
13.Gil, Andres and Salinas (2007) suggested that the information provided by a family can
affect the formation of brand equity. A person can receive recommendations to buy certain
brands from a family that influence his action based on the facts how well the family
establishes the contacts with a number of brands used by the family. Consumers often think
of the family as a reliable reference in relation to the purchase of certain products. The study
also reveals that purchase decisions amongst young generation consumers in particular are
influenced by the recommendations of their virtual friends who serve as opinion leaders.
They also refer to the communications on the internet in determining the Product’s quality
prior to their purchases.
14.Lempert (2006) says that customers are turning away from the traditional sources of
advertising: radio, television, magazines, and newspapers. Customers also consistently
demand more control over their media consumption. They require on-demand and immediate
access to information at their own convenience. Customers are turning more frequently to
various types of social media to conduct their information searches and to make their
purchasing decisions.
15. Yoo et al. (2000) combine brand awareness and brand association into brand image. They
claimed that exposing customers to a brands information through the WOM sources creates,
modifies and strengthens the relationship between the consumer and the brand, to result in
WOM that impacts their brand association with it. The higher the consumer contact with the
brand, the stronger and more the association will be in the minds of consumers.
CHAPTER 3
CONCEPTUAL STUDY
Social media marketing uses social media and social networks—like Facebook, X
(formerly Twitter), and Instagram—to market products and services, engage with
existing customers, and reach new ones.
The power of social media marketing comes from the unparalleled capacity of social
media in three core marketing areas: connection, interaction, and customer data.
Social media marketing has transformed the way businesses can influence consumer
behaviour—from promoting content that drives engagement to extracting personal
data that makes messaging resonate with users.
Because social media today is so ubiquitous, marketing techniques using these
platforms are extremely important for businesses.
Social media marketing is often more cost-effective with great exposure, though it
requires ongoing maintenance and might have unintended negative feedback
consequences.
As platforms like Facebook, X, and Instagram took off, social media transformed how
we connect and how businesses can influence consumer behaviour—from promoting
content that drives engagement to extracting geographic, demographic, and personal
information that makes messaging resonate with users.
Advantages
According to Watson et al. (2002) cited by Sheth and Sharma (2005) with the popularity of
digital marketing on the rise, many businesses are investigating how social media can help
them promote their products and services to potential and existing customers. Social
networking sites like Facebook and Twitter have transformed the way some businesses think
about advertising. Some businesses direct customers toward their social network pages more
than they direct them to their own websites. There are certain advantages to market via social
media, but there are also related drawbacks as well (Watson et al. 2002; Sheth & Sharma
2005).
I. Time intensive:
As the name implies, social media is interactive and successful; two-way exchanges take
commitment. The nature of marketing changes in social networks, with the focus placed on
establishing long-term relationships that can turn into more sales. Somebody has to be
responsible to monitor each network, respond to comments, answer questions and post
product information the customer deems valuable. Businesses without service to manage
these social networks will find it difficult to compete. The first preliminary consideration and
probably the most important one is that social media marketing requires a significant time
investment. As a general rule, simply dabbling in a few social media resources and hoping to
realize enormous returns is fanciful. A company must realize the necessary time commitment
and either accept or reject that commitment as plausible for its operation.
Discussion
According to Gurau, The online marketing environment raises a series of opportunities and
also challenges for social media marketing practitioners. The audiences become more
fragmented and proactive, but, on the other hand, the company has the possibility to combine
various modes and categories of information in a complex message. Social media also permit
the enterprises to collect, register, analyse and use customer data and feedback for better
targeting online audiences and customizing its messages. The specific characteristics of the
Internet and social media applications are making the implementation of integrated online
marketing both inevitable and efficient for an online approach. The cost-related factors,
social interactions, interactivity, targeted market opportunities, and customer services are
excellent features for organizations to adopt a proactive reactive attitude and to succeed in
social media marketing. On the other hand, downside of social media marketing such as time
intensive, trademark and copyright issues, trust, privacy and security issues, user-generated
content (UGC) and negative feedbacks from customers are major barriers facing by social
media marketers. According to Designing and implementing a specific model of integrated
social media marketing can integrate these characteristics. The message communicated
online should be first infused with the core corporate values, then adapted to the online
strategy and tactics of the organization, and finally customized for a specific combination of
targeted audience and online channel. The selection of the appropriate communication-mix
needs to take into account the characteristics of social media marketing.
Criteria Social Media Marketing Traditional Marketing
Communication Online platforms (e.g., Facebook, Offline channels (e.g., TV, print,
Channel Instagram) radio)
Feedback and Immediate feedback, real-time Limited direct interaction with the
Interaction interaction audience
Improve Responsiveness:
Social media eases the process of providing and receiving feedback. If your customers have
concerns or problems with what your business offers, they can let you know in a timely
manner. Social media gives customers a convenient and accessible way to express what they
feel and gives companies a chance to respond. With such platforms, businesses are able to
view complaints and assure their customers that their problems will be dealt with.
Competition:
If your competitors are already using social media accounts for marketing and engaging their
customers, you need to ensure that you are keeping up with the digital marketing strategies
that are being implemented.
In the competitive world of business, more and more companies are capitalizing on the
benefits of social media. In order for you to be able to boost online traffic to your site and
increase sales, you need to stay ahead of the competition while providing your customers
with the best products and services.
Effective Marketing:
The social networking nature of platforms such as LinkedIn and Twitter generates interest
among followers who are more responsive to them than a blatant marketing approach. You
can use social media creatively to advertise your products and services without making your
customers feel like they are overwhelmed by your marketing campaigns.
Advertisements strategically placed within informative posts are an effective way to spread
the word about your business. Social media spreads awareness about your business while
giving you the chance to constantly remind them about the products and services that you
offer.
Find Customers:
Hashtags and keywords are useful for helping you identify potential customers who are
interested in what you are selling. After finding prospective customers, you can simply direct
them to your account where they fill out more about your business .Social media
Affordability:
Managing your social media accounts is a cost effective way to promote your business by
using affordable social media marketing campaigns that strengthen your company’s online
visibility. Social media does not require an extensive budget, which makes it fair for small
businesses that are competing with well known brands.
Database:
DBA services provide service delivery solutions that are flexible enough to meet the diverse
needs of different companies. Emphasis is placed on the management and support of
databases from remote locations while catering to the specified needs of various customers.
Services are available for different database environments to provide a dependable, secure
and expert approach to database management.
Communication and Branding:
Communication is vital for the success of any business and engaging your customers
regularly helps to enhance your image. Social networks allow you to interact and deal with
your customers on a personal level.
When your brand gets involved in conversations, customers view it as approachable,
responsive and accessible. This type of exposure positively influences how you are perceived
and makes customers more receptive to the information that you share. Both social profiles
and websites can help improve your branding efforts. Your existing and prospective
customer base will be able to identify your brands’ characteristics based on how you interact
on social media.
CHAPTER 4
COMPANY PROFILE
INTRODUCTION
BoAt is an India-based consumer electronics brand established in 2015 that markets
earphones, headphones stereos, travel chargers, and premium rugged cables. BoAt (legal
name "Imagine Marketing Services Pvt Ltd.") is an India-based company that was
incorporated in November 2013. The company is an online brand that offers multi-category
consumer electronics products. BoAt markets earphones, headphones, stereos, hair trimmers,
power banks, travel chargers, smart watches, and cables. BoAt was founded by Aman Gupta
and Sameer Mehta and in 2022 reached the mark of being one of the largest wearable
electronics brands.
STORY OF BOAT:
boAt Lifestyle doesn’t boast of a very prevalent history. It is a Delhi-based startup that was
started in 2016 by Aman Gupta and Sameer Mehta. The company term itself as a lifestyle
brand that deals in fashionable consumer electronics. boAt Lifestyle was started with the
sole aim of bringing affordable, durable, and more importantly, ‘fashionable’ audio
products and accessories to millennials.
Having started as a cable manufacturer and seller company, today, it has expanded its
catalogue. Now it sells a wide variety of fashionable electronic goods ranging from travel
chargers and premium cables to headphones, earphones, speakers. The company is steadily
growing and extending its services to millions of ‘boAtheads’ (A term the company uses for
all its consumers and brand ambassadors). It has been only four years since the journey but
the company stands tall with more than 800,000 happy customers.
One of its founders Aman Gupta was familiar with the electronics trade. He worked for three
years (2007-10) in his family business. Before joining the business, he had completed his
Chartered Accountancy and worked in Citibank between 2003 and 2006.
In 2010, he enrolled for a MBA at the Indian School of Business (ISB) which led to his
placement at KPMG, the auditing firm. He worked there for a brief period of six months but
those were enough to affect him. He was fascinated by electronics and gadgets and applied at
JBL. The company signed him for two years. Gupta managed the start-up’s offline
distribution through stores such as Croma and Reliance Digital. A little later, he also got into
product management. His job was to identify the right products for the Indian market. His
learnings while working for JBL came in handy during product developments at boAt.
GEOGRAPHIC REACH:
FINANCIAL PERFORMANCE:
Imagine Marketing Limited, the parent company of popular wearable brand boAt, has
reported its highest-ever revenue of Rs 3,377 crore for the fiscal year ending March 2023.
Despite this remarkable achievement, the company, which had been profitable for eight
consecutive years, faced a loss of Rs 129.4 crore in FY23. This loss is attributed to the
increased costs associated with business development and advertising.
The company experienced a notable slowdown in revenue growth, reaching around 18%
year-on-year. This is in contrast to the remarkable 133% average revenue growth achieved
over the last three fiscal years. In the preceding fiscal year (FY22), Imagine Marketing
reported revenue from operations amounting to Rs 2,873 crore and a profit of Rs 68.70
crore.
In comparison, its closest competitor, the bootstrapped consumer electronics startup Noise,
achieved a revenue growth of 80%, totaling Rs 1,426 crore, along with a profit of Rs 88
lakh during FY23. Imagine Marketing, known for brands like boAt, RedGear, Defy,
Misfit, and Tegg, faced a challenging financial year despite its strong market presence.
According to its annual statements, boAt recorded wearable sales worth Rs 902 crore
during FY23, while Noise’s wearable sales reached Rs 1,138 crore in the same period. The
Warburg Pincus-backed company allocated approximately 13% (Rs 521 crore) and 6% (Rs
469 crore) of its gross sales to discounts and returns, respectively. An additional Rs 140
crore was devoted to servicing warranty claims, resulting in a significant reduction of
nearly Rs 900 crore from its collections before factoring in other operational costs.
Despite these challenges, boAt demonstrated a positive trend in cash outflow from
operations, witnessing an almost 82% year-on-year improvement to Rs 64 crore during the
fiscal year ending in March 2023. Led by Aman Gupta, a familiar face from Shark Tank
who serves as the Chief Marketing Officer, boAt has embraced unconventional marketing
strategies, including suspending external advertising efforts during the airing of Shark
Tank episodes.
As boAt marks its tenth year of operations, the company is navigating the complexities of
growth, transitioning from a consumer electronics marketer to a manufacturer with
domestic production capabilities. In May of the previous year, boAt entered into a 50-50
joint venture with electronics manufacturing giant Dixon, commencing manufacturing
activities at Dixon’s plant in Noida, Uttar Pradesh. Additionally, the company acquired
Singapore-headquartered electronics product development company KaHa in the same
month, enhancing its capabilities in IoT devices and audio design processes. According to
information sourced by The Captable from annual filings, boAt acquired KaHa’s design
house and its Shenzhen-based manufacturing unit for a total consideration of $40 million.
STRATEGY:
boAt's pricing strategy
The boAt pricing strategy is simple yet effective - they offer quality products at an
affordable price. This has allowed them to become the biggest audio superstore in India.
boAt offers a wide range of products, from earphones and headphones to speakers and
cases. Their prices are highly competitive, and they regularly offer discounts and
promotions on their website. This makes them an attractive option for customers looking
for quality audio products at a reasonable price.
boAt's Distribution Channels
The boAT marketing strategy across its product distribution essentially follows a pronged
approach when it comes to marketing - online- offline, and word of mouth.For online
digital marketing, the company invested heavily in search engine positioning so that they
appear as the top result when users search for keywords related to their products.
Word-of-mouth marketing is also critical for boAT's success. They
have leveraged their strong and loyal customer base to spread the word about their
products via community-building initiatives. In addition, they've made sure to actively
engage with their customers, especially on social media platforms. This has allowed them
to get positive reviews which have further boosted sales.
boAt collaborated with celebrities and content creators such as actors
Ranbir Kapoor, Kartik Aaryan and influencers such as the YouTube sensation Prajakta
Koli who could help spread the word about their fashionable audio products. This led to
widespread brand visibility and an aura of exclusivity being created around BoAt products.
Lifestyle Marketing strategy
To market itself as a lifestyle brand, India's leading audio support company, boAt made
use of various marketing strategies.
Firstly, it utilized social media platforms such as Facebook and Instagram to reach its
target audience. Through these platforms, boAt created a community of people who shared
the same passion for the music industry and audio products.
For example their Marvel Collection was a special collection of earbuds, headphones, and
speakers designed especially for Marvel fans. This collection features characters like Iron
Man, Captain America, and Black Panther.
boAT - ESOP
According to regulatory filings, the boAt board approved a special resolution to grant its
employees 9,55,523 Employee Stock Options (ESOPs) valued at around Rs 72 crore
(almost $9 million) on October 17, 2023. As per the filing, these ESOPs were intended to
be converted into equity shares, aligning with the goal of promoting employee ownership
and attracting, retaining, motivating, and rewarding key personnel in line with business
growth. This strategic decision demonstrated boAt's commitment to both its personnel and
its long-term growth ambitions in the tech sector.
boAt - Acquisitions
boAt has acquired two companies to date: KaHa Pte on January 15, 2022, and TAGG on June
9, 2021. These strategic acquisitions reinforce boAt's commitment to innovation and market
expansion in the audio technology sector.
boAt - Growth
boAt has experienced phenomenal growth by strategically placing its products in leading
retail outlets, including Croma, Myntra, Amazon, Paytm, and Flipkart. The remarkable
growth of the brand is evidence of the reliable, high-caliber performance of boAt products,
drawing in a large consumer base.
By emphasizing innovation and flexibility in response to customer demands, boAt has
become a prominent player in the audio technology sector, attaining notable accomplishments
and acknowledgment within the industry.
Here's a quick glance at some of the most prominent growth milestones of boAt:
boAt has gathered 800,000+ customers within a short span of 4 years as of July 2022.
It claims to add one boAthead to its family within every 3 minutes that pass, as per
reporting of July 2022.
The company sells four units every minute and over 6,000 units each day as of May
2022.
It is the 5th largest wearables brand globally, as per news report of December, 2020.
boAT - Products
boAT has launched various products. Some of the prominent products are:
Stream Edition
boAt launched stream edition audio products including a neckband, headphones and TWS
earbuds in India in partnership with Netflix in December, 2022.
StanceOS
boAt, and StanceBeam, a leading sports technology start-up in April, 2023, have joined
forces to offer StanceOS, which includes advanced smart sensors and sports motion detecting
AI technology in smartwatches.
Dolby-powered neckband
The Nirvana 525 ANC was formally introduced by boAt and Dolby in June, 2023.
Airdopes
As a new addition to the Airdopes series, boAt has introduced the Airdopes Flex 454 ANC in
India in September, 2023. These cost less than Rs 2,000 and have ANC, up to 60 hours of
playback time, and other capabilities.
boAT - Partnerships
boAT has partnerships with many companies. Some of the most prominent partnerships are:
Netflix
boAt partnered with Netflix in December 2022, and through this collaboration, boAt
announced that it would launch True Wireless Earbuds (TWS), On-Ear Headphones, and
Wireless Neckband.
boAT partnership with IPL team
boAt agreed to become the official audio and wearable partner of three Indian Premier
League (IPL) clubs, including Gujarat Titans (GT) and Royal Challengers Bangalore (RCB)
in March 2023.
The company stated in a press release that it also extended its relationship with the Kolkata
Knight Riders (KKR) and continued to serve as the team's official audio partner throughout
the IPL's 16th season.
ONDC Partnership through Shopalyst's Plugin
boAt and Shopalyst teamed up to make their product catalog searchable on the Open Network
For Digital Commerce (ONDC). Through this partnership, boAt aimed to create multiple
consumer touchpoints in May 2023.
Reliance Digital
boAt partnered with Reliance Digital in September 2023, and through this collaboration, they
planned to introduce 3D hologram projections as part of an exciting retail experience
featuring the boAt Smart Ring.
CHAPTER 5
One of the main reasons for boAt's success is that they are aware of the trend of customers
buying earbuds together with new smartphones. This is in line with a larger trend in the
business, where big phone manufacturers collaborate strategically with audio providers to
offer bundled prices that deter independent purchases. Co-founder of boAt Aman Gupta
claims that changing market dynamics are reflected in this bundling technique.
boAt has a strategic positioning that focuses on providing fashionable yet reasonably priced
products for Indian consumers in order to address the growing demand for technology
gadgets. While considering a public listing in India, there are no immediate IPO plans in the
next couple of years after deferring its IPO plans.
CHAPTER 6
CONCLUSION
In conclusion, social media marketing offers numerous benefits for businesses, including
increased brand awareness, improved customer engagement, cost-effective marketing, higher
website traffic, and improved search engine rankings. By leveraging the power of social
media, businesses can connect with their target audience, build strong relationships with
customers, and ultimately drive growth and success.
boAt has extensively emphasized digitalised marketing through SMS, E-mails, and their
social media handles.
Their creativity shines in Social Media Marketing. Staying trendy and creative all across its
social media handles is what any company wants in their prime time.They also keep their
customers updated about their products with their crisp e-mails and SMS.
The study tells us how boAt company became one of the apex companies in the market that’s
too while facing such a backsteping time period in 2019-2021. Social Media Marketing was
the main source where boAt company grew its business and made profits. So in the
digitalised era, boAt set up an example for the companies to grow there business through
social media and digital marketing. Now as each and every persion is easily available on the
internet, so it’s easy to find customers and grow gradually.
boAt has made a huge name for itself in the last 4 years. It’s reputation and popularity was
bolstered after the appearance of one of its co-founders, Aman Gupta, on Shark Tank India
season 1. On the marketing, pricing and styling front, the company has left no stone unturned
in outsmarting the existing competition. The impact has been such that renowned brands like
JBL had to cut down on its prices in order to stay relevant in the industry.
The future of the company looks quite promising, courtesy of a dedicated R&D team,
millions in funding and the zeal to stay appealing to the youth. Notably, Aman Gupta’s
present net worth is INR 10,500 crore.
FINDINGS:
According to The Sprout Social Index™, 53% of consumers say their social media
usage has been higher over the last two years than the previous two.
Instagram has 2 billion active users worldwide in 2023 and continues to be one of the
most popular networks among teens between 13-17 years old.
Women make up more than 60% of Pinterest’s global audience. Gen Z and
Millennials use the platform the most.
X has over half a billion monthly monetizable active users. And people spend an
average of 31 minutes on the platform.
LinkedIn is the hub for in-depth, industry-specific content that might be more niche
than what you see on Facebook or X.
LinkedIn is the top platform for B2B lead generation, rated by marketers. Some 4 out
of 5 LinkedIn members drive business decisions.
Some 78% of TikTok users have purchased a product after watching TikTok creator
content about the product.
And some 73% of users feel a deeper connection to brands they interact with on
TikTok vs other platforms.
YouTube is one of the most popular search engines in the world with billions of
monthly users across 80 languages and 100+ countries.
SUGGESTIONS :
In the digital era each and every business must try the social media marketing and
digital marketing to get a wider range of customers for their product.
A company must have to keep an eye upon the comments and compliments given by
customers about their products, inorder to know the valuability of the product.
Social media marketing not only helps the company in growing in domestic market,
but it also helps the company to step it’s legs on the foreign markets, which leads to
rapid growth.
As social media helps in improving the user experience, a company camn know the
effectiveness of it’s products.
BIBLIOGRAPHY
BOOKS:
Social Media Marketing Workbook: How to Use Social Media for Business by Jason
McDonald 2015
JOURNALS:
Ten years of 'social media marketing’ research in the Journal of
Promotion Management: Research synthesis, emerging themes, and
new directions
AS Arora, SA Sanni - Journal of Promotion Management, 2019 -
Taylor & Francis
Social media marketing: a literature review and implications
H Alves, C Fernandes, M Raposo - Psychology & Marketing, 2016 -
Wiley Online Library
WEBSITES:
https://www.boat-lifestyle.com/
https://www.investopedia.com/
https://influencermarketinghub.com/falcon/
https://www.searchenginejournal.com/
https://www.forbes.com/
https://www.google.com/
https://chat.openai.com/