Q] Boult increased its operating revenue by almost 40 percent and also increased its market share in the TWS (True Wireless Stereo) segment, despite an overall market decline. What key strategies have contributed to this surge in shipments and market shares?
We entered the market late and have been around for just seven and a half years, but as a bootstrapped and profitable company, we’ve prioritised top-quality products over rapid, unsustainable growth. While competitors have come and gone, we’ve maintained steady progress, closing the gap with the market leader.
Our differentiation lies in superior design and product quality, reflected in higher ratings and reviews across e-commerce platforms. Unlike over-penetrated competitors, we’ve expanded strategically—moving from an online-only model to offline retail and diversifying into new categories like home audio, speakers, power banks, and dash cameras.
By staying consumer-centric, rapidly innovating based on feedback, and ensuring sustainable, high-quality offerings, we’ve carved a strong position in a declining market, driving consistent growth and increasing market share.
Q] You mentioned your expansion into offline spaces—how does your approach to advertising differ when promoting your offline presence compared to your online platforms?
In our industry, 30% of business happens offline, while 40% is online due to limited access to wearable devices and smartwatches in Tier 2, 3, and 4 cities. Unlike Tier 1 cities with large-format retail (LFR) stores like Croma and Reliance, smaller cities rely on general trade (GT) markets, leading to lower penetration.
As an online-first brand, we sold exclusively via e-commerce until last year. Now, we’ve expanded offline by appointing distributors in every state and increasing our width of distribution to over 3,000 stores. Our products are now available in LFR stores like Reliance and Vijay, as well as general trade hubs like Gafar Market and Nehru Place in Delhi.
With our strong market position—ranked #1 in ratings, #2 in audio, and #3 in smartwatches and wearables—we have successfully capitalised on demand to build a robust offline presence.
Q] Could you give me an overview of your marketing budget allocation for different channels?
As a digital-first brand, 95% of our marketing budget is online, aligning with our consumers’ habits. Digital marketing is highly efficient, offering precise targeting, real-time data, and insights.
We focus heavily on performance marketing, with over 90% of revenue coming from e-commerce platforms. Beyond marketplaces, we invest in social media (Meta, Google, YouTube), digital branding (Times of India, NDTV), and retention efforts via WhatsApp, SMS, and email for our 3 crore+ customers.
Our budget allocation is 40-50% on marketplaces, 20% on performance marketing, and 30% on branding. A small portion (<5%) goes to PR, with minimal spend on founders and company branding. We also leverage ATL and BTL strategies, such as metro ads, auto rickshaws, and regional newspapers.
Q] Given the rise of influencer driven marketing, how is Boult leveraging social media partnerships and digital platforms to engage with Gen Z and millennial consumers?
Influencer marketing is booming, but we take a different approach. As a bootstrapped brand with a limited budget, we avoid large-scale partnerships and instead collaborate with small to mid-sized influencers. This boosts relatability and trust, as they don’t endorse multiple competing brands.
We also prioritise vernacular content, working with influencers who communicate in regional languages. As Nelson Mandela said, speaking to someone in their mother tongue connects to their heart. While our brand may not cover all languages, our influencers bridge that gap effectively.
Lastly, we focus on content variety, tailoring it to specific communities, regions, and demographics. By leveraging Tier C influencers with a guerrilla strategy, we engage Gen Z and millennials authentically in their own tone, language, and style.
Q] Boult has been around for over seven years—what trends have you noticed, and what do you expect to see next?
The only constant trend is change. When we launched in 2017, the shift from wired to wireless earphones was just beginning, 70% of the market was still wired. Over time, neckbands emerged, peaked, and then declined, just like fitness bands before smartwatches took over in 2019. Now, smartwatches are dipping by 30%, while smart rings are gaining traction.
While categories, form factors, and features like ANC, ENC, and biometric tracking continue to evolve, the core consumer demand for connected devices remains constant. The future lies in convergence—fitness bands have morphed into smartwatches, earphones now monitor heart rates, and smart glasses seamlessly blend audio with vision. On the marketing front, digital dominates, content is king, influencers are crucial, and regional/vernacular outreach is more important than ever.
Q] With the increasing competition in the budget and premium segments, how does Boult balance pricing strategy with premium branding to appeal to a mass or broader consumer base?
From 2022-24, the industry faced stagnation, with most competitors bleeding money. While we remained barely profitable, we resisted the temptation to drop prices, unlike others. This decision now allows us to command a premium, as we avoided a pricing spiral that eroded brand perception. However, this came at the cost of some market share.
Alongside this, we embraced premiumisation. We consciously launched high-ASP products, such as the Clarity series, the Mustang series in partnership with Ford, and collaborations with Dolby. Additionally, we expanded into higher ASP categories like speakers, soundbars, and home audio.
Achieving this required strong product quality, strategic marketing, and an elevated sales pitch to justify the premium. This dual strategy—maintaining pricing discipline and increasing ASPs—has strengthened our positioning.
Q] You mentioned collaborations and partnerships — are these a new trend in marketing, and how is the ROI shaping up for you?
Partnership marketing may seem innovative, but it has existed for decades through licensing and collaborations across fashion and electronics. Many brands, including competitors, have engaged in numerous partnerships. However, true collaboration goes beyond just a logo slap—it must create a meaningful association.
A successful partnership requires brand coherence in values and positioning or a stark contrast to attract a new TG, like designer brands partnering with mass retailers (e.g., Sabyasachi x H&M). Moreover, integration should extend beyond branding to form, design, and functionality.
For example, our Mustang partnership wasn’t just about branding; it incorporated car-inspired designs, finishes, and even sound effects like a sports car’s vroom. Genuine, well-integrated collaborations stand out, while superficial partnerships remain forgettable.
Q] Could you give me a demographic idea about your growth drivers, like in India, which are the markets that bring you the maximum?
Geographically, 40% of our sales come from South India due to higher literacy and tech adoption. Over 80% of our consumers are men, a split we aim to balance. The 18-35 age group drives 65%+ of sales, primarily male, which we seek to change.
Our audience includes students and early job-goers, spanning lower to upper middle-class income groups. E-commerce penetration has shifted sales beyond metros—tier 1 cities contribute less than 35%, while tier 2, 3, and 4 collectively account for 65%. We’re proud to reach all of Bharat, not just urban India.
