Indian smart wearable brand Fire-Boltt has recently brought on board Virat Kohli as the company’s brand ambassador.
As per the latest Counterpoint Research report, the Fire-Boltt has registered a stupendous 394% Quarter-on-Quarter growth during Q3 2021 to become the fastest growing smartwatch brand.
Notably, the Q2 2021 report by another global research entity, the International Data Corporation (IDC), had mentioned that Fire-Boltt held 5.5% of the market share during the period while the latest report shows that the market share currently held by the company is 17%.
In conversation with Medianews4u, Arnav Kishore Co-founder, Fire-Boltt spoke about the growth of Indian smart wearables, unique brand positioning, onboarding Virat Kohli as the brand ambassador, and more.
As per reports, the Indian smart wearables market has grown 170.3 percent year-over-year (YoY) in Q1 2021, what according to you are the factors that lead to this humongous growth?
You would be amazed to know that as per the latest Counterpoint Research report, the number has further spiked to 293% YoY in Q3 2021. Regarding the factors behind the humongous growth, both IDC as well as Counterpoint mention that the market has been spearheaded by plenty of offerings in the affordable segment, majorly by homegrown brands. As a matter of fact, Fire-Boltt has been adjudged as the fastest growing smartwatch player in this quarter, registering a 394% QoQ growth.
What are the factors that differentiate Fire-Bolt from other smart wear brands? About your unique brand positioning?
Our continuous tryst for perfection, along with the inbuilt energy and dynamism, has made us evolve so rapidly in the smartwatch space. For instance, in just the last quarter, we had seven launches and we also brought onboard Indian cricketing icon Virat Kohli, who joined critically acclaimed actor Vicky Kaushal as our brand ambassador. The announcement came just ahead of the festive season, making it even more special for us. And just days later we announced our foray into the global market with our UAE launch. Apart from these, all our offerings have been engineered taking into consideration the specific needs of different people. At the most affordable price points, we have provided smartwatches with premium features like Bluetooth calling and SPO2 or BP monitor. All these factors cumulatively make us the brand that we are today in the wearable space.
The brand has recently done an endorsement with Virat Kohli, what will be the scope and how much value has been added by this endorsement?
With Virat Kohli being India’s most favorite celebrity brand, the collaboration with him is bound to add value. However, we refrain from quantifying the same, merely because he is much more than just brand value from our country. He has brought great laurels to the country and it would really be justified to put a number against the ethos that he would add to any brand. It is also important to mention here that the association with the icon comes after Fire-Boltt registered itself as the fastest-growing smartwatch brand in the Indian market. It wouldn’t be wrong to mention here that both scripted history in their own space before coming together as a force to reckon with. Kohli would be seen in our different marketing, ad, and endorsement campaigns. Recently, he unveiled our complete line of timepieces for the UAE market.
How does celebrity endorsement affect consumer perception of brand image and purchase intention?
Celebrities are often role models for common people, therefore, it is a widely acknowledged fact that their endorsements do impact consumer perception about a brand or a product. However, it is not merely about roping in just any celebrity without a long-term vision in place. The celebrity brought on board must be completely in sync with the ethos of the brand. For instance, we as a brand represent Josh, dynamism, and energy, and these are the exact attributes personified by both our ambassadors – Vicky Kaushal and Virat Kohli.
The buying habit though depends upon a lot more factors than mere celebrity endorsements. It is about the requirement, the affordability, and the adaption of technology that also affect the purchase intention.
After the endorsement with Virat Kohli, what is your next big step?
We have already taken the next big step, which is our global launch that kickstarted with the UAE market. Very soon we intend to expand to the Middle East, Sharjah, and other Emirates, following which we would increase our presence across different geographical locations across the globe.
Can you throw some light on your marketing strategy for this Diwali and year-end?
We have already been working on a long-drawn strategy, which encapsulates all festivals and auspicious occasions as well. Our association with Kohli just ahead of the festive season is a manifestation of the same. In addition to these, we are relentlessly working on exclusive launches and festive discounts.
What is the brand’s overall marketing and advertising strategies and about the ad spends?
Our foundation is very organic in nature, and we can assert the same owing to the fact that we did not spend a single rupee on marketing initiatives in expanding our offline presence from 350 cities to more than 750 cities across the country. Post that we definitely devised a complete marketing and strategic communication strategy, which is based on an omnichannel approach. We take digital along with all other available channels, and it stands true for our ad spending as well.