GoPro, Inc. The company introduced innovative action cameras and became a successful brand with the help of content marketing. It continued its innovative spree for more than a decade and was the market leader in the industry. However, in March , the company faced challenges due to product failures and increased competition, and the introduction of new products in the market. GoPro's stock price dropped as a result of a loss of confidence by both consumers and investors. What strategies could the company adopt to regain its competitive strength and revive confidence in its brand?
GoPro Innovation Case Study
GoPro Marketing Strategy - Marketing Case Study #7 - Krows Digital
In early , camera manufacturer GoPro stunned investors by reporting its first recorded annual profit loss and a revenue forecast that sharply missed analyst estimates. What had once been widely heralded as one of the biggest initial public offerings of , tripling in price in just over three months following the June IPO, the stock had tumbled A series of camera pricing mistakes, altered product release schedules, and lower marketing spend, set against a backdrop of relative market saturation, negatively impacted demand for GoPro cameras. While sales of GoPro cameras declined, its brand remained one of the most revered in the world. As a result, Tony Bates, director and former president of GoPro, mulled over ideas for leveraging the brand beyond the camera. For Bates, this meant potentially launching a new product using the existing GoPro brand in a different category.
Gopro Case Study
Despite failures such as their attempt on the drone industry. The company has suffered from a decreasing revenue and shares, pushing them to seek other goals. In this case the goal was to reach out by giving a simple message that can explain why a. Be a Hero. GoPro already proven that they are one of the best on the market Soulati Media,
July 13, It looks very authentic and people can relate with them. GoPro also organize a number of events in which they give rewards to the best video creator. Also, people contribute on the review section of the product which makes the side interactive and adds points for the potential buyer before purchasing the products.