GoPro Marketing – A key driver behind the decline in GoPro sales has been the rapid advancement of smartphone camera technology. For example, the iPhone 4 launched in 2010 with a simple 5-megapixel camera; Just six years later, the iPhone 7 featured a rear-facing 12-megapixel camera and a 7-megapixel FaceTime HD camera. The popularity of using smartphones cameras to capture images has been fueled by the prominent use of social media stages such as Instagram and Snapchat.
Founded in 2002, GoPro was the first brand to produce a mainstream camera that was both compact and shock resistant. In its early days, this was enough to give the GoPro a distinct advantage in the market for athletes and thrill seekers who wanted to capture their experiences. GoPro ‘s marketing strategy has helped reestablish its target.
How to Go pro Marketing Analysis?
GoPro’s reliance on hardware as its sole source of revenue is unsustainable. To ensure future success, GoPro should combine its existing camera technology into an enterprise software offering. The images from their cameras would be analyzed in real time to generate useful knowledge for companies. By offering this software on a subscription basis, GoPro is able to access a recurring revenue stream, providing the company with more sustainable growth prospects than its traditional one-time purchase model.
A potential end market for this service is large retailers that want to better collect data about their operations and customer service. Many retailers rely on acceptance surveys and human observation to drive understanding of the business, but this leaves much untapped insight. Also, it fails to address costly problems, including dissatisfied customers. While 96% of dissatisfied customers choose not to file a complaint, 91% of those same customers will never return to the store, resulting in substantial losses.
GoPro must provide retailers with cameras that can be installs on store shelves and will use discreetly by customer service staff. Pro marketing also can be possible with mobile.The images willbe collect by this network of cameras in stores would be analyzed in real time, allowing business to be improving through sentiment analysis , audio processing and inventory management.
What Are GoPro’s New Marketing Strategy?
Instagram’s monthly active user base has increasing by five times to over 1 billion, while Snapchat’s daily active user base has increasing by four times to over 180 million in the past five years. GoPro cameras have fallen behind in offering this capability compares to smartphones, which make it easy for users to rapidly edit and share photos on social media. “We failed to modernise GoPro and we failed to integrate GoPro with the smartphone movement,”
Mention The GoPro Marketing Keys
Capturing Moments From Fans For Fans
There are many GoPro fans out there, and the company likes to recommend and promote videos and content from its fans on its corporate YouTube channel . This is a good way to ensure that your customers receive content that interests them.
teaming up with another powerhouse: red bull
One thing GoPro knows is that a successful partnership can create an even better product. Thanks to this, Red Bull can capture impressive stunts and GoPro can get the funding to sponsor well-known athletes . The two companies have put some of their teams together to create amazing content together.
youtube strategy favors the brand
GoPro has an amazing YouTube strategy that any company, big or small, should consider. Many companies can spend a considerable amount of money to create professional quality videos, but the important thing about YouTube is that it is a social network. This means that obviously you have to be social and GoPro does this by responding to comments from its fans on YouTube.
What Are Acquiring Software Capabilities?
Instead of developing these analytical skills internally, GoPro should collaborate with or buy up existing businesses. Data analysis and software development are not key strengths for GoPro, and it would be difficult to find expertise to develop these competencies inside. GoPro had more than $143 million in cash and cash equivalents as of September 30, 2018, which might be uses for acquisitions. Additionally, the business has prior experience in the purchase and integration of businesses.
One business that can be a good partner for GoPro’s sentimentality analysis service is Cogito, a software firm whose flagship product gauges the tone of call centre agents and clients. Cogito would be interesting in this relationship since GoPro would diversify the company’s revenue beyond its existing line of business and serve to confirm the efficacy of its technology. Companies like Affectiva and Trint offer similar opportunities for visual sentiment analysis and voice transcription and also by internet it works
GoPro should test its services in a number of modest retail stores after gaining the requires software capabilities. In order to demonstrate the effectiveness of its services before expanding into major retail chains, this would help GoPro define best practises for installation and configuration.
Retailers face a significant up-front cost when buying the numerous GoPro cameras requires to outfit a store, so this should be taken into account in GoPro’s marketing plan. GoPro’s regular offer should therefore include the requires hardware in exchange for a recurring monthly subscription. The scale of this fee would depend on the amount of investment necessary, which would be determining by factors like the store’s square footage and employee count.