1. Research
Development
a.
Marketplace
Research
o
The market for cameras and camcorders is
highly competitive
o
GoPro competes against established,
well-known companies, such as Canon, large, diversified corporations, such as
Samsung, and specialty, niche companies, such as Garmin Ltd (GoPro, 2014)
o
Competitors have substantial market
share, diversified product lines, well-established supply and distribution
systems, strong brand recognition, and significant financial, marketing,
research and development, and other resources (GoPro, 2014)
o
Marketplace research is indicative of
GoPro having established a position in the market with significant brand
recognition and attractive consumer price points, features, and benefits
b.
Market
Observation
o
GoPro continually practices observation
of key areas to maintain its strong strategic placement in the market
o
GoPro analysts complete daily price
observations of stock price and volatility for the market to ensure the best
possible stock prices for GoPro shares in the market (GoPro, 2014)
o
GoPro helps to determine its pricing
through market observation valuations based on quoted prices in active markets
for identical assets or liabilities that the Company has the ability to
directly access (GoPro, 2014)
o
Continual observation of consumer
markets in order to determine opportunities for growth in established markets
and opportunities for penetration in new or additional consumer markets
c.
Online
Survey Analysis
o
60% of survey participants are very
familiar with GoPro products and the remaining 40% identify as somewhat
familiar with GoPro, indicative of established brand recognition
o
80% of those surveyed are interested in
purchasing GoPro products aor already own GoPro products
o
40% of those surveyed would immediately
purchase GoPro products if in the market for a new camera or camcorder while
the remaining 60% would compare with Nikon, Samsung, and/or Canon before
purchasing
o
80% of those surveyed believe GoPro’s
price points offer an average to above-average value based on the products’
features and benefits
o
Only 20% of those surveyed believe that
GoPro has successfully expanded out of the athletes, thrill-seekers, and
travelers market, demonstrative of the aforementioned market observation
opportunity to penetrate additional or new markets
2. Precedent Studies
Advertising Strategy
In the past five years, GoPro has
gone from an action camera to a household product. GoPro has used very
effective advertising and marketing to engage consumers and to show them why
they need a GoPro to capture their life events. GoPro’s largest
advertising strategy is tapping into fans’ passion for the product. “Throughout the
content curated or created by GoPro, one theme is always apparent: passion.
That’s the GoPro perspective that always shines through” (Honigman, 2013).
GoPro taps into its audience’s interests and
connects and advertises products on a more personal level than
any another camera company.
The GoPro marketing strategy team searches the web for videos
and photos captured with their product and then share them on the GoPro website
and through their social media pages. They post photos and videos and
participate in conversations within the comments section of their social media pages
as well. They also encourage their fans to share content with them on social,
which boosts consumer engagement.
Precedent
Studies
In the early stages of GoPro, founder Nick Woodman
had the drive to make his business succeed but the advertising was lacking. In
2004, Nick produced the first GoPro and began selling them at surf retailers at the Action Sports Retailer
Convention in San Diego. (Mac, 2013) He originally advertised GoPro as an
action camera for surfers, since he was surfer and wanted a camera to capture
his surfing footage. In late 2004, he
began advertising GoPro as an action camera for every sport. In 2005, Woodman
began his big advertising break by selling his cameras at QVC, surf shops and
specialty sports boutiques. It was not
until 2008, that woodman began advertising the GoPro as a mountable device.
Since then, GoPro has been advertised as a wearable and mountable camera that
can be used for all types of activities. The main target group that is
advertised to is sports/adventure enthusiasts.
3. Marketing Programs
and Marketing Strategies
A. Advertising
GoPro has several means
of advertisements for print, apps, billboards and internet.
B. Sales
promotions
Gopro offers a number of
great incentives to increase sales and interaction with the consumer. Offers
such as;
I.
Consumer
·
Daily
giveaways-Consumers can upload videos and automatically enter to win prizes
including cash.
·
GoPro Promo Codes-GoPro shoppers can
take advantage of discounts for devices and accessories by entering a promo
code before check out http://gopropromocodes.com/. Consumers can also get discount prices by using services
like ebates and retailmenot.
II.
Trade
·
GoPro trade shows
·
GoPro Kiosk
Trade shows and kiosks
are a great way that GoPro showcase their products. GoPro takes the approach
one step further by setting up Ipad Kiosk for consumers to sign up for a
newletter by entering their email address. These consumers are automatically
entered to win a free GoPro 3 (Ipad Enclosures).
C. Public
relations
·
Celebrity
endorsements-Ryan Sheckler (skateboarder)
·
Media Interview
·
Earned media-CEO storytelling
D. Personal
selling
·
Direct channels-
o
E-commerce
·
Indirect Channels
o
Retail stores-Best Buy
o
Specialty stores
·
Sport events
o
X-Games
o
Olympics
E. Direct marketing
TV ADs
o
Super bowl ad
o
2013 Dubstep Baby
o
2014 Space freefall
Social media
o
User generated content
o
Buzz marketing
o
High community engagement
References
Honigman,
B. (2013, March 8). How GoPro Does Content Marketing Like a Pro. Contently
The Content Strategist. Retrieved May 5, 2015, from
http://contently.com/strategist/2013/03/08/how-gopro-does-content-marketing-like-a-pro/
Mac,
R. (2013, March 4). GoPro Evolution: From 35mm Film To America's
Fastest-Growing Camera Company. Forbes. Retrieved May 5, 2015, from
http://www.forbes.com/sites/ryanmac/2013/03/04/gopro-evolution-from-35mm-film-to-americas-fastest-growing-camera-company/
GoPro.
(2014). Annual Report. United States
Securities sand Exchange Commission. Retrieved on May 5, 2015, from http://investor.gopro.com/secfiling.cfm?filingID=1500435-15-7&CIK=1500435
Ipad
Enclosures. A mobile technology company. Retrieved from http://www.ipadenclosures.com/customers/portfolio/project/gopro-trade-show-kiosk
