CEO of GoPro, Nick Woodman, decided back in 2002 that he was going to change the world of action photography. As a then 26 year old surfer he knew there had to be a way to get great shots while riding the waves, and after putting $30,000 of his own savings in to developing the ideal product he sold the first unit in 2004 – for $19.99.
Thanks to Woodman’s vision, his innate ability as a salesman and the development of an in-demand product GoPro was valued at $400 million by 2011.
Yet despite this rocketing success GoPro was in financial trouble by 2016, having failed to maintain the brand’s reputation in the eye of their target market. As they tried to appeal to a mass-market and more generic customers in an attempt to scale up, their true fans – the action-sports enthusiasts – were losing interest.
In a U-turn intended to get back to GoPro’s true identity and double-down on the audience which meant most to them, the company launched an awards program that offered $5000 for user submitted content created using their cameras.
With the success of this return to adrenaline fuelled footage, Woodman realised that this was what they should be using in their marketing of upcoming products – and this pivot saw the Hero7 become their fastest-selling product ever in just one week.
Now they’re running an even bigger event, where 40 influencers from across the globe compete to create the most extreme action footage montage with the winner receiving a $10,000 prize. In just one competition like this, the influencers will post 566 times, generating 30 million impressions and 1.8 million social media engagements.
Not only is this a more cost-effective marketing strategy, but it puts the original audience that GoPro had developed their products for back in the picture and is re-establishing their identity as the go-to in the action camera market.