Hi Class! For us, we have chosen GoPro. Here’s a background of the company and why we would like to research about it 🙂
Background and Analysis of Organization: GoPro
GoPro is America’s fastest-growing digital imaging company. They develop, manufacture and market high-definition action camcorders specializing in action videography and photography. The company currently offers its HERO line of cameras and accessories that enable consumers to capture content while engaged in activity. Currently GoPro dominates the action camera market, but is seeing burgeoning competition from the likes of Garmin, XiaoMi and smartphones.
How can GoPro use social media to diversify its customer-base and grow its brand community?
For GoPro, high-quality user-generated content is the key to their social media success. They offer users the chance to share experiences with the rest of the GoPro community and the world, from their point of view. From January to December 2014, GroPro increased their total monthly output of Instagram content by 71%, indicating the effectiveness of their social media strategy.
However, Nick Woodman, the billionaire founder GoPro Inc., has recently seen earnings plummet by $1.4 billion this year amid a slowing global economy. Compounding its situation is competition from Apple Inc. and other companies.
Hence, we have decided to base our project on how social media strategy can enable GoPro to pull ahead of the competition and recoup its losses. The reason for its failure to meet its bottom-line is attributed to a lack of innovation, poor product cycling, and its dependence on a niche market. We believe social media is a highly effective way to expand its market share, appeal to a wider audience, and build up a strong, loyal brand community that ensures its long term sustainability.
Value of Study:
Objective 1: Increase outreach beyond GoPro’s current customers
Objective 2: Build up a strong brand community of like-minded individuals
Objective 3: Create greater brand visibility of GoPro amongst its competitors
- Analysis and Evaluation of Social Media Strategy
Tracking of social media activities against competitors.
- Analysis of GoPro Instagram, Twitter, and Facebook pages.
- Analysis of competitors, i.e. the recent advancements in video-shooting capabilities of smartphones.
To evaluate its current social media strategy, we will track GoPro’s social media platforms, and carry out quantitative metric analysis and qualitative analysis. We will infer trends and customer preferences from our data analysis to supplement our recommendations.
2) Analysis based on secondary research.
Additionally, we will carry out secondary research to gain greater awareness on prevailing trends regarding GoPro and related products (i.e. cameras). This allows us to better understand what drives consumer interests, so that we can better tailor our recommendations to maximize impact.
Our final deliverables for GoPro would be a structured social media campaign tailored to each of its specific social media platforms, over a specified timeline. This overall strategy aims to improve GoPro’s appeal to a wider audience, increase brand loyalty of its current customers, and ultimately increase its brand visibility amongst competitors so that GoPro remains the premier choice for camera products.
See you guys on Friday! 🙂
By Kenneth, Ming Fai, Jeremy, De Zhong & Tian Xin