How GoPro utilize the void in the market to reach the top of the line?

Mar 14, 2019 2:30 PM ET

Adventure has always been an essential part of the leisure, and with the evolution of technology, it has evolved too. The new addition to the adventure is a camera. In the year 2019 adventure is considered incomplete without a camera as it has become an essential part of any experience. In the beginning, the adventure was confined to only traveling and sightseeing. Now the criteria have been changed, and people go on the different type of adventures including the extreme location. Adventure tourism is a big market and people around the world go to different places just for enjoyment. Nick Woodman knew that the future of adventure was directly linked to the camera. No camera manufacturer was focusing on making the cameras specifically designed for adventure tourism. So Nick Woodman introduced GoPro to the world, and it became the first company focusing on the adventure tourism market.

The Reason for the Success of GoPro

GoPro was a complete hit and took the market with the storm because it was the world’s first camera specifically designed for adventure tourism. There was a massive void in the market for adventure camera, and GoPro was the only one filling that void. With no competition GoPro had complete control of the market and could turn the users anyway it wanted. Woodman was the person who made the trend of camera that changed the perception of adventure forever. GoPro became the identity of extreme sports and a must owned camera by extreme sports enthusiasts. Though the history of action predated GoPro, the action cameras of the past were only made for the use of a single project. The action cams were used in mainstream media to capture the first person view, but the cameras used were traditional. These cameras were not available for the general public and were only used by the professional. GoPro broke the trend and brought the action cameras to the general public.

A Competition Less Market

Initially, the company was known as Woodman Labs, and the first commercially available cameras were analog. A waterproof case was used so that underwater shot can be taken and that is the only similarity that current GoPro share with its analog predecessor. With time the cameras manufactured by GoPro got smaller and smaller. The initial Cameras produced by GoPro were much bigger compared to the cameras that we see today. Form the introduction of first GoPro in the year 2002 till the year 2012 GoPro ruled the action camera as the only manufacturer of such cameras. GoPro became a unicorn company during this time. Their cameras are now so famous that the term GoProing was introduced in the market. The term is used by people that record video with GoPro camera. The founder of GoPro Nick Woodman knew that market was in need of such product and used that fact for his advantage. Sticking to the empty void created an opportunity for GoPro in the market.

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Warren March


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