GoPro, the maker of the “world’s most versatile camera” has established itself as the premier option when it comes to wearable and gear-mountable cameras. Due to the youthfulness of this unique product category, GoPro’s rise to market power is especially interesting from a marketing perspective. 

In my opinion, there are two main factors that have allowed GoPro to grasp and maintain their large share of this growing market; these include pricing strategy and market development strategy. There are many more factors, one being the use of user generated content, but I have a word limit so I’ll keep them to myself.

GoPro’s customer oriented pricing strategy is something that has always drawn me to consumer their cameras. I have owned 3 GoPro cameras, all of extremely different quality (ranging from the early standard definition GoPro Hero1, to the current GoPro Hero3+ that can process up to 4k cinema resolution video and has self-contained Wifi capabilities) and the astounding thing is that I purchased them all within the same $300-$400 dollar price point. When GoPro put out its first camera it was $200-$300 cheaper to than its closest competition. This market penetration strategy proved successful as they gained attention as the “most affordable wearable camera”. From there, consumers gathered that the newer, better cameras would be offered at costs relative to the increased capabilities of the camera; however, it is apparent that GoPro intends to hold true to their price point regardless of new product developments. This strategy has proven to be extremely successful.

What started as a wearable wrist camera for surfing has developed into a product that can nearly be mounted or worn in anyway imaginable. This market development strategy has effectively allowed GoPro to push their product into new markets (such as the skiing market when they created a helmet mount); Vastly diversifying the usability of the same product.

Check out GoPro’s most recent add here.