GoPro Grows by Going with the Brand Flow
Who would have known just 10 short years ago that a surfer chilling out after a failed start-up would end up having created a cultural phenomenon?! That’s what Nick Woodman, creator and CEO of GoPro, did. Just last year, the maker of small, wearable, high-definition cameras hit $526 million in revenue and attracted electronics manufacturer Foxconn Technology Group (the company that manufactures most of the digital devices we use today) to invest $200 million. According to technology research firm IDC, GoPro had nearly 50% of U.S. camcorder market in 2013, up from 21% in 2012.
What has driven such phenomenal growth? In part, it has been Woodman and his team’s willingness to let go of brand control. They seem to understand that GoPro’s brand power comes from its users and so they’ve operated in ways that unleash that power. My latest Forbes column outlines how acting as a cultivator and curator, not a controller, has produced tremendous results for GoPro. Please check it out and let me know what you think.