GoPro Go-to-market Strategy
If you are assigned as the Product Marketing Manager to launch the GoPro Hero8 camera into the market, how would you go about building the go-to-market strategy for this launch? How would you create a plan to ensure the successful launch of this product?
Have you already considered starting with research about your target personas?
Have you reviewed the market landscape and competitive differentiators?
Have you built out a unique value proposition for your product/solution?
What are the objectives & goals for your product launch?
What are the key performance indicators (KPIs) and metrics relevant to your launch?
Which channels will you be using to reach your audience?
My first step in building a go-to-market strategy for GoPro Hero 8 would be to conduct research to understand the total addressable market (TAM), key trends, the customer, the competitors, and the product.
Research
To estimate the TAM, I would look at the action camera market growth and penetration metrics estimated by experts, analysts, and influencers. I’d also review competitors’ products (such as DJI Osmo Action, Sony RX0 II, TomTom Bandit) and how they compare against our product. I’d also review the pricing and messaging tactics by these competitors.
To understand the target customers, I would conduct surveys via email, look at historical purchase data from various marketing channels using Google Analytics/other similar tools, review any online forums/blogs/communities for adrenaline junkies/action cam enthusiasts and interview a number of existing GoPro customers 1:1 to understand their needs and challenges.
Planning
Once I’ve completed the research phase of the GTM, I would leverage key findings as reference points to set goals and identify key performance indicators for the GTM strategy. To do this, I would map out the sales funnel and set a goal to increase revenues generated through the sale of products on the GoPro.com website by 10% within the next three months.
To measure progress towards this goal, I would track total revenues generated through the GoPro.com website as the primary KPI since our goal is to increase this number by 10% within the next 3 months. I would also track other relevant metrics such as website visitors, social media referrals, number of product purchases, average order value, and number of return.
In addition to goals and KPIs, I would leverage the key findings from the research to create a messaging document that outlines the product’s value proposition, key differentiators, and messaging pillars based on the key product features. Examples of these key features would be the camera’s 4k quality video capabilities, advanced image stabilization features, and the newly launched add-on accessories.
Once the goals are set, I would create a launch planning document for the GoPro Hero 8 that outlines the key deliverables, due dates, and responsible people for each deliverable. This document would include key resources such as the product messaging/positioning document, press release, social media plan, as well as a content plan that includes action videos, product landing pages, and blog articles about the new camera.
Execution
It’s important to keep our customer in mind when planning the big launch. Our customers are younger adrenaline junkies/action cam enthusiasts with disposable income to purchase a premium camera at a higher price point. This audience is tech savvy and social media is an important part of their lives. To leverage this, I would put together an in-person event for influencers, members of the media, and our most loyal customers to announce the new product.
Once I receive buy-in from the key stockholders from other teams within GoPro, I would collaborate across teams to ensure that the product launch goes successfully with the product announcement on-stage by the CEO, followed by a press release going live along with the product landing page, followed by the social media and content efforts.
After the launch, I would continuously monitor the KPIs defined earlier to measure and improve our marketing efforts.