$1.2 billion lost. 1 Bad Marketing Practice.

In 2002 when Nick Woodman founded the company GoPro to capture action shots while surfing, he did not know the success he would get.

He gained rapid market traction after early success with film and digital cameras which culminated in him getting a $3 billion IPO in 2014.

Despite this and recent innovations, today GoPro is facing ongoing financial challenges.

In this article today, I will tell you the story of GoPro from its successful beginnings to its current problems, and what you can do to avoid the same fate.

Initial Success

In the beginning, GoPro’s rise seemed unstoppable.

The company pioneered the action-camera market, which was catering to extreme sports enthusiasts, surfers, skydivers, and adventurers who wanted to capture their adrenaline-filled moments.

The launch of the HERO camera in 2004, followed by the digital transition in 2006 with the Digital HERO, positioned GoPro as the go-to brand for capturing immersive, hands-free action footage.

By 2014, GoPro’s IPO had the market buzzing, and the company was valued at over $3 billion.

But was this success due to superior product design, or was it the emotional connection they initially built with their customers?

To the ordinary consumer GoPro sold cameras, but it sold something more than that.

It sold adventure.

It sold a lifestyle that many aspired for.

People weren't just buying a camera.

They were buying into a community of boldness and excitement.

Where Did It Go Wrong?

As GoPro evolved, it made a classic storytelling mistake:

Focusing too much on itself.

The early years were filled with thrilling user-generated content that made people want to grab a GoPro and leap into an adventure, but the company’s messaging slowly shifted.

Instead of keeping the focus on how GoPro could help you (the customer) live out your adventures, the narrative became increasingly product-centric.

They began to highlight the cameras' technical capabilities and the company's achievements.

Yes, the cameras had 1080p HD recording and groundbreaking features, but was that what the average consumer truly cared about?

Instead of showing how these technological advancements would improve your life, GoPro seemed more interested in showing how great they were.

Does that sound relatable to the average customer?

Probably not.

The result?

A growing disconnect between GoPro and its potential new customers, who were left asking:

"What does this product do for me?"

Did GoPro Forget Its Audience?

GoPro wasn’t alone in the action-camera market for long.

By 2015, competitors like DJI and Insta360 began to emerge, offering comparable products often at lower price points.

Even more challenging was the rise of smartphone cameras, which became capable of shooting high-quality video, without the need for an additional device.

As competitors started focusing on customer-centric storytelling which highlighted how their products could be seamlessly integrated into everyday life, GoPro stuck to its founder-centric narrative.

Could GoPro have adapted earlier? Absolutely.

But instead of evolving its story to appeal to a broader audience, GoPro remained laser-focused on its niche market of extreme sports enthusiasts.

The failure to engage mainstream consumers, along with technical setbacks like the Karma drone debacle, led to a sharp decline in sales.

Between 2015 and 2016, GoPro's sales dropped from 6.5 million units to about 4.7 million.

As of 2024, GoPro has accumulated $1.2 Billion in losses.

And this trend is showing no signs of stopping as of now.

Can GoPro Make a comeback?

GoPro’s decline offers a valuable lesson in the dangers of bad storytelling.

But is it too late for a comeback? Not necessarily.

GoPro can still turn things around.

If they can get the storytelling right.

First, GoPro needs to shift the focus back to the customer.

Rather than talking about what the camera is (technical specs and founder's vision), GoPro should focus on what the camera does for the user.

What are the real-life benefits?

Does it let you effortlessly capture family memories, stunning travel vlogs, or fitness progress?

Does it make content creation easier for vloggers and hobbyists?

Next, GoPro could broaden its appeal by speaking to more than just the adventure junkies.

Vloggers, content creators, parents, and everyday consumers all have moments they want to capture. But, GoPro needs to show them how their product fits into their lives.

By pivoting toward more inclusive, user-centric messaging, GoPro can connect with a wider audience and stay competitive.

The Path Ahead:

The answer lies in mastering the art of customer-driven storytelling.

Rather than focusing on their internal milestones or achievements, GoPro needs to tell stories that reflect their customers' experiences.

Show them what’s possible.

Instead of saying, “We’ve created the most advanced camera.”

GoPro needs to say, “Here’s what you can create with GoPro.”

The Lesson for Brands Everywhere:

GoPro’s story is a cautionary tale for companies of all sizes.

If your brand’s storytelling becomes too self-focused,

you risk alienating the very customers you’re trying to win over.

It’s not about you. It’s about them.

Good storytelling is about putting the customer at the heart of the narrative.

You have to take them on a journey and have to make them the hero of the journey.

P.S: Are you ready to avoid the same pitfalls?

If you’re a founder or a CMO looking to scale your business, then it’s time to rethink your storytelling strategy.

Don’t let your brand's narrative become another case study of what went wrong.

I’ve helped founders and CMOs align their storytelling with customer needs over the past 8 years and helped them in driving real growth and engagement.

Let’s connect and explore how the right storytelling practices can help you stand out in a crowded market.

Together, we can craft a narrative that puts your customers at the center.

To where they belong.

If you enjoyed this article, share it with a friend, and drop a comment on what direction you think your brand should take to boost sales. For more insights like this, join 451+ subscribers to my newsletter and get helpful, in-depth articles right to your inbox.

Until next time, this is Manikk Gupta , wishing you good luck and good growth!!