Misaligning Narratives and Profitability Improvement

October 19, 2017

Group 4

Jensen Borkowski
Megan Fitz
Ciarra Gabriel
Kellie Kewin
Jae Shin
Tyler Venegas
 1

Table of Contents

Executive Summary 2

Introduction 3

Stock Market Dilemma 3-4

GoPro Synopsis 4-5

Background 4
Analysis 4-5

Proposals 6-8

Increase Overall Demand 6-7

I. Scripted TV Commercial 6
II. Global User Connectivity 7
Innovate New Products / Services 7-8
I. Voice Control 7
II. Bluetooth Pro 7
III. GoChat 8

Implementation and Cost Management 8-12

Phase 1: Employment, Market Testing and Endorsements 8-9

Phase 2: Launch New Service 9
Phase 3: Global User Connectivity, Launch TV Commercial 9-10
Phase 4: Launch New Features 10-11
Phase 5: Performance Evaluation 11
Return on Investment Analysis 11
Timeline of Implementation 12

Conclusion 12

References 13-14

Appendix 15
 2

Executive Summary
When Nick Woodman, the CEO of GoPro, started the action camera company in 2002, sales
grew exponentially. Since sales and popularity of these products skyrocketed, so did the
competition. GoPro experienced major loss in recent years because the action camera market
became saturated, meaning there was not enough demand for GoPro products due to a high level
of competition with companies such as Apple, Samsung, and Sony. The loss of revenue was also
majorly impacted by the failure of the Karma Drone, since the product was recalled and GoPro
had to provide full refunds to customers. Our company also struggles with poor customer
service. Many customers complained about slow response times, while employees avoid taking
responsibility when there are issues with customers. Another problem for our company is the
limited target market. Potential customers believe our products are designated for action sports
only, which has limited our companys demand in the real world. These issues negatively affect
GoPros major stakeholders which include our customers, employees, and shareholders. Our
company will be communicating GoPros current situation and our plans to initiate profit growth
with our stakeholders.

Our company should focus on two strategies in order to raise profits for GoPro. The first
strategys focus is to increase the overall demand for our products by expanding our target
market. We want to widen our target market by altering consumers perceptions of GoPro
through a scripted television commercial that incorporates the idea of multi-use. We also want to
expand our business internationally by offering products that will be accepted worldwide and
developing brand loyalty across the globe.

The other strategy we should focus on is innovating new products and services to keep up with
our competition by doing so in a timely manner. We want to create a voice control system, along
with the Bluetooth Pro. The voice control allows the user to verbalize commands to the device,
creating easier two-way communication between the user and the software. The Bluetooth Pro
allows action cameras to connect to phones and transmit content straight to smartphones,
enabling them to easily share their content. In addition to new product features, we will be
launching GoChat to improve our customer service. GoChat will be available 24 hours a day for
7 days a week to provide customers with an automatic response regarding their technical issues
with GoPro.

These recommendations would be implemented in five different phases. In Phase 1, we would

hire new software engineers and marketers, initiate market testing, and continue with athlete
endorsements. In Phase 2, we would introduce our GoChat customer service. In Phase 3, our
market expansion should continue by tailoring the commercials to each culture. In Phase 4,
GoPro would launch new voice control and Bluetooth features for our products. In Phase 5, we
should then evaluate our performance and use the results of each phase to help us develop future
strategies. The return on investment would be impacted by total improvements from research and
development of our products and implementation of new strategies. If we invest more money
now on effective marketing and intuitive research, we can increase our sales and profitability.
 3

Introduction
Over the past five years, GoPro has experienced a huge loss of revenue due to the misalignment
of certain internal and external narratives. In addition, one tragic event has lost the company a
net of $419 million. Given this debacle, we have struggled in our efforts to regain profits and
return our stock price back to our IPO of $24. In an effort to increase profits for the company, we
suggest starting by expanding our market and prioritizing our customers needs by developing
more user-friendly products. The following report will go into further detail about the
implementation of these new improvements we recommend, which would not only gain GoPro a
substantial profit in the upcoming year, but will also help our company to be perceived in the
way it was originally intended.

Stock Market Dilemma

GoPros sales have significantly declined over the last two years. Our biggest challenge is
implementing effective strategies to increase profit and furthermore improve stock market
performance. Our initial public offering price was $24 per share. At the end of 2014, we reached
almost $87 per share, but in March of 2017 it dropped to approximately $7 per share. As shown
in the graph below, the current price per share is $9.63. The graph exemplifies the steady
regression in stock price from June 2014 to October 2017.

Source: Google Finance

After the initial decline, our strategy was to develop new cameras and accessories in hopes to
entice new customers. Broadening our narrow target market had potential to help this plunge in
revenue. However, this approach ultimately failed. The new Hero4 Session was priced too high,
limiting the growth of our customer demographics. The first launch of Karma drone was quickly
recalled due to failures with the control response midflight. Both instances led to a detrimental
loss in profit. The recall provided full refunds which was extremely costly, so total expenses
grew approximately 20% in 2016. More specifically, our research and development costs rose
$26.3 million, ending at $92.7 million; sales and marketing costs increased by $30.1 million,
ending at $112.7 million. This hinders our production and the trust of our existing and potential
customers. Strong efforts to maintain good relations are essential after such problematic
 4

occurrences. Unfortunately, our customer reviews prove we are not doing so. Our customer
service has received a one out of five-star rating. It is difficult to appeal to new customers when
existing customers are leaving unsatisfied reviews. It should be a priority to improve our
customer service and put the needs of our customers first. An issue within the company leads to
customers feeling dissatisfied with the products and services GoPro offers and thus leads to a
loss of profit, a main issue we must address promptly.

GoPro Synopsis
Background
GoPro is a young, innovative company that was first started by Nick Woodman, its CEO, in
2002. Two years after its creation, the company released its first action camera, which had sales
of around $150,000. Over time, we were able to increase these sales to more than 1.6 billion
dollars, with our profitability exponentially growing year by year. Although the business
continued to make more money as time went on, when the popularity of our products rose, so did
the competition among action camera producers. The misalignment of narratives includes an
internal belief that a GoPro camera is used to capture lifes greatest moments, yet externally,
people are not using a GoPro to capture their moments. In 2015, the action camera market
became saturated, and the next year, our Karma drone publicly crashed. As a result of this and
other internal issues throughout GoPro, the company suffered a net loss of 419 million dollars in
2016.

This loss created a stir within the company, and it has had many effects on the people involved
with GoPro. The three main stakeholders who were affected by this decrease in profitability
include our customers, employees, and shareholders. After the loss, over ten percent of our
employees were laid off by the company, and Earnings Per Share (EPS) as well as stock prices
went down rapidly. Although there has been a recent loss, the market for action cameras is
anticipated to grow over twenty percent by the year 2023. It is just a matter of GoPro
understanding what went wrong in 2016 that led to such a loss. In addition, it is important that
we see how our stakeholders have been affected, and what we can do to communicate with our
investors, employees, and customers on what steps are currently being taken and will be taken in
the future in order to substantially increase our profitability in the coming year.

Analysis
There are many reasons behind GoPros current suffering profitability. The biggest reason is the
saturated action camera market. Essentially, this means there is not enough demand for GoPros
products. This is most likely due to the increased competition among our main competitors:
Apple, Samsung, and Sony. Other reasons for lack of profitability include our poor customer
service and limited target market. Regarding customer service, our customers have complained
about our slow response time, and it doesnt help that our employees within this department
avoid taking responsibility for the issues our users may have. Additionally, GoPro believes we
create value through helping people capture and share their lives most meaningful experiences
with others. However, the majority of potential customers seem to feel as though these moments
are rather limited to particular action sports when it comes to using our product. These issues
have negatively affected our customers, employees, and shareholders.
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As a definitive stakeholder, customers reactions to our products and services are critical to our
companys profitability and sustainability. Our customers fundamental issue is our poor
customer service. As displayed below, approximately 80% of customers who reviewed GoPro
rated us below average. GoPro Care was one of the issues our customers had with our service;
one customer purchased GoPro Care for $199 and received no benefit as the customers product
shortly became defective. After reaching out for help, our customer service department claimed
to be working on the issue, but it was not a quick resolution. This is a clear indicator of our
infamous slow response time. The trend of our slow response times has remained constant, and it
has created a negative reputation of our customer service department and influenced our
marketing strategies. With declining loyalty and negative word of mouth from our customers,
this led to a drop in sales, ultimately decreasing our profitability.

Source: Trustpilot

Another stakeholder group that has been negatively affected are shareholders. As a result of our
decreased profitability, our share price has dropped to as low as seven dollars. Our shareholders
care that GoPro is a valuable company worth investing in since they make profit off their shares
in the company. Many of our shareholders have already sold a portion of their shares, so if our
remaining shareholders arent getting a high enough return on their investments, they might
consider selling their shares and investing elsewhere. If we can become more profitable again,
we would likely retain our current shareholders as well as gain new investors.

At GoPro, our employees strive to build their careers and work hard to make a difference within
the company. However, the recent loss of profitability created a much more stressful work
environment due to managements effort to save money. Management began cutting costs by
making salary cuts as well as laying off many employees. This led some employees to feel a
stronger sense of continuance commitment, given they feel a need to stay with the company for
financial stability. As for other employees, their normative commitment decreased due to the
stress of their job responsibilities, which led to lessened loyalty and withdrawal behaviors. After
taking these issues affecting our profitability and stakeholders into account, we need to
communicate our companys situation along with our plans of action to our stakeholders.
 6

Proposals
GoPro has been suffering from decreasing revenue for seven straight quarters due to lack of
innovation and the saturated action camera market. We need improvements to overturn our
financial trend. By diversifying the target market and developing more user-friendly products,
along with prioritizing our customers needs, we expect to maximize our profitability for our
shareholders and strengthen our customers faith in our GoPro. With an in-depth analysis of the
current situation, we are recommending two proposals including increasing the overall demand
for our products and innovating new products and services. These proposals each have specific
components that could be effectively implemented to bring our profitability back to a healthy
level.

Increase overall demand for our products

Demands for our products are limited to specific target users because of the misconception
created by the public that GoPros products are only for outdoor activities. However, our
products offer variety of functions that could be utilized in daily lives without having to be in an
extremely adventurous setting. Correcting the perception that the public has on GoPro is crucial
to increase the overall demand for our products. Our recommendation to create a new perception
is through the extension of our marketing strategy; exposing our products to more of the public
through diverse marketing platforms and highlighting key features that fascinate the typical
market.

GoPro has focused on interacting and communicating with the users mostly through social
media, and through sharing user-centric contents, it has been very effective for a company that
was on a growing stage. However, marketing our products through social media has limited
access to potential customers. So, we introduced our first-ever scripted 30-second TV
commercial, but it turned out to be a failure as our company was going through a downfall due to
the recall of our defective drones. Now, we are recommending its revival as we are in the phase
of recovering from the loss and launching our new product, the Hero 6.

I. Scripted TV Commercial: As we have reached the limits of social media marketing, TV

commercials will allow us to gain potential customers and increase the overall demand
for our products. User-generated contents will still be the primary source for the
commercials but, in order to widen our customer base, we need to focus on conveying the
idea that GoPro offers multipurpose products. When we first launched the TV
commercials, we shared content that emphasized the extreme actions, saying Be a
HERO. However, by focusing more on the variety of applications our products
encompass, viewers could relate the product to their daily lives and eventually display a
propensity to purchase the products.

Expanding our business internationally is another way to diversify our target market and increase
the overall demand for our products. 60% of GoPros revenue comes from the international
market, and concentrating on expanding our market and gaining market share in foreign markets
is critical to increase our profitability. GoPros revenue and market share is increasing
specifically in Asia. Hardware itself has contributed to the success in the Asian market, and the
multi-language software that gives accessibility to diverse foreign users was the primary reason
for the growing sales. In addition, with the cooperation of the Chinese smartphone giant Huawei
 7

in February 2017, we are expecting a positive outcome in the international market. As Huaweis
new devices will have pre-installed GoPro editing software, this theoretically would lead to
increased demands and sales of our products.

II. Global User Connectivity: GoPro will expand its business internationally by offering
more universal products and features that should be accepted within various regional
settings. With the expansion of target market, users will be able to share global
experiences through the provided platform and develop brand loyalty towards GoPro.
Collaboration with other national giants such as Huawei is the key for enlarging our
market and growing into a global brand. By standing out to global users, we can discover
and share international content that is novel and new to the current local users as well.

Innovate new products / services

GoPro has had years of accomplishing innovation and must continue this trend in order to
expand its business and become more profitable. One of the ways GoPro can do this is through
adding features to their products to make them even more user-friendly. Apple started this trend
some time ago and created the most user-friendly computers of their time and continue to do so.
GoPro should aim to become the worlds most user-friendly versatile action camera. Put in
simpler terms, GoPro needs to focus on implementing features such as voice control to improve
usability and develop a Bluetooth software that allows users to transmit their pictures and videos
directly to their phones to share more seamlessly.

I. Voice Control: Latest versions of GoPros action cameras have embedded voice control
functions that the users could operate the device free from hands. Currently, 14
commands are available in 13 languages, but we should offer broader options to our
users. As Artificial Intelligence (AI) is being prominent in the technological devices, we
need to follow the trend of offering a better suited voice control such as Apples Siri. We
will be updating the voice control system to operate by adding a button in the interface or
by saying a specific word. Our new voice control system will allow the users to easily
interact with the device and have superior experience with the products. Rather than
being one-sided communication of commands from the user, AI-installed voice control
system will lead to two-way communication between the user and the software.
II. Bluetooth Pro: Bluetooth Pro will allow our action cameras to connect to users phones
and enable them to easily share the content theyve captured. Previous models of GoPro
offer Bluetooth but its use is mostly to connect with the smart remote rather than
transmitting the images to devices. An application on a phone allows Hero series to send
the contents, but Wi-Fi is required for this process. The new Bluetooth system will be
optimized for both Android and IOS ran smartphones and the users will be able to
conveniently share the content when connected via Bluetooth.

GoPro has struggled with customer service over the past few years. Reviews went from being
stable to unstable as certain products became less intuitive and less reliable. This led to an
overwhelming amount of customer service requests that ultimately stacked up and heavily
delayed responses to customers. We realized that we came up short in the customer service
department and this in addition to other variables have led to losing revenue. In an effort to
regain profits, we are implementing a 24/7 customer service team called GoChat. This team will
keep up with the demand of customers who experience issues with our products. More
 8

importantly, this team will prove that we care about our customers and their overall experiences
with any of the products we offer.

III. GoChat: GoChat will allow the customers to connect with the company with any issues
or inquiries they have with our products. This new service feature is a 24-hour live chat
that will be available seven days a week with the service team from the agency that will
offer detailed solutions. We will go through the customer service record and analyze the
data for specific questions that our customers frequently had. It will be more than just a
Q&A section of our main website and we will be regularly updating the system to keep
the responses up to date with our newest products for sale.

In order to successfully implement our strategies, we would have to convince our shareholders
and employees of the profitability of this project and gain their support. GoPro will propose these
added features to the stakeholders to communicate the potential profitability linked to the update
of our products. As the proposal is approved by our executives and shareholders, we will
examine our current financial status and take the necessary steps for implementation. We are
expecting to invest on marketing and Research & Development (R&D) for global market and
innovative features. We will eventually have to employ more marketers and software technicians
for creative marketing strategies and innovative features offered through our products.

Informing our innovative features to the current and potential users is an important factor that
determines the effectiveness of our new strategies. We will be communicating mostly through
our social media and the new TV commercials, but we plan on getting the feedback from
selected users from various cultural backgrounds on how the improvement has affected their
experience with our products. The selected subjects will have an opportunity to test our new
features, and we will be analyzing whether our approach was appropriate in making our products
user-friendly and the new features universally accepted from global users.

Implementation and Cost Management

Phase 1
Employment
In order to successfully implement our new marketing strategies and develop new
features, we will be hiring new employees: one marketing manager, one marketing
director, three senior engineers, and two manager levels. It would cost us a total of
$1,081,293. The marketing manager and director will expand our marketing platforms
through launching scripted TV commercials and tailoring marketing strategies to specific
target markets. Software engineering managers will oversee the projects of developing
new features and services and form three teams with senior engineers assigned to each
team to develop voice control, Bluetooth Pro, and GoChat. These new features will be
distributed to selected users for testing before they are launched.

Market Testing & Endorsements

We plan to continue with the endorsements we have on the GoPro team. Athletes of all
walks, along with talented GoPro enthusiasts will receive sponsorships where we give
them each a GoPro package including a camera and accessories free of charge. The
primary goal of this strategy is to catch the public eye through the way these athletes
 9

implement the products, and most of all, collect users feedback on the products. This
feedback will be firsthand and thus very honest which will tremendously help us with
research and development. We estimate the total cost of these sponsorships to be in the
ballpark of $300,000. After finishing up the market testing, we will have our software
engineer teams evaluate and analyze the selected users experiences to successfully
launch our products and services to the public.

Phase 2
Launch New Service
Our existing customers have criticized the help from our customer service. To fix this
issue, we need to implement new strategies for our customer service department. Our
response to this issue would be to include a 24-hour live chat on our website, GoChat.
Costs to implement this vary depending on the package. We recommend the enterprise
plus package that costs us $149 per month, resulting in an annual cost of $1,788. This
package is preferred because companies from the Fortune 500 are currently using it, and
report it is effective. 50 specialized customer service agents will be needed to respond to
consumers questions and concerns while they view our website. At least 4 agents will be
available at all times, and 6 to 8 agents during the busy hours of 9am to noon and 4 to
6pm. These agents will be paid $15 per hour and work about 30 hours a week. This
brings our total costs for agents to $1,170,000 per year. The cost of implementing
GoChat will total $1,171,788, but we have rounded the budget to $1,200,000 in case of
any additional spending.

Phase 3
Launch TV Commercial
Costs associated with marketing on national television can increase rapidly. CEO Nick
Woodman said, the most recent advertisements using user-generated content has had a
positive impact on sales. Due to this statistic, we will continue focusing the content on
real moments captured by our users, which will cut production costs immensely. It is an
estimated $12,000 to edit each 30-second video to professional standards, and we will
create 3 different commercials to air on national networks. Therefore, total national
production costs will equal $36,000.

Picking the most popular lifestyle programs to appeal a broader target market is key. We
suggest choosing AMCs Walking Dead which has almost 19 million viewers, and
CBSs The Big Bang Theory with approximately 16.4 million viewers. This will reach
a wide range of two different customer demographics. Cost of airing a 30-second
advertisement during these shows are $470,410 and $344,827, respectively. National TV
airing costs would total an additional $815,237 to our previous existing marketing costs.
Including production and airing, this brings total television advertising costs to $851,237.

If profits rise as proposed, we suggest producing a commercial to air during the Super
Bowl because it could be extremely beneficial. It has wide variety of over 112.58 million
viewers, which will help expand our target market and ultimately increase profits.
Averaging at $5 million per commercial, Super Bowl airing costs are significantly more
 10

expensive. By using user-generated content, production costs will only be slightly higher
at $16,000. Therefore, costs for one Super Bowl advertisement would total $5,016,000.

In conclusion, if we carry out the Super Bowl advertisement, it will bring the total
national television advertising costs to $5,867,237.

Global User Connectivity

HERO 5s leading sales were primarily from China and Europe, producing almost two
thirds of our revenue. Our intern team believes it would be advantageous to continue our
expansion internationally. To increase our global market, we need to focus our attention
and filtrate more television advertisements in different countries. Producing different
commercials that consider a region's cultural values may be costly, but well worth the
revenue outcome. Costs of producing these international commercials will also be
$12,000, which is the same as our national. Total cost of production is $60,000, creating
two 30-second ads for Asia and three for Europe.

On European television, we recommend the shows Hollyoaks with 2 million viewers

and Catastrophe with 780,000 viewers. Associated costs for airing a single commercial
are $13,249.15 and $26,498.30, respectively. During the peak time of 4pm to 8pm,
network ITV reaches 5 million viewers, with an airing cost of about $39,747.45 per ad.
We plan to buy three spots for ITV peak time and Hollyoaks, and two spots for
Catastrophe. In total, airing costs for European commercials will equal $211,986.40.

For Asia, we suggest advertising during the show Come Sing With Me, and also during
the Gala event. The family show Come sing with me attracts 450 million viewers, with
total airing costs of $325,000. Asias Gala event on the CCTV network reaches 730
million viewers. A package for advertising on this date is approximately $600,000. This
brings our commercial airing expenses for Asia to $925,000. Therefore, airing costs for
all international commercials will total $1,136,986.4. As a result of the production and
airing costs, total international television advertising costs will equal $1,196,986.40.

Assuming that profits from the initial national television advertising rise, and we invest in
a Super Bowl advertisement, our total national and international television advertising
costs will equal $7,064,233.40. If profits do not rise, and the Super Bowl commercial is
not implemented, it will bring our total cost for both national and international
advertising down to $2,048,233.40.

Phase 4
Launch New Features
Innovation is a huge strategic tactic that our company has relied upon to constantly come
up with new ways to improve upon outdated products. With that said, our proposal
includes a voice control feature as well as a new Bluetooth Pro capability that will enable
users to share their media more seamlessly. We expect these additions to add not only to
research and development but to manufacturing costs as well. Implementing voice control
and our new Bluetooth Pro capability will add an additional ten cents to the cost of
completing each GoPro product. R&D and Manufacturing will cost an estimated $38
 11

million and take roughly 3 months to ensure quality and completeness when releasing the
new GoPro.

Phase 5
Performance Evaluation
Our most recent 10-K report notes an unusual net loss for the year 2016, whereas in the
previous two years our operations resulted in a positive net income. Seeing as 2016s
operating expenses were well over $800,000,000, we spent notably more than the
previous two years. This exposes the need to reduce our operating expenditures, which
include research and development, sales and marketing, and general and administrative.
Ideally, we would like to limit our total operating budget in the coming year to
$600,000,000, allocating approximately $45,000,000 of it to carry out our proposals. By
implementing phases 1-4, we will be able to generate revenue that will ideally exceed
their accompanying expenses, resulting in a positive profit for the year these phases are
carried out in. After analyzing the performance of each phase, we can then plan future
strategies based on the success of each and the impact they had on GoPros profit. Refer
to the figure 1 in the appendix for the overview of action plans to implement the phases
of our recommendations. If we face an unexpected outcome from the implementation, we
plan on restructuring the strategies for future consideration.

Return on Investment Analysis

To make an impact on our profits, we will need to invest in a more timed out sophisticated
research and development phase. A huge criticism of products GoPro offers is that they are not
user friendly or intuitive. Our main goal is to improve the user experience through innovation
that will make our products easier to use. This all starts with improving the products through
adding features that help the user experience become flawless. Implementing voice control and
new Bluetooth Pro capability will add additional costs when manufacturing each GoPro Hero.
Therefore, R&D will have the highest estimated cost out of all the phases at $38 million, and it
will take roughly 8 months to ensure quality and completeness when releasing the new GoPro.
Television advertisements also have a significant impact on our total recommendation costs. If
profits from initial national television advertising rise as expected, we will highly consider
implementing the Super Bowl commercial. Thus, our estimated cost of the five phases will total
to $47,645,526.40. Although there is some risk involved in such a large single investment, the
Super Bowl advertisement would widen our target market by giving us invaluable television
exposure with a wide variety of viewers. Furthermore, it would generate an additional
$35,000,000 in revenue, making our total revenue generated from the proposals $330,000,00.
Therefore, our estimated return on investment will be 5.94. However, if the Super Bowl
advertisement is not implemented, then our total proposal cost will drop to $42,629,526.40. In
addition, it would lower our total revenue to $295,000,000, which would decrease our return on
investment to 5.92.
 12

Timeline of Implementation

Conclusion
Upon approval of this communication strategy, we ask that you implement the proposed next
steps, beginning with the preparation of an innovative marketing strategy as well as hiring new
software engineers. These actions and the ones following aim to increase overall demand and
further improve our products and services. In doing so, we hope to regain profitability and
increase customer satisfaction while building loyalty among our shareholders and employees. If
we invest more money now on effective marketing strategies and intuitive research and
development, we can expand our target market and receive a higher return on investments. This
will ultimately drive profitability, which in turn will help GoPro grow as a top competitor in the
action camera market.
 13

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Appendix

Step 2
Marketing &
R&D of
Features

Step 1 Step 3
Launch
Set
New Marketing
Performance Strategies and
Goals Features/Service

Step 6 Step 4
Provide Assess
Final Results Performance

Step 5
Determine
Improvement
Needs

<Figure 1>