There was a bit of news today on how the company GoPro’s stock has been dropping hard which resulted in a lot of people weighing in on why this is happening. For example, is the competition simply offering superior products for the money? Interestingly enough, one key point that was brought up is how the company simply doesn’t offer much in terms of having a diverse set of products to sell other than action cameras. For example, a lot of other companies appear to have expanded into other segments such as repurposing their tech to cater for different applications. For example, going from an action camera company to even making webcams.
So with that it brings up the thought how when GoPro was on top of the world they should have aggressively used their wealth to try and expand into other types of products. That is so true in many ways as the ones that are really successful in the long-term often look for new business opportunities versus staying with one product and hoping the ride will just keep going.
This could also be partnering up with a business where you are simply putting your brand and likeness to sell an existing product. Taking advantage of your then hot business could be an easy way to decide if you should then actually commit to venturing into that particular line up of items as well in the future. But either way, I guess the lesson is to think about expanding into other things when you are in fortunate position to do so as the current ride will slow down eventually.