What We Can Learn from Netflix
Time for Netflix and chill.
It’s highly unlikely for today’s digital society to not know Netflix. With over 80 million users in 190 countries, it is currently one of the most successful on-demand online streaming services worldwide.
The company itself started out as a pay per rent service, which later changed to subscription-based,` for movies which were delivered to your door. Thanks to the explosive growth of the internet, the company successfully becomes the go-to entertainment source for many people today.
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So, the question you should be asking now is: How do they do it? Grab your popcorn and let’s take a look at some valuable lessons that every marketer can learn from Netflix’s success.
#1 Data-Driven Content Marketing
Netflix is a content marketing powerhouse. They cleverly mine user data and produce original content for a clearly-defined audience, which contributes to profitable customer action.
Data-driven organizations understand that influencing behavior takes more than showing interesting content to massive audiences. Netflix is notoriously known for its algorithm that collects data to predict user’s behavior and create a better and more personalized experience. As marketers, we should always use any available data to make important and informed business decisions.
Beyond that, Netflix doesn’t shy away from original content. By investing in original content, the company now has a self-sustainable way of generating revenue and attracting new users. Entrepreneurs and marketers should learn to invest effort and finances into the kinds of content that have proven successful with their audience.
#2 Community Building
Netflix understood that in order to have users subscribing to their service, they need to nurture their leads and entertain their existing customers, while providing them with useful and educational information that will build their trust and help them make decisions.
First, Netflix makes it extremely easy for users to discover new movies and TV shows that they might like, in a way that feels personalized, friendly, and helpful. The company stores all the historical data of its users and even allows them to rate movies and shows which they have watched. Based on this data, Netflix then recommends titles that users may enjoy from its library to improve user experience and keep them engaged.
Second, Netflix embraces the binge-watching mentality of its users. As early as 2013, the company realized that our society has entered an age of on-demand marketing. Customers want instant answers, delivered in their preferred channels. Netflix immediately takes cue on this behavioral shift and makes watching easier for their users, either by automatically queueing up and playing the next episode of their favorite shows when the one they are watching ends or knowing when to skip credits and introductions.
Third, Netflix employs one of the most successful marketing techniques to help them grow their user base: free trial. By doing that, Netflix is basically displaying the value of their service to their potential leads, while establishing their authority in the industry. By coming across as confident, Netflix assures its potential users of the worth of its brand and service.
#3 Embrace Innovation
The ease of use and reliability of the service are the top attributes that Netflix subscribers are most satisfied with the brand. Netflix pioneered the “anytime, anywhere, any device” mentality with their streaming services.
They offer their streaming service across so many platforms and operating systems that the majority of households in their target market will be able to subscribe easily. From video compression, cross-device syncing, downloadable and viewable offline content, as well as having a lack of buffering, Netflix has been an innovator in all these video technologies and they also adopted so many features before other platforms did, subsequently solidifying their authority and industry leader.
In addition, with more consumers spending nearly 60% of their time online on their mobile devices today, Netflix has also embraced mobile optimization. The company has made the extra effort to ensure that they still offer a high-quality and consistent experience regardless of the mediums their users use. This strategy has not only helped widen their reach but has also helped them delight their users along the way.
#4 Social Media Marketing
Marketers know that high-quality content is not considered successful if nobody knew about it. Netflix invigorates virality by making its content easily shareable and having a consistent and creative social media strategy.
Netflix is known for utilizing social media to provide marketing materials that pair well with their content. For instance, they create funny gifs featuring some of their favorite series, allowing users to share them on Facebook and Twitter. Another example is having the main character from one of Netflix’s TV series reads the book the series is based on, to their fans on YouTube to create virality among social media users.
Keys Takeaway
Netflix undeniably is the master of innovation, technology and spin. By developing a deep understanding of their audience based on data, coupled with a strong, affordable product, Netflix has successfully disrupted and reinvented how consumers consume content today.
Still, with new powerhouses such as Disney+ and Apple TV coming into the video streaming service industry, Netflix undoubtedly will face some major competition. As marketers, we should keep a close watch on how Netflix will continue its marketing strategy in the future to stay on top of the game.
What other lessons do you think you can learn from Netflix?
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