The Original Streaming Service
When it comes to streaming, Netflix is a little like The Simpsons in the sense that whatever other platforms are doing, it’s a pretty safe bet that Netflix did it first. The streaming giant has been around since 1997, but their current model of streaming direct to your device began in 2007. Since then, the platform has become both a cultural phenomenon as well as a powerhouse in the entertainment industry. Despite increasing competition from platforms like Amazon Prime & Disney plus, Netflix has stayed at the forefront of the streaming world by consistently leading the competition with innovative & creative business decisions (such as their recent decision to expand into gaming).
It’s important for businesses to pay attention to the lessons that can be learned from Netflix, as the saturated streaming industry mirrors the increasingly competitive global business landscape. This blog is designed to help you identify the factors driving Netflix’s success & adopt them within your own business.
Lesson 1: Be Experimental
Whether it’s the initial decision to switch from physical copies to streaming, or their latest foray into video games, Netflix is known for being the first to the market. That’s how they’re able to stand out in a time where it feels like new streaming services are popping up on a daily basis! Netflix is the original streaming service and now, no matter how other platforms attempt to distinguish themselves, they’ll always be seen as following Netflix’s lead. When it comes to applying this lesson to your business, it’s important to remember that being the first in your industry to do something can go a long way in elevating you to the position of industry-leader. In a world where businesses are constantly fighting for consumer attention, this kind of distinction can significantly help businesses differentiate themselves from the competition and stick in the mind of consumers.
Lesson 2: Be Creative
Netflix’s expansion into gaming isn’t only a wise move for standing out from the competition, it’s also an extremely creative way to allow customers to engage with their favourite characters/TV shows & movies (since they plan on producing some games based on their original content). The addition of games allows customers to interact with characters in a new & exciting way. This helps strengthen their attachment to these shows & therefore ultimately encourages more consumption of their primary service, streaming. Businesses must seek new and creative ways to engage with their audiences to ensure that they stay engaged and don’t get bored. Make sure you shake it up from time to time, even if everything seems to be running smoothly.
Lesson 3: Be Proactive
In light of all the new competition in the streaming industry, Netflix did experience slower growth in subscribers for the first three months of the year. It now seems that in response, they’ve decided to act on this slowdown by introducing a brand new gaming element to their service at no extra charge! Considering the surge in popularity of online gaming during the pandemic, this move is likely to attract a significant amount of new subscribers which will likely see Netflix’s growth pick back up in speed over the next year as it’s rolled out on the platform. It’s important that businesses are proactive about any lapses in performance to prevent them from continuing or getting worse. Proactivity can play a big part in turning a business problem into an opportunity for your business.
Lesson 4: Be Tactical
Netflix has made it clear that as well as creating a more immersive experience for their customers, they’re also very eager to start cashing in on the multi-billion dollar video game industry. Not only is this expansion providing a richer, more entertaining and diverse experience for subscribers, it also provides Netflix wirth an avenue to begin earning more money via increased subscriptions as gamers will now have cause to sign up and check out the caliber of the newly added games. This kind of tactical move allows Netflix to achieve multiple business goals (differentiate themselves from the competition, provide a more immersive experience for their customers AND earn more revenue from a greater number of subscribers) all at once. It’s important to think tactically when making business decisions and prioritise actions that address as many objectives as possible.
Netflix remains a powerhouse in an industry that gets more & more crowded by the day and this is largely because of their continuous creativity, proactivity, tactical business decisions and willingness to experiment. With these principles in mind, your brand will be able to successfully distinguish itself from the competition, improve performance and meet its objectives. As experts in branding strategy, digital solutions and design, Ford Creative is in the perfect position to help your brand implement these principles and ultimately meet your business objectives. Get in touch with us today to schedule a free quick chat where we can discuss what Ford Creative can do for your business!
By Ore IgeBack to insights