Learn from the Best: How Netflix Can Improve Your Marketing Strategy
Netflix has become a powerful company, maintained its position as the leading DVD-by-mail provider, and become the go-to giant for streaming online video content. Along the way, Netflix has become a beacon for marketing strategies.
Writing for Hubspot, Kipp Bodnar delves in 5 Marketing Lessons You Can Learn from Netflix, including:
#1 – Create Ubiquity
Netflix is everywhere: DVDs, computers, tablets, smartphones, TVs, and more. Different customers and prospects have different needs. The takeaway here is to look at how your company is utilizing different distribution and marketing channels. For example, is your website usable on a smartphone?
#3 – Give Prospects What They Don’t Know They Want
When Netflix began streaming videos, the company reset customer expectations and solved a problem that customers didn’t even realize they had. How do other marketers work? Kipp writes:
“Marketers spend a lot of time and money trying to figure out what potential customers want. Often times, what is best for your business and for your customers isn’t even on their radar. In a crowded social Web, sometimes marketers must be the genesis of an idea and sell and distribute it to prospects.”
#4 – Quickly Abandon Dying Platforms
DVDs—the very products Netflix made its business on—are dying. Now they offer a streaming-online subscription for those who tire of physical media. The lesson: Not all forms of marketing remain effective. Marketers need to have clear analytics and ROI metrics for both outbound and inbound marketing strategies. Once you can predict a prolonged decrease in results, Kipp suggests reallocating marketing budget to other tactics that are increasing in value and adoption.
For the other two pointers, check out the full story.
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