What Marketing Strategy Did Netflix Use To Be Successful?

Introduction

Many companies have been in the market for only 2 to 3 decades, however they are giants that are beyond competition. This superior power is given to them by our digital infrastructure. These are the start-ups or companies that were able to understand how data and the digital world are going to change the future. Data and digital technology have not only changed the business world but have entirely revolutionized the lives of customers. Companies that can adapt themselves in time as per the needs of the customer and the technology are the superpowers of today.

Netflix is one such company that has shaken the entertainment industry. Today, movie houses are closing because Netflix has created over-the-top (OTT) platforms for its users. Through these cloud-based systems, customers can now watch millions of hours of content with just one click.

In this article, we will be diving deep into the birth and growth trajectory of Netflix as well as its excellent marketing initiatives.

The Birth and Growth Trajectory of Netflix

Netflix is a brand that has revolutionized the digital streaming industry and the entertainment industry. Netflix was founded in 1997 on California soil by Marc Randolph and Reed Hastings. Marc and Reed were inspired by Amazon and its ability to sell portable items across nations and territories. VHS was too delicate and expensive to port from one place to another; hence, they started with DVDs. When the DVDs market reached its peak they started selling subscriptions through which the user can watch the limited number of content available on the particular website for any number of times during the time frame. The DVD subscription-based model speaks, a hit, and hence Netflix started sourcing more local and regional content.

Today, Netflix has major competitors like Hotstar, Amazon Prime, Disney, Zed, Voot, Jio, Sony, and others. Netflix is still kind of the king in global content because not only is Netflix adapting itself and its services as per the convention, but it is also creating its content for consumers to consume.

Excellent Marketing Initiatives by Netflix

Innovation and Improvisation

Netflix has always believed in improvising and innovating itself. This is the method through which Netflix remains competitive and relevant in the cutthroat business environment. Netflix came up with local content, used data to provide customers with personalized screening experiences, and provided the users with suggestions and other things. Netflix started its business by selling DVDs, then moved to subscription-based models for movies and entertainment, and now has become a global brand with its creation.

Customer-centric Web Content and Services

Netflix has always emphasized a customer-centric approach. Netflix understood the importance of data and the pattern that the data provided to create content as well as provide services to the users.

Integrated Streaming Experience

Netflix allows its users to use Netflix on different windows, and the streaming experience is similar in all cases. Along with this, users can pick up the same show from a laptop, mobile phone, or iPad with 100% convenience. Netflix has an integrated system, and this system is one of the strengths of Netflix as an OTT platform.

Hyper Personalization of Services

Netflix understood that the key to customer retention is the personalization of services. Platforms should be able to talk to customers. Hence, along with the recommendations based on the last watched movies and shows, Netflix also started this technique in which it would write "Top Picks for Ruchika" or shows you might like since you watched a particular show. This made Netflix a more advanced platform than any other OTT Platform.

Pure Content

Netflix has always been able to foresee the future. It is a brand that believes in preparing itself for the future while staying in the present. In early 2015, only Netflix understood that customers would want more and more content. This content creation by Bollywood, Hollywood, and Tollywood will not be able to satisfy customers. Hence, through data, we can understand the regional content that customers like and start preparing our content. Netflix joined hands with local producers to create content that is popular in a particular region. This ensured that Netflix could capture the regional market and also give competition to local OTT platforms. Along with this, consumers enjoy the global variety of content.

Social Media Marketing

The target customer of Netflix has an active presence on social media. The one benefit of social media is that brands can build themselves with good content. If the brand has good content, it will survive and thrive in the digital world. Netflix has a very good meme game.

It leaves no occasion untapped when it comes to creating funny memes regarding the same and also advertising different aspects of Netflix through social media posts. Netflix recently tweeted that sharing your Netflix password is a love language, and the tweet went viral in terms of retweets and sharing.

Guerilla Marketing Strategy

Netflix also adopts the guerilla marketing strategy. In this strategy, the company uses unconventional, surprising, and unique ways to interact with its customers. This is impactful if done right because the customers are not expecting the company and their advertising presence in these situations.

For example, to advertise the Gilmore Girls program on Netflix, they started a coffee mug on which it was written, "Everything in my life has something to do with coffee. I believe in a former life, I was coffee. – Lorelai Gilmore Girls, A Year in Life"

Moment Marketing Strategies by Netflix

Netflix uses push marketing strategies to advertise its content, and that is also combined with moment marketing. Moment marketing is a marketing tactic in which the brand uses a recent happening or a news flash to advertise the brand’s name or the brand’s products and services using that news. This is a relatable and more impactful form of marketing.

For example, during the Father’s Day celebration, Netflix used touchy and intense clips from F.R.I.E.N.D.S Reunion and other good shows to advertise the brand name on the social media handle.

Staying in Trend

Along with this, Netflix understood that they had to get into the daily lives of their customers. This meant Netflix came up with filters on Snapchat and Instagram through which the users can click selfies and photos or create content and reels using the latest trend on the social media handles.

Conclusion

Netflix today is a success because it understands that customer-centric products prepared through data and delivered to customers with hyper-personalization strategies are the only way businesses can survive in this Volatile, Uncertain, Complex, and Ambiguous (VUCA) world. Netflix is a customer brand; Netflix is a success.