With the onset of the pandemic, the theatre viewing experience has taken a backseat. In return, we have been introduced to the new era of ‘Netflix and chill’. Just a few years back, no one could imagine the prospect of paying for an online viewing experience. And now everyone has gotten a Netflix subscription. It has successfully managed to consume every waking moment of our life.
Had a rough day? Binge on some sappy Kdrama, stuck at home during a pandemic? Tune into literally anything on the internet.
The production giant has created a buzz-worthy consumer experience and convinced the viewers to pay for it.
To those who are wondering how it was made possible, here is how they did it.
But first, let’s know the history of Netflix.
Netflix was founded by Wilmot Reed Hastings Jr. and Marc Bernays Randolph on August 29, 1997, in Scotts Valley, California, with 30 employees. With an initial investment of 2.5 million dollars, Netflix had a promising start.
Today, Netflix is the world’s top video streaming service provider with more than 213 million paying subscribers. With barely 25 years of experience, the company has an impressive stock-market value of nearly $152.6 billion, more than Disney.
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So, how did Netflix manage to achieve success in such a short period?
To answer this question, Business development expert Hirav Shah brings you 4-genius business strategies used by Netflix to grow their company:
Focus on content strategy:
Netflix is meticulous in luring consumers into subscribing to their content. Achieving this was no easy feat as they constantly update their repository by adding fresh and new content. They carefully chose content from different platforms and used it to their advantage. Notice how all the holiday movies are streaming during Christmas? This is what Netflix specializes in. They release content with a specific genre at a specific time to feed into the lure and attract more customers.
Personalized customer experience:
Netflix knows what we watch on this platform every day. It keeps track of what we like and dislike. It efficiently uses machine learning to help its algorithms learn, which enables the platform to automate millions of decisions as per the user activities. So next time you are browsing through its server, Netflix will recommend movies/series according to your taste. This is how it pleases its customers by providing excellent user experiences so that they don’t stray off to other streaming services.
Free trial:
To lure more traffic, Netflix provides a free 30 days free trial service. During these 30 days, Netflix showcases high-value content to its users and convinces non-interested buyers. Giving away free samples of your product not only increases brand awareness but also helps to transform your prospective users into potential customers. Furthermore, before the product goes into full production, it’s an excellent way to test your product’s selling power.
High-quality original content:
Be it thrillers like Le casa de Papel or Squid game, Netflix is famous for its spell bounding original content. This poses a massive advantage over other commercial OTT platforms as Netflix is the only one screening it. Every year, Netflix invests in unique productions and screens them on their platform. It not only increases traffic but also helps maintain a loyal consumer base.
Conclusion:
“Netflix’s rise to fame has been significant yet sturdy. With its recent decision to lower its subscription price, Netflix is all set to conquer the OTT platform and make it their personal playroom. There are countless reasons behind Netflix’s win against other players in the game but perhaps, the most significant reason is its commitment towards the customers,” Hirav Shah mentions.
Swiftly but surely, Netflix has managed to draw maximum viewers. When the internet came into play, the creators made a bold decision to make Netflix digital, and choices like these made Netflix where it is today- concludes India’s favorite business strategist and corporate coach, Hirav Shah.
