Overview of Service
Netflix stands out to be leading entertainment services on global platform which come up with more than 167 M subscribers located on 190 nations. This merely provides TV series, featured films and best documentaries in a range of languages and genres (Summers et al. 2016). Members are given the freedom to stream content as any given time or any internet-connected screens. Members are given the freedom for play, resume their watching without any kind of commercials. Netflix aims to provide four kinds of membership plans as per the user need (Burroughs 2019). Netflix is provided in many formats like high definition, standard definition and many other. The software of Netflix provides the option of watching any required content from Netflix by making use of internet-connected devices. Internet speed recommendation is required for having the best performance. The application of Netflix comes in a pre-loaded way in certain devices. User are required to download the application of Netflix (Adhikari et al. 2012). Over functionality of the Netflix application aims to completely differ in between the devices.
Market Performance of Netflix
At the beginning of 2010, Netflix stands out to be 12 million subscribers each of them paying 9 dollar every month. Some of the key points of marketing performance of Netflix are
- The point should be noted that Netflix stand out be the best performer in whole S&P 500 in the whole decade (Hallinan and Striphas 2016). It stands out to be the best organization in the whole index.
- Netflix joined this S&P 500 in the year 2010 replacing it with The New York Times (Groshek and Krongard 2016). In the latter, the organization found itself in deep crisis.
- In the last few years, there has been growth in number of consumer due to its international expansion.
Current Marketing Communication Mix
The examination of the current marketing communication of Netflix is given below:
Consumer attitude: Netflix offers a wide range of programs such as feature films, tv shows, Netflix originals and so on. Its shows comprise of three basic contents and certain plans for the users wishing to take up membership of Netflix (Martin, Fu, Wourms and Shaw 2013). Along with this, it also adds new TV programs as well as movies to meet the growing demands of the subscribers. It uses a wide range of ,media channels in order to reach its customers. It specifically targets its customers with reasonable pricing for its subscriptions and adopts a competitive pricing strategy (Reed and Kranch 2017). Along with this, the first monthly trail that is offered by it can also be regarded as an effective promotional activity in persuading customers to become its members and uses its services. Along with this, offer content that s original and makes its decisions entirely on the desires of customers.
Group influences: There are basically three key areas where the constant flow of new shows online streaming sites as well as on Netflix is drawing significant attention of the watchers (Ellis 2,015). Instead, the individual is watching shows in way such that it changes and adapts to their timings. People with Netflix accounts find a way out from their everyday life and watches series and shows online. Content is considered as the key factor of social media marketing and Netflix holds the top-notch in this game (Watson 2017). Due to the social media approach of Netflix towards authenticity as well as interaction with the groups,
Culture: Netflix produces a wide range of videos in comparison to the other online video streaming channels. These usually revolve around TV and other movies which creates excitement among the watchers (Bellante, Vilardi and Rossi 2013). Besides this, it also significantly publishes, plain texts and gifs based on the present TV shows and movies. The company has significantly expanded over the years and focuses on hiring people with diverse culture as well as perspectives. Along with this, it also uses a wide range of promotional strategies that helps in retention of subscribers. The culture that is reflected in the videos creates significant impact on the behavior of the consumers (Gomez-Uribe and Hunt 2015). People from diverse culture demonstrates different ideas regarding the content. The cultural collaboration for Netflix affects the people through mass-mediated experiences. Netflix has significantly changed the ways in which individual entertain themselves and thereby creates a cultural bubble.
Consumer learning process: The company uses social media websites for promoting their products as well as services in the broader market. It has a very robust presence on Facebook and Twitter which are the most popular websites (Dizon 2016). The company is performing quite well when compared to its competitors and has a large audience on these sites. Thus, the updates reach easily to the customers and they get to know regarding the new feature and shows on Netflix. The biggest advantage of advertising on internet by Netflix is that just clicking on the ad, the customers can directly visit the website (Pedersen 2018). The other additional promotional tools that are used by Netflix includes QR codes, sponsor movie-related such events and use of emails for sending personal letters and messages.
Buying decision process: Netflix has significantly changed the access of consumers to films and this has resulted in keeping up a successful trend in listening to the customers regarding their changing tastes (Sharma 2016). The original content that is provided by Netflix is the driving factor for changing the consumer buying decisions. Further personalization plays a definite role in changing the buying decision of the customers. The strategy used by Netflix is long term in nature and is efficient as well as productive enough to increase the revenue of the organization
Yes, the communication mix completely highlights a strong kind of alignment with the finding. The point should be noted that Netflix is in huge demand and most of people are liking this platform as the alternative kind of entertainment. The organization need to come up with some future decision making (Madanapalli, Gharakhieli and Sivaraman 2019). There is requirement of balanced approach which is required for the upcoming changes. This is completely done for complete transformation in its product and services. All the customers athe re seen to be completely satisfied in case of delivery of products. The organization need to emphasize on certain strategy which helps in coping up the whole approach (Summers et al. 2016). It merely focusses that all members of family complete support the consumption of product.
Netflix focus on providing a range of programs like TV shows and featured films to its subscribers. In addition to this, the organization offers range of media channel so that it can reach out to most of the customers (Burroughs 2019). Netflix aim to target most of the customers along with reasonable price for pricing so that it can provide competitive pricing strategy. Netflix come up with main three areas where is constant flow of show required for online streaming. Netflix aims to draw out the attention of most of the watchers (Adhikari a et al. 2012). People are coming up with Netflix account so that they can have different series and online shows.
Netflix aims in providing a range of video in comparison to another kind of channel needed for video streaming. In the last few years, the organization has expanded and aims in hiring people who are from different cultural background (Hallinan and Striphas 2016). People belonging to different cultural background aims in highlighting complete idea regarding the content. Netflix makes of social media platform so that it can promote their services in wide market. It makes use of Facebook and Twitter for attracting subscribers. Netflix has made certain number of changes in case of consumer access to film (Groshek and Krongard 2016). The main content provided by Netflix stand out to be main reason for certain number of changes in buying decision of consumer.
One of the strategies of Netflix is all about increasing the overall subscription in number of videos on global platform. The mission statement of the firm is all about providing exceptional kind of service to range of bodies like investors, employees, customer and many others (Martin, Fu, Wourms and Shaw 2013). As per the mission statement, the main target is all about increasing the overall base of customer. The organization aims in providing un-parallel and outstanding kind of video streaming (Reed and Kranch 2017). The mission statement clearly highlights how the firm provides a complete balance two that is customer satisfaction and other requirements.
Netflix addresses some threats in some of the areas which need to be addressed. One of the biggest challenges for Netflix is its digital privacy. People are allowed to easily download some of the content in illegal ways. Privacy stand out to be as one of biggest threat for the organization (Ellis 2015). Some kind of rigid rules and regulation with respect to service provider stand out to be biggest threat. The strategy of Netflix highlights that organization has failed to expand in China as result of over restriction on oversea market. Netflix receives tough competition from other digital streaming platform. With every passing year, the customer base of Netflix is increasing at a rapid rate (Watson 2017). Some of the tough competitors stand out to be YouTube, HBO, Amazon and many others.
There is a list of recommendations for Netflix like
- Netflix need to expand some of the geographical location by the help of partnership with some of the cable operators. This will help in streaming both global and local content in most of the languages. With the help of this, it will bring much more profits to most of the subscriber along with profit. Netflix needs to segment its customer on the basis considering the geography. By making use of marketing strategies, Netflix can treat its customer base like a single customer along with similar kinds of TV shows and customer preference. This merely highlights that organization need to prepare for the strategic partnership. It merely helps in gaining popularity among most of the consumers. This merely highlights the point that changes in the marketing condition does not impact the organization’s functioning. Content stand out to be the main strength of the organization and it aims to fulfilling the requirements of users.
- Netflix needs to establish a connection with most of the internet service providers like IMDB and others. The strategy analysis of Netflix highlights that how it can help in providing various rating information for world-wide subscribers. In order to tackle digital privacy, the organization need to improve its security for illegal access to content. Considering the strategy of Netflix, the organization need to provide some generic kind of class for most of economic classes. This particular step will help the firm in achieving its objectives which is completely set up Mission statement of Netflix. The strategy analysis of Netflix highlighted the need of organization for enhancing both its website and application. This is mainly done so that it can provide an interface that is user-friendly.
- Netflix needs to have certain strategies that will allow it to have much loyal and repeated customers. Considering the strategy of Netflix, the organization need to make use of the subscription-based model. Netflix needs to make use of certain strategies so that it can become best over the top device on the global platform. The brand value of organization aims in providing best quality of video to most of subscriber. The marketing strategy of Netflix provides content on both the platform that is mobile and website. Netflix need to come up with certain strategies so that it can easily establish itself as innovator in the industry. This strategy will help Netflix to stay ahead in the whole game. By making use of marketing strategies, the brand aims in providing regional content in most of countries.
These three strategic recommendations will help Netflix in providing value to most of the world-wide subscribers. These recommendations will help Netflix to retain its subscribers. Along with these, Netflix needs to focus on extension of the brand by designing a chat application.
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