Social media has allowed businesses to directly speak to their consumer in way like they never have before, and for most cases for much cheaper than traditional advertising. B2C companies connect with their audiences well through social media, but not many have had their brand become a common verb such as Netflix! They have accomplished this in 10 short years.
Netflix started as a DVD delivery service in 1997, a monthly subscription model, that allowed users an unlimited amount of movie rentals for a monthly fee. In 2007 the moved to an online streaming model that grew rapidly, and had 20 million subscribers in the first 3 years. The company grew so rapidly that 3 years after that, they moved into developing original programming, with the first being “House of Cards”. They have grown to now having over 93 million subscribers, watching over 10 billion hours of Netflix each month, having earned 707 award nominations and 146 awards, including Emmys, Golden Globes and SAG awards.
Netflix has the unique advantage of having strong statistics on their clients and they are able to cater to those specific demographics. For example when they learned that 76 percent of their users enjoyed “binge-watching” multiple episodes of a series, they made the decision to release full seasons at a time, rather than one episode at a time like mainstream programming. They capitalize on their ability to do this through their social media campaigns such as the one for their new season release of Downton Abbey.
Netflix is also very responsive to their customers, and reply often to the comments received in often humorous ways. In a recent teaser for their original show Riverdale, a user commented “Guess what we’re watching tomorrow?”. The obvious answer was Riverdale, since it was a post for that show, however Netflix replied “Peppa the pig?”
The Netflix brand has become such a staple with TV watchers that, “Netflix & Chill” became the new language of watching tv together and has become everyone’s favourite pastime. It also saw the invention of Binge-watching, without shame . It is no accident that this DVD delivery service has morphed into a $41.1 Billion entertainment industry and the 79th most valuable World Brands, according to Forbes magazine.