Netflix is leading the league of networked video streaming starting as an American DVD-by-mail service in the year 1997 was founded by Reed Hastings and Marc Randolph in Scotts Valley, California. Netflix began to the online content streaming started in 2007 and expanded to Canada in 2010 and today reaches as much as 190 countries with more than 75 million subscribers in 2016.The model is to stream a library of movies and TV shows based on subscription schemes globally. On-premise to the cloud shift is s revolution in technological terms. Netflix has created its own new business model by utilizing the intensity of digitization of analog products to bring content in the most efficient way.
Tons of movies and TV shows those are enjoyed by customers fingertips without time and place barrier at a meagre cost is the essence of this business model. Access to hundreds of movies and TV shows at a mere $ 10 or less per month has made the scheme immensely popular. Exclusive content adds value. The convenience of enjoying movies and shows across multiple devices, including your phone, tablet, computer and TV is a sure plus for the strategy. The mail DVD process had a scheme of exchange of old for new making it immensely time consuming and also posed the requirement of carrying gadgets for watching these DVD like laptops. A system that occupied zero space digitally and tangibly was a breeze for the customers. No new infrastructure needs to be created to enjoy a volley of entertainment. A few clicks access to a plethora of digital content without the need for an age old system is a boon to the customers seeking
There are two pivotal recommendations these are being made to Netflix are 1) Incremental client engagement by ways of personalized recommendation system 2) Limelight creation for Netflix as the best service provider in digital media by using multiple channels. It is fair to agree that the Netflix original content is unmatched. However, it also needs to be stated at this juncture that this would not suffice to capture the market and needs to be supported by novel digital marketing techniques those are used to acquire new customers and retain the existing. Machine learning and artificial intelligent could be of aid to construct the best recommendation engine which would be engaging a larger audience through personalized content, multi-channel campaigns inclusive of the email marketing. These emails need to be designed in a personalized manner using past activities in order to be more engaging by nature. This will allow Netflix to gain prominence as compared to the competitors.
The multi-channel campaigns need to be made a main strategy for client acquisition. An augmented reality experience promotion on Snapchat followed by a promotion of the upcoming season via Facebook, Instagram, Twitter, and email could be a competitive plan. Plethora of touch points pertaining to the existing as well as the prospective consumers’ needs to be accessed as the key to the success of this strategy. The efforts need to be targeted as per the schema of trends exhibited by the consumer preferences to devices as a targeted strategy implementation is likely to win better results to the company.