People are natural visual lovers. All throughout the time we love a good relaxing weekend watching a noontime show with our family, cheering on your favorite team while eating or drinking with friends, or spending a pajama/slumber party and staying up all night telling tales or hiding on the sheets while you watch horror movies. Let's all admit, we love watching movies, TV shows, and whatnot. One way or another, a big fish in this industry emerges from the vast ocean to compete with other big fishes, and you bet its marketing strategy of promoting its subscription alongside the best movies, TV series, and shows is really working. And to my surprise, even if these shows are like years old or what we called "not so recently released" in the market. How does Netflix do this, and why is it so effective especially this pandemic?
I'll share with you the top 4 factors why Netflix marketing works.
1. Value
How do a pizza delivery company competes with a large chain of restaurants? How does a neighborhood restaurant compete with the best restaurant in town? How does an online store that sells branded and non-branded products compete with the malls?
2. Availability
The same concept goes to this as well, if you want to maximize your profit, you have been as available as possible. If you have a product and supplies that will last for months, it's more convenient than having a limited supply of everything that your business can provide or sell.
If you want to enter a new market or have a business in which you can only sell one thing, that's totally different.
3. Staying Power
This is something that today's drones and marketing companies have been using in the marketing strategies, however, I'll use this example from the movie Titanic. Why do they promote it as an old movie for such a huge profit? It was released years ago before the time of Netflix's marketing strategy and it still kept up with it. Unlike some movies that will eventually fade away and sinking in the market.
4. Eye Candy
This is something that is very well-known and used by marketers, as they want to give you a little preview of the things you can expect this will entice your curiosity for more information about it, and it surely did.
If you liked these factors and would like to learn more about how the entertainment industry does it, I have a course for you! Influencer Marketing with Jason Goldberg should be an eye-opener for every entrepreneur who likes to sell something. It might not be about movies or just entertainment, but Jason is bringing the best out of it.
IMAGE REFERENCE:
https://www.statista.com/topics/842/netflix/#dossierSummary
