For my assignment this week I selected a company called Netflix to get my daily updates on. This is a very popular steaming service company that is being used all over the world. The reason for it becoming so popular is due to its large library of variety and material. If you have ever used the service, you would definitely understand. The content feels literally, endless!
One of the great things about Netflix is how it brings value to its clients. First, their price point starts at only $8.99 per month. This will get you access to a variety of award-winning TV shows, movies, anime, documentaries, and more on thousands of compatible devices. You can watch as much as you want, whenever you want, and without ANY commercials!
How it works is you sign on to their website or mobile app through a supported device through the internet. As long as you are online, you are good to go! But let's say you know you are not going to have access to the internet at some point. Netflix now allows you to download content through their cloud-based storage space. This is great for those traveling, camping, or for my situation, I was moving and had to find a way to survive without internet or TV for SIX whole days! Netflix was a life saver!
Netflix currently is expanding to more and more countries every day. I got alerts for Forbes and Deadline mentioning articles about Netflix's expansion to add more shows to appeal to Korean and United Kingdom consumers. It seems like every time you turn around you catch wind of Netflix signing a new deal with this actor or that actress for a new big movie or show release. They seem to always be on track for keeping their library updated which is so awesome!
Some of the points that help make Netflix such a successful and thriving business is their customer acquisition, customer conversion, customer retention and customer value growth.
Customer acquisition: They attract new customers with free trial offers.
Customer conversion: They have a great presence on social media and promote social media accounts for their popular shows. They also have a good reputation with their current customers and a lot of promotion is done by simple "word of mouth"
Customer retention: They retain customers with their updated content and low cost which make them a great value for any consumer. Some good ideas to help improve on this is sending out more merchandise to their valued customers. Allow their customers to participate in contest to help grow the brand and allow them to win some free stuff! Everyone loves to win prizes!
Customer value growth: They continue to make themselves compatible with most major devices and have partnered with makers of smart TV's to be easily accessible and easy to use. This is the right track to be on! The more devices, the better.
If I were to make any of my own recommendations for Netflix (not that they even really need my help) I would say to stop making me a wait a full year for my favorite shows! Now, I know it takes time to create the films and you can't rush good work and actors need vacations too however, for my own selfish reasons, it would be so nice if I could see more Chilling Adventures of Sabrina or Stranger Things more often!
If you have enjoyed reading my blog today, please share with family and friends! I would love to hear feedback on what you think!
That's all for today,
Ciara Smith
References:
https://www.netflix.com/
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