You came home on the evening of a tiring day. You’ve changed, you’ve had food left over from yesterday evening ne what’s next? For many of us, the answer to this question is to spread the seat and watch Netflix with a mug of tea. So, what were you doing five years ago? Of course, you were in front of the television.
Just how Netflix has managed to change the habits of a sizable audience in just five years is a matter of debate. And there’s more! This situation applies not only in Turkey! Belgium, Spain, America, England… Netflix dominates the entertainment world everywhere.
When it comes to broadcasting video, Netflix is a world leader with around 125 million users worldwide. Yeah, you didn’t hear it wrong, 125 million! Originally founded in 1997 as a film rental company, Netflix found itself in a major crisis in 2011; and some radical steps.
Today, however, the House of Cards, which has become almost cult, does not recognize competitors in the video broadcasting industry with its own series called Narcos and Stranger Things. If you’re looking to learn how Netflix has gone from 0 to 100 in a short period of time, and want to take a break from your clever steps, you’re in the right place.
From that day to these days; a story full of ups and downs
When it comes to entrepreneurship, one can think of small companies that are very unlikely to hold onto the market, require long hours of work, and are identified with failure rather than success. However, Netflix has entered our lives as an initiative celebrating its 22nd year nowadays.
The company, which used to be a video rental service at that time, changed the way that the service was provided with the introduction of the internet into our lives, and suddenly began to grow rapidly.
The company officials said that they increased their sales by 40 percent in 2018 and stated that as the sales increased, they would allocate more budget for the content they produced for their platforms.
And all this comes from a company that has recovered and found itself as a result of a strategic mistake nine years ago. What can entrepreneurs learn from Netflix?
About Your Product: Keep it as Simple as You Can
When it comes to the service (or product sold), Netflix’s message has always been very clear: to be clear and simple. The company, which sells its own services with the same motto, offers a very easily understood service to its customers: For a fixed fee, you can watch the movie you want whenever and wherever you want.
All shopping processes are likewise handled with simple, fast and effective methods. Netflix’s site is a good example. Right-to-left links, a complex interface, no design that requires hours to find what you’re looking for.
It is possible to restart or freeze your membership with a single click, everything you want to do on the site is 5 seconds away. Simple. Effective.
About Your Errors: See your lesson and continue on your way as soon as possible.
Towards the end of 2011, the management team, who advised the company’s CEO Reed Hastings, decided to separate online publishing business (Netflix) from the ever-decreasing DVD rental services (Quickster), at the same time increasing fees by 50 percent.
The company lost 800 thousand members while trying to increase their revenue and the value of the company fell by eighty percent in a short time.
Without losing any time, the company realized its mistakes and announced that the two services would not be separated and would continue as before. They were lucky, their customers forgave Netflix and continued to use the platform despite rising prices.
Stating that he has given great importance to customer feedback since that day, he says that they take criticism into consideration even in the smallest problems and focus on solving it as soon as possible.
Get to know your customers.
Of course we do not mean to know the name of your customers. Do this, you personalize the relationship, but what we really mean is that you know how they use your service so that you can focus on improving the customer experience. Which TV shows are watched at what times. Which sequences are followed in successive chapters, which are viewed as one episode at a time.
Users who watch the series for hours stop watching the sequence when or after which section. Netflix reviews its customers’ tracking analysis and profiles on the site (as well as their preferences) to the finest detail. Thanks to the algorithms that they use, the company can create suggestions that appeal to all kinds of tastes, thus satisfying the users in the long term.
It’s not by chance that you find the sequences you really want to watch in the recommendations part of Netflix, even behind this simple technique lies hours of work and brainstorming.
Did you know that there are users who prefer to stay on Netflix just for this reason? Some users who spend hours watching TV or series and have already consumed some of the content of the sea content in Netflix say they don’t like to spend time searching for what to watch. You can understand that even these tiny moves bring thousands of customers to Netflix.
Bonus: Exclusive content + independence = Customer loyalty
We talked about the customers who watched the series for hours… Hah, those customers always want more. More content, more series, new films, documentaries they don’t watch yayın However, broadcasting is an expensive sector and requires co-operation of studios, actors, producers and many other elements.
This is precisely why Netflix took a very wise step and began to produce its own content in the early 2010s. In this way, he could be sure of the quality of the videos, focus on exactly what he thought would be of interest to the target audience, and be sure he had what he needed. Moreover, this was a unique opportunity for the players.
Because the famous company actors and actresses in the second season of the shooting of the first season began to guarantee the first season: It was almost impossible to find in the normal film industry. In 2013, Netflix made a big success with the policy series House of Cards, which was added to the content pool.
The company continued to make a name for itself with Narcos, Stranger Things, and Orange is the New Black, who knew its customers and took the necessary steps.
In this way, Netflix, which started to grow at an unstoppable pace and opened to new markets, soon became the market leader. Netflix’s brand name is now; high-quality content, a relevant customer service staff, unique customer experience is identified with the price increase for customers even though they do not give up Netflix