ROI, KPI, Social Listening with Netflix
As one of the leading online streaming services, Netflix offers its subscribers access to thousands of movies and full series of TV shows, as well as an abundance of original content including: films, shows, and specials. Netflix strives to entertain the world, which is what the comapny uses as their mission statement.
With their wide selection and variety of options, it’s no surprise that Netflix reigns supreme over the streaming service category, but that doesn’t mean they don’t have some pretty serious competition. Other streaming services such as Hulu, Amazon Prime Video, HBO Max and Disney+ are all getting in on the action, and therefore giving Netflix a reason to improve and expand their services, to pull away from its competitors.
Netflix’s target audience is the entertainment market internationally. As of January 2021, Netflix has achieved more than 200 million monthly subscribers. Because of their highly-anticipated must-watch original content such as The Queens Gambit, Tiger King, The Crown and Bridgerton, Netflix has seen a substantial growth throughout 2020–2021.
Objectives
· Increase monthly subscribers by 24% for 2021–2022.
· Increase engagement and reach on Twitter — followers, retweets, likes, clicks.
SMART Goals
- Increase monthly subscriptions —
From 2018 to 2019, the amount of Netflix’s monthly subscribers increased by 20%, and from 2019 to 2020, the amount of subscribers increased by 22%. The objective for Netflix this year is to increase its monthly subscribers by 24% between 2021 and 2022. In order to be able to achieve and surpass this objective, Netflix has a plan in place. - Increase engagement and reach on Twitter —
Twitter is important to Netflix’s growth, especially among the younger generations. Netflix’s brand voice and tone are established through their content via tweets, replies and customer service on Twitter. Customers flock to Twitter to be both entertained by Netflix’s tweets, and to have their customer service inquiries quickly resolved. Because of the strength that social media has, Netflix’s tweets become part of its brand because it establishes traits associated with the brand. Netflix’s second objective is to grow its Twitter following and increase engagement on Twitter, specifically retweets, likes, and clicks.
How?
How Netflix will increase monthly subscriptions:
· Create even more original content that subscribers of Netflix would not be able to find anywhere else. For example: Bridgerton, The Prom.
· Revive a show that has ended or got cancelled that would bring in new subscribers to the platform. For example: Fuller House, Riverdale.
· Add beloved movies and TV shows that would make the customer renew subscription. For example: Titanic, Grease, Legally Blonde, FRIENDS.
· Collaborate with another company to create another “Netflix and Chill” moment, which would create buzz and get more people talking about Netflix. For example: Teaming up with Ben & Jerry’s to create “Ice Cream and Stream.”
· Sign creators to work exclusively on the streaming platform so that fans would have to come to Netflix. For example: Shonda Rhimes, Ryan Murphy.
Social media would drive the increase in monthly subscriptions because the content that would be added to the streaming platform would come from the social listening happening through Twitter. Based on the content that viewers are asking for, what they are loving, what they are talking about, and what they are requesting, we will be able to retain and gain more subscribers.
How Netflix will increase Twitter reach and engagement:
· Create content that users would be likely to retweet or mention Netflix. It’s important to remain current and keep up with the times so that this content can be shared, retweeted and talked about.
· Tweet out a link to the Netflix Title Request form that Twitter followers could input what they want to be added to the streaming service. Not many people know this feature exists, so using social media to get this information to more people would be a benefit to its subscribers.
· Use GIFs from Netflix movies/TV shows in tweets and tweet replies to be retweeted and to remain relevant.
· Interact with Twitter users by asking them to tweet Netflix with an emoji and responding with a movie/tv show suggestion.
Campaign
By creating a campaign that is centered around new original content, Netflix will be able to monitor whether or not viewers are enjoying this content and receiving it well, and whether it is introducing new customers to the streaming service. Netflix will be able to monitor conversations surrounding this content, and be able to measure the success of this campaign in correlation to engagement, reach and new subscribers.
For example: Netflix could tweet out: Show us your own “stay-at-home prom” using the hashtag #NetflixProm.
Social Listening
Netflix has been successful in social listening before, and it doesn’t stop here. In 2015, Netflix noticed that many of its viewers were falling asleep while watching something on the platform. This caused Netflix to create a product that would solve that problem. The Netflix Socks senses when the viewer is dozing off and pauses the show/movie so that the viewer doesn’t miss anything. By using social listening, Netflix was able to figure out what the viewers needed.
Netflix will continue to use social listening by being present on social media and actively looking for what people are saying about them. They will track tweets they are mentioned in, and see what the customers like, dislike, want and need. By monitoring these tweets, Netflix is able to present in those conversations and steer the direction in which these conversations can go.
Another thing that Netflix will do is monitor its competition on Twitter. By seeing what other streaming services are posting and how they are engaging with and replying to customers, we will be able to tailor our efforts to best suit our customers.
References:
A lesson in SOCIAL listening from Netflix — GENY labs: Auris. (2019, October 28). Retrieved March 12, 2021, from https://genylabs.io/a-lesson-in-social-listening-from-netflix/
Alexander, J. (2021, January 19). Netflix surpasses 200 million subscribers, but has more competition than ever in 2021. Retrieved March 12, 2021, from https://www.theverge.com/2021/1/19/22238877/netflix-200-million-subscribers-q4-earnings-bridgerton-emily-paris-cobra-kai-queens-gambit
Bean, T. (2021, January 29). According to NETFLIX’S top 10 Charts, ‘The queen’s Gambit’ is still a bigger show THAN ‘BRIDGERTON’. Retrieved March 12, 2021, from https://www.forbes.com/sites/travisbean/2021/01/29/according-to-netflixs-top-10-charts-the-queens-gambit-is-still-a-bigger-show-than-bridgerton/?sh=21806e6d72e4
McAlone, N. (2015, December 16). Netflix has created ‘SMART’ socks that sense when you fall asleep and pause the show you’re watching. Retrieved March 12, 2021, from https://www.businessinsider.com/netflix-socks-turn-off-the-show-when-you-fall-asleep-2015-12
Paget, M. (2015, December 17). Netflix socks pause your show when you fall asleep. Retrieved March 12, 2021, from https://www.gamespot.com/articles/netflix-socks-pause-your-show-when-you-fall-asleep/1100-6433221/
Richter, F. (2021, January 21). Infographic: Netflix PASSES 200 Million Milestone. Retrieved March 12, 2021, from https://www.statista.com/chart/3153/netflix-subscribers/
Rivera, A. (2019, November 10). Netflix SWOT Analysis (internal & External Strategic factors). Retrieved March 12, 2021, from https://www.rancord.org/netflix-swot-analysis-internal-external-strategic-factors
Rivera, A. (2019, November 10). Netflix’s mission statement & Vision statement: A strategic analysis. Retrieved March 12, 2021, from https://www.rancord.org/netflix-corporate-vision-statement-mission-statement-strategic-analysis
The ultimate list of social Media KPIs to Leverage business growth. (2021, February 02). Retrieved March 12, 2021, from https://sproutsocial.com/insights/social-media-kpis/
Webb, K. (2021, January 28). The best streaming services you can sign up for in 2021. Retrieved March 12, 2021, from https://medium.com/r/?url=https%3A%2F%2Fwww.businessinsider.com%2Fbest-streaming-service
Working Capital Review (2019, October 07). How Netflix uses Twitter to build its brand. Retrieved March 12, 2021, from https://workingcapitalreview.com/2019/10/how-netflix-uses-twitter-to-build-its-brand/
