Netflix: See What’s Next
Netflix is a streaming service that offers a wide variety of award-winning TV shows, movies, anime, documentaries, and more on thousands of internet-connected devices (Netflix, 2020). You can watch as much as you want, whenever you want without a single commercial — all for one low monthly price (Netflix, 2020). Netflix is constantly adding new content to the streaming service. Since May 2019, Netflix has added an average of 30 shows per month (Fruhlinger, 2019). It has become one of the world’s largest entertainment services with 193 million subscribers (Watson, 2020).
It’s not hard to imagine why. With an almost bottomless well of movies and serials that can be watched on almost any device, it’s the kind of service that would be dreamed up by someone stranded on a desert island — or stuck at home during a pandemic. — NY Times (Lee, 2020).
Let’s take a closer look at the company’s objectives and their SMART goals.
Company Objectives
Business Conversions
More people are cutting the cord and turning to streaming services for their film and television content (Moskowitz, 2020). One of Netflix’s objective is to become the best global entertainment distribution service (Communicating, 2020). However, there are many competitors in the streaming services that also have unique content and lower prices. Most of Netflix subscribers are in the United States with 72.9 million subscribers (Watson, 2020). According to an article in The Verge, Netflix likely isn’t going to get much more popular in the US over the coming years. But knowing that, it’s heading aboard with the hopes of beating out its biggest competitors — including Disney Plus — by rapidly gaining subscribers in large markets like India (Alexander, 2020).
SMART Goal: New Subscribers
The SMART Goal for business conversions will be 15 million new subscribers by the end of Q3 in 2021. Netflix thrived in 2020 as people were stuck at home during the global health crisis and helped drive its stock up nearly 70% (Pallotta). Netflix’s subscriber forecast for 2020’s third quarter is estimated to be a conservative 2.5 million (Pallotta). According to an article in CNN Business, this estimation could be an indicator that next year may be much leaner than 2020 (Pallotta). This SMART goal is realistic and attainable goal. Although Netflix may have a leaner 2021 for subscribers, it’s hardly doomed (Pallotta). Streaming is here to stay. And Netflix is focusing on large markets in Inda and Asia-Pacific region to play a role in 2021. Starting December 4th, Netflix will have a two-day event that allow non-subscribers in India to stream the company’s library without a subscription plan (Lyles, 2020).
Social KPIs to Track
This is a great social media goal because it directly relates to Netflix’s bottom line. The social KPIs to track will be conversion rate and click-through rate (CTR). Netflix makes a post, user clicks on the call-to-action link, user sees a landing page, and user complete an intended action on that page (Clarke, 2019). Netflix has a variety of Instagram platforms for different countries and genres. These platforms allow the content to be tailored to the user and it can provide helpful data of the conversion rate and CTR per account.
Brand Awareness
Brand awareness is key for Netflix to become the best global entertainment distribution service. Brand awareness indicates how many people on social know you exist and understand what kinds of products and services you offer (Newsberry, 2019). It’s also important to take attention away from other streaming service competitors (Newsberry, Aynsley, 2020).
SMART GOAL: Increase Social Media Reach and Engagement
Another SMART Goal would be to increase social media reach and engagement on Instagram by 5% by the end of 2020. This goal will be accomplished through Instagram advertising and hosting a contest. On Instagram, we will be asking customers to comment on the post and tag a friend for a chance to win a free Netflix subscription for the new year.
Social KPIs to Track
The Social KPIs to track for this SMART goal for reach will be impressions and post reach. For the engagement goal, the social KPIs to track will be applause rate, average engagement rate, and amplification rate. Instagram insights will help see these KPIs.
Customer Experience
Social media channels are an increasingly important platform for customer service and support (Newsberry, 2020). Social messaging is now the most preferred customer service channel in the United States (Newsberry, 2020). It’s important to have a fast, reliable social media support.
SMART GOAL: Connect with Customers Faster
The last SMART Goal is to improve customer service on Twitter by responding to customer comments in 2 hours or less. We want 100% response rate in the next 6 months and an 70% first contact resolution rate.
Social KPIs to Track
The Social KPIs to track our customer experience will be customer testimonials. We can run a Twitter campaign asking people to create written testimonial of their experience with Netflix’s support team.
How will social media help me achieve my SMART Goals?
Social media can provide easy opportunities to increase business conversions. Netflix offers diverse content on social media that includes trailers, video clips of scenes, behind the scenes footage, memes, and exclusive interviews. It will drive people to want to see more of the streaming service and click on the link to subscribe.
Second, social media is essential to succeed in the SMART goal of increasing engagement and reach. Social media allows for more reach and engagement that can only be achieve online. The diverse demographic from all around the world can be reached on social media like Instagram. And hosting a contest that encourages people to share will help tremendously with our reach and engagement.
Finally, social media like, Twitter, is made for the SMART goal of connecting with customers faster. Twitter is ideal for customer service because it encourages users to distribute and consume information quickly. When customers have problems, questions, or feedback, they can immediately contact a business without having to use traditional support channels (Bern, 2020). Quick response and listening is an important factor to making customers feel part of the community. And it will generate a loyal customer base for Netflix.
How will social media help me achieve my KPIs?
Social media offers efficient and easy ways to achieve my KPIs. I will be able to gather data for my call to actions and track link clicks. I can also compare the post content to the conversion rates to see what works best. Instagram insights are also a simple way to see reach, impression engagement, link clicks, saves, comments, and shares. Finally, the use of hashtag on social media will also help with the customer experience and listening.
What are the outcomes I want from my social media efforts?
I want Netflix to continue to be successful streaming service. My social media efforts can help generate new subscribers and maintain a loyal fan base. I want Netflix to continue to engage with the community. Netflix offers such a diverse platform for everyone. There is something for everyone to watch. I want that to reflect in Netflix’s social media platforms.
References:
Alexander, Julia. (2020, Febuary 20). Netflix already won the US; now it needs the world. The Verge. https://www.theverge.com/2020/2/20/21142065/netflix-streaming-wars-subscriber-growth-disney-international
Bern, Sophia. (2020, April 14). Customer Service Tweets From 10 Brands Doing Twitter Support Right. Hubspot. https://blog.hubspot.com/service/customer-service-tweets#:~:text=Twitter%20is%20ideal%20for%20customer,to%20use%20traditional%20support%20channels.
Clarke, Todd. (2019, March 11). 18 Social Media KPIs You Need to Track to Measure Success. Hootsuite. https://blog.hootsuite.com/social-media-kpis-key-performance-indicators/
Communicating Your Organization’s Mission and Vision. (2020, October 28). Clear Company. https://bestpractices.clearcompany.com/company-mission/index.html#:~:text=The%20vision%20of%20Netflix%20is,that%20are%20accessible%20to%20filmmakers
Fruhlinger, Joshur. (2019, December 5). Netflix is releasing an average of one show per day, and data shows this will accelerate in 2020. The Business of Business. https://www.businessofbusiness.com/articles/netflixs-new-mediocrity-problem-quantity-over-quality-as-streaming-wars-rage/
Lee. Edmund. (2020, April 21). Everyone You Know Just Signed Up for Netflix. Ny Times. https://www.nytimes.com/2020/04/21/business/media/netflix-q1-2020-earnings-nflx.html#:~:text=Netflix%20has%20182.8%20million%20subscribers,the%20world's%20largest%20entertainment%20services.
Lyles, Taylor. (2020, October 20). Netflix is experimentally giving an entire country two days of Netflix for free. The Verge. https://www.theverge.com/2020/10/20/21525407/netflix-two-day-free-trial-promotion-streamfest-event
Moskowitz, Dan. (2020, May 16). Who Are Netflix’s Main Competitors? Investopedia. https://www.investopedia.com/articles/markets/051215/who-are-netflixs-main-competitors-nflx.asp
Netflix. (2020, October 28). Retrieved from https://www.netflix.com/
Newsberry, Christina, Michael Aynsley. (2020, September 29). How to Prove and Improve Social Media ROI (+Free Tools). Hootsuite. https://blog.hootsuite.com/measure-social-media-roi-business/
Newsberry, Christina. (2019, March 26). How to Set and Reach Social Media Goals (+10 Goals to Track). Hootsuite. https://blog.hootsuite.com/smart-social-media-goals/
Pallotta, Frank (2020, October 19). Netflix had a great 2020. But 2020 could be rough. CNN Business. https://www.cnn.com/2020/10/19/media/netflix-earnings-preview/index.html
Watson, Amy. (2020, October 21). Netflix subscribers count worldwide 2011–2020. Statista. https://www.statista.com/statistics/250934/quarterly-number-of-netflix-streaming-subscribers-worldwide/