Netflix’s Social Media KPI Strategy
Netflix is an online streaming service that supplies users the ability to stream movies, television shows, and original series. Since technological advances have soared in past years, online streaming has found a place in the hierarchy of entertainment media. Some believe that as technology continues to evolve, online streaming will replace traditional cable and broadcast networks. In its humble beginnings, Netflix started initially as a video rental company. At that time, its largest competitor was Blockbuster Video. As time progressed, Netflix found its niche market in streaming movies and other entertainment shows. Currently, Netflix has over 100 million subscribers and is extremely popular throughout many countries around the world. This thought paper will briefly discuss Netflix’s company objectives, SMART goals, and its social media KPI’s.
Netflix Company Objectives:
§ Becoming the best global entertainment distribution service
§ Licensing entertainment content around the world
§ Creating markets that are accessible to filmmakers
§ Assisting global content creators to locate a global audience (Clear Company, nd)
Netflix’s company objectives all fall in line with expansion. Creating niche markets not only for the consumer but for television producers and content creators. Its main goal is to become the best worldwide, which translates into “Subscriptions.” Netflix’s motto is to “Entertain the World” via its online streaming service and original content series. To reach these goals, Netflix must strategically outline its S.M.A.R.T. goals as outlined below.
S.M.A.R.T. Analysis:
Specific:
To increase global subscriptions. By concentrating on new subscriptions, Netflix will meet its mark by growing its accounts around the world.
Measurable:
Track new subscriptions by the campaign and report quarterly. New subscriptions will be tracked via Social Media platform campaigns.
Attainable:
Social Media Marketing budget approved to secure promoted campaigns. The budget is based on acquiring 5M new subscribers per quarter.
Relevant: Subscriptions are the backbone of the Netflix business model. Increasing its subscriptions is relevant to its business goal of becoming a global leader in the entertainment industry.
Time-Based: Tracking new subscriptions will be reported quarterly. New subscriptions target aim is to enroll 5 Million new accounts per quarter, for an increase of 20 Million by the end of Calendar Year 2021.
Key Performance Indicators (KPI):
Key Performance Indicators (KPI’s) are the methods that companies take to track their performance in goal attainment. In the Social Media world, there are many different types that can help signal to Netflix that their goal set is being met or exceeded. In this case, for Netflix, the goal is to increase subscription accounts globally. There are 3 Social Media KPI’s that will be utilized to track if Netflix is successful in its goal attainment.
§ Run Social Media Contest Campaign (Sponsored Ad): Netflix has the financial backing to run a social media contest across Facebook and Instagram. The contest could consist of subscribing for a chance to win one (1) Full year of Netflix service. Winners picked Quarterly. This is a great way to boost subscriptions with little financial buy-in.
§ Hashtags: Netflix can also track its new subscribers by using a hashtag for all new subscribers. #NetflixMyWay is a great way to pique interest when new subscribers post.
§ New Account Tracker: Netflix can track the number of new accounts opened every quarter. By tracking new accounts, the KPI is directly related to sales for that particular quarter.
§ Create Social Media Commercial Ad specifically for “Club Bed,” which is a humorous way to describe binge-watching. This product could mimic Deltas Sky Lounge and only available for new subscribers in the year 2021. This new product could be filled with goodies such as early viewing of original series, Day Trips to the set of popular series, free merchandise, and other discounts. The play on words could create an awesome spa-like commercial that hits home on relaxing with Netflix. #ClubBed
There are many social media KPI’s that can contribute to the successful attainment of Netflix’s business goal. By stepping out of the box and creating atmospheres that are new and refreshing, their subscriptions should continue to grow.
References
Clear Company. (n.d.). Communicating Corporate Mission and Vision. Best Practices for Achieving Talent Success Maturity | ClearCompany. https://bestpractices.clearcompany.com/company-mission/index.html
NetFlix. (n.d.). Netflix — Homepage. Netflix Corporate. https://about.netflix.com/en
Rivera, A. (2019, November 10). Netflix’s Mission Statement & Vision Statement: A Strategic Analysis. Retrieved October 28, 2020, from https://www.rancord.org/netflix-corporate-vision-statement-mission-statement-strategic-analysis
