The Digital Dream Team worked together to develop a new market plan for Netflix. Our team felt that Netflix had a strong stance in the marketplace but simply needed to expand upon their market presence. Below are some of the main goals our team outlined for Netflix.
1. Expanding Consumer Markets
Currently, Netflix attracts middle to older women who are college graduated, married and hive higher incomes. Along with this demographic are supporting markets that Netflix should tap into. Netflix recently developed a contract with Disney to give more children and family friendly content. This type of new website change can help attract younger children who apart of the family. By advertising on gaming websites or daytime TV shows on channels such as Disney or Nick, Netflix can market to the children who would in turn, want their parents to become Netflix members. We also felt that while middle to older woman made up a large part of the market share, Netflix should attract men of this age demographic as well. There are many different genres of movies on Netflix and some may be more appealing to men which can be featured on social media sites to help promote men going on Netflix and viewing the content.
2. Increase Social Media
Just as any ecommerce site should, social media is crucial to the success of an online company. Sites such as Facebook and Twitter help enter into a two way communication stream with customers that allows long term relationships. Netflix can promote new shoes, content, and even existing movies to try and gain new members on the site. It also helps remind consumers that there is a lot of content on Netflix that is not offered by other competitors. This is also a great way for Netflix to ask consumers what type of changes they wish to see on the website in order to improve customer satisfaction. Our team also felt that it was important for Netflix to link all these social media sites in order to allow members to share what type of content they were viewing with their online friends. This type of consumer to consumer communication is a great way for Netflix to be advertised by existing consumers and create another reason for consumers to visit the website.
3. Premium Services
One of the things Netflix has struggled with is the option to provide new releases to be instantly streamed. Because this type of service would be very costly for Netflix, our team felt the company could offer a premium service that would allow members who pay a higher monthly fee to be able to access new releases for unlimited viewing. This would help create a more sustainable competitive advantage against their competitors as well as attract new members. Netflix offers movies, TV shows and even original content but some consumers are deterred from using the website because they feel that the movie selection is not current enough. Having a premium service would eliminate this doubt and help promote new members.
