Netflix is well on its way to replacing traditional TV and there are valuable lessons for B2B marketers in how Netflix operates.
A new infographic put together by LookbookHQ (below this post) gives us the hard numbers and a step-by-step breakdown on what we need to know.
Netflix launched in 1997, so it isn’t what you would call an overnight success. It took 18 years to get to where it is today with 62.3 million customers as of June 2015, and an astounding 9 billion hours worth of content watched over the past three months.
But what’s the key to Netflix’s success? Binge watching.
Before Netflix started taking over our display screens, the term “binge watching” hadn’t even entered the common lexicon yet. The reason why it’s become such a popular way to consume video content is because the viewer gets to control how and when they watch, rather than be at the whims of television network scheduling. Allowing the user full access to everything at once keeps them engaged.
B2B marketers should examine their marketing efforts and make a shift in the same direction. Rather than sticking with the old-fashioned scheduled marketing, switch to an on-demand style of marketing akin to what Netflix does. Doing so will ensure more engaged prospects, more qualified leads, and eventually more sales.
According to LookbookHQ, 33 percent of engaged B2B prospects will binge on content when wishing to self-educate themselves. Seven percent will even consume everything you put in front them in one sitting if they have the chance.
Content is king these days, and better content comes from having better data. Netflix launched the smash hit series House of Cards without a pilot episode and such a strategy would normally be incredibly risky for a TV studio. But they analyzed data from over 33 million users before giving the green light to start producing a full season.
Because of the quality and volume of data they had to work with, Netflix already know the show would be a hit. For B2B marketers looking to take their campaigns to the next level, start with analyzing key data to figure out which direction to take.
Netflix also offers a highly personalized experience. No two people have the same Netflix profile because its back-end creates suggestions and show lists based on past behaviors and decisions. If B2B marketers could make their marketing programs tailored to specific users with a more one-to-one perspective, they could boost engagement significantly.
Netflix is a business powerhouse, so they have to be doing something right. There are lessons to be learned if you know where to look.
Flickr photo via Creative Commons