When it comes to modern marketing, we believe Netflix is all teaching us a trick or two on how to play the game. With a total of 195.15 million paid subscribers worldwide as of the third quarter of 2020, the streaming service giant has captured the attention and awe of individuals and businesses alike. However, there’s more to Netflix than binge-worthy shows. Its entire marketing strategy is what keeps it atop its other streaming rivals.
The Netflix marketing strategy is all about innovation and the latest technology. It’s a testament to what good content and customer-centric marketing can do for a business. It hasn’t even entered the advertising business (and is adamant that it will not introduce traditional ads), but it’s already proving to be revolutionising sales in new ways.
The Netflix Effect
As an example, with the popular series, Stranger Things, Netflix has unknowingly given the aging brand, Eggo, “cultural relevance.” One of the characters in this hit sci-fi mystery set in the 1980s, Eleven, can’t get enough of these frozen waffles and has even grabbed a handful of Eggos after escaping from the Hawkins National Laboratory. Eggo sales had been declining prior to the Stranger Things debut in 2016 but surged after the show aired. It has even reported a jump of 14% during the fourth quarter of 2017. Such is the power of Netflix’s modern marketing.
And now, Netflix is proving its impact again with another cult favourite. With the release of the limited series “Queen’s Gambit,” chess is suddenly “cool” again. Sales for this old board game has risen to as much as 125% since the series has debuted. One toy company, Goliath Games, has even reported a 1000% increase in sales of chess sets compared to the same period last year. Even downloads for Chess.com’s iPhone app have jumped from obscurity to the top of the charts. Google’s search queries for “how to play chess” have reached an all-time high in nine years.
Lessons From Netflix
Netflix may not have traditional ads, but it surely presents a huge opportunity should it decide that it wants another revenue stream besides subscriptions. As of the moment, it’s already collaborating with brands in non-traditional ways to stay in line with its original programming and platform. It’s working with Coca-Cola to revive “New Coke” and will be tying it to the series Stranger Things. Brands know and are surely taking note of Netflix’s ability to single-handedly drive sales, and they want in on it.
Marketing in the modern times is tricky as there’s a lot of factors to consider in the digital age. Netflix makes it look so easy today, but even they themselves started somewhere far from where they are now. It was all trial and error from the beginning. Everything takes patience and time. Even our team at BoomNow is learning as we go. The important thing is to keep bouncing back after every failure. Modern marketing has always been about exploring and pushing boundaries and glass ceilings, just like Beth Harmon.