Netflix offers lessons to credit unions
1) Predict and react to market shifts
Netflix started back in the late nineties as a way to rent DVD’s without late fees, but they knew they couldn’t do that forever as technology was moving fast. Knowing how fast DVD’s had made VHS tapes obsolete they had to be ahead of the curve. Knowing that streaming was the next technology they implemented it even before most Americans had the bandwidth to use the service. Now they are the leading streaming service available.
Never be stagnant always look for ways to improve and what may be lurking on the horizon.
2) Make moves based on data
Netflix success may seem like luck but every single decision they have made was methodical and based collected data. They had been compiling data on everything from viewer preferences and habits to how long episodes were watched before they were skipped. With all of that, they were able to actually calculate the exact show people wanted to see. So when they approached Kevin Spacey about starring in the now critically acclaimed House of Cards, they were able to tell him they knew people would watch with zero risk of a flop.
Make note of products and services your members are using and create new ones in accordance to identified trends.
3) Culture is key
Apart from the services that they are known for providing, in the technology industry all over Silicon Valley they are known for something else. That is the famous Netflix culture doc that was created in the early days of the company. Titled, “Netflix Culture: Freedom & Responsibility,” it has a unique take on who and what run a company.
What you learn from this slideshare is dependent on what aligns with your current culture, but everyone can benefit.
Anyone who has ever finished a show on Netflix after a 9-hour binge watching spree knows the agony of having nothing to watch. It was long until Netflix started suggesting shows based off of past viewing habits. This not only increase viewership, but also overall membership by creating a free suggestion service out of something they already had.
You know your members; their needs and wants. Leverage that knowledge to provide more services they could benefit from.