Netflix: ROI, KPI, & Social Listening
As Netflix’s mission statement details, their main goal is to “entertain the world”. If you somehow don’t already know, Netflix is an on demand streaming service available to over 190 countries including exclusive movies and tv shows. Netflix is continuously growing their customer experience with a focus on expanding their streaming options and enhancing their interface to be more and more user friendly. Their vision is to become the best global entertainment distribution service. Netflix values curiosity, courage, passion, innovation, and impact above all else when creating their content.
Like every brand or company nowadays, the best way Netflix can track if they are meeting their SMART goal is by measuring ROI, KPI and practicing Social Listening on their social media platforms. The brand’s SMART goal needs to be something smart, measurable, attainable, relevant, and time-based. So for example, in order to reach their broader goal of becoming the best streaming service on the market they need to gain 15,000 more paid subscribers by the end of next month. Netflix’s ROI (return on investment) would include their goal of generating new subscribers. They can track this goal via ad runs, pay per click, promotion codes, etc. To further track their goal Netflix can evalute their KPI (key performance indicators). Netflix has very active social media accounts and they are constantly sharing premiere updates, memes, interactive content, ads, and more. Measuring follower count and impressions may not be enough for Netflix, but instead measuring web traffic, clicks, shares, comments, lead conversion rate, cost per lead, and customer lifetime value could benefit them. Measuring KPI metrics are crucial to any brand to see if their social media strategy is being received well enough to meet their goal.
Apart from the metrics and statistics of it all, Netflix should consider Social Listening. This tactic goes deeper than social media and includes a two-step process. When Social Listening, you want to both monitor and analyze you audience’s engagement with you before taking further action in your social media strategy. It’s always important to know what your audience, client, and customers think of you. It’s also important to identify where people are thinking about you. Do these particular clients live in the US or Europe? These aspects can make a difference in your campaigns approach. A bonus to Social Listening is that you can also observe and learn from your competition. So in Netflix’s case, they can observe the platforms of Hulu, HBO, Disney+, and Peacock to see what their audience is saying about them. This allows Netflix to then either learn from those companies mistakes or their successes.
Social Media can be a tricky thing to tame. I also suggest to work smarter, not harder. If a certain strategy is working for a similar company with a similar brand voice/tone it doesn't necessarily mean that their particular tactic will work for you, but you might as well try. That’s what KPI’s are for! So you can track your progress and how your content is being received. Social Media can be a great tool when attempting to achieve your SMART goals because it lets you evaluate and analyze your success rate easily and effectively. The obvious outcomes that any company would want from their Social Media efforts would be for more engagement, more followers, and more conversions. If Netflix continues to use their platforms as effectively as they have done in the past, they will have no problem reaching their goals.