In the world of digital where everything is fast changing, Netflix is playing the role model of how businesses can successfully transform and keep themselves ahead of others.
Netflix has a track record where they spotted the opportunity before anyone.
Well in times where online streaming was not even popular, Netflix came up with the new streaming platform in 1997, approaching people to enjoy their shows directly at their home.
To learn more about the core values of the successful streaming platform, and their visions, cultural statement, and what made them successful, here is what you need to know.
Core Values Of Netflix
Unlike other companies, Netflix has real values where they either get the rewards or let go. They divided their values based on specific behaviors and skills that they want.
Also according to Reed Hastings who is a co-founder and established the company in 1997. He says that they have the real company values which are behavior and skills.
Not just they follow it but every fellow employee does the same.
The core values of Netflix are divided into 9 defining statements that help in giving clarity to its employees.
Not just the core values are based on what Netflix wants from their employees but also to improve their work efficiency and overall impact in different areas.
With this, Netflix has a better and straightforward approach that motivates their employees.
To understand the statements, here is a brief description of what it contains.
Netflix wants its employees to follow certain statements when they are working for the company. It includes –
- Having the ability to make wise decisions despite the ambiguity
- Identifying the root causes and treatment beyond the symptoms
- Ability to think straight and strategically
- Having the skills in using data
- Decision making based on long terms instead of short ones.
To make sure that the audience is well connected with the platform, communication is important in the core value.
Netflix wants its employees to have the following understanding. The statement includes –
- Having concise & articulated speech as well as writing
- Art of listening and understanding
- Understanding to maintain calm poise in stressful times
- Adapting the style of communication-based on native language and people
- Providing on time, candid, and helpful feedbacks
To make sure that the work keeps going smoothly and productive in their organization. Netflix has certain statements for the employee to boost the curiosity, which follows –
- Speed for eagerness and learning
- Contribution effectively from outside the specialty
- Finding and establishing the missed connections
- Understanding the members and learn to entrain
- Having an alternative perspective
Netflix understands that sometimes you have to speak something which doesn’t fit, it can be absurd or uncomfortable.
However, that’s what makes Netflix special and they make sure that their employees have the same courage when they work for them.
- Ability to speak even it’s uncomfortable but best for Netflix
- Taking hard decisions without agonizing
- Taking smart risks but not afraid of possible failure
- Asking questions actions inconsistency of Netflix core values
- Able to be valuable for finding the truth
Netflix is filled with people who are not just doing their job but also passionate about it.
Understanding that passion is what leads to success and keeps moving even if the situation is not favorable, Netflix seeks to have people who share the same level of passion.
- Inspiring others with the thirst for excellence
- Having intense casting for Netflix and member success
- Being optimistic and tenacious
- Having confidence but humble
To encourage others and meet all requirements to entertain the audience, Netflix seeks people who have selfishness in them.
- Seeking what’s best for Netflix
- Being openly minded for great ideas
- Helping others
- Sharing information proactively and openly
Ideas that lead Netflix from selling DVDs to streaming the biggest platform. And the company looks for people who dare to see beyond what’s going on.
- Having the ability to find new useful ideas
- E-conceptualizing issues to find solutions to difficult problems
- Challenging the assumptions and suggesting better
- Keeping the complexity minimal and to simplify
- Thrive for change
Working together and innovating with everyone helps the company to achieve the goals they have. Also, Netflix focuses on keeping its employees skillful to grow and help the company as well.
- Effectively collaborating with diverse backgrounds and culture people
- Nurturing the different perspectives and embrace for better decisions
- Curious towards the effect at work of different background
- Understand when being biases and grow past them
- Intervening when someone else s getting marginalized
Netflix understands that having core values is easy but living them is difficult.
Integrity is an important part that makes sure that people in the organization are treating others respectfully and learning from their mistakes.
- Being straightforward, transparent, authentic, and non-political
- Say things that can be said on the faces of another colleague
- Admitting the mistakes and learning to form it
- Treating people with respect regardless of status or disagreement
Netflix makes sure that with their coaching, modeling, and training to help their employees to understand the impact they have.
Also, improving the workspace can help in improving overall results and better accomplishments in goals.
- Having accomplishment in important works
- Record of strong performance and relaying of others
- Improving colleagues
- Focus on results instead of process
Netflix highlighted a few things that are not common which includes ‘ Saying things that can be said on the faces’. The attribute is not just difficult but hard to find.
In most of the companies, people believe in getting banished or isolated if they speak what they have in mind.
Netflix promotes its employees to speak freely and Profesional at the same time. To offer constructive feedback to the company can grow as well as have a better team.
The company understand the importance of feedback, and it helps them to –
- Offer better results
- Eliminating the misunderstandings
- Building trust and comfort
- Boost communication
Netflix also believes that it’s important to learn faster and better. Receiving feedback can be less stressful but also improve the quality of work.
Feedback plays a vital role in Netflix, so people can communicate better. It also built trust by behaving selflessly.
Even at some point, it’s uncomfortable, sharing feedback helps in removing the misunderstandings.
Netflix celebrates candid people, especially those who are in positions with powers. Getting feedback from different levels can help improve the new hires as well.
Netflix focuses on improving their people by providing important training and coaching. Also, it helps in remodeling the behavior of every employee.
Mission Statement Of Netflix
Netflix’s mission statement says the company promises to give the steller service to its customers.
The suppliers are considered a valuable partner for sustainable growth and employees allure the huge impact.
The company focuses on providing outstanding services for video entertainment. Also, they balance the difference between customers’ satisfaction and the stakeholder’s financial needs.
In their mission statement, they have several elements that are important for a better understanding.
Improving The Lives Of Others
The commitment that Netflix has towards the people, economies, environment, and social responsibilities. In their mission statement, they hold the importance of the impact that they do on others.
Also, the company makes sure that they are improving and satisfying the contributing to what they can do corporate social responsibility.
For example, Netflix has to stimulate the model adopted by different companies around the world. With this, they are impacting the environment as well as communities.
Exceeding The Expectations Of Customers
Netflix keeps it check that they are not taking their customers for granted. They keep their focus on providing a stable and reliable platform. And also providing the customer services to give more than just what people expect.
They have a better comparison when it comes to subscription charges. Also, they have a quality that is unbeatable by anyone in the market.
Delivering The Entertainment & Maintaining The Excitement
Netflix understands as well as acknowledges that the dynamics in entertainment will keep changing. Also in the contemporary era, there are major shifts away from linear TV.
For filling the gap, Netflix creates a dynamic system that fulfills the entertainment needs of the customers and investors.
For example, Netflix has different entertainment options which include apps for internet entertainment and online systems.
Through the channels, Netflix serves its customers with its contents and keeps every moment enjoyable.
Vision Statement Of Netflix
Netflix’s vision statement goes like this – they focus on becoming global entertainment distribution services.
The statement is focused on what the company wants to achieve. With this, this stresses to have a set of quality bars for improving the videos on demand.
The mission statement reflects Netflix’s leadership position which boosts security in different sectors.
Well, the visions Statement includes the important characters that are :
Become The Best
The approach of becoming the best shows that Netflix is going to settle with the conventional entity.
Netflix already fixed their growth pace which is much higher than normal. To keep up with this, The company remains in adapting the vibrant and features that are users friendly.
Well, this helps the customers to have the best experiences while enjoying the content.
Also, it’s not limited just to the users but to the investors too. They keep corporate governance transparent and tailored.
With the features and approach that makes Netflix integrated as well as customer-oriented. The company is accessing global platforms. The vision is to have a global presence as well.
The inclusion and diversity in Netflix allow the attention that helps to get the strength to thrive successfully.
Also, the company makes sure that the content they serve accommodates the cultural backgrounds too.
Reasons Why Netflix Is Successful?
Netflix becomes a game-changer in how and what people watch.
The content platform successfully distributed the aspect of conventional cable TV and technology-related innovations such as machine learning and digital streaming.
Netflix has been in the market for twenty years, and as the day passes, it’s going more and more innovative.
Not just they successfully mastered the art of gathering their audience but they are giving remarkable experience.
Convenience is what attracts customers.
The biggest advantage that is working for Netflix is that they have the convenience in whatever their audience wants to watch.
They can enjoy their favorite Tv shows, Movies, Series anytime, and also have content on demand.
Netflix also allows its users to watch their shows on any kind of screen as it’s suitable for SmartTv to Smartphones.
Also here they get the smooth experience as well as personalized taste in what they want to watch,
Offers Variety In Options
Netflix put no limitation on what their audience can watch or not watch. Different types of the content match with different tastes.
On the platform, they have a range of movies, documentaries, shows, series, and many more which are distributed by the partners.
Not just that, they divided their content into different genres, tastes, and preferences.
With this, Netflix successfully gathers attention from all kinds of audiences to their platform. And that’s why they have millions of customers every year.
Making Disruption Through Technology
In the beginning, Netflix offered DVDs through mails to their audiences.
Netflix worked over the years at a continual speed to expand its base in the audience.
With every passing time, they moved to different strategies and from offered DVDs, they started the streaming platform for different contents.
Image source: appstoreapple
With the streaming platform, the audience gets easy access to their favorite shows and also in extremely good quality.
To offer more to their audience. Netflix started to create their own shows and sponsoring movies that fall under ‘ Netflix originals’. With unique content, Netflix hit a big number audience across the globe.
Reach To Across The World
Netflix put no limitation on who can stream the platform. With this, they have more than 190 countries to reach and also it helps in having a global reach too.
Regardless of where the audience is, they can pick their subscription and start streaming the shows they like.
However, Netflix does not have all shows in all regions. Also, they have to pay the license for what content they stream.
Based on the markets, the US has the largest market for Netflix. In such countries, they have more content to showcase in their library with more titles.
But in countries like Australia where streaming limitations are restricted, they have fewer shows that are adapted to the specific region.
However, Netflix also has shows based on different languages such as Spanish, German, Hindi, Korean, etc. This allows people from different countries to watch shows with easy access.
Original Content Strategy
To thrive in the long term, the business has to come up with something of its own.
The same goes for Netflix, not just they offered good content in different languages and regions. But offer their own original content too.
Image source: nollymania
Netflix spent around $15 Million in 2019 on its content. Under this budget, around 85% got reserved for the original content, which means Netflix spent more than $12 billion on this.
Unlike the competitors such as HBO Now, Amazon, Hulu, etc Netflix invested the largest amount in their original contents.
Because of this, Netflix is on top when it comes to offering customer satisfaction.
Content Without Ads
The reason why Ad-blocking software received so much popularity is that people despise having ads in between their program time.
Ads are not just the biggest problems that customers face but reduce the customer’s satisfaction too.
Netflix understood the problem and to solve this, they offered their content without any ads.
With this, users can enjoy their shows without getting bothered by annoying ads. The ad-free experiences made the audience choose Netflix over the competitors again and again.
Enhancing Better Experience
When it comes to a better experience, Netflix does all kinds of research on this. The foremost aspect of this is offering a preview video based on the customer created.
The small previews play out in its little card when users do scrolling. It helps the audience to understand what they are re-watching.
Also, Netflix allows its audience to download their favorite content along with subtitles and quality for offline watch.
On top of that, Netflix offers 30 days of free subscriptions to its new users.
Personalize And Recommendation Engine
Netflix tracks records of everything their users watch on the platform.
It includes the type of content they consume, episodes, and time spent on certain shows. The learning machine of Netflix gathers all information regarding their users.
Machine learning helps Netflix to learn about what their customer is watching.
Image source: maketingweek
Also with this, the algorithm of Netflix can easier access to suggest the shows based on what their audience is watching or last watched.
It boosts the automated millions of decision-based on their per user activities which give a better experience and personalized touch.
In case of not having the recommendation engine, the Audience won’t just waste their time searching for what to watch but also it can be annoying too.
And in the Netflix scenario, the recommendation engine becomes the crucial reason behind the success.
Key Lessons: What Others Should Learn From Netflix?
Netflix becomes the first choice that people relate when it comes to binge-watch. Also for millions of people, Netflix is a source of turning their boring evening into a fun and enjoyable time.
Netflix is in the market for more than 21 years. Founded by Reed Hastings and Marc Randolph, The online rental DVD sends my email services later become Netflix where tons of shows and movies stream every day.
The journey of Netflix is inspiring and with that, they have important key lessons for others.
Understanding what happened with the company and how it turned into the biggest platform in the digital era is important.
To know the key lessons here is what you should focus on –
Being Unique Is Not Something To Afraid Of
Following the trends can help the business but creating one can be a game-changer. And Netflix is the biggest example of that.
In an era when online streaming was not considered, Netflix created a video streaming service platform on demand.
This allows the viewers to choose what they want to see and when. The mega change to the era where traditional channels had a specific time allotted for the shows along with ads.
Netflix came up with the ad-free, monthly free subscription, and access to tons of watchable content in their library.
Withe very trend, The company gained the leverage that they turned for their growth. Such as :
- Comfort – Netflix offered the freedom of choosing content to watch anytime and anywhere.
- Technology – The access of the platform allows on any devices.
- Subscription – The low-cost subscription that comes with a one-month free subscription is an attractive offer.
- On-Demand – Selecting the content based on what you prefer and what you like to watch.
- Data-Driven – Apart from recommendation. the platform offers personal preferences.
Find The One Metrics That Grow Along with Business
Well, behind success there are no secrets. But some of the companies fail because they don’t understand their risk-taking capabilities.
Taking too many risks without understanding how it’s impacting the business can be a major problem.
Also undertaking the potential that you have and can help in growing in the market especially in the early days can help.
Loko for the core growth of matrices to measure the success of the steps you are taking. Having real numbers can help in defining growth.
Difference Between The Dumb And Obvious Moves
There are hardly any people out there who use the products because of the sake of it. They all use it when the products help them in solving their problem or impacting in some ways.
In the Netflix case. People get their favorite shows to watch regardless of where they are. Also, it consists of no ads which is the biggest concern of the viewers.
In the end, Netflix is offering convenient and comfortable experiences that people don’t get on other platforms.
Ask the questions like – How is your product going to help and is there any impact?
This will help you in deciding your moves.
Also, problems can be different. For example, your product should help the customers and make them satisfied instead of focusing too much on competition.
In the end, all businesses are serving customers.
The dumb move is to get distracted and start focusing on problems that are not necessary. However, you can solve it but it’s crucial to focus on the most difficult problems.
Nothing Is Important Than Quality
Netflix is an example of how quality drives success. The company focused on providing the streamlining platform instead of making the DVD faster delivered.
The focus was to offer the best quality and experience which helped Netflix to create its loyal fanbase.
Also, it’s important to understand that the more you upgrade the quality, the higher your cost is going to be.
Make sure you are taking all related vertical competition and ask if you can afford it or not.