Starting as a simple DVD rental 20 years ago, Netflix nowadays is one of the most extensive video-streaming services covering almost all parts of the world. The interface of the service and its huge source of films, series, and TV shows put it on top of providing streaming entertainment. This essay will focus on possible Netflix recommendations, such as financing the gender equality campaign, keeping lower costs, and increasing customer benefits.
Gender Equality Campaign
Gender equality in the entertainment business is one of the core values of Netflix, as it constantly strives toward equal opportunities and rewards for all genders. Throughout the campaign, Netflix encouraged and promoted equality regarding films and series streamed by the service. The principal or co-leading roles in TV shows and movies were overwhelmed with men in 2018, and the campaign results are quite positive toward equality. After the year of campaign promotion, it could be seen that the rate of women leading films grew almost by 5% percent, from 46.4% in 2018 to 50.9% in 2019. Series have seen even more rapid changes, as the primary role occupied by women rose from 50.6% in 2018 to 57.7% in just one year (Smith et al., 2021). The powerful campaign for equality and support for minorities advanced the brand’s image on the streaming services scene. A streaming service that supports equality and respect toward minorities has powerful credibility and a broader target audience to increase income and enhance promotion.
Campaign finance
The marketing campaign of gender equality that is being exercised nowadays by Netflix earns the respect of viewers and increases their loyalty and trust in this streaming service. However, supporting this campaign means creating equal opportunities for all genders, allocating resources, and promoting it. In order to stay effective, the campaign needs constant improvement and financing. Possible campaign financing could be advertisements through partnerships with the same values toward respect and equality. Brand responsibility is a severe topic nowadays, and advertisements of Netflix should take gender equality into account while promoting ads on the service. Partnerships and advertisements that focus on gender equality, respect, and acknowledge minorities are perhaps the best options to budget the campaign (Champlin et al., 2019). Moreover, partnerships that are based on gender equality do not only provide money and resources to pursue the campaign but promote it during the process of advertisement. Last but not least, Netflix could allocate funds to advance the gender equality campaign from the income generated by the company’s subscription model.
Optimization of prices
Today, the subscription prices of Netflix are affordable in countries with a stable economy. However, Netflix should create a long-term plan that does not mainly involve increasing subscription prices. Holding the prices on the same low level and optimizing income and efficiency without increasing the subscription price is crucial for Netflix. Stimulating profit without increasing subscription prices, which are a significant source of income, is challenging, but Netflix achieved it by investing around $6.3 billion in 2017 in creating its original content. As a result, the company reached an overall capitalization of about $130 billion in 2018 (Venkatesan et al., 2020). In order to continue the trend of increasing revenue, the company must maintain a strong brand image that supports equality and shares the values of respect and represent these values in their original series and films. The powerful image of the company is crucial to keep the customers, as the primary source of income is subscriptions and advertisements.
Customer Benefits
Attracting more revenue, increasing the spectrum of customers, and enlarging the company is an essential aspect of any business. However, keeping the existing customers by improving customer advantages is paramount. First, the price of the subscriptions needs to be controlled; by lowering the costs, the company could improve customer benefits. Maintaining the price is an essential part of the competition in the market; for instance, Apple music was the best streaming service along with Spotify, and they charged around 10$ monthly. Although, Amazon has entered the music streaming market by shocking $3.99 a month on its device. As a result, a portion of Apple’s and Spotify’s customers have chosen Amazon. Moreover, the brand responsibility should be followed, and the company must remain credible in front of its customers. Massive companies such as Netflix must strive toward human progress by supporting equality and respect. Companies that share the same values with their customers are prone to customer loyalty and increased customer benefits (Chen et al., 2017). Working on quantity rather than the quality of a price may be a favorable option to increase customer benefits to Netflix. The company could reduce the subscription fees to customers that are subscribed for more than five years by 25%, thus showing that it values its customers.
In order to stay on top of the streaming services, Netflix should focus on various aspects of promotion and customer acknowledgment. The company should encourage gender equality through proper partnerships, control the prices, increase the quality of services and establish progressive values that resemble the beliefs of its customers.
References
Champlin, S., Sterbenk, Y., Windels, K., & Poteet, M. (2019). How brand-cause fit shapes real world advertising messages: A qualitative exploration of ‘femvertising’. International Journal Of Advertising, 38(8), 1240-1263.
Chen, Y. M., Liu, H. H., & Chiu, Y. C. (2017). Customer benefits and value creation in streaming services marketing: a managerial cognitive capability approach. Psychology & Marketing, 34(12), 1101-1108. Web.
Smith, S. L., Pieper, K., Choueiti, M., Yao, K., Case, A., Hernandez, K., & Moore, Z. (2021). Inclusion in Netflix Original US scripted Series & films. INDICATOR, 46, 1-36.
Venkatesan, R., Gibbs, S., & Shively, D. (2020). Netflix, Inc.: The mouse strikes back.SSRN Electronic Journal, 1-7.