Netflix is ​​a subscription-based OTT service

atikmuradseo

Additionally, Netflix has more than 238 million paid subscribers worldwide as of 2023. In the domestic market, it is also recording a leading figure of 38% market share. Growth and a strong marketing strategy are essential to survive amidst numerous platform competition. What was Netflix's marketing strategy that allowed it to grow so much? In today's article, we will learn about Netflix's marketing strategy that captivated customers. Netflix Marketing Strategy Netflix manages brand development and CRM in an integrated manner. Unlike traditional marketing methods that focus on selling through one or two channels, we respond to changes in the market. Netflix specializes in data and customer-centric, personalized marketing. I hope you read this article and apply the strategies learned from the Netflix example to your brand. Netflix Marketing Success Stories Netflix is ​​one of the most popular platforms in Korea, with an average of 12.9 million searches per month. It can be seen as a popular streaming service regardless of age or gender.

As of 2023, the number of monthly Netflix users is said to be approximately 11.74 million. How was Canada Phone Number Data Netflix's marketing, which has achieved unrivaled success as the number one OTT service in Korea, successful? Source: Listening Mind Hubble Netflix's 3 Business Strategies Key partnershi Mission statemen Target audience Netflix started in 1997. At that time, no one knew what Netflix was. With the launch of the Internet in 2000, Netflix shifted to an online movie rental service, initially offering fewer than 1,000 movies. In response to these changes in the digital environment, Netflix quickly changed its business model to a subscription type. This led to exponential growth in Netflix's revenue. It started as a $24 million company in 2000 and has grown into a $203 billion company today. Let's take a look at Netflix's marketing strategy since the early 2000s, which has enabled Netflix's steady growth. 1. Key Partnership Building a key affiliate network is important for global brands. Part of Netflix's strategy has been to partner with the right companies around the world to fit different customer profiles. Netflix has more than 35 business partners around the world, ranging from smart TV brands to software platforms like Apple and mobile carriers like Vodafone.
  

These diverse affiliate networks provide an environment where content is easily available to various Netflix customers around the world and support Netflix's global expansion. 2. Mission statement Netflix's mission is simple. Netflix differentiates itself from competitors such as Amazon Prime Video, Apple TV, and Disney+ by providing a personalized customer experience. Netflix's mission can be briefly summarized as follows. Netflix provides an online streaming service 24 hours a day, 7 days a week, 365 days a year, and you can watch from anywhere in the world as long as you have a Netflix subscription. All videos streaming on Netflix are in high definition. There are hundreds of Netflix original TV shows and movies exclusive to Netflix. AI algorithms provide personalized recommendations based on your viewing history. This strategy is the most important Netflix marketing strategy. 3. Target audience setting Today, Netflix is ​​at its peak of popularity. But success did not come overnight. One key question that influenced Netflix's advertising strategy is 'Who is Netflix's target audience? Netflix understands market demographics and continues to find the optimal way to target that audience. Netflix has continuously expanded its services to various platforms such as mobile apps as well as its website, and has prioritized providing the best customer experience to viewers.