SMART Goals & Social KPIs for Netflix
SMART Goals & Social KPIs for Netflix
Background
Netflix is a subscription-based streaming service that enables its customers to watch TV shows and movies without commercials on their Internet devices (Netflix, n.d.). Since Netflix was launched in 1997, it has upheld its mission to entertain the world. As emphasized by Netflix, “Whatever your taste, and no matter where you live, we give you access to best-in-class TV shows, movies and documentaries” (Netflix, n.d.) Compared to similar services, Netflix is unique because it offers a vast selection of movies and television programs, presentations of original shows, and an easy-to-use interface.
Company objectives
Netflix has a solid commitment to its company values. Specifically, these values are judgment, collaboration, communication, curiosity, courage, passion, selflessness, innovation, inclusion, integrity, and impact. Netflix conveys its company objectives through its services and dedication to entertaining its consumers and sharing impactful stories.
Netflix also values sustainability, a crucial facet of its communications and operations. According to Netflix, 160 million households worldwide chose to watch at least one film or show on Netflix [i.e., Our Planet] in 2020 that helped viewers better understand environmental issues (Netflix, n.d.). Interestingly, they do not include emissions from internet transmissions or electronic devices members use while watching Netflix.
Netflix’s company values, objectives, and services primarily relate to customer experience. As I learned during this week’s lecture from Profesor Blitch, this type of objective is crucial because it emphasizes converting customers [in this case, Netflix subscribers] into loyal brand advocates. In this scenario, Netflix values providing positive customer experiences. The more a customer watches TV shows and movies on Netflix, the better recommendations Netflix provides on shows based on their viewing activity (Netflix, n.d.). Similarly, they apply this customer-oriented philosophy to their social media strategy by entertaining, engaging with, and listening to their followers on social media. For example, Netflix recently [and humorously] updated their Instagram bio to reflect the upcoming Stranger Things release after their followers relentlessly commented for the show to renew.
SMART Goal
Karin Olafson of Hootsuite emphasizes in the article, 19 Social Media KPIs You Should Be Tracking, that SMART Goals need to be specific, measurable, attainable, relevant, and time-based (Olafson, 2021). When developing SMART Goals for Netflix, they focus on increasing engagement on their Instagram page due to increased community-building. When users subscribe to Netflix, they become loyal brand advocates.
Specific: First and foremost, it is paramount to establish specific SMART Goals. In this scenario, a specific SMART Goal for Netflix is to increase engagement on Netflix’s Instagram by 25 percent within three months.
Measurable: It is essential to measure a SMART Goal’s success. For instance, Netflix could measure engagement on their Instagram page by evaluating follower count at the beginning and end of the specified time.
Attainable: To make sure a SMART Goal can be achieved, Netflix must ensure that they are capable of achieving it. In this case, Netflix must post consistently on their Instagram account and share valuable content to potential and current subscribers.
Relevant: This SMART Goal relates to Netflix’s objectives because they are dedicated to entertaining its consumers and sharing impactful stories. By increasing engagement on Instagram, Netflix builds relationships with its subscribers and followers. In turn, these actions can result in increased Netflix subscriptions.
Time-bound: There needs to be a specific timeframe for achieving a SMART goal. In this case, the period is three months. In three months, the SMART Goal could be evaluated each quarter.
Social KPIs to track
Social KPIs are advantageous in evaluating if Netflix’s SMART Goal is met. According to Olafson, “businesses use KPIs to determine performance over time, see if goals are being met and analyze whether changes need to be made” (Olafson, 2021). Based on this information, KPIs Netflix can track include:
- Follower count
- Likes
- Comments
Social media and achieving SMART Goal
Social media will help achieve the desired SMART Goal because it can help Netflix increase engagement. According to Your Target’s article, 5 SMART Goals Your Business Can Achieve With Social Media, increasing engagement is paramount because it leads to brands building long-lasting relationships with their intended audiences (Your Target, 2020). Therefore, Netflix could build upon its current social media strategy by utilizing stories and polls to track results and connect with its audience.
Social media and achieving KPIs
Similarly, social media will help achieve the previously mentioned KPIs because they provide valuable insight into a SMART Goal’s success. Chloe West of Sprout Social explains in the article, 7 essential Instagram metrics to measure performance that evaluating KPIs such as comments received tells brands how engaging their content is (West, 2020). By utilizing these types of KPIs, Netflix could assess and tailor their content based on their followers’ reactions. Utilizing analytics platforms like Hootsuite could give Netflix additional insight into their followers’ interactions with Netflix’s page.
Desired outcomes from social media efforts
In conclusion, the desired outcome from social media efforts is increased engagement on Netflix’s Instagram page. While this is the primary desired outcome, Netflix’s presence on Instagram also correlates to community-building and increasing global subscriptions. As a result, the desired effects are multi-faceted to achieve Netflix’s objective of entertaining and captivating its users.
References
Netflix. (n.d.). About Netflix. https://about.netflix.com/en
Netflix. (n.d.). About Netflix — Net Zero + Nature: Our Commitment to the Environment. https://about.netflix.com/en/news/net-zero-nature-our-climate-commitment
Netflix. (n.d.). Netflix — What is Netflix? https://help.netflix.com/en/node/412
Olafson, K. (2021, May 17). 19 Social Media KPIs You Should Be Tracking. Hootsuite. https://blog.hootsuite.com/social-media-kpis-key-performance-indicators/
West, C. (2020, December 10). 7 essential Instagram metrics to measure performance. Sprout Social. https://sproutsocial.com/insights/instagram-metrics/
Your Target. (2020, December 10). 5 SMART Goals Your Business Can Achieve With Social Media. https://blog.yourtarget.ch/en/-5-smart-goals-your-business-can-achieve-social-media
