Content Marketing, Less Is More
I am a subscriber on Netflix, and I am a big fan of its original series. A few years ago, when I watched Bojack Horseman, an adult animated comedy-drama, I noticed that the show was one of Netflix’s original series. Nowadays, Netflix spent a lot of effort making its contents diverse enough to serve different customers’ tastes. For instance, Netflix now has different original programs in different countries. Besides copyright limitations, Netflix is conscious that different markets have different demands for content. But is Netflix doing the right thing? Do customers really want to spend extra money on the diverse but expensive streaming service Netflix provides?
Netflix: Paid-subscriber Growth Declining
According to an article dated Oct. 16 on The Wall Street Journal, while Netflix’s recent financial report shows its earnings in 2019 third-quarter exceeded expectations, its paid-subscriber growth is continuing to decline since 2012. How to boost its streaming business in this fiercely competitive industry becomes Netflix’s number one problem.
Customers Want Less
As discussed in the article, the author illustrated that for many viewers, the best content is not what they truly want. Actually, having more and better content also means paying more money for the service. Lots of viewers would rather choose cheaper streaming services with limited options and offerings effortlessly than have numerous options at a higher price.
Less Is More in Content Marketing
Content is crucial when we market our products. In many situations, less is more. It is interesting that customers do not always know what exactly they want. But they do know what they don’t like. Customers are not willing to pay for products that they are not familiar with. Too much content and too many options can be confusing for customers when they make choices. In the world of marketing, targeting more precisely can be better than providing more content.
What Can We Learn from Disney Plus
For Netflix, I think they can create different streaming packages with different content and price level. It already has basic, standard, and premium plans for $8.99, $12.99, and $15.99 a month. Even the cheapest basic plan is 28% more expensive than Disney Plus monthly plan which costs only $6.99. While Disney Plus mainly focuses on big blockbusters like Marvel and Star War, Netflix has more genres and options. As we discussed, customers seem to hate too many options. Maybe it’s a good time for Netflix to sell different content bundles to different customers now. For example, it can make one plan to only sell its original series for a cheaper price.
Thanks for your reading and hope you had a great weekend!
Reference and read more about Netflix: The One With the Wavering Subscribers
