Are You Still Watching (Your SMART Goals and KPI’s)?
Companies all have different strategies for achieving business goals. Whether it’s through social media strategies or other marketing endeavors, all strategies work to benefit the company and to help them execute their vision and achieve their objectives. One such company is Netflix, one of the leading online streaming services. Netflix has clearly executed their vision to great success as they are one of the biggest and most recognizable companies in the world.
Netflix’s vision/company objective is very clear. Netflix’s company objective, as written on their website, is as follows: “At Netflix, we want to entertain the world. Whatever your taste, and no matter where you live, we give you access to best-in-class TV shows, movies and documentaries. Our members control what they want to watch, when they want it, with no ads, in one simple subscription. We’re streaming in more than 30 languages and 190 countries, because great stories can come from anywhere and be loved everywhere. We are the world’s biggest fans of entertainment, and we’re always looking to help you find your next favorite story” (Netflix). Netflix clearly wants to create entertainment and stories for audiences around the world, consisting of various themes and genres, while also providing an ad-free and quality experience for subscribers.
Many different SMART goals could be set for Netflix. One could involve subscribers. Netflix’s main goal is often to create content that will be big enough and popular enough draw in new subscribers. A SMART goal could be to increase the amount of Netflix subscribers by 20% in one year. This number could be adjusted up or down depending on the amount of subscribers already subscribed, as being the one of the most popular streaming services means there may be a cap on subscribers that can be reached. Another SMART goal can be to have posts about or announcing new shows and movies reach a certain level of reach or engagement, such as at least 10k likes per post.
Various KPI’s could be utilized to measure and track the success of Netflix’s strategies. One KPI that can be used could be reach. When promoting new shows and movies, Netflix wants as many eyeballs on their advertisements as they can get. Measuring and tracking their reach on social media can inform them of how well their campaigns are doing and how many people they are reaching with their ads. More reach equals more likely viewers and subscribers. Conversions is another useful KPI, as links that lead to subscription sign-ups can be tracked this way, helping to measure the success of the campaign getting new subscribers for the service.
Social media is an important part of Netflix’s campaign as they are a primarily digital service. This lends the service well to digital social media campaigns that will easily reach new subscribers. Social media is also the best place for Netflix to expand their reach, through many of their viral series such as Stranger Things or last year’s infamous Tiger King. Netflix would want to utilize social media to run campaigns for new series/movies that will lead to increases in their subscriber count.
Sources:
Netflix. Stories move us.they make us feel more emotion, see new perspectives, and bring us closer to each other. (n.d.). Retrieved March 14, 2021, from https://about.netflix.com/en
