Netflix’s $100Billion market-cap milestone and continued growth is reflective of good management practices. But it takes more than good management to grow a $100Billion company in 20 years, especially when the original competitors (i.e. Blockbuster) are long gone. For leaders looking to grow their business and keep customers happy, here are three ways Netflix knocks it out of the park. #NetflixEarnings
Hire the best talent, regardless of the norm. In an entertainment world where youth reigns, Netflix Original Grace and Frankie stars 80-year-old Jane Fonda and 78-year-old Lily Tomlin. Fans could not get enough of Laverne Cox, the first openly transgender person to be nominated for an Emmy, in Netflix Original OITNB (Orange is the New Black). These actors break the Hollywood mold with impeccable talent.
Be flexible. Flexibility can go a long way towards growth and customer satisfaction. With Netflix, subscribers can “Watch Anywhere. Cancel Anytime.” In some shape or form, I plan on keeping my Netflix account open forever. On the flip side, after numerous calls to my cable company complaining about service and asking for a better rate, I have 26 days until my cable contract is up (but who is counting). Day 27 can’t come soon enough.
Do the right thing. Netflix fired Kevin Spacey, the star of House of Cards, after sexual harassment claims. Reports show it cost Netflix $39Million by throwing away content they “decided not to move forward with”. Who knows what it would have cost Netflix with customer protests if Spacey was not fired, but saying no to sexual harassment was not only the right choice, but the only choice.
There is no one way to master organizational growth and customer loyalty, but if there were, hiring the best talent, being flexible, and doing the right thing would surely be part of the formula.
Share your thoughts on what leads to company growth and customer loyalty.
Christina is a LinkedIn Learning Insider and author of Managing Multiple Generations. Click here for a preview of Christina’s video or learn about a number of topics on #LinkedInLearning. #NetflixEarnings
Originally published on #LinkedInLearning