Here's a few lessons every business can take away from Netflix:
1. Even if THEY say no, you say YES.
Blockbuster turned down a partnership with Netflix. Netflix wanted to team up with Blockbuster to use them for mail to home rental movie services. Netflix pitched Blockbuster as a value add of their company. Netflix would have been, basically, owned by Blockbuster. Blockbuster turned them down. THEY didn't see the value. So Netflix decided they were going to offer the service anyway without Blockbuster's help. And the rest is history.
2. Always Improve
Netflix got into the streaming movie business. They saw the potential and ran with it. Netflix took a simple idea that was already being offered from cable and satellite companies by offering OnDemand movies as well. This gave their clients (and now Blockbuster's customers) more options. Taking away cable companies' subscribers away for not having to pay for premium channels. HBO has 800,000 subscribers. Netflix: 74.6M.
3. Be OPEN to Change.
This is the biggest and hardest ones for companies to grasp.
Kodak didn't see the digital age.
Yoplait the #1 yogurt company missed the Greek yogurt bandwagon and got pushed to #3.
Myspace....................well enough said.
Netflix started out as a mail order DVD rental company. Not wanting to become the next Blockbuster, they took advantage of the streaming movie and OnDemand business. But I bet when they started out, they never dreamed of being the next Weinstein Company and become on of the leading and most in demand movie studios! But they were open to it. Saw the demand and created Netflix original movies and hit shows such as, "The Orange is the New Black."
In fact, Netflix is in demand at Sundance and other film festivals. Where producers and companies are buying up their movies & tv shows in huge demand. But, not only that, actors are running after them as well. Amazon saw what Netflix was doing and got on board quickly. Amazon didn't want to miss out on it either.
So let's take these tips from a company who went full circle and is riding the new wave of this ever changing business world. Where our customers show us where the world is headed.
Dan Marx is a leading expert in both supply chain & business development. Inspiring future leaders & entrepreneurs through life stories & experiences with workshops, events, thought leadership guests spots and more.