Here's what you can learn from "the man who revolutionized how the world consumes content!"

Monday: MicroBusiness and Marketing Marvels FROM THE DESK OF MILES EVERSON: Happy Monday! How are you doing? We hope you’re ready to kickstart another awesome week. Let’s have our dose of motivation by talking about our “Marketing Marvels.” In these articles, we talk about outstanding individuals and highlight their experiences, insights, and contributions to their respective industries. Ready to know more about today’s feature? Continue reading below. CEO, MBO Partners Chairman of the Advisory Board, The I Institute

Here's what you can learn from "the man who revolutionized how the world consumes content!" Reed Hastings: Co-Founder and Co-CEO of Netflix Netflix is a streaming service and production company headquartered in Los Gatos, California. It offers a wide range of award-winning TV shows, movies, documentaries, and more on thousands of Internet-connected devices. Subscribers of the platform can watch films as much as they want for an affordable monthly price. There’s always something new for viewers to discover as new shows and movies are added every week! As of September 2022, Netflix has 222 million subscribers worldwide. From initially selling and renting DVDs by mail, the business has since expanded into a digital company that operates in 190 countries. What has led to Netflix’s growth and success over the years? Part of that is attributed to the leadership, management, and marketing strategies of one of its co-founders… Reed Hastings is the co-founder and co-CEO of Netflix. He sits on a number of boards and non-profit organizations, and is a strong advocate for education reform through charter schools. Hastings graduated with a Bachelor’s degree in Mathematics from Bowdoin College in Brunswick, Maine in 1983. After graduating, he served in the U.S. Marine Corps before studying for his Master’s degree in Computer Science at Stanford University in 1988. After earning his Master’s degree in 1991, he became a software developer and founded Pure Software (now called Pure Atria Corporation). In 1997, Hastings had an idea of a subscription-based movie-rental service after incurring a large late fee when he failed to return a store-rented video cassette. This gave birth to Netflix, which he co-founded with his business partner, Marc Randolph. At first, Netflix customers were only allowed to rent each DVD for a 7-day period. As time passed, Hastings and Randolph changed the system to allow customers to rent an unlimited number of DVDs by paying a set monthly fee. Hastings expanded Netflix through movie studio partnerships and marketing campaigns that emphasized the brand’s catalog of indie films, documentaries, and other shows not easily available through other platforms. In 2007, Netflix shipped its billionth DVD and subsequently launched applications that allowed customers to access movies and TV shows through streaming downloads. Today, the company is known not only for its brand exclusivity but also for its personalized content. What enabled Hastings to turn Netflix into a billion-dollar brand? Thinking GLOCALLY (Globally + Locally) Hastings knows thinking globally and acting locally is crucial to understand how each country reacts to Netflix’s content. This is one of the reasons why the company makes sure to personalize its offerings depending on where a subscriber is located. For example: For Netflix’s first original content, “House of Cards,” the company created 10 different trailers to show to 10 different kinds of audiences. The same approach applies to the brand’s show artworks: Displaying a different image depending on a user’s content preferences. Because of these strategies, Hastings is able to guide Netflix in meeting customers where they are, while also giving them impactful and engaging experiences. Talent Management Hastings is known for establishing a “‘No Rules’ Rules” policy at Netflix, where employees are only guided by a 5-word principle: “Act in Netflix’s best interest.” This principle has made employees more responsible in doing their jobs excellently over the years. As Hastings said: “We want people for whom freedom and responsibility work.” Taking Advantage of Various Online Trends Hastings is 62 years old now, but that doesn’t mean he’s ignorant about social media and the online world. In fact, one of his instructions to his workforce is to always look out for and take advantage of various online trends to create relevant content and generate highly engaged followers on Netflix’s social media accounts! So, if you see Netflix posting memes, GIFs, polls, and other types of content online, you know who’s the mastermind behind those! Through social media, Hastings helps Netflix engage with its target audience and take every opportunity to remain relevant. Part of what makes Netflix successful is because as a leader, Hastings knows how to think long-term, give employees the freedom to innovate, and anticipate future market changes. According to him: “We knew that eventually, DVD would become streaming, but we didn’t know when, so we thought if we build a business that’s Internet-based, we’ll be in a great position to navigate that to streaming.” The result of that? Not only did Hastings turn Netflix into a billion-dollar brand but he was also acknowledged by Forbes as “the man who revolutionized how the world consumes content!” … and until today, many are looking up to him in terms of leadership, talent management, and marketing. With a vision and the right execution, you’ll also be able to do things like Hastings—able to position his brand into something his target audience enjoys. Hope you’ve found this week’s insights interesting and helpful. Follow us on LinkedIn. Stay tuned for next Monday’s Marketing Marvels! Have you heard the term, “growth hacking?” Learn more about Sean Ellis and his ICE Score Model on next week’s Marketing Marvels!