I am a big fan of Netflix shows, but even a bigger fan of Netflix itself. The reason being Netflix’s business intelligence (BI) that is secretly predicting the future of sales and marketing. If you also want to be a smart marketer and take your business to new heights, being Netflix intelligent is something you would want to be like. Let’s understand, why?
How Netflix's Business Intelligence is Quickly changing the Sales and Marketing Landscape?
If you are a Netflix subscriber, you would have noticed that Netflix recommends types of shows or movies that you love to binge on. While most businesses now understand the value of data collection and data mining to make informed decisions and meet individual preferences, Netflix goes a step further. The media service provider not just recommends movies or shows to individuals based on their preferences, but also ensures no single experience even for the same movie or show.
So, even if the same movie is recommended to two or more subscribers, they are recommended differently. If Netflix has identified you as a fan of comedy, it will display carefully chosen stills of a movie that have characters laughing, or an actor who is a famous comedian. Likewise, If you’re an action freak, Netflix will find and serve you some of the best action scenes of the movie.
Actually, Netflix uses big data analytics to create different types of user personas based on their previous watches and then serves personalized recommendations in the form of changing thumbnails. Showing changing thumbnails instead of a static poster of a movie, that too with stills carefully picked for different personas, makes recommendations even more exciting and eye-catchy.
So, Netflix ensures no-single-experience for different personas and serves what each user is likely to find most interesting. And, this marketing strategy has been working out pretty well for the streaming service provider.
What’s even more endearing about Netflix is that it’s not just using big data for immensely personalized content curation, but content production too. The remake of House of Cards is one great example to look into.
How did Creators of House of Cards Know that the Show was a Hit Before it was a Hit?
Netflix analyzed a vast amount of viewer data - around 30 million plays, 4 million ratings, and 3 million searches - and learnt that the fans of the original House of Cards, which was aired in the UK almost 30 years ago, were also watching Kevin Spacey’s movies and the movies directed by David Fincher. This vital BI derived from intelligent data models led Netflix to recreate the 30-year-old sensation, which was largely forgotten by that time.
BI processes were used not just for selecting which show to produce, but which actors to cast, trailer making, color palette selections, and character personas as well. The most intriguing part is that BI processes gave so much confidence to the company that it committed to two seasons of the show without even watching the pilot. And the bid for those two seasons (26 episodes) was worth $100 million. Jonathan Friedland, Netflix’s communications director, told Wired, “We know what people watch on Netflix and we’re able with a high degree of confidence to understand how big a likely audience is for a given show based on people’s viewing habits.
Data-driven sales and marketing strategies have done wonders for Netflix to fast-track growth from a mere DVDs shipping company to the most successful streaming service in the world, producing some of the best content. Netflix collects a lot of data of users, such as what people watch, when they watch, where they watch, what devices they use, ratings, searches, when users pause or stop watching, etc, and turns it into smart data for rapid execution.
Netflix’s BI empowers it to act quickly by minimizing complexity, thereby giving a big edge over its competitors. So, the secret to success lies in data mining and finding quickly the right target audience for your products and services.
Gone are the days when only large businesses could use big data to improve decision making because of the high cost of BI software and infrastructure to run it. Cloud computing solutions such as AWS data integration and deployment services have nicely levelled the playing field. So, even small firms with sales under $100,000 a year could use big data to make informed decisions quickly and skyrocket business growth.
Why Choose Evon for BI Solutions
Evon caters to businesses of all types and sizes to extract essential business information from large volumes of business data and use it to make better and more informed choices. Evon has an expert team of business intelligence analysts who are well versed with latest cutting-edge BI tools. The range of BI services that Evon covers include BI consulting, BI dashboard services, BI tools, BI architecture and design, and BI implementation.
Evon empowers corporate decision makers to get analytical results via data visualization in the form of charts, infographics, etc. It becomes so easy for decision makers to make sense of data and grasp it quickly after performance scorecards, key performance indicators (KPIs) and business metrics are displayed as visualized data. And, this is what Evon has been making possible for various businesses across the globe.
BI Advantages that Evon Provides to Businesses
- The ability to make informed decisions quickly
- A structured way for turning your business into a runaway revenue generator machine
- Competitive edge
- Improved efficiency of business operations
- Quality enhancement of customer service
Modern businesses know that BI is going to be the future of sales and marketing, and without right BI solutions in place, it’s more like shooting in the dark. BI solutions help bring acumen to businesses that allow them to compete strongly in the highly competitive marketplace of today. Contact us for CRM implementation and marketing automation services, and we promise to get back to you shortly to get you started on what’s going to be inevitable.
