Netflix is the first and largest streaming company in the world, which for many decades has reigned and has been growing in subscriber numbers. However, in recent months, the platform has been going through a very bad phase, with a considerable decrease in the number of users.
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With this crisis that streaming has been going through, we can draw a parallel with foodservice, which in 2019 was recovering from a crisis, until arriving in 2020 and 2021 and entering an even bigger one.
Competition
The first lesson we can learn from Netflix is about competition. For a long time the platform was alone in the market, but in recent years several streaming services have emerged, with important differentials.
It is true that these companies learned a lot from Netflix, but in addition, some of them came with a greater learning experience, starting well enough to compete with the pioneer. Some examples are Disney+, which already had experience in its own productions, something that Netflix had to fight a lot to learn, and Amazon Prime Video, which has already started off very well by inserting streaming on the prime company.
And now there are still rising streams in the market, such as Paramount +, Star + and HBO Max. What does this teach us? That no matter how good the company and its relationship with the customer are, they will always give new experiences a chance.
In foodservice, there are countless new establishments opening every day, stirring up customer curiosity. And for that you need to have maturity and resilience. With that and working with the pillars of business management, it is possible to maintain growth, even with competitors around, and reinvent yourself whenever necessary.
price increase
Another point of Netflix's crisis is the price increase, which caused a huge wave of subscription cancellations. Many times, in foodservice, we avoid price adjustments for fear of customer evasion. And that could actually happen, as is happening with streaming.
The answer to this problem is to offer impeccable work, so that your client feels that it is worth paying. for your product, regardless of the value, and also always come back to you, even trying it out competition.
Finally, Netflix today pays for the decisions it made in the past. For example, when streaming was still growing, the company allowed the password to be shared, getting its customers used to the practice.
Today, in times of crisis, this practice brings a great loss to their coffers, as thousands of people could have their own subscriptions instead of sharing with others. But if Netflix prohibits sharing, the rejection of streaming will be even greater.
The lesson of all this is: think about the consequences of your decisions in the future. If you offer free packaging when the customer orders it to go, or offer free shipping on delivery, among other treats that can pass kindness to the customer, this can have a very bad effect when you can no longer afford them and have to pass the demand. Therefore, it is very important to take precautions and think about the future, so as not to be harmed by your past choices.
Another Netflix attitude that impacted the numbers was the withdrawal of programming in Russia, which caused it to lose about 700,000 subscriptions. However, this decision has remained faithful to its values, and that is very important.
