2 Quick Tips on the Economy You Need to Know
It feels like we are all subscribed to 20 different email lists these days and who has time to read it all? I certainly don’t.
So, I’m making changes
I often preach to my clients, to other business owners, and to marketers that they need to innovate constantly, and now I am heeding my own advice. This blog — which I’m beyond grateful that you subscribe to — is changing.
I’m going to rejigger this blog going forward. I’ll continue to only send this email out every two weeks but I will now focus my content around two easy marketing, business or data tips that you can use. My writing will be quick and to the point so you have time to think about these ideas and actually do something with it.
I’ll make some other cosmetic changes over the next few weeks and months too, especially around my book launch in April (I’m super excited to share this book with you and as a subscriber to this blog, you will be getting some exclusive giveaways and discounts when the book is released).
So, let’s jump in with my two tips you can use right now.
TIP #1: Netflix is taking over the world. Here’s what you can learn from them right now to market and grow your business:
Netflix recently announced their new streaming subscriber numbers and it’s eye popping. For context, in 2007, Netflix had a total of 7.5 million streaming subscribers. Today? They have over 203 million. Even crazier? Netflix also has the lowest “churn rate” (meaning they have less customers unsubscribing) of any major streaming platform — even though they have continuously raised subscription prices.. Bottom Line: They’ve not only created rocket-ship growth but they’ve built a massively loyal customer base to sustain that growth.
How did they do it?
If COVID-19 has taught us anything, it’s that customers want choice and they want it now! Netflix invented the idea of giving away their original content, all-at-once, so their customers can binge watch episodes when it’s convenient for them (Personally, I didn’t sleep for 2 days binging “Ozark” and I loved that Netflix didn’t make me wait every week for a new episode to arrive in my stream). Name me one other streaming service that does this (across the board) as their business model? I’m looking right at you HBO Max — your old model will continue to hold back your exponential growth.
Secondly, Netflix is constantly innovating by creating great original content. In fact, they just signed a deal to develop a new original movie on the GameStop craziness of last week. Say what? Yes, they already have this deal in production. That’s insane. Ultimately, Netflix is investing in their customers first and constantly innovating with their dollars to give those customers the best experience possible.
Have you ever thought about how you can go against the grain to constantly serve your customers first, before raking in short term profits? Netflix has and it’s built the #1 streaming platform in the world.
Tip #2: Our latest consumer data study says consumers believe the economy will return to pre-COVID-19 normalcy soon. And you need to innovate now to capture their attention. Here’s how:
Our new Wave 12 survey of 200 million+ consumers clearly shows that they believe the vaccine will be the answered prayer to the economy returning to normal. In our December Wave 11 study, these consumers imagined that life would return to normal by June 2022.
But our latest data shows a slight shift — those same consumers hope to spend more freely and re-enter the new-ish economy by late summer/early fall now. You can access our study for free HERE.
The most interesting industry that is facing a massive disruption?
It appears that in-person restaurant dining (and brick-and-mortar retail) will be the last industry to comeback — and they may not fully comeback at all (and we even predicted this would happen in May 2020 HERE.
I am seeing a consistent pattern in our Wave 11 and Wave 12 consumer studies that Americans want online convenience no matter if we eradicate COVID-19 or not. For example, diners are getting so used (indoctrinated) to ordering delivery food from DoorDash, Uber Eats, etc. that it’s become a permanent habit, not just an expedient choice — and they plan to continue this activity even after restaurants open back up and return to full capacity.
What does that mean for you?
To all my marketing and business owner friends considering whether to invest in the comeback (i.e. Should you take your B2B/B2C business into the eCommerce sector?), the answer is a resounding yes.
Do it now, before the rest of the world figures it out in a few short months. Move fast and break things if you have to.
Follow Netflix’s lead, be an outlier in this moment — while everyone else is too scared to innovate or invest in their customers/clients.
Or face being left behind and out of business by this time next year.
PS — When you become an exclusive subscriber to my “Undefeated: Two Tips” bi-weekly data, business and marketing blog, you will always get first (AND FREE) access to our consumer data and insider offers before anyone else (i.e. your competition). If you know someone that will benefit from these key insights, forward this to them and encourage them to sign up HERE.