4 Anti-Complacency Lessons Business Owners Can Learn from Netflix
Netflix is a prominent, multinational organization worth billions of dollars. Let’s look at four anti-complacency lessons that helped Netflix grow into the successful business that it is today.
Complacency is a major roadblock to success in today’s fast-paced business world.
It causes unnecessary delays, slows down your processes, and gradually renders your business ineffective. Once you allow complacency to seep into your operations, it will only be a matter of time before it wreaks havoc and destroys everything you’ve worked hard to build.
The reverse is also true — the most successful businesses are those that have effectively rejected complacency at every level.
An example of such business is Netflix. Founded in 1997, it has grown from being a small website service… into a world-class streaming juggernaut. Today, Netflix has millions of daily users and is raking in billions of dollars in annual revenues. And Netflix wouldn’t have reached these heights had they given in to complacency.
So, in this article, we will share 4 anti-complacency lessons business leaders today can learn from the highly successful streaming company.
Lesson #1 - Innovate Consistently
Netflix started out with a video-on-demand business model. Customers would ask for VHS or DVD copies of the movies they liked… and Netflix would send it to them via mail. But this business model proved lackluster for the newbie company. Netflix was unable to compete with Blockbuster, which maintained its superiority as the leading video-on-demand service.
So, Netflix decided to innovate by taking on the internet. They modified their VOD model to create a new, subscription-based business that delivers content to customers via live streaming.
This move totally changed the entertainment game and ushered in a lot of success for the company. Not only did it help them overcome their competitors… it also catapulted their business into global prominence. And even after achieving success, the company didn’t stop innovating.
They kept adapting with the times and pushing the boundaries to look for new ways to become a better company. They developed new features on the app and launched new, groundbreaking content.
The business world is constantly changing. That’s why innovation is the soul of perennially successful businesses. Companies that don't adapt risk being left behind. Netflix has always been quick to embrace new technologies and trends, and this has helped them stay relevant.
When you constantly innovate, complacency will never be able to take a foothold in your agency. Innovation will help you to defeat complacency, achieve success, and remain successful.
Lesson #2 - Don’t Be Afraid to Take Risks
Netflix has always been willing to take calculated risks in order to grow and evolve. They weren’t afraid to pivot and launch a video streaming service… which was a new concept at the time. The internet wasn’t advanced yet… and many people were skeptical about the quality and reliability of video streaming.
But Netflix took the risk and invested heavily in building out its streaming infrastructure.
Netflix took another calculated risk by producing original content. In 2013, they released their first original series, “House of Cards,” which became an instant hit. This helped establish Netflix as a major player in the world of television and film production.
Netflix’s willingness to experiment and try new things contributed immensely to their growth. It helped them stay ahead of the competition and become a force that media companies face.
And just like Netflix, when you take calculated risks to try new things… you’ll also be a trailblazer in the industry you operate in.
Lesson #3 - Always Improve Your Offerings
The Netflix team is always looking to expand its product offerings to its customers. It’s a major reason why Netflix grew into a successful global company.
They did this through a number of ways:
● They expanded their content library which made them more attractive to prospects.
● They improved the streaming experience and provided higher video quality and faster loading times to subscribers.
● They enhanced their user interface to make it easier for users to find and watch the content they want.
● They diversified their content. In addition to traditional TV shows and movies, Netflix has also started producing a wide range of other types of content, like documentaries, stand-up comedy specials, and reality shows.
● They listened to feedback. Netflix constantly gathers feedback from customers. This has proven instrumental in helping them keep subscribers happy.
Overall, Netflix has made significant strides in improving its service over the past couple of decades. That’s why it’s one of the most popular and well-respected streaming platforms in the world today.
Improving your products and services makes you more attractive to current clients and prospects. It’s a guaranteed way to make them loyal advocates of your business and make them stay with you for as long as possible.
Lesson #4 - Create a Work Environment That Encourages Creativity
Netflix knows that a healthy work environment is critical to the company’s growth and development. That’s why they recruit talents and give them the tools they need to be the best they can be.
The company offers the best salaries, allows open disagreements, and always encourages them to share their ideas openly. Netflix also gives their employees the freedom to do whatever they want… as long as they act in the firm’s best interests.
This freedom promotes creativity amongst their workforce and encourages personal growth. This, in turn, helped accelerate their growth and development.
When you have a workforce filled with creative individuals who are passionate about growth and innovation, you won’t struggle with complacency. And that means you won’t struggle to become successful.
Emulate Netflix And Become a Perennial Success
Netflix may have started out as a small company… but it has grown into an international organization worth billions of dollars.
The secret behind their success is the way they defeated complacency on a consistent basis. Today’s business leaders and executives have several lessons to learn from this… and four of those biggest lessons were outlined in this article.
Taking these lessons to heart will help you grow your own business. And more importantly, it will help kick complacency out of your operations. This way, you can be successful — and stay successful.
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