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Netflix Forgot The First Rule Of Brand Growth: Adore The Core
Netflix's recent strategy highlights the critical importance of prioritizing existing customers over solely chasing new acquisitions. For brand strategy, this underscores the need to nurture and 'adore' the core customer base to ensure sustainable growth, rather than risking alienation for short-term gains.
Brand Strategy Insider: Brands seem to fall victim to some of the clearest, most detectable, beyond-doubt brand-building principles. Netflix is our latest example. One cannot say this enough: adore your core. Focusing on gaining new customers at the expense of current customers is death-wish marketing. Yet, Netflix has for years wooed Wall Street with its acquisition numbers. Wall Street wants growth, and it has a habit of penalizing streaming brands when acquisition numbers are too low.
The article addresses a significant shift in Netflix's strategy that has broader implications for brand growth, emphasizing the importance of core customers, which is highly relevant for brand strategy professionals.