Is Sleep Really A Competitor?
For many of us it is holiday season.
It’s almost August, how are you feeling month one of Q3 has already gone?
I was recently discussing the Netflix approach of naming competitors and having an alternative view on who competitors are.
Netflix is famous for suggesting sleep (yes sleep) was a competitor. The framing is smart and grabbed the business world’s attention.
In NFLX’s recent share holders letter, Netflix specifically praised TikTok,
“TikTok’s growth is astounding, showing the fluidity of internet entertainment. Instead of worrying about all these competitors, we continue to stick to our strategy of trying to improve our service and content every quarter faster than our peers. Our continued strong growth is a testament to this approach and the size of the entertainment market.”
Something that really leapt off the page for me and hopefully leaps out to you: “We continue to stick to our strategy of trying to improve our service and content every quarter faster than our peers”.
Trust me when I say one large competitor or emerging competitor can send shockwaves through organisations, for years I had Facebook as a competitor and it can really sidetrack senior execs and confuse teams if they do not have clear objectives and goals of concentrating on the customer.
By “managing via press release” Netflix have made it crystal clear to The Street but more importantly to their staff that they are going to concentrate on offering the best service and stay focused on their long term strategy.
This week Focus on aligning the teams on shared goals, aligned to the strategy you and your teams painstakingly put together and producing the best possible product or service not on a competitor or a new entrance into your market.
Have a good week leaders,