Great insights into the early days of Netflix.
Think Netflix succeeded because of online streaming? Think again. Learn what really made them win.
My key learnings:
(1) Be sharp on your ICP: Ditch DVD sales when it is not the future even when this generates more than 90% of your current revenue.
(2) Innovate on the business model: with subscriptions, customers don’t have to pay late fees ever again, also it’s even faster than going to Blockbuster because the DVD is already in the living room.
(3) Ensure scalable operations: with recommendations, not only customers will get great proposals but the company is in control of what gets sent out where which allowed a next-day delivery across all of the US with just a handful of hubs.
(4) Talent needs vary depending on the stage of the company: ambitious generalists to launch, highly specialized experts to scale.
