Does Netflix compete with sleep? They might...
Written by Anthony Demangone, Powered by NAFCU
I read a fascinating article from Fast Company about Netflix. Their CEO believes Netflix is becoming part of a lifestyle. The unwinding lifestyle.
Here were his thoughts.
âSometimes employees at Netflix think, âOh my god, weâre competing with FX, HBO, or Amazon,â said Hastings, âbut think about if you didnât watch Netflix last night: What did you do? Thereâs such a broad range of things that you did to relax and unwind, hang out, and connectâand we compete with all of that.â
More specifically, explains Hastings, there are only a certain amount of hours which humans can tend to activities, and Netflixâs goal is to occupy those momentsâand deliver the utmost joy to the consumer during that opportunity.
âYou get a show or a movie youâre really dying to watch, and you end up staying up late at night, so we actually compete with sleep,â he said of his No. 1 competitor. Not that he puts too much stock in his rival: âAnd weâre winning!â
He's right. In a sense, Netflix is competing with reading. Playing catch. Exercising. (Unless you stream while you're on the treadmill.) His observation was eye-opening.
So what do credit unions compete against within that light?
- Procrastination. This is the year I get my finances in order! Or perhaps next year.
- Impulse. I need the car now. So sure, I'll take your financing. Or I'll use my 24.5% credit card. Researching financial institutions takes too long.
- Laziness. Sure, there may be better offers out there. But that sounds like work.
- Confusion. There are so many offers out there. How do I know which one is the best? It is just easier to stay where I am.
It might be a good exercise at your next management team meeting. What do we compete with in light of the Fast Company article?
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