Musings from the CU Suite

Nov 07, 2017

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.

“Sometimes employees at Netflix think, ‘Oh my god, we’re competing with FX, HBO, or Amazon,” said Hastings, “but think about if you didn’t watch Netflix last night: What did you do? There’s such a broad range of things that you did to relax and unwind, hang out, and connect–and we compete with all of that.”

More specifically, explains Hastings, there are only a certain amount of hours which humans can tend to activities, and Netflix’s goal is to occupy those moments–and deliver the utmost joy to the consumer during that opportunity.

“You get a show or a movie you’re really dying to watch, and you end up staying up late at night, so we actually compete with sleep,” he said of his No. 1 competitor. Not that he puts too much stock in his rival: “And we’re winning!”

Image result for sleep

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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