Streaming platforms saw huge success in the past year. It’s unfortunate that the global COVID-19 pandemic was the cause. It has been a challenging time for many marketers, particularly retail. But as we think back on the difficulties of the past year, we can see successes, and learn from them.
Netflix, Hulu, Amazon Prime, Disney+, Apple TV, Peacock, CBS All Access, HBO Max, Criterion, Shudder … so many channels, so many shows, so much time.
Turns out, watching a whole lot of streaming TV in 2020 offered some insight into how brands can be successful and take actionable lessons from an unprecedented year.
1. Fill a Need
Whether it’s the ability to binge watch Friends for the 12th time, having access to the entire oeuvre of the Marvel Cinematic Universe, or anticipating new original episodes of A Handmaid’s Tale, each streaming service lives or dies by its content, the hook that makes it desirable. What do people “need” to watch? Different platforms filled different needs.
A similar maxim held true for brands during the pandemic. Brands that offered relevant solutions during shelter-in-place orders became the in-demand destination. As people stayed at home, casual and loungewear replaced the usual daily uniform. Working at home, and working out at home, increased the need for home office and exercise equipment, respectively. And how much did sales of bread makers increase the past year? (Answer: up to 400% at Bed, Bath and Beyond alone.)
The Lesson:
The more you can shift and refine your merchandise focus to fill specific needs, the better positioned your brand will be for success.
2. Be Available
We literally have entertainment at our fingertips. Any streaming service right on a mobile device. Or tablet. Or laptop. Or smart TV. Apps make it easier than ever. Need to watch HGTV on demand right this second? No problem! Click, click, click and you’re there. It’s available practically wherever you go, and whenever you want it.
During the pandemic, brands had to adopt a similar philosophy. Restaurants needed to serve customers in different ways. More and more offered curbside pickup. Many retail stores did the same, offering online purchase and pickup services. Virtual customer interaction – FaceTime and Zoom – replaced face-to-face demonstrations. Brands had to find new ways to be available to consumers. Online purchases soared, with Baby Boomers being the largest growing demographic.
The Lesson:
The more your brand is able to accommodate when, where and how the customer wants (or has to) shop, the better off you’ll be.
3. Adapt to the Times
With most movie theaters closed for safety reasons the past year, streaming services became an even greater go-to source for entertainment. This forced many movie studios to delay new releases, which continues to this day. Want to see that new James Bond movie? It’s pushed back to October 2021. Studios had to adapt, and some turned to streaming for immediate release. Mulan launched on Disney+ as a premium purchase. HBO Max released Wonder Woman 1984 on its platform the same day as a limited theater release. The times are a changing, indeed.
Refocusing marketing efforts to accommodate merchandise availability. Shifting to promotion of in-stock items. Delaying the release of new items until consumer confidence stabilizes. These are just a few of the many tactics brands employed during the past year. Taking a wait-and-see approach was often the smartest thing to do. In other cases, change was needed to ensure success. Flexibility, adaptability, innovation … these as much as anything gave brands an advantage in an uncertain world.
The Lesson:
Plans change. And brands must change with them.
More than ever, brands must be prepared to adapt, and adapt quickly, to not only the changing needs of the consumer, but to any potential external forces, like say, a global pandemic. Looking at streaming services yielded keen insights that we as marketers can use in our own efforts. Who knew watching so much TV would finally pay off?
For more lessons learned over the unprecedented past year … or just to talk binge-worthy shows … contact me at mattf@jschmid .com or call 913-236-8988.
Tags: adapt, adaptability, availability, flexibility, marketing, Matthew Fey, merchandise, pandemic