If you don’t disrupt yourself, someone else will. Netflix opened up the world of the subscription business model and in this episode, Netflix co-founder Marc Randolph speaks to Rob all about them! He discusses the beginnings of Netflix, why they chose a subscription-based business, how they found success and how you can too!
A valuable episode full of ideas, tips and wisdom on how to master entrepreneurship and build your own successful subscription-based business.
KEY TAKEAWAYS
When Netflix began 23 years ago, the idea that Netflix would put Blockbuster out of businesses was ludicrous. At the time their goal was simply to have a business that was the size of just one single blockbuster. They had a few things going for them in the beginning, to start with Blockbuster as a company wasn’t liked due to poor customer service and things such as late fees. They decided to disrupt the industry and do things differently; they began with video-rental subscriptions, allowing people to rent as many DVDs as they wanted, for as long as they wanted, for one single recurring monthly fee. The rest is history. Marc is really encouraged by the creator economy and the strength of subscription-based businesses right now. The subscription-based business model has many upsides but the three that Marc attributes to its success the most are:
BEST MOMENTS
“Disruption is not easy but it’s always possible because the things you do most big companies are unwilling or unable or scared to do”
“Now if I know this customer is going to be paying me $3 a month for three years, that’s a hundred dollars of value so now maybe I can spend $20, $30 or $50 dollars to acquire that customer…we are now willing to spend more to acquire that customer”
“My feeling is always be trying things, always be testing things, always be challenging yourself and if you don’t start you’ll never get any place”
“You want someone to be able to say no quickly as that’s the best indicator of whether you’re delivering value to them or not”
“Always be willing to do what’s right for the future, even if it comes at the expense of the present”
[Business, mindset, entrepreneur, disruptors]
VALUABLE RESOURCES
ABOUT THE HOST
Rob Moore is an author of 9 business books, 5 UK bestsellers, holds 3 world records for public speaking, entrepreneur, property investor, and property educator. Author of the global bestseller “Life Leverage” Host of UK’s No.1 business podcast “Disruptors”
“If you don't risk anything, you risk everything”
CONTACT METHOD
Rob’s official website: https://robmoore.com/
Facebook: https://www.facebook.com/robmooreprogressive/?ref=br_rs
LinkedIn: https://uk.linkedin.com/in/robmoore1979