The prognosticators are making their annual predications on the resurrection or demise of brands. Not surprisingly, Netflix made the list. Which list? Would you believe the former?
In a Forbes article, branding expert Adam Hanft gives Netflix a pass for the 2011 follies. The reasons: consumers have short memories and Netflix is “an emotional brand” lead by an innovative chief. At first, I thought the adjective was a massive type. Surely, Hanft meant idiot CEO.
Come on! How is it Mr. Hastings still has a job? After his Qwikster and price increase debacles cost Netflix nearly 800K customers, tens of millions of dollars in revenue and incalculable brand value decline, he should have been thrown out on his keister by the board of directors. The rank and file get pink slipped for mistakes that sometimes cost the company nothing more than an inconvenience. Rank clearly does hath its privileges.
Hanft cites Netflix’s own original programming as their ace in the hole. Maybe he’s prescient, but to me that’s putting a lot of faith in something only a few insiders and paid critics have sampled. Lilyhammer, their first series to air, may be a gem, but that doesn’t portend a lineup of hits behind it and a viewing public prepared to back to Netflix with their wallets open.
Consumers are emotional, too, and I’m not so sure they’ll ever forgive and forget.
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