Your brand's presence is currently led by the best customers. They believe in your brand for a reason:
They see a value beyond just your product or services' intended use.
They can be an ambassador to convince Potential Believers to joining the fold or keeping Habituals/Hostages from leaving. Understanding their drive is key to both maintenance and future innovation.
McQueen Analytics applied this approach to the streaming industry, studying Netflix, Disney+, Paramount+, and Amazon Prime Video.
We found a dominating 47% of the population as Believers in the Netflix Brand with 21% for Disney+, 15% for Paramount+, and 29% for Prime Video. These are current paying customers getting the most value from the Brand.
For Netflix, these Believers' subscriptions represent about $460 million of their total revenue. The other streamers, with their lower percentages of Believers, also have a portion of their revenue attributed to their best customers.
This, truly, is where Netflix flexed their dominance the most in our study. Their pioneering emergence continues to lead the field throughout their, and the market's, evolution.
Beyond the bold, red N, the growth of Netflix's user base has come to rely upon things like:
Recognizing points of value will keep the Believer portion of a Brand's population enthused to a possible point of evangelizing. Innovation will be key to continue to add further points of value to keep a Believer entrenched, as Netflix has clearly been able to do.
Balance will also be key in retaining the previously covered Habitual Buyers as well as converting the Potential Believers waiting in the wings.
Seeking the Believers in your brand and following their guidance will move others to the brand for the same reasons. The repeated process will continue to add to the fold.