According to Fast company magazine, Netflix is the 5th most innovative company in the world and has experienced quick growth and developed a strong customer base.
At the most recent BBA Tune Up event, we got to hear from the man behind the Netflix brand, SFU BBA alumnus Kelly Bennett. He sat down for a unique fireside style dialogue with the Dean of the Beedie School of Business, Dr. Daniel Shapiro.
As the Dean channeled his inner George Stroumboulopoulos, Bennett talked about Netflix’s rising success, and also touched on his own career.
“My path was not a straight one,” said Bennett, who had not always planned on pursuing a career in the entertainment industry. When Bennett finished his BBA, he was working at Save-On-Foods stocking shelves. After years of working for the company, he decided it was time for a change of pace, and found himself moving to London where he began working in the entertainment industry. Years after that, followed by many transitions, Bennett became the Vice President Interactive of World Wide Marketing for Warner Bros. Pictures. In 2012 he began the next phase of his career as the Chief Marketing Officer at Netflix.
As he reflected on the topic of leadership, Bennett talked about how leaders need to create a culture where teams can give deeper context and have more independence, rather than micromanaging them. “Context, not control,” he says.
Bennett highlighted Netflix’s focus on freedom and responsibility. “At Netflix, we tell our employees to spend company money as if it was their own,” he said. “When team members have to be responsible and defend their ideas, their proposals are a lot more thorough.”
Bennett also spoke about the importance of hiring right and finding passionate individuals that match your company’s culture and have an intrinsic thirst for innovation. At Netflix, “we call them the north stars,” said Bennett. “You want to find the best player in every position. People respond to passion. When someone clearly has a passion for something, it stands out.
So, aside from recruitment, what are some other strategies for success for Netflix?
To stay original and innovative, Bennett says they are moving into programming and content development. “We want to be HBO faster than HBO can be itself. It’s about piercing the consciousness. Finding the ‘it’ factor or ‘virality’ of something in order for it to stand out in a market saturated with content.”
Some of the ways that Netflix will continue innovating are through its data and marketing strategies, including how it uses its analytics and creativity to create new content. Bennett also highlighted how important it is for the company to continue its focus on connecting with customers. The best way to do this? “Traditional market research,” says Bennett, including consumer data and focus groups in the consumers’ homes.
As the evening drew to a close, Bennett had some final words of wisdom as he reflected on his career. “Love what you do. Hone your craft. Take risks. Fail quickly and learn from your mistakes,” he emphasized. “Be willing to fail and do it fast.” And for future CEOs, he added, “Emulate the traits and habits of very successful people”.
Rosa Tang is a 3rd year student in Marketing and Design completing a Joint Major program with the Beedie School of Business. She has worked in social enterprise funding and development for the Vancity Community Foundation, and has previously led SFU’s Young Women in Business (YWiB) organization as President. She hopes to continue her growing interests in community engagement, advertising, design thinking, and brand development by working in New York or San Francisco for a socially conscious advertising agency. Her dream role is to run her own design and branding agency as the Creative Director.