Creative agency collective The Mission Group has today (19 July) released its bi-annual Mission Brand Bonding Index (MBBI), which provides in-depth analysis on how global brands are perceived by customers.
The group’s latest report has proved particularly damning for US streaming giant Netflix, which saw a 20% dip in its popularity indicators, slumping into 22nd place overall – despite placing 2nd in the previous index.
Incorporating data from a YouGov survey of over 3,000 respondents alongside 61,000 data points and 12 source categories, The Mission Group’s MBBI also found that only 19% of those surveyed believed that Netflix produced genuine quality content, and less than half (49%) believed that the service currently offered good value.
Further findings indicated that positive sentiment for the brand was very low, at close to 10% (11%) with under 20% of respondents (18%) feeling that Netflix was in any way customer-focused.
The report’s findings seem to echo sentiments of a general downward trend for the brand over the last few months, as it attempts to battle falling subscriber numbers with price increases and potential plans to introduce limited advertising.
A global cost-of-living crisis and increased competition and diversification in the sector have been cited as reasons for Netlfix’s alarming decline – the service has said that it expects to lose a further 2 million subscribers in the three months to July, having already lost 200,000 earlier this year -the first time the firm has encountered a significant downturn in subscription numbers in over a decade.
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As a result of its underwhelming performance, Netflix has suffered significantly in the stock market, seeing its share price tumble by 35% in one day after an investor sell off, announcing soon after that it planned to cut up to 450 jobs from its workforce.
“Netflix was the second most popular brand in our index when we launched the MBBI, and its precipitous fall shows exactly how far changing consumer sentiment can damage a brand and have serious financial implications for its future,” The Mission Group, Krow.X head of consultancy, Eliot Sykes said.
“Brand behaviours, large and small, can translate into measurable, real-world results. This can be positive or negative and there is always the potential to reverse setbacks with creative customer engagement.
He added: “Netflix faces the challenge of winning back the hearts of consumers – particularly in these challenging times where disposable income is falling at a record rate and consumers are forced to be particular with where they spend cash.
“Competition is also increasing and perceptions around quality, value for money and customer focus are going to be critical to future success.”
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