The success of this renowned South Korean survival drama - Squid Game demonstrates that there is no such thing as a one-size-fits-all marketing plan.
If you understand exactly your products and know for sure what your audience would expect from you, there could be numerous valuable marketing techniques to increase sales that you can make use of.
Squid Game was directed by Hwang Dong-Hyuk and filmed for five months on Jeju Island in South Korea. Not only has this film been the buzz of the town, but it has also blown up the box office.
It quickly became the most-watched Netflix series of all time, with over 111 million people watching it around the world.
Netflix has been able to turn the figures around, gaining far more than their initial outlay, with only a $21.4 million investment. According to Bloomberg research, the Korean drama has an "effect value" of about $900 million.
How did this low-budget TV program become so popular in such a short period of time? This article will cover the top 4 digital marketing lessons and methods from the Squid Game every entrepreneur needs to learn.
#1 Marketing technique: Word-of-mouth is more effective than the most expensive sponsored advertising initiatives.
Do you recall the last time you came across a humorous animal video on the internet and felt compelled to share it with your friends? That is, in essence, what word-of-mouth means. It incorporates a viral marketing factor and appeals to the viewer's emotional side.
To be honest, when you open a 100-year-old marketing book, word-of-mouth is generally what you read about; it's considered an all-time classic method.
Squid Game has demonstrated that it can be a powerful advertising tool. Because marketing organizations can't purchase or secure word of mouth, it's generally done naturally.
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However, now that social media marketing is so accessible to brands, businesses might try to start a wave of trends or buzz to get word of mouth flowing.
The second point we should consider is why are people talking about Squid Game in the first place.
There are many wonderful movies or flicks out there, but they do not receive the same amount of attention as Squid Game. The Squid Game is a VERY INTERESTING movie. A GOOD film will not generate positive word-of-mouth, but an INTERESTING film would.
Squid Game isn't your typical movie. Finance, trust, inequality, hierarchy, morals, and family are among the subtle underlying difficulties in society highlighted in this excellent film. Most importantly, the show's games, such as "red light, green light," evoke childhood memories for fans all around the world.
We humans love to share strange things with our friends and family, such as this deadly game of death, since it provides us joy and serves as a wonderful discussion starter. In the case of Squid Game, the horror and violence that put the screenplay on the shelf for a decade really helped it succeed.
#2 Marketing technique: The importance of storytelling
Squid Game was rejected by local studios for ten years because of its "grotesque" and "unrealistic" premise.
Pre-story before the release of the Squid game, such as the one described, is one marketing technique to increase sales for any business. It helps to gain the popularity of the game and will undoubtedly attract public attention.
The phrase "it took ten years" is transformed into a dramatic tale that motivates perseverance and dedication to the goal. People want to discover why something was rejected rather than accepted, therefore rejection piques their interest.
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Furthermore, the inventor of the Squid game built the games on real-life Korean childhood pastimes, and the high-risk, high-reward situation draws parallels with hazardous investments.
Therefore, it is important to say that, relatability is essential in any storytelling. We need to make consumers feel like they have a strong connection to the brand or the program. And from that strong foundation, they will accept and welcome the brand much more warmly.
#3 Marketing technique: Choosing the right distribution channel - Netflix
In the world of marketing, it is critical to position yourself at the right place where you can fully be exposed to the right target audience, and Squid Game is no exception.
Without the Netflix brand, Squid Game may have been a stand-alone picture. However, the Squid Game’s creator was right when choosing Netflix - a movie streaming platform with more than 209 million users worldwide to do their branding show.
Market sizing is a classic marketing textbook exercise. "Squid Game has officially surpassed 111 million fans," Netflix says, "making it our largest series launch ever!" The ultimate result is a market penetration rate of 53.11%! That’s wild!
Furthermore, in the current day, Netflix is regarded as a normal household item. Netflix was most likely subscribed to by your friends, teachers, parents, coworkers, relatives, or neighbors.
As a result, the show may be accessed quickly and easily.
Squid Game does not require a Google search. Squid Game displays in the center of the Netflix app's main page when you first open it.
The consumer experience has been greatly simplified.
#4 Marketing technique: TikTok - The powerful tool of today’s marketing
"If you want to market your brand, TikTok is the way," seems to have become a widespread online saying.
Since the Covid-19 lockout, our perspective of marketing has shifted. TikTok has become a hugely successful company, and its #challenges marketing strategy appears to be a hit.
TikTok has truly taken the globe by storm, free of the distractions of visuals and interruptive advertisements.
If you asked me a few years ago if I could act, I would have told you that the vast majority of people are definitely camera shy. If you ask me right now, I'll most likely email you my TikTok handle.
TikTok has aided a generation obsessed with creativity in taking their skills to new heights. Squid Game has amassed a remarkable level of traction on this platform, nearly establishing an army of fans that support and share the inside jokes.
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Most companies and even artists prefer TikTok over other social media marketing platforms, signaling a change in social media marketing.
TikTok not only revolutionized how marketers communicate with their audiences, but it also established a new standard for how businesses should interact with their customers.
Today, a huge business may remark on a post without needing to be professional. In fact, serious brands who take a more casual approach on the platform receive a lot more appreciation and attention, resulting in more free impressions.
Conclusion: 4 marketing techniques you can learn from the Squid Game - Netflix
Squid Game is a fascinating case study in marketing. Apart from the previous ideas, can you think of any more marketing lessons from the Squid game? Do you think Squid Game will get a second season with all this attention? Yes, we believe so.
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