As any business owner knows, there are many factors that determine success. One of the most important is prioritizing growth, engagement and monetization (GEM). The GEM Model helps businesses prioritize tasks and objectives to ensure they reach their goals. Netflix is a great example of how this model can be applied. Let’s take a look at how they used it to help them grow and succeed.
Setting Metrics to Assess Each Factor
Netflix used the GEM framework to set metrics for each factor so they could measure performance accurately. They started by setting goals for each factor – growth, engagement, and monetization – then created key performance indicators (KPIs) that would allow them to track progress on those goals. For example, one of their KPIs was “number of hours watched per subscriber” which allowed them to monitor whether or not people were watching their content for long periods of time. This helped them understand how well their content was engaging viewers and if changes needed to be made in order to improve engagement.
Changes in Goal Prioritization as Well as Confidence in Lower Pricing Plans Over Time
The GEM model also enabled Netflix to make changes in goal prioritization over time as needed based on data they collected from their KPIs. For example, after measuring hours watched per subscriber, Netflix realized that cheaper plans had higher engagement levels than more expensive plans so they decided to focus on creating lower priced plans instead of more expensive ones. This decision paid off as viewership increased significantly over time due to their confidence in the lower pricing plans.
Exercises To Align Leaders On Priorities Every Six Months
Finally, Netflix used the GEM model to conduct exercises every six months where they aligned leaders across different departments on priorities so everyone was working towards the same goal. This allowed them to stay focused on what mattered most and ensured everyone was on the same page when it came time for decisions or changes in strategy.
Benefits Of Using The GEM Model For Cross-Functional Teams
The benefits of using the GEM model for cross-functional teams are clear; it helps you prioritize tasks in order to achieve your desired outcome while keeping all departments aligned with your overall goals. It also helps you identify key metrics that will help you measure performance accurately so you can adjust your strategy accordingly if necessary. Netflix is a great example of how this model can be applied successfully; not only did it help them prioritize tasks but it also enabled them to create successful pricing plans that increased viewership significantly over time. By taking advantage of the GEM framework, businesses can ensure that all departments are working together towards a common goal and have access to valuable data that will help inform decisions about future strategies or product releases.