Why Netflix and Bank of America Pisses You Off And What You Can Learn from It!

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A friend mentioned that Digg had a “stakeholder violation” and has since turned into a ghost town.  Myspace.   Any others?

What can I say? Sometimes venture capitalists get you there faster. You get to that profit margin and see it out quickly. For instance, youtube used to be such a great site, but after google bought it, the customers have no choice. Sometimes you watch an advertisement before you get to your video. They keep changing things up too. When you make enough money and have enough following, the customers are powerless. That is why Charlie Sheen can go up and do crazy things and youtube and facebook and keep changing layouts even though viewers hate it. The same applies to Netflix. I bet there are still a lot of people who pay more just to have that freedom of watching movies online. Someone can genuinely come and turn the tide around but until then, the owners of Netflix can get some serious passive income.

I’m not suggesting that VC funded or public company’s can’t maintain success, however, these situations always create opportunities for other startups who keep their customer up near the top of the stakeholder chain, or cleverly make them appear #1.  BofA and Netflix are enduring an exodus; those people are seeking alternatives and this is opportunity.

Thanks for stopping by, appreciate the comment!

I am not surprised at at by the Bank of America fees….my banking management experience tells me we are going to see a surge of actions taken by banks to “release” and possibly drive away the “low-deposit” (low profit) customers.

Low balance customers are often not very profitable….however more likely to stand in lines, conduct a multitude of small balance manual transactions etc….or just be an all around “pain in the a**”.

Right or wrong…I will be shocked if minimum deposits and costs dont go way up for access to full service banking.

Netflix is absurd. They would have been better off increasing monthly rates by 35 cents and sending it out on theirs terms & agreements rather than  publicly telling their customers to “take it or leave it”.

Yep. Anytime you’re gonna ask for more money, you better damn sure make sure people are seeing there’s more value being added or else you’re gonna have some drama on your hands.

Thanks MJ for reminding me of this common sense that isn’t always so common. 

I still like Netflix because I never used the DVD feature, but Bank of America has been pissing people off for years.

They charge customers for the most ridiculous things. Its cheaper to just cash your checks and keep in it your safe unless you’re a millionaire and you live off the interest payments.

MJ, great points. But I also want to point out a genius move from BoA in regards to the Debit Cards fees. I’ve seen commercials where they are now having a 1%, 2% and 3% cashback for using their debit card. So, think about it, for the next 3 months they get you used to get money back (in fact, paying you to use it and get used to it) and then start charging for it once the habit has been formed.

I’d like to hear your opinion about that….

MJ. Great stuff. Keep these videos coming! Your thought process and lessons are priceless. Your book is genius.

Just take a look at Zappos.  Tony Hsieh, the CEO, pays his prospective employees to quit.  He either wants the commitment or will pay you to leave.  He wants his employees to emotionally connect with all of their customers to make sure they are treated as top priority.  Everything Zappos does is impeccable. If banks and companies followed this business model instead of the greed model, the US would be a much better (and happier) place.  This is why Occupy Wall Street is not going away anytime soon.  FYI…Tony banked a cool BILLION when he sold a great company to Amazon.

Anytime I raised prices, I always made sure there was a corresponding increase in value.

Sure it’s genius but if you’re a Fastlaner you can see right through their methodology.   I’m sure they also have data that shows that most people < less $500 on their debit card, at which point is break-even for the 1% cash back.

I think Block Buster is cashing in on the mistake NetFlix made. I am seeing commercials all over for BB where you can get the disc in the mail and take them to the store and trade them in.  It also include games and blu ray so extra value. I noticed that exploitation done well by Block Buster the first time I saw the commercial.  TOUCHE! 

Great Stuff, Yeah, I was with Bank Of America for about a year, and found all kinds of hidden charges. Us Bank is doing similar things , and I had to leave them to. I suggest using a credit union over Banks , the money is invested back into its members unlike Corporate Banks.

[...] will probably be skewed to keep investors happy, not customers. (See my video on Stakeholders.) Why Netflix and Bank of America Pisses You Off And What Valuable Lessons You Can Learn from It! Goliath also moves slower. Be quicker. Obviously, not knowing the product I can't say if you [...]