NASE Blogs

Netflix and Your Business

Sep 29, 2009
Posted by Molly Nelson - You may be thinking that Netflix and your business don't have much in common (except perhaps for a shared appreciation for awesome movies).  However, as Entrepreneur's Daily Dose blog points out, you may be able to borrow Netflix's excellent use of crowdsourcing to help your small business. 

 

Instead of spending time and resources to improve the site's internal movie recommendation system, Netflix offered a $1 million prize to the individual or team that could develop the most accurate model for use on the site.  While your business may not be able to offer a monetary prize on the same level as Netflix, that doesn't mean that you shouldn't try to tap into the knowledge base of your customers (and maybe even potential customers).  You may want to think about something a little more sophisticated than a suggestion box, but simply showing your clients that you are listening will show them that you care, and they just may give you valuable feedback that helps you with your business.