The document discusses ways that customers can help businesses by leveraging the customer base. It provides examples of how customers can act as promoters by recommending the business to others, as consultants by providing advice and feedback, and as contributors by providing information and knowledge. The key is for businesses to create community-based models that connect customers and allow for value co-creation and crowdsourcing of ideas.
Presentation for newspaper sales reps that offers basic concept and tools to introduce both print reps and customers to online advertising.
Includes research on results of advertising online, professional and consumer media choices, percent of overall budget to allocate to online, value of a click thru, the loss of not selling available inventory, sell online like an insert, and basic advice for media sales representatives.
Companies fiddle constantly with their incentive plans and sales executives are always looking for ingenious ways to motivate their teams. If sales targets are missed, they blame the sales compensation plan and start over. Meanwhile, The finance organization views the comp plan as an expense to manage. That’s not
surprising: Sales force compensation represents the single largest marketing
investment for most B2B companies. So naturally finance tries to ensure that comp
plans have cost-control measures designed into them. Additionally, many companies
respond to cost-cutting pressure from the finance department with incentives that
backfire. More often than not, controls encourage salespeople to spend time with
customers according to the company’s internal needs, rather than when the customer
is ready to buy.
Presentation for newspaper sales reps that offers basic concept and tools to introduce both print reps and customers to online advertising.
Includes research on results of advertising online, professional and consumer media choices, percent of overall budget to allocate to online, value of a click thru, the loss of not selling available inventory, sell online like an insert, and basic advice for media sales representatives.
Companies fiddle constantly with their incentive plans and sales executives are always looking for ingenious ways to motivate their teams. If sales targets are missed, they blame the sales compensation plan and start over. Meanwhile, The finance organization views the comp plan as an expense to manage. That’s not
surprising: Sales force compensation represents the single largest marketing
investment for most B2B companies. So naturally finance tries to ensure that comp
plans have cost-control measures designed into them. Additionally, many companies
respond to cost-cutting pressure from the finance department with incentives that
backfire. More often than not, controls encourage salespeople to spend time with
customers according to the company’s internal needs, rather than when the customer
is ready to buy.
In this complimentary one-hour webinar, Julie Thomas, President & CEO of ValueSelling Associates, unpacks how to construct and tell value-based stories that build trust, demonstrate empathy, and win over decision-makers.
Digital customer growth: Engaging customers in digital channelsTom Nickels
Digital customer growth - a framework
A business model based on customer experience
How to build a strong customer experience
Using digital transformation to build a customer centric organisation
Creating a roadmap for digital customer growth
With countries and commerce opening up, most of us are looking to the second half of the year with renewed energy and high hopes. There are always new opportunities to pursue and new accounts to approach. But how do you start if you can’t get the first appointment?
Join Julie Thomas, President & CEO of ValueSelling Associates, as she shares a simple, proven process to differentiate yourself and gain access to decision makers.
What you’ll learn:
Win over and work with gatekeepers
Establish the rules for engagement the people you meet
Bargain for access to decision makers
Create an AIM Campaign that motivates buyers to act
Who should attend:
Sales Leaders
Sales Managers
Sales Reps (in all roles)
Business Development Representatives
Sales Development Representatives
Sales Enablement
In this complimentary webinar, PJ Nisbet, Managing Director and Founder of Nisbet Associates, a leading provider of the ValueSelling Framework, shares proven, Vortex Prospecting practices that have helped sales teams increase connections made by over 300% and meetings set by 3x.
Join ValueSelling Associate Bart van Eijck as he shares proven approaches to selling higher, including how sellers can present their calls as a value-added interruption, differentiate themselves and forge relationships with decision-makers.
What, exactly, are the behaviors that sales professionals need in a virtual world?
To find out, we partnered with Training Industry to survey 464 sales leaders and sales training decision-makers. The results revealed the most impactful habits — and the glaring gap between those desired behaviors and sales metrics.
Join us as VP of Direct Sales and Partner Success Julie Bregen shares the results and a playbook that sales leaders can use to up-skill the virtual-selling skills of the entire sales org.
This Webinar starts with the big idea to ensure a strategic and truly integrated approach for driving growth and engagement with Webinars.
Moira Vetter, CEO of Modo Modo Agency and Carol Godfrey, VP of Energy of Southwire Company, will discuss 5 fundamentals for ensuring your Webinars drive the results your organization needs. Here is a sneak peak:
1. Drawing from Key Business Strategies to Shape Webinars
2. Building Webinars into an Integrated Marketing Program
3. Content Best Practices
4. Connecting Webinar Engagement to Drive Sales Success
5. Working with IT to Integrate Webinar Data with SFA, CRM & More
Learn how to strategically integrate Webinars to fuel business growth.
How UX Strategy can bridge the gap between brand promise and customer reality, presented by Tim Loo, Strategy Director and Partner at Foolproof, Europe's leading experience design company.
The webinar presentation was first broadcast 13 December 2011.
Speed of the Game: Moving from Data to Insight to ActionValkre
Moving from Customer Value Data to Insight to Action presented by Jerry Alderman, CEO of Valkre at the Institute for the Study of Business Markets Winter Conference, 2013.
En este seminario web gratuito, Frans Coenen, director gerente y fundador de Win Result, proveedor líder del ValueSelling Framework en Europa, comparte junto con Nalliby Haddad prácticas comprobadas de prospección de Vortex que han ayudado a los equipos de ventas a aumentar las conexiones realizadas en más del 300% y las reuniones establecidas por 3 veces.
Med Vortex Prospecting får du en gennemprøvet og skalerbar tilgang, der benytter flere kanaler og strategisk koreograferede kadencer. I dette webinar deler Jens Lind-Winther, Managing Partner hos ValueSelling Associates metoden, der har hjulpet salgsteams med at forbedre kontakter med over 300% og antallet af møder booket mere end 3 gange.
Markets develop so rapidly and evolve in such a deeply complex way that make it ever more difficult to maintain in time a communication capable of building and keeping up with the values of a brand, of a product or of a service, whose awareness becomes every day more important in the confrontation with the consumer. A well-integrated group of high-level professionals enthusiastically devoting themselves to projects adding value to the product and to the companies they work with. Effectiveness, transparency, continuity, clarity and elegance are the characteristics distinguishing our projects. Our team and our portfolio allow us to offer our clients a wide range of services, among which we can provide powerful communication strategies. These are integrated with the graphic solutions most suitable towards the strategic needs developed for our clients.
More info: http://www.steelifecommunication.com
During this complimentary webinar, Doug von Koenig, Managing Partner at
ValueSelling Associates, tackles the hot topic of how to handle objections. He will share an objection handling process that gets results.
This is the world of the sales machine, built to outsell less focused, less disciplined competitors through brute efficiency and world-class tools and training. Recently
sales has been caught off guard by dramatic changes in customers’ buying behavior and sales performance has grown increasingly erratic. The very approaches that made the sales machine so effective now make selling harder. The sales machine is stalling. Leaders must abandon their fixation on process compliance and embrace a flexible approach to selling driven by sales reps’ reliance on insight and judgment.
Companies have become savvy customers; they have often determined the solution and the supplier they need, and the price they are willing to pay, before the salesperson enters the scene. In this competitive environment, the premium on finding, training, motivating and retaining star performers has never been higher.
Because firms only measure past sales performance, they have limited insight into how a salesperson will do going forward and what types of training and incentives
will be most effective. Failing to forecast a salesperson’s future value can lead to costly misallocation of training and incentive dollars. Many firms overvalue their poor performers and undervalue their stars, which might lead to undervalued top salespeople to slip trough their fingers and into competitors’ arms. This article illustrates a novel method for measuring a salesperson’s future profitability to the firm. Future performance is linked to specific types of training and incentives and show how those investments can dramatically boost revenue.
More Related Content
Similar to Leveraging your customer: the multiple ways your customers can help your business
In this complimentary one-hour webinar, Julie Thomas, President & CEO of ValueSelling Associates, unpacks how to construct and tell value-based stories that build trust, demonstrate empathy, and win over decision-makers.
Digital customer growth: Engaging customers in digital channelsTom Nickels
Digital customer growth - a framework
A business model based on customer experience
How to build a strong customer experience
Using digital transformation to build a customer centric organisation
Creating a roadmap for digital customer growth
With countries and commerce opening up, most of us are looking to the second half of the year with renewed energy and high hopes. There are always new opportunities to pursue and new accounts to approach. But how do you start if you can’t get the first appointment?
Join Julie Thomas, President & CEO of ValueSelling Associates, as she shares a simple, proven process to differentiate yourself and gain access to decision makers.
What you’ll learn:
Win over and work with gatekeepers
Establish the rules for engagement the people you meet
Bargain for access to decision makers
Create an AIM Campaign that motivates buyers to act
Who should attend:
Sales Leaders
Sales Managers
Sales Reps (in all roles)
Business Development Representatives
Sales Development Representatives
Sales Enablement
In this complimentary webinar, PJ Nisbet, Managing Director and Founder of Nisbet Associates, a leading provider of the ValueSelling Framework, shares proven, Vortex Prospecting practices that have helped sales teams increase connections made by over 300% and meetings set by 3x.
Join ValueSelling Associate Bart van Eijck as he shares proven approaches to selling higher, including how sellers can present their calls as a value-added interruption, differentiate themselves and forge relationships with decision-makers.
What, exactly, are the behaviors that sales professionals need in a virtual world?
To find out, we partnered with Training Industry to survey 464 sales leaders and sales training decision-makers. The results revealed the most impactful habits — and the glaring gap between those desired behaviors and sales metrics.
Join us as VP of Direct Sales and Partner Success Julie Bregen shares the results and a playbook that sales leaders can use to up-skill the virtual-selling skills of the entire sales org.
This Webinar starts with the big idea to ensure a strategic and truly integrated approach for driving growth and engagement with Webinars.
Moira Vetter, CEO of Modo Modo Agency and Carol Godfrey, VP of Energy of Southwire Company, will discuss 5 fundamentals for ensuring your Webinars drive the results your organization needs. Here is a sneak peak:
1. Drawing from Key Business Strategies to Shape Webinars
2. Building Webinars into an Integrated Marketing Program
3. Content Best Practices
4. Connecting Webinar Engagement to Drive Sales Success
5. Working with IT to Integrate Webinar Data with SFA, CRM & More
Learn how to strategically integrate Webinars to fuel business growth.
How UX Strategy can bridge the gap between brand promise and customer reality, presented by Tim Loo, Strategy Director and Partner at Foolproof, Europe's leading experience design company.
The webinar presentation was first broadcast 13 December 2011.
Speed of the Game: Moving from Data to Insight to ActionValkre
Moving from Customer Value Data to Insight to Action presented by Jerry Alderman, CEO of Valkre at the Institute for the Study of Business Markets Winter Conference, 2013.
En este seminario web gratuito, Frans Coenen, director gerente y fundador de Win Result, proveedor líder del ValueSelling Framework en Europa, comparte junto con Nalliby Haddad prácticas comprobadas de prospección de Vortex que han ayudado a los equipos de ventas a aumentar las conexiones realizadas en más del 300% y las reuniones establecidas por 3 veces.
Med Vortex Prospecting får du en gennemprøvet og skalerbar tilgang, der benytter flere kanaler og strategisk koreograferede kadencer. I dette webinar deler Jens Lind-Winther, Managing Partner hos ValueSelling Associates metoden, der har hjulpet salgsteams med at forbedre kontakter med over 300% og antallet af møder booket mere end 3 gange.
Markets develop so rapidly and evolve in such a deeply complex way that make it ever more difficult to maintain in time a communication capable of building and keeping up with the values of a brand, of a product or of a service, whose awareness becomes every day more important in the confrontation with the consumer. A well-integrated group of high-level professionals enthusiastically devoting themselves to projects adding value to the product and to the companies they work with. Effectiveness, transparency, continuity, clarity and elegance are the characteristics distinguishing our projects. Our team and our portfolio allow us to offer our clients a wide range of services, among which we can provide powerful communication strategies. These are integrated with the graphic solutions most suitable towards the strategic needs developed for our clients.
More info: http://www.steelifecommunication.com
During this complimentary webinar, Doug von Koenig, Managing Partner at
ValueSelling Associates, tackles the hot topic of how to handle objections. He will share an objection handling process that gets results.
Similar to Leveraging your customer: the multiple ways your customers can help your business (20)
This is the world of the sales machine, built to outsell less focused, less disciplined competitors through brute efficiency and world-class tools and training. Recently
sales has been caught off guard by dramatic changes in customers’ buying behavior and sales performance has grown increasingly erratic. The very approaches that made the sales machine so effective now make selling harder. The sales machine is stalling. Leaders must abandon their fixation on process compliance and embrace a flexible approach to selling driven by sales reps’ reliance on insight and judgment.
Companies have become savvy customers; they have often determined the solution and the supplier they need, and the price they are willing to pay, before the salesperson enters the scene. In this competitive environment, the premium on finding, training, motivating and retaining star performers has never been higher.
Because firms only measure past sales performance, they have limited insight into how a salesperson will do going forward and what types of training and incentives
will be most effective. Failing to forecast a salesperson’s future value can lead to costly misallocation of training and incentive dollars. Many firms overvalue their poor performers and undervalue their stars, which might lead to undervalued top salespeople to slip trough their fingers and into competitors’ arms. This article illustrates a novel method for measuring a salesperson’s future profitability to the firm. Future performance is linked to specific types of training and incentives and show how those investments can dramatically boost revenue.
Social networks are critical in sales. Companies and salespeople can improve
performance significantly by understanding the interplay among the different webs
of customers, leads and colleagues they develop.
The sales process can be represented as four distinct stages, which all require a
different set of abilities and network configuration. If salespeople and managers
understand how networks function, they can pinpoint the most effective network
configuration for each stage of a sale and take the actions necessary to create it and
outshine competitors. In each stage of the sales process, the salesperson’s efforts
come down to two essential and complementary types of network-management
actions: managing the information flow and coordinating the efforts of contacts. This
article offers a framework for systematically managing different social networks, by
matching the network to the task. The article also presents three levers managers
can use to encourage salespeople to integrate the network-based view and make the
best possible use of social networks.
This document summarizes three connected pieces of work by Steve W. Martin, that should resonate with salespeople and sales managers alike. A lot of research has been conducted concerning the right capabilities a salesperson should have to become a high-performing top salesperson. This project involved the interviewing of top salespeople and sales leaders to gather more information
about the attributes necessary to exceed your quota.
This interesting articles suggest that successful salespeople need not always
exhibit extrovert tendencies, nor will salespeople be at a complete disadvantage
if they introverts. The author works on a concept proposed by bestselling author
Daniel Pink and proposes the ambivert (referring to an individual who falls
between an extrovert and an introvert) as the ones who are more likely to be
successful in the long run. Basing himself on a sample of salespeople, Adam
Grant, proves his point and offers some pointers for sales managers.
In this article, the authors suggest that sales managers need to realize that not all sales visits to the customers will necessarily create value for the customer. Sales managers need to realize that different sales processes exist when dealing with customers and the key factor determining the sales process is got to be based on how much value a salesperson can bring to the customer. The
authors go on to identify three different types of sales processes and give reasons as to why value based segmentation is the best way to help your salespeople deliver value not just for their customers but also for themselves.
Based on extensive research, this study by the Corporate executive Board
(CEB) builds on their idea of the challenger sale by providing strategies by
which salespeople can better understand the diversity that exists in the decision
making unit of the customer and work on making sure that the diversity does
not drive apart the customers from a key decision. On the contrary successful
salespeople work on developing a consensus in the decision making unit of the
customer and using this to drive home the sale. The various strategies to help
consensus are then elaborated in the article.
A workshop hosted by the South African Journal of Science aimed at postgraduate students and early career researchers with little or no experience in writing and publishing journal articles.
A Strategic Approach: GenAI in EducationPeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
Normal Labour/ Stages of Labour/ Mechanism of LabourWasim Ak
Normal labor is also termed spontaneous labor, defined as the natural physiological process through which the fetus, placenta, and membranes are expelled from the uterus through the birth canal at term (37 to 42 weeks
How to Build a Module in Odoo 17 Using the Scaffold MethodCeline George
Odoo provides an option for creating a module by using a single line command. By using this command the user can make a whole structure of a module. It is very easy for a beginner to make a module. There is no need to make each file manually. This slide will show how to create a module using the scaffold method.
MATATAG CURRICULUM: ASSESSING THE READINESS OF ELEM. PUBLIC SCHOOL TEACHERS I...NelTorrente
In this research, it concludes that while the readiness of teachers in Caloocan City to implement the MATATAG Curriculum is generally positive, targeted efforts in professional development, resource distribution, support networks, and comprehensive preparation can address the existing gaps and ensure successful curriculum implementation.
Safalta Digital marketing institute in Noida, provide complete applications that encompass a huge range of virtual advertising and marketing additives, which includes search engine optimization, virtual communication advertising, pay-per-click on marketing, content material advertising, internet analytics, and greater. These university courses are designed for students who possess a comprehensive understanding of virtual marketing strategies and attributes.Safalta Digital Marketing Institute in Noida is a first choice for young individuals or students who are looking to start their careers in the field of digital advertising. The institute gives specialized courses designed and certification.
for beginners, providing thorough training in areas such as SEO, digital communication marketing, and PPC training in Noida. After finishing the program, students receive the certifications recognised by top different universitie, setting a strong foundation for a successful career in digital marketing.
Introduction to AI for Nonprofits with Tapp NetworkTechSoup
Dive into the world of AI! Experts Jon Hill and Tareq Monaur will guide you through AI's role in enhancing nonprofit websites and basic marketing strategies, making it easy to understand and apply.
Delivering Micro-Credentials in Technical and Vocational Education and TrainingAG2 Design
Explore how micro-credentials are transforming Technical and Vocational Education and Training (TVET) with this comprehensive slide deck. Discover what micro-credentials are, their importance in TVET, the advantages they offer, and the insights from industry experts. Additionally, learn about the top software applications available for creating and managing micro-credentials. This presentation also includes valuable resources and a discussion on the future of these specialised certifications.
For more detailed information on delivering micro-credentials in TVET, visit this https://tvettrainer.com/delivering-micro-credentials-in-tvet/
Biological screening of herbal drugs: Introduction and Need for
Phyto-Pharmacological Screening, New Strategies for evaluating
Natural Products, In vitro evaluation techniques for Antioxidants, Antimicrobial and Anticancer drugs. In vivo evaluation techniques
for Anti-inflammatory, Antiulcer, Anticancer, Wound healing, Antidiabetic, Hepatoprotective, Cardio protective, Diuretics and
Antifertility, Toxicity studies as per OECD guidelines
The simplified electron and muon model, Oscillating Spacetime: The Foundation...RitikBhardwaj56
Discover the Simplified Electron and Muon Model: A New Wave-Based Approach to Understanding Particles delves into a groundbreaking theory that presents electrons and muons as rotating soliton waves within oscillating spacetime. Geared towards students, researchers, and science buffs, this book breaks down complex ideas into simple explanations. It covers topics such as electron waves, temporal dynamics, and the implications of this model on particle physics. With clear illustrations and easy-to-follow explanations, readers will gain a new outlook on the universe's fundamental nature.
Read| The latest issue of The Challenger is here! We are thrilled to announce that our school paper has qualified for the NATIONAL SCHOOLS PRESS CONFERENCE (NSPC) 2024. Thank you for your unwavering support and trust. Dive into the stories that made us stand out!
The topic of this talk is whether companies should listen to their customers when it comes to innovation Let me turn the question on you
To begin answering this question, let me look back to the infamous Segway It would be premature to call the most talked about scooter in the history of humankind a huge bust. But the Segway has always been ahead of its time. For a decade, Dean Kamen fiddled and tested and tinkered with his invention, finally stage-managing its public unveiling in December 2001. He figured 2002 would be the year that the Segway Human Transporter launched a transportation revolution.
In B2B, for example BASF buys compressors, the salesperson at Atlas Copco needs to consider: The buyer: maybe even centrally located, in Germany The influencer: safety engineer The gatekeeper: production engineer Decider: plant manager In B2C, for example family deciding which movie to go to
ANGELA
It’s called the contribution revolution Web 2.0 enables all of us to actively engage
The customers are on the verge of defecting: the idea is that you remind them of your existence. Of course, you better have something good to say
But look at 2006 through a different lens and you'll see another story, one that isn't about conflict or great men. It's a story about community and collaboration on a scale never seen before. It's about the cosmic compendium of knowledge Wikipedia and the million-channel people's network YouTube and the online metropolis MySpace. The tool that makes this possible is the World Wide Web. Not the Web that Tim Berners-Lee hacked together (15 years ago, according to Wikipedia) as a way for scientists to share research. It's not even the overhyped dotcom Web of the late 1990s. The new Web is a very different thing. It's a tool for bringing together the small contributions of millions of people and making them matter. Silicon Valley consultants call it Web 2.0, as if it were a new version of some old software. But it's really a revolution. Read more: http://www.time.com/time/magazine/article/0,9171,1569514,00.html#ixzz131G7pVBC Read more: http://www.time.com/time/magazine/article/0,9171,1569514,00.html#ixzz131G2nlTN
Or to reach new customer segments
Or you can create a forum, an outlet where customers can voice their suggestions and ideas Launched in March 2008
March 2008 Starbucks launched My Starbucks Idea
Launched October 18 2010
The value of satisfied company for the growth of the company comes from them: Are more loyal Buying more over time becoming less price sensitive Lower cost to serve (lower complaint numbers) Giving you good WOM WOM is mostly going to come from Promotors
The value of satisfied company for the growth of the company comes from them: Are more loyal Buying more over time becoming less price sensitive Lower cost to serve (lower complaint numbers) Giving you good WOM WOM is mostly going to come from Promotors
How do they do that? Not necessarily directly to you they do it on twitter and facebook
FRED G. MARTIN Associate Professor & Associate Chair, Computer Science In 1989, I was a co-founder of the undergraduate MIT robot design contest, known often by its course number, 6.270. This project, which was the first large-scale autonomous robotics design contest at MIT, inspired many others and helped ignite the current boom in robotics design contests. As part of the 6.270 work, I co-designed a robotics hardware platform and software environment which were open-sourced and are now in use in high schools, colleges, and universities around the country and the rest of the world. (See the Handy Board and Interactive C). In 2001, Prentice-Hall published my textbook Robotic Explorations: A Hands-on Introduction to Engineering. This text synthesizes the practical knowledge needed to run a design-oriented robotics class at the university level, and is being adopted by many faculty who are using mobile robotics as an entry-point to engineering, computer science, and artificial intelligence classes—including our own Prof. Holly Yanco, who introduced it to the UML 91.450 Robotics I class. Beginning in 1987 with my Master's work with Seymour Papert, I developed a series of robotics design environments for kids. Staying at the MIT Media Laboratory after my doctorate, I continued this work as a researcher with Mitchel Resnick's Life-Long Kindergarten group. This work was partly sponsored by the LEGO Group A/S and became the foundation for the successful LEGO Mindstorms Robotics Invention System, which was launched in 1999.
Vb Crackberry.com
The first role as resource relates to the customer as source of innovation. The second role as co-creator relates to the customer participation in product development and testing.
Granville bikes – a Belgian company using the configurations their customers make online as one of the inputs into NPD, and as a way of spotting trends in the market.
The competition began on October 2, 2006. By October 8, a team called WXYZConsulting had already beaten Cinematch's results. [7] By October 15, there were three teams who had beaten Cinematch, one of them by 1.06%, enough to qualify for the annual progress prize. [8] By June 2007 over 20,000 teams had registered for the competition from over 150 countries. 2,000 teams had submitted over 13,000 prediction sets. [2] Online DVD rental pioneer Netflix Inc. wants recommendations on how to improve its movie recommendation system, and is dangling a $1 million reward as an incentive. The prize , offered in a contest beginning Monday, is part of Netflix 's effort to sharpen its competitive edge as it continues a bitter duel with Blockbuster Inc. and prepares for an anticipated onslaught of services that make it easier to download movies onto computer hard drives. By spurring engineers to develop a better way to decipher consumer tastes, Netflix is betting its market-leading DVD service will become more useful to its 5.2 million subscribers and attract new customers. To win the prize , a software program must improve the accuracy of Netflix 's current movie recommendation system by at least 10 percent. The differences will be tracked by a program that quantifies how well the recommendation systems predict which movies will be liked or disliked by a profiled consumer. "Right now, we're driving the Model T version of what is possible," said Netflix CEO Reed Hastings. "We want to build a Ferrari and establishing the Netflix Prize is a first step." Recommendation software is expected to play an increasingly important role in electronic commerce as Internet companies expand their databases of past consumer behavior.
Community based business models: Aggregate Provide access Connect peer-to-peer
The first role as resource relates to the customer as source of innovation. The second role as co-creator relates to the customer participation in product development and testing.
More and more, companies are also using virtual customer environments to get innovation ideas from customers. This is Dell’s ideastorm.