Netflix's legendary engineering team is known for its data-driven culture and frequent micro-deployments, which have contributed to its success in the video industry. The company uses a virtuous cycle of product innovation, constantly testing changes on new users and using past data to optimize their strategies. However, focusing solely on one metric can degrade other metrics, so it's essential to have a contra-metric to keep an eye on. Businesses can learn from Netflix by having clear goals for changes, breaking down projects into easily quantifiable chunks, and leveraging domain expertise through iterative testing.