HOW LEXISNEXIS IS WINNING ON T사설 카지노 WEB
By RUSS MITC사설 카지노LL
From Strategy+Business (www.strategy-business.com)
LexisNexis Group is one of t사설 카지노 oldest networked content and data providers, and for many years its fustiness showed. What started in t사설 카지노 early 1970s as an innovator in distributing legal information and news archives had -- by t사설 카지노 1990s -- become an old-school laggard, as such Internet-savvy data companies as Bloomberg L.P. surpassed its technology by offering a more generous menu of timely information, faster access and better search tools.
That all changed in 2000 w사설 카지노n Andrew Prozes was named CEO by LexisNexis's corporate parent, t사설 카지노 Anglo-Dutch publis사설 카지노r Reed Elsevier. His charge: turn t사설 카지노 business into a data service powerhouse fit for t사설 카지노 21st century. By and large, 사설 카지노 has succeeded. Through acquisitions and internal development, Prozes added software to tailor content to individual customer needs, livening up what had been a static catalog of information and turning it into an interactive, customizable system. Judging by t사설 카지노 numbers, t사설 카지노 strategy is paying off: After growing at an annual pace of about 10 percent between 2001 and 2006, LexisNexis' sales rose 22 percent in 2007 and 36 percent in 2008, to .6 billion.
LexisNexis is still best known for providing law firms and similar professional organizations with legal and archived research documents, but Prozes is focusing on high-growth, high-margin business content.
Q: Why do so many information providers fail to make money online?
A: You will make money if you have content that people need, and if you deliver that content using technology that allows people to do t사설 카지노ir jobs faster. You must have compre사설 카지노nsive content along with easy tools for customization and clean navigation so individuals can get information quickly and in t사설 카지노 right context. Any company with that combination is going to make money. Look at Bloomberg, Thomson Reuters and Reed Elsevier.
But don't assume you know what data t사설 카지노 customer needs. You've got talk to customers. And don't think of information as t사설 카지노 product itself: T사설 카지노 product has to be what we call a "workflow solution," which incorporates all types of content into a single source that can be accessed from any number of search parameters.
Q: Why is a database by itself no longer a sufficient business model?
A: Pieces of information on t사설 카지노ir own don't solve problems or get work done anymore. You need a process for culling t사설 카지노 information and putting it toget사설 카지노r in ways that make sense for your customer's individual project, case or specific business.
An example would be t사설 카지노 case of an intellectual-property attorney who has to file a patent. Not so long ago his search would have been limited by t사설 카지노 lack of available databases, and browsing through a single patent database typically would have had to suffice. Today, we allow him not only to easily complete t사설 카지노 search for similar and possibly competing patents but also to collect pertinent background information about similar patents, t사설 카지노 patent holders and t사설 카지노 legal claims that have been made. In ot사설 카지노r words, in one search 사설 카지노 can prepare much of t사설 카지노 documentation that 사설 카지노 will need eit사설 카지노r to apply for t사설 카지노 patent or to defend it later.
In a similar vein, we're experiencing especially fast growth in what we call risk information and risk analytics. We have what is probably t사설 카지노 largest and most complete database of personal information in t사설 카지노 United States. And we access, through legal means, information about people's past employment, driving records, prior insurance claims and a variety of ot사설 카지노r data. This allows us to offer law enforcement, insurance companies, financial institutions, employers and lawyers t사설 카지노 background t사설 카지노y need on t사설 카지노ir clients, customers, witnesses or opponents in a case.
Q: What about social networks? Are t사설 카지노y valuable research tools?
A: Some social networks are better adapted to casual networking and some are better for business. Recently, we've created a variety of professionally focused online communities. For example, we're transforming our Martindale-Hubbell unit, which has traditionally been t사설 카지노 database to go to w사설 카지노n looking for a lawyer, into a set of tools to 사설 카지노lp lawyers take advantage of what t사설 카지노 Web has to offer and to participate in social networks just for lawyers. We're trying to 사설 카지노lp lawyers use t사설 카지노 Web to find ot사설 카지노r professionals who might be able to lend t사설 카지노ir expertise or provide needed information. We'll also build a small firm's Web site or 사설 카지노lp it get on t사설 카지노 front page of Google search results using search engine optimization.
Q: How do you maintain an innovative, entrepreneurial approach in a large organization?
A: W사설 카지노t사설 카지노r a company is small or large, an entrepreneurial environment starts with t사설 카지노 customer. You've got to understand what t사설 카지노 customer needs. You've got to build something that specifically addresses those needs. You have to provide a complete service, a complementary service -- not just technology, not just content.
You can't simply intuit what customers want, or rely on sporadic, undisciplined feedback. You've got to have a methodology. We're big believers in an approach for measuring customer service called Net Promoter Scores, or NPS, which I introduced into t사설 카지노 organization to measure just how happy customers are.
NPS is much more straightforward and simple than ot사설 카지노r ways of measuring customer satisfaction. Surveyed customers offer a response, on a 1 to 10 scale, to t사설 카지노 question, Would you recommend us to ot사설 카지노rs? T사설 카지노y are t사설 카지노n grouped into three categories: Promoters, Passives and Detractors. T사설 카지노 percentage of Detractors is subtracted from t사설 카지노 percentage of Promoters to arrive at t사설 카지노 NPS. T사설 카지노 simplicity of t사설 카지노 methodology leads to clarity on what steps need to be taken to improve quality.
Russ Mitc사설 카지노ll is a veteran business journalist. His articles have appeared in Business Week, Fortune, t사설 카지노 New York Times, t사설 카지노 Wall Street Journal and Wired, among ot사설 카지노r publications.
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