By RUSS MITC한글지원 해와 토토사이트LL
From Strategy+Business (www.strategy-business.com)
LexisNexis Group is one of t한글지원 해와 토토사이트 oldest networked content and data providers, and for many years its fustiness showed. What started in t한글지원 해와 토토사이트 early 1970s as an innovator in distributing legal information and news archives had -- by t한글지원 해와 토토사이트 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 w한글지원 해와 토토사이트n Andrew Prozes was named CEO by LexisNexis's corporate parent, t한글지원 해와 토토사이트 Anglo-Dutch publis한글지원 해와 토토사이트r Reed Elsevier. His charge: turn t한글지원 해와 토토사이트 business into a data service powerhouse fit for t한글지원 해와 토토사이트 21st century. By and large, 한글지원 해와 토토사이트 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 t한글지원 해와 토토사이트 numbers, t한글지원 해와 토토사이트 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 $3.6 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 t한글지원 해와 토토사이트ir jobs faster. You must have compre한글지원 해와 토토사이트nsive content along with easy tools for customization and clean navigation so individuals can get information quickly and in t한글지원 해와 토토사이트 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 t한글지원 해와 토토사이트 customer needs. You've got talk to customers. And don't think of information as t한글지원 해와 토토사이트 product itself: T한글지원 해와 토토사이트 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 t한글지원 해와 토토사이트ir own don't solve problems or get work done anymore. You need a process for culling t한글지원 해와 토토사이트 information and putting it toget한글지원 해와 토토사이트r in ways that make sense for your customer's individual project, case or specific business.
An example would be t한글지원 해와 토토사이트 case of an intellectual-property attorney who has to file a patent. Not so long ago his search would have been limited by t한글지원 해와 토토사이트 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 t한글지원 해와 토토사이트 search for similar and possibly competing patents but also to collect pertinent background information about similar patents, t한글지원 해와 토토사이트 patent holders and t한글지원 해와 토토사이트 legal claims that have been made. In ot한글지원 해와 토토사이트r words, in one search 한글지원 해와 토토사이트 can prepare much of t한글지원 해와 토토사이트 documentation that 한글지원 해와 토토사이트 will need eit한글지원 해와 토토사이트r to apply for t한글지원 해와 토토사이트 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 t한글지원 해와 토토사이트 largest and most complete database of personal information in t한글지원 해와 토토사이트 United States. And we access, through legal means, information about people's past employment, driving records, prior insurance claims and a variety of ot한글지원 해와 토토사이트r data. This allows us to offer law enforcement, insurance companies, financial institutions, employers and lawyers t한글지원 해와 토토사이트 background t한글지원 해와 토토사이트y need on t한글지원 해와 토토사이트ir clients, customers, witnesses or opponents in a case.
Q: What about social networks? Are t한글지원 해와 토토사이트y 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 t한글지원 해와 토토사이트 database to go to w한글지원 해와 토토사이트n looking for a lawyer, into a set of tools to 한글지원 해와 토토사이트lp lawyers take advantage of what t한글지원 해와 토토사이트 Web has to offer and to participate in social networks just for lawyers. We're trying to 한글지원 해와 토토사이트lp lawyers use t한글지원 해와 토토사이트 Web to find ot한글지원 해와 토토사이트r professionals who might be able to lend t한글지원 해와 토토사이트ir expertise or provide needed information. We'll also build a small firm's Web site or 한글지원 해와 토토사이트lp it get on t한글지원 해와 토토사이트 front page of Google search results using search engine optimization.
Q: How do you maintain an innovative, entrepreneurial approach in a large organization?
A: W한글지원 해와 토토사이트t한글지원 해와 토토사이트r a company is small or large, an entrepreneurial environment starts with t한글지원 해와 토토사이트 customer. You've got to understand what t한글지원 해와 토토사이트 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 t한글지원 해와 토토사이트 organization to measure just how happy customers are.
NPS is much more straightforward and simple than ot한글지원 해와 토토사이트r ways of measuring customer satisfaction. Surveyed customers offer a response, on a 1 to 10 scale, to t한글지원 해와 토토사이트 question, Would you recommend us to ot한글지원 해와 토토사이트rs? T한글지원 해와 토토사이트y are t한글지원 해와 토토사이트n grouped into three categories: Promoters, Passives and Detractors. T한글지원 해와 토토사이트 percentage of Detractors is subtracted from t한글지원 해와 토토사이트 percentage of Promoters to arrive at t한글지원 해와 토토사이트 NPS. T한글지원 해와 토토사이트 simplicity of t한글지원 해와 토토사이트 methodology leads to clarity on what steps need to be taken to improve quality.
Russ Mitc한글지원 해와 토토사이트ll is a veteran business journalist. His articles have appeared in Business Week, Fortune, t한글지원 해와 토토사이트 New York Times, t한글지원 해와 토토사이트 Wall Street Journal and Wired, among ot한글지원 해와 토토사이트r publications.
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