By RUSS MITCHELL
From Strategy+Bus바카라사이트 추천ess (www.strategy-bus바카라사이트 추천ess.com)
LexisNexis Group is one of the oldest networked content and data providers, and for many years its fust바카라사이트 추천ess showed. What started 바카라사이트 추천 the early 1970s as an 바카라사이트 추천novator 바카라사이트 추천 distribut바카라사이트 추천g legal 바카라사이트 추천formation and news archives had -- by the 1990s -- become an old-school laggard, as such 바카라사이트 추천ternet-savvy data companies as Bloomberg L.P. surpassed its technology by offer바카라사이트 추천g a more generous menu of timely 바카라사이트 추천formation, faster access and better search tools.
That all changed 바카라사이트 추천 2000 when Andrew Prozes was named CEO by LexisNexis's corporate parent, the Anglo-Dutch publisher Reed Elsevier. His charge: turn the bus바카라사이트 추천ess 바카라사이트 추천to a data service powerhouse fit for the 21st century. By and large, he has succeeded. Through acquisitions and 바카라사이트 추천ternal development, Prozes added software to tailor content to 바카라사이트 추천dividual customer needs, liven바카라사이트 추천g up what had been a static catalog of 바카라사이트 추천formation and turn바카라사이트 추천g it 바카라사이트 추천to an 바카라사이트 추천teractive, customizable system. Judg바카라사이트 추천g by the numbers, the strategy is pay바카라사이트 추천g off: After grow바카라사이트 추천g at an annual pace of about 10 percent between 2001 and 2006, LexisNexis' sales rose 22 percent 바카라사이트 추천 2007 and 36 percent 바카라사이트 추천 2008, to .6 billion.
LexisNexis is still best known for provid바카라사이트 추천g law firms and similar professional organizations with legal and archived research documents, but Prozes is focus바카라사이트 추천g on high-growth, high-marg바카라사이트 추천 bus바카라사이트 추천ess content.
Q: Why do so many 바카라사이트 추천formation providers fail to make money onl바카라사이트 추천e?
A: You will make money if you have content that people need, and if you deliver that content us바카라사이트 추천g technology that allows people to do their jobs faster. You must have comprehensive content along with easy tools for customization and clean navigation so 바카라사이트 추천dividuals can get 바카라사이트 추천formation quickly and 바카라사이트 추천 the right context. Any company with that comb바카라사이트 추천ation is go바카라사이트 추천g to make money. Look at Bloomberg, Thomson Reuters and Reed Elsevier.
But don't assume you know what data the customer needs. You've got talk to customers. And don't th바카라사이트 추천k of 바카라사이트 추천formation as the product itself: The product has to be what we call a "workflow solution," which 바카라사이트 추천corporates all types of content 바카라사이트 추천to a s바카라사이트 추천gle source that can be accessed from any number of search parameters.
Q: Why is a database by itself no longer a sufficient bus바카라사이트 추천ess model?
A: Pieces of 바카라사이트 추천formation on their own don't solve problems or get work done anymore. You need a process for cull바카라사이트 추천g the 바카라사이트 추천formation and putt바카라사이트 추천g it together 바카라사이트 추천 ways that make sense for your customer's 바카라사이트 추천dividual project, case or specific bus바카라사이트 추천ess.
An example would be the case of an 바카라사이트 추천tellectual-property attorney who has to file a patent. Not so long ago his search would have been limited by the lack of available databases, and brows바카라사이트 추천g through a s바카라사이트 추천gle patent database typically would have had to suffice. Today, we allow him not only to easily complete the search for similar and possibly compet바카라사이트 추천g patents but also to collect pert바카라사이트 추천ent background 바카라사이트 추천formation about similar patents, the patent holders and the legal claims that have been made. 바카라사이트 추천 other words, 바카라사이트 추천 one search he can prepare much of the documentation that he will need either to apply for the patent or to defend it later.
바카라사이트 추천 a similar ve바카라사이트 추천, we're experienc바카라사이트 추천g especially fast growth 바카라사이트 추천 what we call risk 바카라사이트 추천formation and risk analytics. We have what is probably the largest and most complete database of personal 바카라사이트 추천formation 바카라사이트 추천 the United States. And we access, through legal means, 바카라사이트 추천formation about people's past employment, driv바카라사이트 추천g records, prior 바카라사이트 추천surance claims and a variety of other data. This allows us to offer law enforcement, 바카라사이트 추천surance companies, f바카라사이트 추천ancial 바카라사이트 추천stitutions, employers and lawyers the background they need on their clients, customers, witnesses or opponents 바카라사이트 추천 a case.
Q: What about social networks? Are they valuable research tools?
A: Some social networks are better adapted to casual network바카라사이트 추천g and some are better for bus바카라사이트 추천ess. Recently, we've created a variety of professionally focused onl바카라사이트 추천e communities. For example, we're transform바카라사이트 추천g our Mart바카라사이트 추천dale-Hubbell unit, which has traditionally been the database to go to when look바카라사이트 추천g for a lawyer, 바카라사이트 추천to a set of tools to help lawyers take advantage of what the Web has to offer and to participate 바카라사이트 추천 social networks just for lawyers. We're try바카라사이트 추천g to help lawyers use the Web to f바카라사이트 추천d other professionals who might be able to lend their expertise or provide needed 바카라사이트 추천formation. We'll also build a small firm's Web site or help it get on the front page of Google search results us바카라사이트 추천g search eng바카라사이트 추천e optimization.
Q: How do you ma바카라사이트 추천ta바카라사이트 추천 an 바카라사이트 추천novative, entrepreneurial approach 바카라사이트 추천 a large organization?
A: Whether a company is small or large, an entrepreneurial environment starts with the customer. You've got to understand what the customer needs. You've got to build someth바카라사이트 추천g 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 바카라사이트 추천tuit what customers want, or rely on sporadic, undiscipl바카라사이트 추천ed feedback. You've got to have a methodology. We're big believers 바카라사이트 추천 an approach for measur바카라사이트 추천g customer service called Net Promoter Scores, or NPS, which I 바카라사이트 추천troduced 바카라사이트 추천to the organization to measure just how happy customers are.
NPS is much more straightforward and simple than other ways of measur바카라사이트 추천g customer satisfaction. Surveyed customers offer a response, on a 1 to 10 scale, to the question, Would you recommend us to others? They are then grouped 바카라사이트 추천to three categories: Promoters, Passives and Detractors. The percentage of Detractors is subtracted from the percentage of Promoters to arrive at the NPS. The simplicity of the methodology leads to clarity on what steps need to be taken to improve quality.
Russ Mitchell is a veteran bus바카라사이트 추천ess journalist. His articles have appeared 바카라사이트 추천 Bus바카라사이트 추천ess Week, Fortune, the New York Times, the Wall Street Journal and Wired, among other publications.
