Over the last few years Bloomberg has been investing in content from a number of suppliers, Agence France Presse, Xinhua News Agency and it will soon announce a tie up with Associated Press. All designed to enhance the value sitting at a Bloomberg terminal. It will bring breaking news from around the globe, sophisticated filters to present it to users the way users want it, and a searchable archive to add historical content.
As Tom Secunda, who helped found the company 27 years ago, says, investment in news content is vital to persuade customers to keep paying $1590 a month for its service. “Our goal is to increase the value of Bloomberg dramatically more than the cost of Bloomberg”.
So looking at your own business within your unique market – are you looking through the end of the user’s lens? Do you really understand how your product is deployed at the sharp end?
Do you know how your users are thinking in the current climate? Are you aware of their changing needs? Don’t think price reduction, think higher value.
If you look at every employee role currently being done. Do they all relate to tasks that are needed today? If you had to start the business from scratch tomorrow would you staff it differently? Could you redesign a number of roles within your staff to add more value to the customer and perhaps drop the number of bodies performing a lower priority function?
This is a time for reinventing how to serve the needs of your precious existing customers and as you excel, you will attract great new customers who want to be serviced the same way!