When the Financial Times rolled out its innovative licensing model 20 months ago, the news about the business model caused quite a stir in the industry. “People were concerned about the news initially, but that time has passed,” says Caspar de Bono, managing director of the FTB (Financial Times Business). “We explained our objectives, assembled a customer advisory board in London and New York, and increased our customer base in the process.”
For de Bono, the FT made sound business decisions along the way. Its strategy of conviction, focus on the market, and sharing the purpose of refinements with readers helped pave the way for a smooth transition going forward. “We have a transparency about price, and we are engaged with our audience. And we’ve been reaping the benefits of having a direct relationship with our readers.”
As for 2010, de Bono’s game plan is to continue to develop a clear path, engage with customers, and introduce more product innovations. “News is no longer a luxury,” says de Bono. “We need to know what’s happening around the world.”
For more on life at FT, check out de Bono’s video commentary on this blog.