“What is common to these three companies beyond their lasting success? They actually belong to the same industry, the information industry . Like Reuters and Google, McKinsey & Co. is essentially an information or knowledge provider. This book is about the universe of similar companies, organizations, or individuals whose core business is to “sell” information to decision makers. A few prominent examples are listed in table 0.1. The information industry is larger and broader than it seems. In 2010, “business information” alone accounted for about $358 billion worth of sales with over two hundred providers. 3 Some of these companies’ business consists of collecting and selling data (this is the case of Reuters or credit rating agencies), while others sell market analysis (e.g., market research firms, financial analysts, or macroeconomic forecasters). There are companies that use their complex expertise to generate customized business strategies for their clients (e.g., management consultants). Part of the media also belongs to the information industry: newspapers and news programs on television are clearly in the business of selling information, as are many Internet services that provide online information to the public (e.g., online newspapers, weather forecasting sites, some blogs, or search engines). Even large social media sites such as Facebook, LinkedIn or Twitter can be considered information vendors as user- generated content becomes a genuine information source for their members. Besides thousands of large corporations, the information industry also includes the millions of small companies and individual experts who make a living selling advice in various domains including finance, accounting, law, engineering, and medicine. Even some doctors who specialize in providing medical diagnoses belong to the information industry. But why lump these diverse businesses together? A key argument of this book is that they have more in common than it seems. Indeed, information is such a special product that it requires special business practices. But what is so special about information? Before providing an answer, it is important to define exactly what an “information product” is” (Savary M. (2012) Gurus and Oracles. The Marketing of Information, The MIT Press)
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