Blocked sebaceous gland
Labia and clitoris
region is greatly supplied with sebaceous glands.These gland prevent this regions getting excessively dry.
When duct of such gland gets blocked, you get pimple like lump.
Few things which can help are keeping the region clean and applying antibiotic cream.Do not squeeze it repeatedly or you might end up increase the irritation. Squeeze it only when you see white collection with in it.As you have already squeezed it with blood coming out, most probably all contains have drained out and now using antibiotic cream can help it resolve.
Hope this helps.Regards.