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Reuters' lost opp cost millions |
| Message Name: |
sad but true |
| Date Posted: |
02/20/2006 |
| In Reply To: |
A look into the not too distant future??
Dec 12. 2006 -- Reuters reported today that "a lost opportunity due to sloth and a major strategic oversight" has cost them millions in potential revenue streams.
"We had faulty intelligence" said their spokesman. "Next time we will do better."
As Bloomberg LP implemented its wildly unpopular terminal price increase for the third time in three years, an unnamed Reuters spokeman admitted, "we missed the boat."
"We could have offered global deals of low cost packages to undercut Bloomberg, taking advantage of the widespread dissatisfaction resulting from the price increase, but we were too slow to act."
Despite protests from clients globally claiming service levels have fallen dramatically, data quality has decreased, and depressingly low value added products (including a largely useless legal database), Bloomberg is alleged to have had record year end sales.
"We sell more during this quarter than at any other time," a proud Bloomberg executive boasted.
Clients are not impressed.
"The service is deteriorating," said one client. "The help desk is terrible. The terminal is just getting more expensive. What happened?"
"Bloomberg is arrogant," said another client. "I can't get my development requests addressed because I am a small client. Yet when my invoices are late, their accounts people badger me. That is what happens when you have a monopoly. They don't listen to their clients anymore."
One client noted, "This is not the Bloomberg when Mike was running the show. Now it seems the executives are stripping it down for the sale and waiting for their stock options. The care factor is nil."
"Reuters could have capitalised at this time, seizing market share and converting users. They could have recovered lost territory, but they were too slow to act. Maybe next time."
There have been several opportunities where Reuters could have stepped in. Taking advantage of the unpopular new keyoard would have been a good move.
"That thing sucks. What were they thinking?" said one hedge fund manager.
"It kills your hands. And what it worse, they won't give the old keyboard back. I asked, I demanded, I raged, but the answer was NO."
The BFON generated another backlash.
"The next thing we know, Bloomberg reps are calling our employees offering them this service. There was no compliance on it, no controls. They should have come to us first."
"It's all about numbers, that is so obvious. Multitudes of them ring us, visit us, always trying to sell us something. It's overwhelming. We don't let them in anymore. It was getting to be too much" said a portfolio manager.
Another opportunity was the infamous BUNIT.
"Ah, I left the thing at home again and it took me half a day for them to track down a rep to get me in. I was admonished for forgetting it and was told not to let it happen again. It was so parochial. In the meantime, the kid on the phone, who sounded about 12, was oblivious to the fact that I could not access my trading messages. It's beyond frustrating."
"It took me five attempts to log in, but I could not. In anger, I hurled the thing across the room. Interestingly enough, it did not break. It is rather hardy, actually. In that area, they succeeded rather well" said one operations manager.
Bloomberg was once heralded as the lighter, quicker competitor. It listened to its customers. A click of a button sent a message to Mike Bloomberg, and clients were often surprised to hear from the man himself.
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the "man" has become morally corrupt and is only interested in becoming a bigger billionaire so that when he sells the company he can have bigger bragging rights. he no longer cares about customers or the employees who helped get him to where he is. all that crap about being loyal was just a big pile of bull sh**. his silence as all the insanity goes on unchecked is his way of showing approval.
it doesn't matter if customers are getting pissed, or employees are demoralised. what matters to him is that he's becoming richer.
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