Group 10 AS 2 by Vlad Voivod

USP

lon180104035 — 2021-03-16 18:55:39 UTC

Product: Broadsword runs as a full-service event company that provides three distinct services: event design, event planning and event production. The company organizes live, online and hybrid events, rents machinery and equipment and provides support activities for the performing arts.

Target market: Broadsword Event House offers total production for every type of audience across the globe.

Primary benefit: organizing and designing the perfect event for customers by taking into consideration their wants, interests and needs

What makes this USP unique: Broadsword Event House “innovatively design, carefully plan and expertly deliver immersive virtual and live experiences” (Broadswordeventhouse.com, 2021).

Everyone at Broadsword Event House knows their mission and focuses on bringing thoughts, ideas and desires to life so that customers can benefit from them. The people working for the company are creative, responsible and caring. With a solution finding mindset, Broadsword Event House is continuously looking to make the best events.

In response to the Covid-19 pandemic, the organization developed the “Now Playing” project an online event offering a similar service to a live television broadcast. "Now Playing" allows customers to explore why, how and what type of online or hybrid events could benefit from. Broadsword Event House team of experts will present to each customer where the live event industry is and where is heading in the coming months and how they prepare for the post-pandemic environment (Broadswordeventhouse.com, 2021).

UNFAIR ADVANTAGES

lon181210013 — 2021-03-16 18:55:45 UTC

According to Broadsword House (2021) one of the main advantages over its competitors is based on the successful and talented team the agency works with. Moreover, the event agency provides to its clients to possibility to work together worldwide, and it is possible to arrange different events of any sizes such as, product launches, live press conferences, gala dinners, meeting and conferences, charity fundraisers, etc.

On the other hand, the company offers its clients to transform the design of the venues to their tastes since the agency can create logos, graphics and messages according to the tastes of its clients in addition to supplying furniture, accessories as well as clothing so that everything suits the style of the event. (Broadsword House, 2021)

Moreover, Broadsword House through technology can inform delegates in different ways: it can create a registration for events through websites, it can create event applications and SMART delegate badges that can be tailored to specific needs and logistics. These tools have the ability to send news, update and create reports on sponsors, attendees and speakers. (Broadsword House, 2021)

Due to the Coronavirus pandemic, the possibility of holding meetings is not possible, so humanity has to adapt to the new normal until that happens and take advantage of technology to make it possible for individuals to meet. Broadsword House has managed to adapt to this new reality and offers the possibility of holding events online. The agency has a team of professional producers, videographers, virtual stage directors, etc. to offer its clients the possibility of creating and executing an interactive virtual event. (Broadsword House, 2021)

SOLUTIONS

lon171215011 — 2021-03-16 19:32:04 UTC

Solution1.
• The result of reducing price more often is an increase in consumer attention.
• Brand recognition is a tremendous competitive advantage. Such methods allow not only to maintain a position on the market and defer new firms (consumers can never know that the new company is making something better or cheaper.
• Prestige consumers prefer to use products with a rich story
• Advertising is one of the powerful tools of competition struggle. Thanks to the advancement of technology, there is much scope for marketing activities. Many internet resources help inform yourself and attract more other audience, which is perhaps looking for this offer.
• Quality is formalities and compliance with all norms and metrological standards and satisfaction of consumer expectation.
• Implementation of SCR strategy
Solution 2.
• Seek to build on the key strengths inherent in the UK events industry, such as geographical location, quality and variety of venue with exceptional green credentials, the English language, and British science pedigree strength.
• Some of this hardness can be eased through a partnership of industry and governance
• Company globalization
Solution 3.
Outsourcing functions or parts of the business that are not critical to the professionally specialized in providing such services. With the support of the Current RMS, Broadsword’s logistics are streamlined, they can communicate wherever they are in the world, and they continue to produce fantastic events that their team are proud of (Hills, 2020).
Solution 4. Online events
Advantages:
• Reducing Spending on travel, accommodation and other expenses
• Ability to better deal with last-minute changes (sudden changes is one more problem of the business)
• Reducing on-site technology and therefore carbon emissions
• Keeping people safe during the pandemic
Disadvantages:
• Not excitement and engagement the same felt from attending physical
• Attendance lower since events are less interactive

PROBLEMS

lon171215011 — 2021-03-16 19:55:59 UTC

Problem 1. Level of competition

There is over 25000 business in the event's sector organizers;
570000 full-time creative and innovative employees;
the top 10 event business has a turnover of more than four billion (10% from the whole sector earnings) (Eventbrite Pulse Report, 2018).

Problem 2. As an event destination, the UK is essential; however, it faces inherent disadvantages compared to other countries

Considered to be expensive with a fragmented event industry
Not able to offer a large-scale public subsidy of conference, venues or delegates as in other countries around the word
Visa progressing system for special and business events visitors, artists, and entertainers are not welcoming and efficient enough (after Brexit can become even more problematic) (British Destinations., 2019)

Problem 3. Broadsword is quick growing from London based Event House to a global scale company. Now Broadsword managing projects across Europe, Africa, the Far East and America. To organize systems that keep everyone connected from the customer base to crew wherever they are in the world to keep projects app to date to be sure nobody will miss an email, and everyone can access all details of the job and the thread of conversations linked with it becoming difficult (Bing.com. 2020).
Problem 4. Currently, the main problem for Broadsword Event house is that events have been cancelled around the world, and many of them have been postponed. According to Congrex (2020), the main problem that event agency faces nowadays is the consequences of COVID-19.

CUSTOMER SEGMENTS

lon171215011 — 2021-03-22 14:27:28 UTC

Nowadays, Broadsword provides the full spectrum of event organizers worldwide; award ceremonies, gala dinners, charity fundraisers, live press conferences, exhibitions, product launches, meetings and conferences. In such a way customer segment is very diverse. People of science, business, culture from any part of the world, of both individuals and groups, collectives from potential Broadsword customers. So the customer segment is vast. However, conquering the entire market is impossible, at least immediately. The event as a product is specific. That why the topic always clearly work out; the audience for which it was designed is segmented when developing each event. For this purpose, various segmentation methods are used.

Demographic when a group of people of a certain age and social status is determined.
(country, city, density, language, climate, area, population)
Psychographic , where business target the specific needs of the prospect
(lifestyle, activity, interest, opinion, concerns, personality, values, attitudes)

Geographic , when a company tailor a product for specific regions
(age, gender, income, education, social status, family, life stage, occupation)
Behavioral (benefits sought, purchase / usage. Intent, occasion, buyer stage) (HelpCrunch blog. 2020).

Revenue streams

lon180104035 — 2021-03-25 10:57:04 UTC

Broadsword Event House annual revenue for 2019 was $ 6.6 million or approximately 4.83 million pounds (D&B, 2021). Also, the company recorded a profit of 641,542 pounds for the same financial year (Endole.com, 2021). Due to the Covid-19 situation, the company can rely on government financial support for revenue. The Coronavirus job retention scheme, the closed business grant or a government restart grant could be programs that could benefit the company (GOV.UK, 2021). In the first part of the year, the company will focus on maximizing its revenues from its virtual and hybrid events. Assuming that the PM roadmap for removing all restrictions will take effect on June 21, the company will be able to generate revenue from live events too.

The Broadsword Event House revenue stream scheme for 2021 is as follows:

· Selling tickets for the events which can apply to online and offline events

· Collaborate with relevant sponsors for each event and create sponsorship packages that could include promotional products

· Online advertising: selling or allowing Google ads to be displayed on the website, placing ads in emails sent to subscribers, allowing a partner company logo to be displayed on the screen for online events

· Subscription fees: attracts loyal customers to pay an annual subscription, from which they enjoy some discounts and other benefits

· Merchandise:

- generate additional revenue by selling apparel products with the company brand

- for live events: food and beverage products

· VIP ticket sales for live events

· Offline advertising: charge companies who choose to promote themselves at your event (Eventbrite, 2021)

Reference list

lon180104035 — 2021-03-25 11:01:41 UTC

Bautista, J., 2021. Types of events. Academia.edu. [online] Available from: <https://www.academia.edu/36535942/Types_of_events> [Accessed 12 March 2021].

Bing.com. 2020. event management books pdf - Bing. [online] Available from: <https://www.bing.com/search?q=event+management+books+pdf&FORM=R5FD> [Accessed 12 March 2021].

British Destinations. 2019. Events are Great Britain (2014). [online] Available from: <https://britishdestinations.net/1194-2/content/events-are-great-britain-2014/> [Accessed 12 March 2021].

Broadsword House Event (2021) Branding and Theming. Broadswordhouseevent.com [online] Available from: https://www.broadswordeventhouse.com/branding-and-theming [Accessed on 20/03/2021].

Broadsword House Event (2021) Delegate management. Broadswordhouseevent.com [online] Available from: https://www.broadswordeventhouse.com/delegate-management [Accessed on 20/03/2021].

Broadsword House Event (2021) Live streaming. Broadswordhouseevent.com [online] Available from: https://www.broadswordeventhouse.com/live-streaming [Accessed on 20/03/2021]

Broadsword House Event (2021) Services. Broadswordhouseevent.com [online] Available from: https://www.broadswordeventhouse.com/services [Accessed on 20/03/2021].

Broadswordeventhouse.com, (2021) Our services. Broadsword Event House [online] Available from: https://www.broadswordeventhouse.com/services [Accessed on 18/03/2021].

Conaway, C., (2019) The 14 key metrics of modern business leaders. Klipfolio [online] available from: The 14 key metrics of modern business leaders (klipfolio.com) [Accessed on 02/04/2021]

Congrex Switzerland, 2020. White Paper 12: Hygiene and Infection Protection for Business Events and Venues - Congrex Switzerland. [online] Available from: <https://congrex.com/download/white-paper-12-hygiene-and-infection-protection-for-business-events/> [Accessed 12 March 2021].

Customer spotlight (2020) Customer Spotlight-Broadsword Event House. Current [online] available from: Customer Spotlight | Broadsword Event House (current-rms.com) [Accessed on 02/04/2021]

D&B.com, (2021) Company profile. D&B [online] Available from: https://www.dnb.com/business-directory/company-profiles.broadsword_event_house_limited.d716055ccffb02fc0a2b3995fcde0ca9.html [Accessed on 18/03/2021].

Editorial team (2021) The ultimate guide to event marketing. Entrepreneur handbook [online] available from: https://entrepreneurhandbook.co.uk/event-marketing/amp/ [Accessed on 02/04/2021].

Endole.com, (2021) Broadsword Event House Limited. Endole.com [online] Available from: https://suite.endole.co.uk/insight/company/05893488-broadsword-event-house-limited?view_report=109708 [Accessed on 18/03/2021].

Event and Visual Communication, (2020) EVCOM TO CELEBRATE AND ACCELERATE THE SUCCESS OF BRITAIN’S CREATIVE INDUSTRIES. EVCOM [online] available from: Evcom - Evcom [Accessed on 02/04/2021].
Eventbrite Pulse, 2018. The Pulse Report: 2018 Event Industry Trends. [online] Available from: <https://www.eventbrite.com/blog/academy/pulse-report-2018-event-industry-trends/> [Accessed 12 March 2021].

Eventbrite, (2021) 7 Add-Ons to Boost Your Event Income. Eventbrite [online] Available from: https://www.eventbrite.co.uk/blog/9-add-ons-to-increase-event-revenue-ds00/ [Accessed on 22/03/2021].

Evvnt (2017) ONLINE EVENT MARKETING CHANNELS BY POPULARITY. Evvnt [online] available from: https://evvnt.com/blog/2017/05/online-event-marketing-channels-by-popularity/ [Accessed on 02/04/2021].

Fox, G., (2020) Lean Canvas Business Model – How To Create a Lean Startup Business. Gary Fox [online] available from: Lean Canvas - The Smart Way To Develop Your New Business Idea (garyfox.co) [Accessed on 02/04/2021].

GOV.UK, (2021) Financial support for businesses during coronavirus (COVID-19). GOV.UK [online] Available from: https://www.gov.uk/government/collections/financial-support-for-businesses-during-coronavirus-covid-19 [Accessed on 22/03/2021].

HelpCrunch blog. 2020. Customer Segmentation: 6 Types You Might Want to Use. [online] Available from: <https://helpcrunch.com/blog/customer-segmentation/> [Accessed 17 March 2021].

Jackson, T., (2020) 18 KPIs To Measure Performance (& How To Choose & Track Them). Clear point strategy [online] available from: 18 KPIs To Measure Performance (& How To Choose & Track Them) (clearpointstrategy.com) [Accessed on 02/04/2021]

Luenendonk, M., (2020) Selecting and Managing Channels in Business Model Canvas. Cleverism [online] available from: Selecting and Managing Channels in Business Model Canvas | Cleverism [Accessed on 02/04/2021]

McAllister, M., Gonzalez, A. and Waldman, H., 2021. Impact of Time Restricted Feeding on Markers of Cardiometabolic Health and Oxidative Stress in Resistance-Trained Firefighters.

McCarthy, D., (2016) What Are the Right Metrics for Measuring Corporate Event Success? Event Brite [online] available from: The Right Metrics For Measuring Corporate Event Success - Eventbrite [Accessed on 02/04/2021]

McCllure, D., (2007) Startup Metrics for Pirates. Slide share [online] available from: Founder/CEO

Q: What metrics do (slideshare.net) [Accessed on 02/04/2021]

Mullen, S., (2016) An Introduction to Lean Canvas. Medium [online] available from: An Introduction to Lean Canvas. As an entrepreneur, one of the most… | by Steve Mullen | Medium [Accessed on 02/04/2021].

Pomanda.com, (2021) Broadsword Event House Limited. Pomanda.com [online] Available from: https://pomanda.com/company/05893488/broadsword-event-house-limited [Accessed on 26/03/2021].

Schutte, S., (2018) The best small companies with a turnover of up to ?10m in the UK. Real business [online] available from: https://realbusiness.co.uk/the-best-small-companies-with-a-turnover-of-up-to-10m-in-the-uk/ [Accessed on 02/04/2021]

TheHill. 2021. The Hill's Morning Report - Presented by Facebook - Democrats chart path to pass Biden's COVID-19 relief plan. [online] Available from: <https://thehill.com/homenews/morning-report/537086-the-hills-morning-report> [Accessed 16 March 2021].

Wolff, R., (2020) 10 Key Virtual Event KPIs to measure event success. Markletic [online] available from: 10 Key Virtual Event KPIs To Measure Event Success | Markletic [Accessed on 02/04/2021]

COST STRUCTURE

lon181210013 — 2021-03-25 14:15:33 UTC

According to Pomada.com (2021) Broadsword House Event has got an enterprise value estimated on £3.3 m based on a turnover of £1.6 m. The annual growth is nowadays slower than the precedents years, however the company still growing with a percentage of 3.8 per cent. Nonetheless, the annual sales (£1.6m) are larger than the average company (£816.8k).

The variable costs of the enterprise are shown as Cost of Sales and its are estimated on £982,392, in addition this amount represents a decrease of the variable costs of 75,076 for Broadsword House, as the previous year the cost of sales reached the amount of £1,057,468.

On the other hand, the same source states that the administrative expenses and employee costs are the fixed costs of the business. The administrative expenses reach the sum of £595,094, and the employee costs are estimated in £1,053,181. The administrative costs have faced a decrease of£ 102,023 compared to the previous year. However, the cost of employees presents a growth of £37,107 compared to the previous year when the costs of employees were £1,016,074.

To summarise, the costs of the company, both fixed and variables are decreasing except the cost of employees which presents a slight increased. The company is growing, and the annual sales are larger than the average company despite the current world concern, the pandemic of COVID-19.

Channels

lon180104024 — 2021-03-29 11:05:40 UTC

This building block illustrates how an organization reach its customer segment, how it communicates with and provides them value (Luenendonk,2020). In order to do so, Fox (2021), states that customer mapping might provide the necessary information about its customer segment and where it can be found. In addition, according to Mullen (2016), is important to focus on learning, for instance, which channels will give you enough access to your Customer Segment at the same time give you enough learning. On average, companies select 4, 5 channels that can be used effectively and maintained properly (Evvnt, 2017).

Broadsword Event House provides services for events of any size (meetings, conferences, gala dinners, charity, award ceremonies) and any type of audience (Customer Spotlight, 2020). With their office based in London, they do not only deliver events to one location, but they make partnership with other companies on a global scale. Therefore, their priority is to keep everyone connected with clear communication wherever they are in the world. Regarding their customer target, they are focussed on various channels:

E-mail- Wide customer base (Customer Spotlight, 2020)
Social media - Facebook (370 followers)

-Instagram (465 followers)

-Twitter (1,481 followers)
Linkedin (738 followers)
Youtube - 4 subscribers (421 views) (Broadswordeventhouse,2021)

Website https://www.broadswordgroup.uk
Word of mouth

Key Metrics

lon180104024 — 2021-04-02 14:08:13 UTC

A company must understand the key levers that are driving performance, and what areas need improvement. These are the means by which the companies know if the product-market-fit. Therefore, is recommended to choose one or two measures that directly contribute to each of the company objectives (Jackson, 2020).

Usually, key metrics might be used to monitor the daily, weekly, monthly or annually activity. A great tool might be the growth marketing canvas based on AAARR (acquisition, activation, retentions, referral and revenue), which provides a detailed picture of a top-down funnel, that flows from the large open top, through multiple stages, to the narrow end (McCllure 2007). So, considering that Broadsword Event House design, plan and expertly deliver live, virtual and hybrid events, experiences and audience journeys, it has to measure various metrics:

The efficiency of its channels.
Net Revenue Retention- that is considered a great comprehensive churn metric because it shows the complete revenue story of the installed base of customers (Conaway, 2019).
The sponsor recognition (to find out, for instance, if they manage to get enough exposure out of the event (McCarthy 2016)).
The number of customers (sponsors or partners) returns.
Audience engagement and satisfaction - through Net Promoter Scores (Wolff, 2020).
The number of registration (virtual event).
The number of Sponsorship packages (and their revenue).