Reed Exhibitions is the leading event organizer for tourism and travel events with more than 30 years of experience. Reed Exhibitions is headquartered in London but has other principal offices in China, Sydney, Paris, and Beijing. The firm serves more than 40 industry sectors, including information technology, food, engineering, and aerospace. The organization created a platform that enables companies and customers to network, communicate and conduct business efficiently and effectively. Reed Exhibition excels in creating highly targeted consumer events and exhibitions and generates new operations. The global portfolio of the company attracts millions of individuals annually, which generates a significant number of customers and boosts local societies. The company helps the clients to be upbeat and stay relevant. By showcasing products and brands, to increase the recall value of the brand. Working with other professionals, government departments, and trade associations, Reed Exhibitions ensures that every event is relevant and targets the need of the industry. The company is passionate about creating a positive effect on customers and society through its unique contributions as an organization. This includes fostering communities, promoting access to justice and the rule of law, and protecting society. This report provides an analysis of Reed Exhibitions.
Aims and Objectives
The main objectives of the company include:
- To promote business relations between clients to help them reach their business goals in the global market. The company provides the clients with an appropriate success platform in terms of services and environment, combining the best of digital and physical.
- To be the leader and be identified as a trusted and valued partner of the clients worldwide, and be appreciated as the best employer for the team.
- To promote deep relationships, which deliver and establish positive outcomes and growth. The company works to ensure that this is true for the staff, partners, and visitors.
The key stakeholders and industry trends
The United Kingdom has a history of national and local events, ceremonies, and traditions that influenced society. Reed Exhibition emerged as the main player in the fragmented sector management of events. This sector is hard to measure and define, as it is growing rapidly worldwide, and it is diverse, thus incorporating different events. Reed, at its operational level, shows geographically dispersed expertise in delivering, planning, designing, and envisaging large-scale events. The company operates and competes in the congress and exhibition industry under sub-sector advertising and marketing (Pillai, 2016).
The industry is highly fragmented due to different players, including large global and regional corporations. Besides, mergers and acquisitions have had a significant impact on promoting competition in the market. The main competitors of Reed Exhibitions in the industry include Deutsche Messe AG and Fiera Milano SpA, just to mention a few. The industry is one of the most developed domains globally. The industry is expecting to record a CAGR of 3.9% from 2021 to 2026. This is due to the constantly evolving technology, which improves the experience of customers. The industry has significantly adopted geo-cloning, which is promoting market growth. Besides, exhibition booths are currently not limited to promoting engagement with the invitees by sounds and sights (Knorra, 2016). Gamification, soothing background music, touch-panel interfaces, interactive displays, and a distinctive lighting design helps in amplifying the sensory ability of the visitors to meet the main goal.
Reed provides services that include both B2C and B2B marketing. The company acquired, developed, and grew several markets, which leads the brand in the segments chosen. More so, Reed attains most of its substantial bulk from selling exhibition space, which derives the balance from other sources, including sponsorship fees, offline and online advertising, and conference fees. However, the impacts of the coronavirus pandemic had a huge impact on the event and exhibition industry. For instance, the Indian Exhibitions Industry Association reported that the sector recorded a loss in revenue of about Rs 3,579, which resulted from the countrywide lockdown (Lee, 2019).
Most companies have several stakeholders. The main stakeholders of Reed Exhibitions include local community organizations, government, suppliers, environmentalists, special interest groups, employees, media, competitors, customers, consumer advocates, and owners. The roles of stakeholders within a company can be identified in relation to the roles and functions that they address, several operational markets, and the specific needs of the organization. Organizing stakeholders of the company may include society members, volunteers, and fringe staff, who have a direct contribution to the high legitimacy level within the process of decision-making (Clausing, 2021). The customers as stakeholders expect great service, high-quality products, and good value. Reed achieves this by promoting close consultation and relationships with the consumers. In addition, suppliers often hold a significant stake in the corporation to which they provide services and materials.
However, the industry is experiencing a significant trend which includes asynchronous and live events. There have been novelties that were designed to create a better experience, which rivals the possibilities of entertainment. An example is 3D cubes, which are used for projecting images from every direction of the visitor. This has been an essential way of creating new experiences. Augmented reality has also been integrated by firms in the industry. This includes an innovative system, which lets the audience exhibit the directional arrows of the project and provide recommendations on the stands and booths to visit. There has been an increase in virtual trends over the past years. However, recent data shows that augmented reality is becoming a popular trend, as the experiences are often more accessible and affordable.
This is the compilation of the strengths, weaknesses, opportunities, and threats of an organization. Through SWOT analysis, the company is able to develop an awareness of the factors included in the decision-making of the business. The company maintains a prominent market position by carefully reviewing and analyzing the SWOT analysis. This analysis requires coordination among other departments within the organization, such as strategic planning, management information system, operations, finance, and marketing.
Stable revenue growth, which is inclined towards profitability.
The company is one of the most successful and largest exhibition organizing and event management firms globally, with a portfolio that organizes over 500 events across 43 state nations.
A strong network of distribution. Reed exhibitions have developed a reliable network to distribute its products. This has helped the company to reach most of its potential markets.
The company also has a strong brand portfolio. For a long, Reed Exhibition has made a significant investment in developing a stronger brand portfolio, which can be essential if the company is looking forward to expanding into new categories of products.
Reed Exhibition also demonstrates good performance, especially in new markets. The company-built expertise in venturing into new markets and ensuring that they are successful in them. This expansion has helped the company to diversify its economic risk cycle and new revenue streams in the markets.
Customer satisfaction. Reed has a dedicated relationship with the customers, which has helped in achieving higher levels of customer satisfaction among loyal and potential customers.
This includes areas in that Reed needs to improve and build a competitive advantage and its strategic positioning.
- Several acquisitions have weakened the reputation of the brand, which affects Reed Exhibitions.
- Being a corporation of different activities, Reed experiences a fluctuation in the market competition.
- The company is not good at forecasting the demand for the product, which leads to missing more opportunities. Besides, the structure of the organization is only compatible with the current model of the business, which limits expanding into the adjacent segments of the product.
- The company can save its operational cost by reducing its usage of energy with the integration of advanced implementation of technology.
- The company organizes different events for many organizations in key industries, including gas and oil. Therefore, Reed Exhibition has the potential to acquire other corporations easily.
- Increased competition in the market and higher consumer bargaining power in the exhibitions and event management industry are causing huge threats (Lai, 2015).
- The changing trading regulations and rules of international relationships can promote turbulence for the future market of event management.
Explain how their current portfolio delivers the company’s long-term strategy.
Reed Exhibition is leveraging its capabilities in technology and data to develop communities that are all-round, to support operations. The opportunities of combining both face-to-face and digital interactions have an essential role in the world economy. innovative transactions will provide customers with better livelihoods, and better experiences to connect with the audience. Reed is building upon deep passion and familiarity for the industries that the company serves.
Portfolio management ensures that the company has a stream of the main products that the company provides in a competitive market. As an analytics and information corporation, Reed Exhibitions provides medical, technical, and scientific analytics and information, organizes exhibitions, decision-making tools, and analytics and legal information. Reed has a growing portfolio of more than 500 events. The company enjoys 5 percent of the African exhibition market, which has seen significant growth of about 40% in the past four years. Engaging with the target audience in a marketing platform ensures that the company gets the most from its initial investment. In recent years, exhibitions have had a significant impact as compared to other tools of marketing (Pauli, 2021). Reed Exhibitions have extended its trade affairs portfolio, which serves in the packaging industry. In 2020, the company expanded its portfolio in the beverage and food industry, where the company acquired the Chocolate and Coffee Expo. This has had a significant impact on the company’s long-term strategy. The annual Expo of Coffee and Chocolate attracts more than 35,000 consumer and trade visitors and has more than 80,000 social media followers (Contact Publications, 2020). The CEO of Coffee & Chocolate Expo, Nadine Shone, said that it promotes growth in other industries such as the retail and hospitality industries with the development of International and African exhibitor participation and trade programs. This has been beneficial as the visitors have options of a unique experience with assortments of beverage and food products.
The current portfolio of the materials trade fairs includes IEX Insulation Expo Europe, Composites Europe, and Aluminum. This portfolio takes place in different locations, including the US, UAE, Brazil, India, China, and Germany. The portfolio of Reed Exhibition includes events such as the live entertainment Expo, AI Expo, Manufacturing world Japan, Virtual Reality and 3D Expo, and Amusement and Events Expo. The company is experienced in different industries such as cosmetics, construction, education, media, and jewelry. The events of the company are impactful, inclusive, and diverse, with a commercial experience where individuals can build their businesses and thrive.
Worldwide tourism has been destroyed by the impacts of the pandemic. However, Reed has played an essential role in helping to reconnect, recover, rebuild, and re-evaluate the industry. From content hubs, speed networking, and one-on-one meetings to panel discussions, masterclasses, and virtual summits, the company reveals the way the events have integrated and embraced the power of digitality (Nikitina, 2021). Reed has expanded its travel portfolio to include ILTM (International Luxury Travel Market). More so, the company introduced new events in China and Malaysia under WTM connect brand. These events are meant to serve mostly the leisure travel market in Asia and provide platforms where exhibitors can meet the buyers who are elite hosted. Increasing these portfolios provided an adjusted operating profit of $10 billion, as compared to 2020, where the company recorded a loss of $164 million.
These current portfolios of Reed Exhibitions have had a significant impact on the operation of the company. The event portfolios have helped the company to bring many individuals around the world together. Besides, competition based on quality has intensified dramatically. The product portfolio has had a significant impact on the company through the provision of an ideal platform for tackling and demonstrating competition. They helped in creating higher transparency in the market and promoted the formation of cooperative arrangements. Besides, the number of visitors made the company make effective trade fairs. The expos also provided the company with an opportunity to branch into the B2B trading segment and create a database of customers for the display booth of the company. In addition, the company benefited from a longer period of transition. The experience of Reed Exhibitions in delivering investment and customer value in technology will have a significant impact on the BIG7’s development and benefit the customers.
In conclusion, the report sought to provide a report analysis of the Reed Exhibition. The company has more than 500 events in its portfolio, which range from travel, health, food, and other B2B segments. The company has grown to be a strong marketing firm that leads clients to success. The company works with its shareholders, including employees, investors, suppliers, companies, government, and other stakeholders. The company attains profit from admission charges in some shows, sponsorship fees, and advertisements. Reed developed platforms that enable clients and customers to network, communicate, and conduct business efficiently and effectively. For the company to maintain a competitive edge, the company has expanded its portfolio. This has included an introduction of other services and mergers to increase service provision. The event and exhibition industry recorded a substantial increase in AR and VR. This is an essential trend that corporations use for exhibitions and touch-screen displays.
Recommendations for additional events
The management of the corporate event is about getting the most from every event. The planners often take care of every big and little detail from the beginning to the end to ensure the delivery of the best ROI for the organization. According to the projections, To improve future performance, the company should:
- Integrate with seamless RSVP. Nowadays, individuals are busier. Thus, it is critical to use RSVP. The firm should include an additional click button and the calls to action in the mail.
- The company should invest in IoT, which is increasing gradually. It is predicted that by 2050, many objects that individuals encounter at any physical event will be designed, connected, and intelligent to respond to and anticipate the needs of the attendees.
- In the next 30 years, the norm in the exhibition industry will be hybrid events. Hybrid events are events that straddle cyber and physical space that complements each other. While networking and collaborative sessions can be hosted in an environment that is physical, they are not always the event’s focal point.
- Reed Exhibition should venture into hallmark tourist events. These events include sporting, cultural events, expositions, and major affairs held regularly. The main role of these events is to provide opportunities with an opportunity of securing high prominence. This is an essential way for the company to expand its portfolio to create a competitive advantage.
- Live event technology. Despite the fact that virtual events have been performing greatly in relation to maintenance of connection during the COVID-19 pandemic, vast event organizers have moved to in-person events. Through live events, technology plays an essential role in creating immersive, exciting, and new immersive experiences for the audience. An example of the case is Abbas returning to the stage. Artists such as BTS and K-Pop stars have experimented with the magic of hologram technology, which allowed more individuals to see the live performance of their idols.
- Use of AR planning tools, which can be used for demos, networking opportunities, and the creation of maps for tours. AR is becoming readily available and advanced as most smartphones can use AR apps. The company should add AR to its marketing plan to create a tour that can appeal to event professionals and planners.
Clausing, J., 2021. Proud Experiences is coming to New York in November.
Contact Publications. 2020. Reed Exhibitions expands its portfolio. https://issuu.com/contactpublicationsza/docs/business_events_africa_march_2020_vol_40_no_3/s/10368354
Knorra, U., 2016. Lightweight Construction is Gaining Momentum. Lightweight Design, 9(3), pp.3-3.
Lee, H., 2019. Exploring exhibition stakeholder dynamics: stakeholder interrelationship and exhibition service quality.
Nikitina, O., 2021, March. Convention and Exhibition Industry: Digitalization and Strategic Leadership During the COVID-19 Crisis and After the Pandemic. In 1st International Scientific Conference” Legal Regulation of the Digital Economy and Digital Relations: Problems and Prospects of Development”(LARDER 2020) (pp. 215-220). Atlantis Press.
Pauli, D., 2021. Seeing Red and Feeling Blue: Social Commentary and Protest in the Work of Michael Reed. Back Story Journal of New Zealand Art, Media & Design History, (9), pp.69-93.
Pillai, S., 2016, September. The new face of exhibitions-exhibitions. In Meetings (Vol. 2016, No. 69, pp. 10-11). Novus Print (Pty) Ltd t/a 3S Media.
Lai, I. K. (2015. The cross-impact of network externalities on relationship quality in exhibition sector. International journal of hospitality management, 48. Pp. 52-67.