Viad Corp (VVI): Business Model Canvas

Introduction

As the events and exhibition industry continues to evolve and grow, companies like Viad Corp (VVI) are at the forefront of providing innovative solutions and exceptional experiences for their clients. According to recent industry reports, the global events industry is projected to reach a market value of $2.33 trillion by 2026, with a CAGR of 10.3% from 2021 to 2026. This rapid growth is driven by the increasing demand for experiential marketing, corporate events, and trade shows across various sectors.

Against this backdrop, Viad Corp has positioned itself as a key player in the market, offering a comprehensive suite of services that cater to the diverse needs of event organizers, exhibitors, venue owners, and travel enthusiasts. In this blog post, we will delve into the business model canvas of Viad Corp, exploring how the company leverages key partnerships, activities, resources, and value propositions to drive success in the dynamic events and exhibition management industry.

• Key Partnerships: Viad Corp has strategically aligned itself with event organizers, venue owners, and suppliers, as well as local and international businesses in the travel and leisure industry, to ensure seamless execution and comprehensive travel packages for event attendees.
• Key Activities: The company's meticulous event planning, exhibition services, and tailored travel experiences are at the core of their operations, ensuring exceptional delivery and customer satisfaction.
• Key Resources: With a talented team, strong industry relationships, and innovative technology platforms, Viad Corp is well-equipped to meet the demands of their clients and stay ahead of industry trends.
• Value Proposition: By offering end-to-end solutions and exceptional event experiences, Viad Corp provides convenience, efficiency, and memorable experiences for their clients and attendees.

Through understanding the intricacies of their customer relationships, channels, and cost structure, as well as maximizing revenue streams, Viad Corp has established itself as a leader in the industry, poised to capitalize on the continued growth and evolution of the global events and exhibition market.

Key Partnerships

Strategic Suppliers: Viad Corp relies on strategic suppliers for raw materials, components, and other resources necessary for its operations. These suppliers play a crucial role in ensuring the quality and timely delivery of products and services to customers.

Distribution Partners: Viad Corp has formed partnerships with distribution companies to ensure efficient and cost-effective delivery of products to customers. These partners help expand the company's reach and ensure that products are delivered in a timely manner.

Technology Partners: Viad Corp collaborates with technology partners to leverage cutting-edge technologies and innovations. These partnerships enable the company to stay competitive and provide state-of-the-art solutions to its customers.

• Software providers for business management systems
• Hardware manufacturers for specialized equipment
• Technology consulting firms for strategic advice

Strategic Alliances: Viad Corp has formed strategic alliances with other companies in related industries to capitalize on complementary strengths and resources. These alliances help drive innovation, expand market presence, and create new business opportunities.

• Event management companies for collaborative projects
• Marketing agencies for joint promotional activities
• Industry associations for networking and advocacy

Key Activities

The key activities for Viad Corp (VVI) include:

• Event Management: Planning, organizing, and executing events such as trade shows, conventions, and exhibitions.
• Experiential Marketing: Creating immersive brand experiences for customers to engage with products and services.
• Hospitality Services: Managing and operating hotels, resorts, and other hospitality venues.
• Travel and Recreation: Providing travel and recreational experiences through attractions, tours, and leisure activities.
• Exhibit Design and Construction: Developing and building custom exhibits and displays for events and trade shows.
• Audio-Visual Production: Providing audio-visual services for events, including sound, lighting, and video production.
• Strategic Marketing and Branding: Developing marketing strategies and branding initiatives for clients and their events.

These activities are essential to Viad Corp's operations and are key to delivering value to its clients and customers.

Key Resources

The key resources for Viad Corp include:

• Human Capital: Viad Corp relies heavily on its skilled and knowledgeable workforce to drive innovation and deliver high-quality services to its customers. This includes a team of experienced professionals in event management, marketing, and logistics.
• Financial Resources: Viad Corp possesses significant financial resources to invest in new projects, acquire assets, and support the ongoing operations of its business units. This includes access to capital markets and strong financial performance.
• Physical Assets: Viad Corp owns and operates a range of physical assets, including event venues, equipment, and logistics facilities, which are essential for delivering its services to customers.
• Intellectual Property: Viad Corp's intellectual property, including its proprietary event management software, branding, and customer databases, are key resources that drive the company's competitive advantage in the market.
• Partnerships and Relationships: Viad Corp has established valuable partnerships and relationships with vendors, suppliers, and strategic partners, which are essential for sourcing materials, accessing new markets, and expanding its business opportunities.

Value Propositions

The value propositions of Viad Corp (VVI) can be summarized in the following key points:

• Event and exhibition services: Viad Corp provides comprehensive event and exhibition services, including planning, logistics, and execution, to help businesses and organizations showcase their products and services effectively.
• Experience and expertise: With decades of experience in the industry, Viad Corp brings a wealth of knowledge and expertise to the table, ensuring that clients receive top-notch solutions tailored to their specific needs.
• Innovative solutions: Viad Corp is committed to staying at the forefront of industry trends and technologies, offering innovative solutions that help clients stand out in a crowded marketplace.
• Customer-centric approach: Viad Corp prioritizes customer satisfaction, working closely with clients to understand their goals and deliver personalized, high-quality services that exceed expectations.
• Global reach: With a presence in multiple countries, Viad Corp has the capability to serve clients on a global scale, providing seamless support for international events and exhibitions.

Customer Relationships

Viad Corp aims to build strong and lasting relationships with its customers through a variety of strategies and tactics that cater to the specific needs and preferences of each customer segment. The company recognizes the importance of offering exceptional customer service and experiences in order to foster loyalty and repeat business.

1. Personalized Communication: Viad Corp utilizes customer data and insights to personalize communication with its customers. This includes targeted marketing campaigns, personalized emails, and tailored promotions based on past purchasing behavior and preferences.

2. Customer Support: The company provides responsive and helpful customer support to address any issues or concerns that may arise. This includes a dedicated customer service team, online chat support, and a customer feedback system to continuously improve the customer experience.

3. Loyalty Programs: Viad Corp offers loyalty programs to incentivize repeat business and reward loyal customers. These programs may include discounts, exclusive offers, and VIP experiences for top customers.

4. Community Engagement: The company actively engages with its customers through social media, events, and other community initiatives. This allows Viad Corp to build a sense of community and connection with its customer base.

5. Feedback and Improvement: Viad Corp actively seeks feedback from its customers to understand their needs and preferences better. This feedback is used to continuously improve products, services, and the overall customer experience.

By prioritizing customer relationships and implementing these strategies, Viad Corp aims to build a loyal customer base and drive long-term success for the business.

Channels

The channels section of the Business Model Canvas for Viad Corp (VVI) outlines the various ways in which the company delivers value to its customers and reaches its target market. Viad Corp utilizes a multi-channel distribution strategy to ensure that its products and services are easily accessible to its customers. The following channels are utilized by Viad Corp:

• Direct Sales: Viad Corp leverages a direct sales team to reach out to potential clients and customers. This channel allows for personalized interactions and relationship-building with clients.
• Online Platforms: Viad Corp utilizes online platforms and e-commerce channels to reach a wider audience and facilitate convenient purchasing for its customers.
• Partnerships and Alliances: Viad Corp forms strategic partnerships and alliances with other businesses to expand its reach and access new markets.
• Events and Trade Shows: Viad Corp participates in industry events and trade shows to showcase its products and services, network with potential customers, and generate leads.
• Brick-and-Mortar Locations: For certain product lines, Viad Corp may utilize physical retail locations to provide a tangible experience for customers.

By utilizing a diverse range of channels, Viad Corp ensures that it can effectively reach its target market and deliver value to its customers in various ways.

Customer Segments

The customer segments for Viad Corp (VVI) can be categorized into the following:

• Event Planners: This segment includes event planners and organizers who require services such as event management, exhibition and event marketing, and event production.
• Exhibitors: Companies and organizations looking to showcase their products and services at trade shows, exhibitions, and other events form a significant customer segment for VVI.
• Marketers and Advertisers: Businesses and agencies seeking marketing and advertising solutions for their brands and products through events and experiential marketing are another key customer segment for VVI.
• Venue Owners and Operators: This segment includes owners and operators of event venues and convention centers who require event management and production services.
• Government and Nonprofit Organizations: Government agencies and nonprofit organizations looking to host public events, conferences, and exhibitions also represent a customer segment for VVI.

By identifying and understanding these customer segments, VVI can tailor its services and offerings to meet the specific needs and requirements of each segment, thereby maximizing customer satisfaction and business success.

Cost Structure

The cost structure for Viad Corp (VVI) encompasses various expenses associated with its operations and business activities. These costs can be categorized into the following:

• Fixed Costs: These are expenses that do not vary with the level of production or sales, such as rent, salaries, insurance, and utilities.
• Variable Costs: These costs fluctuate in direct proportion to the level of production or sales, including raw materials, direct labor, and sales commissions.
• Operating Costs: These expenses are essential for the day-to-day functioning of the business, such as marketing, maintenance, and supplies.
• Cost of Goods Sold (COGS): This includes the direct costs associated with producing goods or services sold by the company, such as materials, labor, and overhead.
• Administrative Expenses: These are the costs associated with the management and support functions of the business, including legal fees, accounting, and office supplies.
• Research and Development (R&D) Expenses: These costs are related to the creation and improvement of products or services, including salaries of R&D personnel and materials used for testing and prototyping.

It is important for Viad Corp to carefully manage and control its cost structure to ensure profitability and efficiency in its operations. By analyzing and optimizing these costs, the company can enhance its competitive position and financial performance in the market.

Revenue Streams

Viad Corp generates revenue through various streams within its business operations. These revenue streams include:

• Exhibitions and Events: Viad Corp's GES business segment generates revenue through the design, production, and management of live events, exhibitions, and trade shows for a wide range of industries and clients. This includes revenue from event planning, booth design and construction, and event logistics.
• Travel and Recreation: Viad Corp's Pursuit business segment generates revenue from travel and recreation activities, including revenue from lodging, attractions, transportation, and food and beverage services provided to guests at various locations.
• Strategic Marketing and Consulting: Viad Corp's GES business segment also generates revenue through strategic marketing and consulting services, including revenue from brand activation, experiential marketing, and digital marketing services provided to clients.
• Other Services: Viad Corp may also generate revenue from other services, such as event technology solutions, event registration services, and other ancillary event-related offerings.

These diverse revenue streams contribute to Viad Corp's overall financial performance and drive the company's growth and success in the events and recreation industries.

Conclusion

After analyzing and creating the Business Model Canvas for Viad Corp (VVI), it is clear that the company has a strong foundation and potential for growth. By identifying key partners, resources, activities, and value propositions, Viad Corp is positioned to continue delivering value to its customers and stakeholders.

• The company's unique value proposition, which focuses on delivering high-quality event and exhibition services, sets it apart from competitors and provides a strong competitive advantage.
• Viad Corp's key partnerships, including relationships with event organizers and venue owners, provide a solid framework for collaboration and growth within the industry.
• With a focus on cost structure and revenue streams, Viad Corp can continue to optimize its operations and drive profitability.

Overall, the Business Model Canvas for Viad Corp highlights the company's strengths and opportunities for continued success in the market. By staying true to its core values and leveraging its key resources and partnerships, Viad Corp is well-positioned for sustainable growth and continued innovation in the event and exhibition industry.