Harvard Case - Grittiness at Convene
"Grittiness at Convene" Harvard business case study is written by Boris Groysberg, Sarah L. Abbott. It deals with the challenges in the field of Entrepreneurship. The case study is 22 page(s) long and it was first published on : Jun 19, 2023
At Fern Fort University, we recommend Convene adopt a strategic growth plan focused on leveraging its existing strengths in premium workspace and event management to expand into new market segments, including:
- Expanding into new geographic markets: Targeting high-growth urban centers with a focus on international expansion.
- Developing a hybrid workspace model: Offering a blend of traditional office space, coworking, and virtual office solutions to cater to the evolving needs of modern businesses.
- Enhancing technology and analytics: Investing in technology to improve operational efficiency, customer experience, and data-driven decision-making.
- Building strategic partnerships: Collaborating with complementary businesses like hotels, technology providers, and event organizers to expand reach and service offerings.
2. Background
Convene is a successful company operating in the premium workspace and event management industry. They offer high-quality, flexible spaces for meetings, conferences, and events, catering to a diverse clientele. However, the company faces challenges in navigating a rapidly changing market landscape, characterized by increasing competition, evolving customer preferences, and the rise of technology-driven solutions.
The main protagonists of the case study are:
- Ryan Simonetti: CEO of Convene, seeking to guide the company through its next stage of growth.
- Chris Kelly: COO of Convene, responsible for operational efficiency and customer experience.
- The Convene Board of Directors: Providing strategic guidance and oversight.
3. Analysis of the Case Study
This case study presents a compelling analysis of Convene?s current situation using a strategic framework that considers:
- Internal Analysis: Convene possesses strong brand recognition, a dedicated team, and a proven track record of success. However, they face challenges in scaling operations, managing costs, and adapting to changing market dynamics.
- External Analysis: The workspace industry is experiencing rapid growth, driven by the rise of remote work, flexible work arrangements, and the need for collaborative workspaces. However, competition is intensifying, and technology is disrupting the traditional office model.
- SWOT Analysis:
- Strengths: Premium brand, strong customer relationships, experienced management team, innovative workspace designs.
- Weaknesses: Limited geographic reach, high operating costs, dependence on large events, limited technology integration.
- Opportunities: Expanding into new markets, developing hybrid workspace models, leveraging technology, building strategic partnerships.
- Threats: Increasing competition, economic downturn, changing customer preferences, technological disruption.
4. Recommendations
To address the challenges and capitalize on opportunities, Convene should implement the following recommendations:
- Expand into new geographic markets: Target high-growth urban centers in the US and internationally. Conduct thorough market research to identify suitable locations with strong demand for premium workspace and event services.
- Develop a hybrid workspace model: Offer a blend of traditional office space, coworking, and virtual office solutions to cater to the diverse needs of modern businesses. This will increase flexibility and attract a wider customer base.
- Enhance technology and analytics: Invest in technology to improve operational efficiency, customer experience, and data-driven decision-making. This includes implementing CRM systems, booking platforms, and data analytics tools.
- Build strategic partnerships: Collaborate with complementary businesses like hotels, technology providers, and event organizers to expand reach and service offerings. This will provide access to new customer segments and enhance value propositions.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: Expanding into new markets, developing a hybrid workspace model, and enhancing technology align with Convene?s core competencies in providing premium workspace and event management services.
- External customers and internal clients: These recommendations address the evolving needs of modern businesses seeking flexible, collaborative, and technology-enabled workspaces.
- Competitors: By expanding into new markets, developing a hybrid model, and leveraging technology, Convene can differentiate itself from competitors and maintain a competitive edge.
- Attractiveness ? quantitative measures if applicable: These recommendations are expected to drive revenue growth, increase profitability, and enhance shareholder value. The success of these initiatives will be measured through key performance indicators (KPIs) like revenue growth, customer acquisition, and customer satisfaction.
6. Conclusion
By implementing these recommendations, Convene can capitalize on the growth opportunities in the workspace industry, expand its customer base, and maintain its position as a leader in the premium workspace and event management sector.
7. Discussion
Other Alternatives:
- Focusing solely on traditional office space: This approach would limit Convene?s growth potential and expose them to increased competition from traditional office providers.
- Acquiring smaller competitors: This strategy would require significant capital investment and may not be feasible given the current market conditions.
Risks and Key Assumptions:
- Economic downturn: A significant economic downturn could negatively impact demand for premium workspace and event services.
- Technological disruption: Rapid advancements in technology could disrupt the workspace industry, requiring Convene to constantly adapt and innovate.
- Competition: The rise of new competitors and the expansion of existing players could intensify competition in the workspace industry.
8. Next Steps
- Conduct thorough market research: Identify target markets and assess their potential for growth.
- Develop a detailed business plan: Outline the strategy, financial projections, and key milestones for each initiative.
- Secure funding: Obtain necessary funding to support the expansion and technology investments.
- Implement the strategy: Execute the plan by expanding into new markets, developing a hybrid workspace model, and enhancing technology.
- Monitor progress and adjust as needed: Continuously track key performance indicators and make necessary adjustments to the strategy based on market conditions and performance data.
By taking these steps, Convene can position itself for continued growth and success in the dynamic workspace industry.
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Case Description
Based in New York, Convene was founded in 2009 by Ryan Simonetti and Chris Kelly. Convene was founded on the question: "What if you ran an office building like a hotel?" The company offered a premium corporate events and workspace product. Convene initially took a measured approach to growth, but in 2018, company leadership accelerated that growth. 2019 was a record year from a revenue perspective. However, the pandemic forced Convene to close all of its locations and reduce staff and operating expenses. In April 2022, Hudson's Bay Company (HBC) announced that it was taking a majority stake in Convene, marking the beginning of yet another chapter for the company.
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