Rainbow Rare Earths Phalaborwa project shaping up to be one of the lowest cost producers globally. Watch the video here.
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1. They don't hire many sales people as they are very selective. This means that they believe the channel strategy will be the main driver of growth, although they do have sales reps in Europe and US.
2. They think the HTC China launch will be a real game changer for them. They feel the Chinese in particular are very open to this and HTC has wrapped Engage up in a package that is being sold as a VR solution for companies - they heavily featured Engage in their advert for this https://www.vrfocus.com/2020/06/vive-xr-suite-is-htc-vives-new-cloud-solution-for-remote-collaboration/.
3. They are finding they can continually raise prices for the events. Given that the budgets for events are currently being unspent, and the massive savings vs real live events (including travel expenses etc) it is not surprising. They are gunning to get a large number of events in the bag before the end of the year as budgets are there to be used up by year end and also often booked for next year before year end. So expect to hear more news on this before year end.
4. The events are a great advert for them - they are getting lots of interest in the engage platform as a communications tool for teams after they do an event for a company. So each event booked potentially adds another opportunity to their pipeline. This is really key when you are trying to do projections for potential income as although the events are highly lucrative, an even larger market is the subsequent rollout within customers, and this is recurring revenue. Moreover as they record events it provides great showcase material for further sales. As a form tech sales exec I can see how this woud overcome objections - when you are selling a new concept like this internally you need evidence that it really works well to remove doubts from the budget holders minds.
5. Typically post event they roll out Engage in a pilot for a couple of months to a couple of hundred users and then if they are successful at getting a contract it is charged on a per seat basis per annum.
6. They plan to update the market on new earnings expectations at the end of the year.
7. They are currently on track to break even in 2022, and don't expect to have to raise before then. However given the rise in revenues they are probably going to shorten the time to breakeven when they announce an update at year end.
8. They are going to create some high quality collateral from the upcoming UN event featuring Pitbull and expect this to really charge their sales funnel.
9. Engage does not need high bandwidth internet as they are not streaming video - means it can be used in developing world and china or rural locations. Will be hiring more customer service people as it does need an event host.
10.Competition exists but not direct (e.g.Zoom etc).
11.They are benefiting from "Zoom fatigue".
12. The main objections are at senior level where people have not experienced good VR so they try to do the selling within the platform.
Thanks Bensug. Very interesting