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With a global coworking network, WeWork is looking for new revenue streams outside of real estate. We’re turning places into destinations for events, sponsored products, and outdoor advertising.
WeWork has worked with Recess. Recess is a platform that connects consumer brands with venues and events that can reach new consumers. Recess’ self-service tools also allow sales teams to determine which events and venues are suitable based on geography, age or interests, and even buy ads based on target audiences.
According to Rebecca Graf, WeWork’s head of ancillary revenue for the US and Canada, Recess allows you to connect with brands that want to reach people who use coworking spaces. It also provides WeWork members with new ways to learn about new products. Some brands like PepsiCo and Sierra Nevada may be recognizable, while others like Health-Ade and Milk Bar may be newer. to enter into short-term and long-term partnerships with one or more WeWork.
Recess CEO and co-founder Jack Shannon said that rather than flooding workout schedules, music festivals, and farmers markets, the platform aims to cut through the hustle and bustle of every market without door-to-door visits. said there is. He described it as an “experience-based advertising network,” and said the platform would also give media his buyers a way to reach audiences beyond social media and other digital his marketing platforms.
“Many of these experiential agencies still have team members doing manual work in-house,” says Shannon. “They Google Farmer’s Market in Albuquerque and reach out at random to reach out and try to figure out pricing, when they can be there, and availability.”
WeWork partners with hundreds of brands beyond its partnership with Recess. For example, it has Numi as its exclusive tea partner, offers coffee through a deal with Lavazza, and recently announced Doordash as his exclusive delivery partner for WeWork. WeWork didn’t disclose how much revenue it makes through his Recess, but Graf said the goal isn’t “just to generate revenue.” As well as brands, WeWork has also met with agencies and his partners. This is also part of Recess’ business model.
“The authenticity of the experience of people working together in this space has to match,” Graff said. “We’re not interested in becoming a Times her square or anything like that, so we’re choosing very specific categories as partners in the broader categories.”
Avoiding being the Times Square of coworking doesn’t mean WeWork isn’t open to showing more ads in different locations. Just this week, he announced a new partnership with Captivate to deliver digital outdoor advertising to nearly 200 of his WeWork locations.
Claire Tassin, retail and e-commerce analyst at Morning Consult, says that despite years of pessimism and pessimism about the “retail apocalypse,” actually discovering products is still an effective marketing strategy. It is said that (A 2022 study conducted by Morning Consult found that many still prefer to shop in person in categories such as groceries, household goods, apparel and personal care products.) Now The economy makes some shoppers less likely to try new brands, even if they don’t have them. I haven’t had the chance to see them in person yet.
“The magic happens in identifying not only overlapping customer bases, but also needs that make sense at the moment,” she said. “Whether it’s a snack brand or a skincare element, something that has complementary value for the same target demographic…that’s when it works. Otherwise it’s like sprays and prayers.” And it’s boring.”
Some marketers see some benefits of a platform like Recess. This saves you a lot of hassle while avoiding the rising costs of buying ads on social networks. In some cases, even if smaller brands benefit from offline visibility, already established brands may be more likely to win deals at major events.
While it may come as a shock to a smaller brand to take the traditional route into event sponsorship, marketing consultant Kevin Simonson said Recess could be a compelling alternative. says. Although he hadn’t used Recess yet, Simonson, who was previously the co-founder and former CEO of Metric Digital, thinks Recess could help. For example, if you want to use it to find an animal shelter sponsored by a pet brand.
“People like real life,” Simonson said. “They still like to touch the product, they like to drink the product if they want to, they like to taste the product. Yes, because real relationships are hard to scale.”
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