Eliminating the middleman seems to be a common concept that many emerging companies are dealing with these days, as the demand for more affordable access to the final product increases.
Sharing the same feelings, the team a Advertising work came to a light bulb moment and thought, why not remove the middleman for the advertisers?
98.5% of companies in Malaysia there are SMEs, which account for almost a million. However, we do not see as much representation of SMEs in large-scale advertisements as billboards, radio, television, cinema, etc. compared to large organizations.
“This is mainly due to lack of awareness, fear of high costs and the complexity of booking an ad through a media agency or the owner of the media directly. Not only that, SMEs with a small budget (less than RM 10,000) will hardly be entertained by media agencies, ”Kumaresh Visvanathan, CEO of Adwork, told Vulcan Post.
Connect SMEs directly to media owners
Advertising work, simply put, is similar to Lazada for any form of advertising. They are a marketplace where media owners can choose and select with which media packages they want to buy and advertise.
This idea is an idea of Sivanathan and Beverly, veterans of the media industry, with Kumaresh as CEO and Elaia, who is their CTO.
Say that if you want to make an ad reservation, just go to your site, choose the price range, select the gender, language, and age group of the target audience, and you’re ready to go.
That said, because you won’t be participating in a media agency to develop your advertising, you’ll need to rely on your own creativity or outsource someone to work on your ad with you. In other words, you should come prepared.
Instead, some advertising sites include the TGV cinemas, TV3, New Straits Times, Hitz.fm, Astro Talk Show and also advertising posters around Bukit Bintang, Times Square, and so on.
“We have incorporated almost 95% of major media owners into Adwork, including Media Prima, Astro, The Star, BigTree, etc.,” Kumaresh shared.
Get to know your audience through ads
But in addition to these large-scale ads, they still have social media ad packages like Facebook, Twitter, Instagram, TikTok, Spotify and more. You’ll also be able to get statistics and statistics for these ads on the platform, similar to what you would get by working with a media agency.
One thing to keep in mind, though, is that your products are fixed as stated on the site and not much customization can be done with the duration of an ad, the start and end date of an ad, etc. Kumaresh compares its products in the market with those of “for sale” products.
When you book through a media agency, you will typically pay about a 15% commission if you hire them for campaign planning, management, and acquisition. On the other hand, Adwork charges a 5% commission for each transaction.
Since its creation in December 2019, the Adwork team has completed 40 reservations for a total revenue of more than one billion euros, with the largest transaction they have facilitated so far in a 6-month digital billboard that cost 180 thousand euros.
A price range for companies of all sizes
Adwork offers static and digital billboards with the cheapest at the price of 2,660 RM, and prices can reach up to RM 100,000 per month, depending on your location and the size of your billboard.
But overall, most of the digital billboards you will tour the Klang Valley, such as Bukit Bintang, Times Square, Jalan Bangsar, Sultan Ismail, etc., cost about RM 20,000 a month.
Currently, the most affordable ads you can get through Adwork are on news media sites like SME Daily, NST, Berita Harian and the like. Social media packages like TikTok and Twitter are around RMB 2,000 a month, while Facebook and Instagram are around RMB 4,000 a month.
A direct competitor would be AdEasy, although based on our observations, Adwork can tailor your ads immediately to your preferences. For example, an SME can first choose its budget, target ad genre, target language, and target age group, and the results will be based on those filters.
On the other hand, AdEasy currently only allows users to browse major categories, such as Website, TV, Cinema, or Billboard, for example, to choose the one that suits their needs. However, if you already know which media company you want to advertise with, you can just search for it.
Capturing the $ 12 billion market in SEA
According to Kumaresh, Adwork has about 2,000 SMEs registered on its platform and 42 media owners to choose from. Currently, the estimated size of the advertising market for SMEs is US $ 1.2 trillion for Malaysia and so far they have captured approximately 1%.
However, Adwork plans to go to the region to capture more advertising markets for SMEs in SEA countries, amounting to up to US $ 12 billion, including Malaysia. Prior to the regional expansion, however, they plan to reach 1,400 transactions worth RMS 6 million in the total value of the reserve.
To do so, they aim to raise RMS 2 million in their ongoing pre-series A funding round throw it. The total capital offered will be 10% and its minimum funding target for this round is RM 500,000.
“We want to turn everyone into a media owner, literally. The next platform will allow anyone with a good to own media, including a person who wants to use their back as a medium and walk around the city. “
Kumaresh Visvanathan, CEO of Adwork
Featured Image Credit: Kumaresh Visvanathan, CEO of Adwork