In the aftermath of the pandemic, the working audience has developed a mixed knack for both Work From Home (WFH) and Work From Office (WFO) opportunities, as a result, offices are exploring newer options and are welcoming a major flexible culture.
According to Megha Agarwal, Head of Brand and Marketing, WeWork India, “With the evolution of consumer mindset and inclination towards digital platforms in the last two years, our content strategy has been focused on engaging consumers with meaningful conversations and generating higher leads and sales through well-thought-out creative content.”
“For our Great Inspires Great campaign, out of our total ad spends 65% of contribution was allocated to digital platforms accompanied by TV, Radio, Outdoors, OTT and social,” she said.
Furthermore, Agarwal also pointed out that WeWork has leveraged social media platforms like Twitter, Facebook, LinkedIn, and YouTube to reach out to their predominantly millennial workforce, with an average age of 31 years, who are on the lookout for tech-savvy workplaces and more opportunities for engagement.
Great Inspires Great Campaign:
She also went on to add that while digital platforms aid WeWork in spreading brand recognition and recall in alignment with the brand ethos, communicating product offers and reaching potential stakeholders, the co-working space banks on traditional marketing to create higher brand awareness prior to foraying in a new city.
The growing popularity of the hybrid work model has led to more and more people opting
for flexible workspaces, WeWork India will continue to grow and drive the future of work, as per her.
“In the long run, we are prioritising sustainable growth and our aim is to lease another 2 million sq ft until March 2023, out of which 1.5 mn sq ft will be leased by December 2022,” she disclosed.
“Our prime focus is on long-term sustainable growth through a culture of care, collaboration, networking opportunities, and innovative product offerings that cater to the needs of the modern dynamic workforce. We aim to grow and expand while creating unique workspaces that promote collaborations and creativity,” she said.
Additionally, Agarwal also highlighted that through their latest brand campaign, Great Inspires Great, WeWork has depicted how the work environment becomes more efficient and leads to greater collaboration across industries, fostering greater diversity and inclusion.
“It reflects our core values including our focus on flexibility in workspaces, community, and culture,” she said.
Throwing light on WeWork’s marketing strategies, Agarwal elucidated that the workspace provider on the benefits of flexible working, in terms of collaboration and access to various innovative product offerings can help the brand in inspiring more people to adopt a flexible working strategy.
Commenting further on the brand campaign, Agarwal also said that WeWork launched a series of three product films featuring ‘WeWork On-demand’, ‘Managed Offices by WeWork’ and ‘Space as a Service’, with the intent of highlighting how these offerings cater to the diverse needs of individuals and enterprises
As per the Workplaces of the Future report published by CII-ANAROCK, a real-estate player, the market size of co-working spaces will double over the next five years at a CAGR of 15%.
WeWork India started its business operations in India, in 2017, it has now progressed to 66K+ members spread over six cities including Bengaluru, Mumbai, Gurugram, Noida, Hyderabad, and Pune, in a span of five years.
“One of the key factors behind this progress is the growing faith and confidence among landlords who firmly believe in the potential of the flexible workspace industry,” she said.
As of now, 70% of WeWork’s member portfolio constitutes enterprises like Meesho, Tata Play Broadband, 3M, Colliers India etc. while the rest 30% includes start-ups, freelancers, and SME members, she added.
In terms of profitability, WeWork’s Agarwal also emphasised that the co-working space has surpassed the EBITDA projection by 700 bps and has signed three deals and opened two new centres in Pune and Bengaluru in H1 2022.
“We have witnessed the first profitable quarter in Q1 2022, with over Rs 250 crore of revenue and Rs 25 crore profit and in June 2022 we recorded a 2x increase in sales of WeWork On-Demand since 2022 began and a 45% increase of both members and revenue for WeWork Virtual Office on a YoY basis,” she said.
On a concluding note, Agarwal also spoke about some of the major challenges for flexible workspace providers in the country. She asserted that the major competition comes from the real estate industry and to combat that WeWork often has to convince people to adopt flexible working which is growing in popularity, yet is a relatively newer concept.