Anyone who has worked or been involved with the advertisement handling team in a media company will know what a big challenge managing a smooth day at work is. With regular flare ups in Inventory management, Quotes/RFQs etc. being a norm, the manager is more often than not tearing his hair out. One startup probably observed this very closely and offered an innovative solution in the form of Bookadspace Pro.
In conversation with entrepreneur Prayaag Kasundra, YourStory brings to you an exclusive insight into the BookAdSpace story.
BookAdSpace Pro in a nutshell!
Bookadspace Pro is a technology platform for media owners and media buyers (agencies and brands). Media owners will be able to store and manage their media inventory on the software platform and media buyers will be able to search for ad-spaces from media owners on this platform, provided they have permission from media owners to access their inventory.
“BookAdSpace provides software solutions to media owners and media agencies which help them manage their businesses with the ability to create networks and exchange information like Inventory, RFQ/Quotes etc, “says Prayaag.
“I wanted to build an SAAS (software as a service) tool for streaming media in the digital signage. That was when the idea of BookAdSpace came to me. “
Having worked as freelancer during his college days, Prayaag started off with Simform Solutions, a small web development service/outsourcing company. Upon broadening his knowledge of web apps and architecture, he began BookAdspace, which was greatly supported by the accelerator, The Morpheus. “The cool thing about Morpheus is that it's a very casual engagement which goes well with startups. The collaborative efforts of numerous start-ups plus the support shown by the founders of Morpheus Portfolio Company were hugely helpful.”
Business Model and Marketing
The softwares that are provided to media owners and agencies are charged for on a subscription basis. “We also will have website facing tools later on; targeted for smaller businesses which don't particularly need softwares to run their show,” informs Prayaag.
The targeted market for the company mostly comprises of OOH (Out of Home) advertising firms. The market, although large, is very unorganized . People running these businesses, specifically media owners, are disconnected from technology.
“We directly reach out to our customer. This works best for us. We also promote our solutions through industry specific magazines and websites,” says Prayaag referring to his marketing tactics.
A Brief SWOT Analysis
“Our strength lies in our product and solutions. My team and I have a vast array of experience in building top class business applications and it has reflected in BookAdspace’s products and solutions,” he adds. “Opportunities are currently massive and we have the first mover’s advantage. As in most businesses, the major threats are the penetration barrier due to old-school customers and effectively tackling competition.”
We believe BookAdSpace has a good playing field courtesy of the first mover advantage, their technical expertise and an unorganised and fragmented physical media market and they should surely capitalise on this lead. With Prayaag determined to capture this space, and Morpheus supporting him, the lead should be established much sooner.
While we track the journey of this Startup, write to us if you know anyone who is chartering an interesting journey.