Running a coworking is a complex idea even though it has been associated with a lot of benefits in the past few years. It is one of the most profitable businesses as per the current market analysis, even though it requires a lot of time and efforts to be managed.
Coworking space is a business extending its horizons all over the world. So it won’t be wrong to say that it requires a lot of efforts to continue existing in the market fighting the competition. This is where the marketing skills can be used to compete with the other workspace. You can also refer to a coworking space business plan to start with the marketing activities.
Marketing a coworking space is very essential since there has been a lot of competition with the emerging new spaces. There are various ways that it can be done.
Let’s know how to grow your coworking space:
1. Find the target audience –
This is the utmost important point to be considered when you are trying to get an audience for your business. Nowadays various companies are placing their staff in a coworking space and therefore making it even more profitable for these spaces. So before beginning to market your space, it is important to know the kind of customers that can be managed in your workspace. There can be big or small companies. Once this has been figured out marketing can begin from here. So knowing your customer is the first step.
As you can see big companies like IBM, KPMG or even Microsoft has been testing the coworking space. Some are even moving the entire team into a coworking space. The benefits companies are getting here is by placing the team in the upcoming locations with technological resources and talent they are able to stay in tune with the developing industry trends and also benefit with better access to innovation, education, and talent with reduced initial real estate costs and more flexibility.
Let’s say you are operating your coworking space in central London where the average pricing is GBP 250 per flexible desk in an average looking workspace with basic amenities. And GBP 450 per flexible desk in the most luxuries workspace with modern amenities. You got the point, Now you need to decide where do you want to see your workspace and what kind of customers do you want to have in your space. That’s your target audience. Be specific, don’t change frequently.
2. Data Insights (Learn from operations) –
Data insight plays an important role while dealing with marketing decisions. All the marketing decisions are based on these data that is collected over a period of time and further decisions are taken on this basis.
While running campaigns on Google Adwords a data is collected. This is an important data. A campaign is run and the budget is set accordingly. Since PPC is expensive and it is important to work within your budget with proper research. The research activity involves keyword research i.e what people type while looking for a specific search regarding a product or activity.
Every keyword is dealing with competition so it is important to set your budget according to the leads you receive on a specific keyword and also if that specific keyword is beneficial for you.
How many lead generation for coworking space had been generated will define the appropriate use of the data.
When you search for coworking space in London, the paid ads are visible in the starting few listings. And the others are shown from the organic ranking.
3. Brokers –
Real estate has created a great impact on the coworking space. Introduce your workspace in the real estate brokers community as they are more experienced in the industry and might get you some deals without any advertising budget.
4. Get recognised on the social media –
Social is the tool which helps create a brand image for your product or services. This is where customer begins to know more about your brand and helps them choose as well. Since everybody today is on social media it is important for your coworking space to keep a presence on it as well, whether it is Instagram, twitter, facebook or LinkedIn.
There are few social media platforms like Twitter to engage with members and share news and use Instagram to share pictures of your space and events. There is also Facebook ads or other social media targeted ads that can be considered.
5. Create your website –
The website is like the landing page to your customers. It is important to keep a check if your customers are visiting your website or not. But in the marketing, it is important to make use the website indicates your professionalism and created effectively. All the information should be presented with ease to the customers.
Do not make your website complicated to use otherwise the customer might lose interest and will prefer not to check the entire webpage.
Also, it is important to create a website according to the kind of image you need to create in the mind of your customers.
If you look at Amazon. All the information is presented in a simple and organised way. And most importantly it contains all the information at ease to the customers. On the other hand, there is eBay. Back during the days, they had plastered the site with banners, browser buttons, and a cluttered logo that breaks the rules of good logo design. Even though few of its areas are fixed now and being of the known brands it still looks pretty ugly.
Similar is with the coworking space. Everything needs to be a speck on!
So here is some additional knowledge that might help you while building website.
Pointer to a good website:
- Responsive Design – This means a website has the ability to respond to whatever screen size the person is viewing your website on. Since a lot of people are on smartphones these days, a responsive website will adjust its current page to fit on a mobile size screen automatically without a mobile application or any other coding.
- Call to Actions – What good will a information be to the viewers if there is no call to action on the website. When a website is built, all you expect from the viewers is some sort of action whether it is fill the form or make the call. Make your website effective enough so there is some action taken by the viewers.
- Keep it simple – let’s keep it simple. There are people who might not know how o navigate a website. So keeping it simple help. The key to an effective website is to keep it as simple as possible, easy to navigate, and simple for people to find more information about you.
- Good, Relevant Content – The content on the website should be good and relevant content so as to make it easy for the people to read it. You want to use content in which anyone can understand. Not only is content important for your visitors but it is also important for Search Engine Optimization. It is the search engines will be able to find you based on how relevant your content is to their search query.
- Professional Pictures – Always use good quality pictures while uploading them on your website. Poor quality pictures show poor design and that doesn’t work really well. Always go for high-quality pictures because that showcases your business more effectively.
6. Engage in Content Marketing –
Content marketing involves the activity needed for SEO. Therefore it should be effective enough so that the target audience can know about space. With the use of SEO, it also helps to rank your website on the topic with the content that has been written on a specific topic.
If you search for Coworking Space business opportunities. The first result you will see is of the article written by Chargebee.com. There are various factors that are considered to let Google put your article on the top of search results.
7. Remarketing / Advertise to Current Members –
This is as much important as marketing as this creates a revalue in the mind of the customers. The existing customers value being a part of your workspace and the new customers begin to think about trying out your space. These are mostly done on social media platforms and they are very effective if done properly.
It is important to advertise to the current members as well. A newsletter is a tool that can be acquired for this purpose.
8. Host events –
Coworking is a great place to meet people and build a great network. This also helps to build a good community for the coworking space which works really well for your space. These events are necessary to build a networking opportunity for the members to connect and promote their and your business. This might bring in new customers and help sustain the ones that still exist.
So this is pretty much the strategies that can be acquired to build a coworking space. The more important factor that using these strategies is to make sure you provide the most value to your members. No business can exist without making your customers happy with your services.
Continue to experiment different channels to get the results you would want to achieve. Another factor to be taken into account is taking feedback from current customers. This feedback not only helps you attain the current customers but also improvise so as to acquire more customers.