Focusing on what drives your coworking business will be critical in 2021 to set yourself up for office re-entry. What we measure gets focus, what we focus on improves.
KPIs can help you to get objective data on what’s working and what’s not...but they can also keep you focused and disciplined while you’re working on projects that don’t reap immediate financial rewards.
In this episode, we walk through what KPIs are, what to track, and how to set yourself up for success in your measuring and tracking process.
Demand for virtual offices is growing. Building up a competency around marketing and servicing virtual office memberships can add margin to your business and help you to serve a member that doesn’t require much access to physical space. There are operators that build their virtual office business to the point where it pays their rent.
In this episode we discuss three ways to build your virtual office program.
1. What is virtual office?
2. Should a virtual office program include use of our GMB Listing?
3. Three ways to grow your virtual office business:
- Run Google Ads
- Focus on SEO/organic traffic using keyword optimization
- List your offerings with lead-gen partners
Everything Coworking Featured Resources:
Masterclass: 3 Behind-the-Scenes Secrets to Opening a Coworking Space
Creative Coworking Partnerships: How to negotiate and structure management agreements from the landlord and operator perspective
Resources Mentioned in this Podcast:
In this episode we discuss three pricing strategies for tough times:
1. Consider offering more flexibility on your memberships than you typically would, but don’t overwhelm your potential members with too many options. Want evidence? Read the “jam study” here: https://hbr.org/2006/06/more-isnt-always-better
2. Try to avoid offering rock bottom pricing
3. Don't get into a price war with the local competition. Know your strengths and know their weaknesses. If they’re doing ridiculous deals, they may be locked into very long, inflexible agreements. They may be paying for coffee and meeting rooms. Know how to make the apples to apples comparison, but even then, you might lose on price and need to sell on other strengths such as hospitality and community.
Give all deals/COVID accommodations an end date. Frame them as a COVID discount and make them good for 3 months (you can always extend if you need to).
Trevor Hightower started his own coworking brand in the lobby of a multi-family apartment building. He learned a lot about what worked and didn't work in that model and eventually met and joined forces with the founder of Craftwork.
Craftwork enhanced the revenue model and mojo of a coworking space by combining it with an open-to-the public coffee shop. Coffee in the front, coworking in the back.
Craftwork started experimenting on partnering with developers of multi-family apartment buildings to build a Craftwork location into the amenity set. The buildout was paid for, but they still signed a lease.
COVID struck....all coffee shops closed down. The leasing model showed its weaknesses.
Trevor shares his story about how COVID accelerated their pursuit of a stronger model for their business - hospitality as a service...what that looks like and where they're headed.
Are you excited about the huge potential demand for coworking space coming from the "Work from Home" segment?
They are not the same nut to crack as our typical coworking space member.
- How the WFH segment is different than our traditional coworking segments, who pays for their memberships, safety and security expectations.
- How they are not solution-aware and require a different marketing approach than our active searchers.
- Which advertising platforms align with different awareness stages.
- Some tactics to use on the solution-unaware segment to get them into the top of our sales funnel.