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This week I dive into the art of creating urgency to boost sales and memberships in the coworking world. Inspired by the annual Container Store's 30% off Elfa sale, this episode explores how similar strategies can be effectively applied to coworking spaces, especially when launching a founding member campaign.
Here's what we covered:
The Psychology Behind The Container Store's Elfa Sale: An overview of the Elfa sale and why it's so successful at driving purchases.
Principles of Creating Urgency: How urgency influences customer behavior and decision-making.
Applying Retail Strategies to Coworking Spaces: Insights into adapting retail marketing strategies, like The Container Store's Elfa sale, for coworking spaces.
Launching a Founding Member Campaign: A step-by-step guide to creating an effective founding member campaign for your coworking space.
Case Studies and Success Stories: Real-world examples of coworking spaces that have successfully implemented founding member campaigns and other urgency-driven promotions.
Key Takeaways:
Creating urgency can help convert indecisive potential members into members.
Founding member campaigns, when executed well, can build a strong initial community and ensure your space's success from the start.
The principles of urgency and scarcity, common in retail, are also powerful tools in the coworking industry.
Resources Mentioned in this Episode:
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Everything Coworking Featured Resources:
Masterclass: 3 Behind-the-Scenes Secrets to Opening a Coworking Space
Seth Rosenblum is the Managing Director at Hone Coworks & Principal at The Rosenblum Companies. He considers the Rosenblum Companies to be “operators” at heart. Yes, they own the underlying real estate, but their business is to create the solutions that their customers are looking for…which has led them to create their own coworking and co-warehousing brands.
Here’s what we covered in our conversation:
1. Seth’s team understands the need to diversify real estate assets for sustainability.
2. Seth’s team believes that traditional long-term office leases need to evolve to cater to immediate space needs.
3. Landlords face challenges with funding tenant improvements….every 5 years.
4. Space Readiness: The trend towards providing furnished, serviced office spaces.
5.'Hospitality Focus: The importance of incorporating hospitality into real estate operations.
6. Accountability Standard': Implementing standardized operations across various business types.
7. Team Development: Building an efficient team to manage diverse property types.
8. Operational Evolution: Continuous improvement and operational flexibility are critical.
9. Leadership Growth: The necessity for leaders to adapt and grow within a changing industry.
10. Community Engagement: Engaging with the community to successfully adapt to market needs.
Resources Mentioned in this Episode:
Everything Coworking Featured Resources:
Register for our upcoming class: Funding a Coworking Space in 2024
Masterclass: 3 Behind-the-Scenes Secrets to Opening a Coworking Space
The Everything Coworking Academy
Dr. Christina Hansen was on what seemed like a fruitless search for office space for her therapist practice when it suddenly hit her on her drive home one day that she could solve her own problem and create a shared office space designed for mental health practitioners.
On this episode, we talk through her journey from concept to one year after opening.
Resources Mentioned in this Episode:
Everything Coworking Featured Resources:
Register for our upcoming class: Funding a Coworking Space in 2024
Masterclass: 3 Behind-the-Scenes Secrets to Opening a Coworking Space
The Everything Coworking Academy