From optimizing the sales funnel and leveraging partnerships to utilizing digital marketing tools, in this guest post you'll find the proven strategies needed to improve customer acquisition and retention while achieving revenue growth in no time.
The article was written by Helga Moreno, an experienced marketer, and flexible workstyle fan running Coworking Smarts blog and praising coworking software that makes both using and managing coworking spaces a breeze. You can follow her on LinkedIn to see if there’s an interest match.
1. Optimize Your Sales Funnel
A sales funnel is a journey that potential customers go through as they become aware of your coworking space, consider becoming members, and eventually sign up. Here are the commonly-accepted stages of a sales funnel:
- Awareness: Potential customers become aware of your coworking brand and its products. Activities in this stage include online advertising, content marketing, and search engine optimization (SEO).
“Approximately 96% of visitors that come to your website are not ready to buy—but they may be willing to provide contact information in exchange for valuable content.”—Website and SEO for Lead Generation eBook by Adobe
- Interest: Potential customers express interest in your brand and services by signing up for email newsletters or free trials and following you on social media. Activities in this stage include website design optimized for conversions, email campaigns, and customer referrals.
- Evaluation: Potential customers evaluate whether your hub is right for them by researching more about it. Activities in this stage include providing detailed product information and customer reviews and offering free demos or consultations.
- Purchase: If the potential customer decides your flex space meets their needs, they will make a purchase. Activities in this stage include secure payment options, discounts and promotions to increase conversion rate along with post-purchase follow-up emails.
By optimizing each phase of the sales funnel according to its purpose—from awareness to purchase—you can maximize revenue while keeping customer satisfaction high.
Pro tip: To tackle potential leakage in your funnel, identify and measure every stage carefully. Awareness can be measured through website visitors. Interest by the number of people signing up for email newsletters or filling any other of your lead capture forms. Click-through rate for emails to detect excessive leakage in consideration stages, and conversion by the number of people purchasing memberships.
Review these numbers with previous months for critical insights into any difficulties (seasonality, decreased traffic from channels, keyword ranking fluctuations). This way, you can detect and address issues quickly before they become a major problem in your funnel.
2. Offer a Variety of Membership Levels
If you offer several membership plans at your coworking space, you can use this as an opportunity to experiment and explore new options for your customers. Try offering different services in each of the tiers, as this will appeal to different people's needs. For example, some clients may prefer unlimited coffee, while others might appreciate access to meeting rooms or unlimited printing.
Pro tip: By offering credit bundles sold inside your coworking app, you can easily upsell your members. When members run out of credits that are included in their monthly plan, they just purchase an extra package and continue to spend them on the additional products you offer, be these your branded mugs, office necessities or meeting rooms.
Collect feedback from your customers and potential members: ask them about the services they would like to be included in each tier, conduct surveys, and make notes of their needs. This way, you'll be able to adjust the membership plans according to what people actually need and offer additional perks that they can choose and pay for separately.