Marketing Funnel for Coworking Space Part 2 (Interest, Consideration, Conversion Stages)
This blog post is the second in our marketing funnel building series. We have already discussed how to boost your coworking brand awareness. In this article, I am going to recap three more stages that will finish with the conversion.
I have already mentioned in the first part of this tutorial that leakage is in funnels nature. Before we move on I'd like to calm you down a bit. Leakages are not something you can not fix. Measure every stage to detect the issue in time and take action depending on what your metrics say.
- You can measure awareness in the number of visitors who come to your website.
- The level of interest can be measured in the number of people that sign up for your email.
- Measure click-through-rate for your emails to know if there is an excessive leakage at the consideration stage.
- Conversion is measured in the number of people actually purchasing a membership.
When you have numbers at hand, compare them with previous months and accurately detect the problem if any (seasonality, a drop in traffic coming from one channel, loss of keyword rankings, and so on.)
This is the easiest part. Major ad platforms like Facebook, Google, and Quora allow you to generate a pixel, which you can add to your website's
Not too hard to guess. Find out the stage where the prospects drop off and retarget them with the offer that takes them at the next stage of your funnel.
For instance, if users don't subscribe to your email newsletter, offer them to join your email list.
People hate it when they can't find an answer to their question on your coworking landing page. They just abandon it.
You can easily solve the problem with live chat. A good e-conversation is a great help at any stage of the funnel. Live chat allows to answer all hot queries and tenderly guide the prospects to the next stage.
We at andcards use Intercom to enable live chat. It allows to segment the prospects and send them an automatically generated message encouraging to move to the next step or attach the offer like in the case with retargeting, which I described above talking about pixel code.
At the second stage of building a sales funnel for your coworking space, you need to hold prospective customers that are already hooked.
People are familiar with your brand because they have read your content. Now they want to know more. Most likely they will go to Google and start their research using specific queries like "how to choose a coworking," "women-only coworking, etc."
They may also start to look for industry leaders: best rural coworkings, the biggest coworking spaces around the globe. This way they will get a clear picture of what is happening in the niche in general.
Have you guessed what to do? You must rank for those specific search queries and let them find your content. Become a niche expert who can educate people and get followed.
In other words, you need to gently prod the prospects down the funnel demonstrating how your coworking brilliantly solves their problem.
Consideration is the third stage of your marketing funnel.
Your prospective customers not only acknowledge their problem, they already know the solution. Besides, they figured out that your coworking space can provide the best solution for them.
Yet, it's not time to celebrate. If people know about you and know that you can solve their problems, it doesn't mean that they are ready to choose you. You have your competitors on the market and they offer alternative solutions that may seem awesome to the customers.
Be sure, they will study most if not all of the available alternatives.
Supposing you know a lot about Apple. Does it necessarily mean you will buy an iPad? You may opt for Samsung Galaxy or Sony Xperia.
Your goal is to persuade people that your coworking is the right space to come regularly.
You can do this showing a unique selling proposition (USP). Think about what differentiates you from the competitors. Maybe your coworking offers unlimited free coffee and tea, maybe you arrange business training, maybe your coworking is more like an office center with marketing consultations, accounting services, and other discounted goodies for members.
What do you do when going to buy, say, a new laptop? You start to compare a model of your choice with similar gadgets: MacBook Pro vs Dell XPS. If you are not sure about the model, your search will have these parameters: best/top notebooks of 2019.
Remember that your prospective customers will do the same when choosing a coworking space. That's why you need to rank for search queries which include modifier terms like “vs,” “best” and “top.”
Supposing you have people following you but for some reason, they don't convert into paying customers. You need to push them again.
You can do it explaining why you are different in a sequence of emails. It should be like a story. Each next email should give more information on what's in your coworking for them.
Here is a kind of draft concept that will help you create the sequence.
- Elaborate on the idea of why a person needs your service.
- Educate them on some aspects of coworking. For instance, how to choose the best coworking space.
- Tell them some news about your coworking (maybe a new service, event, training.)
- Let them discover the value of your service. For instance, tell that your coworking was founded specifically to help entrepreneurs grow their business and enumerate the facilities you provide for the purpose.
- Tell customers a story of your coworking, why you are doing what you are doing. People are curious and like stories, they help them to feel involved.
- Give an answer to a common question that most of your customers ask.
- Compare your hub with competing spaces.
You can go farther than just sending emails and arrange a consultation call, for example.
At the stage of conversion, your prospective customers are almost convinced that you provide the best solution to their problem.
This means you need to push them for the last time. Give them one more compelling reason to click the “sign up” button immediately.
At andcards we offer to schedule a demo or try coworking management software for free. A coworking space owner or manager gets the opportunity to tear and wear the software with all its features without any investments.
For coworking space you can do the following:
- Offer the first day for free. A prospective member can stay at your space for the whole day and use all its utensils for free.
- You can create a sense of urgency offering limited time membership sign up at a reduced price. In this case, you can remind a prospect a few times that a limited time offer will expire soon and they should hurry up.
- Review your checkout process, it's utterly important to provide a smooth and user-friendly experience here.
- Give them a discount to convince to take a decision, though, I don't think that discounts are really a great strategy.
After all the above stages your prospective member will be happy to close the deal if the buying experience is pleasant enough.
The stage of conversion if a perfect moment to upsell your services. Offer the customer something wholesome in addition — yoga classes, food catering, extended membership, whatever.
After reading both articles in this series, you have a basic understanding of the click funnels notion as well as the main principles of their work. Maybe you have even started to create the one for your coworking space. Still hesitating and leave for tomorrow? This is not the best strategy to market your coworking space and maximize your revenue.
I advise you to start small. Focus on building a simple funnel. Notice and fix the issues that come your way. Backlog the opportunities for growth that appear.
After you succeed with the simplest model, you can go ahead and add more advanced stages to the traditional funnel. These may be Retention and Advocacy. You may want to create a superior onboarding experience for new members or a media community only for customers that is intended to encourage discussion and help those who need it.
Why should you continue with adding new stages to your funnel? Because when you managed to acquire new members you want to keep them, you want to transform them into loyal customers. What's more, you want them to recommend you to all friends, which will enlarge your customer base.
If you have any questions on building a sales funnel for your coworking business please shoot them my way. Maybe you have your personal experience to share with the community? Some secret tips I didn't mention in the article? They are welcome in the comments section.
P.S. Don't forget to tell your friends on socials how to build a marketing funnel, position yourself as a niche authority.