How To Boost Coworking Membership Sales

The year is now 2024, and you're wondering how to increase membership to your Coworking space. Many spaces are seeing a continuous increase in membership and, "How did they do it?" is your top question.

Today, many companies use shared office space rather than traditional office leasing.

In addition, the rise of remote work and the need for continued flexibility and professionalism have led to creative and innovative meeting rooms and general office space.

As a Coworking manager, it's essential to keep updated with new strategies on how top-rated spaces (like WeWork) did it. The future is shared office space, meeting rooms, networking, and many more creative ideas.

We have created these strategies to show you how to boost membership sales. Our focus will be on determining your target market, as this will help you understand their unique needs and help you create a strategy to cater to them.

Secondly, the importance of generating leads and retaining existing members will be highlighted as these two strategies play a significant role in boosting membership sales.

Finally, we will share how one of the top-rated coworking spaces (WeWork) generated concrete and continued membership sales with a formidable marketing strategy.

Let's take a look at how to increase your membership sales!

Understand Your Coworking Space Target Market

Let's delve right into it! Who uses Coworking spaces?

Firstly, your space won't be for everyone, and that's quite fine. Therefore, you must look at the market as a whole to identify who you will cater to.

Typically, these spaces are used by:

Remote workers who need a balance between structure and flexibility
Freelancers who need professional workspaces and meeting rooms
Frequent travelers who need that office space and equipment to get jobs done on the go
Students can benefit from the shared workspace through networking and collaboration
Conventional office workers who require a break from the traditional office and the associated internal politics

You can already begin to identify your target market from these main lists.

Read more:How to Start a Coworking Space

How to Generate Leads For Your Coworking Space

The popularity and growth of your Coworking space require a master strategy in obtaining high returns. One key thing to focus on is lead generation.

Let's dive into some important strategies to help with your lead generation.

Clarify Your Target Market & Marketing Strategy

Now that you understand the different target markets available, you must identify which group/s to cater to. By choosing a target group, you can meet their specific needs.

For example, freelance writers may need quiet space for their writing. So, you may want to market your space as having quiet centers where they will not be distracted.

Conversely, you may wish to market your space to conventional office workers as a vibrant community and networking space, not the typical boring office.

The needs of your optimal clients will determine your space's interior style and layout to the membership structure, pricing, etc.

You must be able to edge out your competitors. Therefore, your target market and marketing strategy must work seamlessly to reap that elusive sales boost.

Engage Key Influencers For Your Target Market

Social media rules the day! You must make use of it! Never underestimate the attention or "clout" that influencer's harbor.

Connect with influencers with good reputations, especially those that align with your target market. Offer them free memberships. Having them use your space and sharing it with their fans can spread the word faster.

Enhanced Member Onboarding Experience

Securing and retaining memberships hinges on the initial experiences of new members. The onboarding process serves as the gateway to a coworking community, shaping perceptions and setting the tone for a member's journey.

In 2024, enhancing the member onboarding experience emerges as a strategic imperative for boosting coworking membership sales.

Personalised Welcome

A personalised touch during the onboarding process is crucial. Beyond the standard welcome email, consider sending a personalised video message from the community manager or a brief questionnaire to understand the unique needs of the new member.

Tailoring the welcome experience creates a sense of belonging from the outset.

Guided Orientation Tours

Transform the typical facility tour into a guided orientation. Assign community ambassadors or staff members to personally walk new members through the space, highlighting key amenities, collaboration zones, and introducing them to fellow coworkers.

This hands-on approach fosters immediate connections and familiarity.

Technology Integration

Leverage technology to streamline the onboarding process. From digital welcome kits to interactive maps of the coworking space, employing tech solutions enhances efficiency and provides a modern touch.

Additionally, ensure seamless access to coworking tools and platforms to facilitate a quick integration into the community.

Welcoming Events

Organise welcoming events specifically designed for new members. Whether it's a casual meet-and-greet over coffee or a structured orientation session, creating opportunities for new members to interact with each other and existing members cultivates a sense of community early on.

Buddy Systems

Implementing a buddy system pairs new members with seasoned ones. This not only eases the integration process but also fosters mentorship and collaboration.

Buddies can provide insights into the coworking culture, introduce new members to key individuals, and offer practical tips for maximizing the coworking experience.

Resource Welcome Kit

Provide a comprehensive welcome kit that goes beyond a simple brochure. Include resources such as a directory of community partners, guides on local amenities, and tips for optimizing the coworking space.

This resource kit serves as a valuable tool for new members to navigate their professional and personal needs.

Feedback Mechanisms

Establish feedback mechanisms during the onboarding process to gauge satisfaction and identify potential areas for improvement.

This not only demonstrates a commitment to continuous improvement but also allows the coworking space to address any concerns promptly, fostering a positive environment.

Integration into Community Platforms

Ensure new members are seamlessly integrated into community platforms. This includes introducing them to online forums, collaboration tools, and communication channels.

An integrated approach, both physically and virtually, solidifies their connection to the coworking ecosystem.

Follow-Up and Check-Ins

Post-onboarding, initiate regular follow-up and check-ins. This proactive approach demonstrates genuine interest in the member's experience and offers an opportunity to address any evolving needs.

Regular check-ins contribute to member satisfaction and can identify opportunities for upselling or customizing memberships.

Educational Workshops

Offer educational workshops during the onboarding phase. These workshops can cover a range of topics, from maximizing productivity in a shared workspace to leveraging coworking community resources.

Educational initiatives enrich the member experience and position the coworking space as a hub for professional development.

Organize Community Events & Partnerships

As the coworking space owner/manager, it is important to curate your community culture.

Most members use these shared spaces for their community culture. So in your space, members must feel that sense of community.

Therefore, consider organizing events at the shared space, connecting with each member, and providing warm and welcoming office space.

Most shared spaces also make for great event venues. This is a sure way to let the external community know you exist.

Consider some of the following to attract visitors:

Fundraisers
Singles events
Baby showers
Private rentals
Holiday events
Small concerts
Live bands

Visitors who feel at home in your space will feel more encouraged in asking about membership.

Of course, if events such as live bands or even fundraisers may be loud, consider hosting on weekends or evenings.

Bonus: Track Where Your Leads Come From

What is lead tracking? Lead tracking is a process of actively monitoring and documenting prospective customers who have had interactions with your business.

As a result, you will gain insight into your marketing efforts and their impact on revenue.

Here are 6 ways to track where leads come from:

Ask directly - one of the best ways to track is just to ask them directly, "Where did you hear about us?"
Call tracking and marketing attribution - use a unique phone number for each marketing channel. Then, if they call, you can easily track where they came from.
Hidden field forms on your website - you may use hidden fields on your submission forms to track additional info like where they come from.
Promo codes - these are a great way to entice new customers and track how successful a particular sales campaign was.
CRM systems - while there are many CRM systems, choose one which allows you to track leads directly. Salesforce is an excellent example of such a CRM system.
Google analytics - set goals in Google Analytics to track leads and key actions on your website.

Most importantly, focus on those actions which bring in more leads and customers.

For example, if people enjoy local events but are not interested in cold calls, invest more in local events. Knowing which strategy works for you and doing more of it is necessary for giving you a better ROI.

Retain Your Existing Members

While the focus may be on boosting sales through increased memberships, it is paramount never to forget your existing members. Therefore, membership retention must begin from the first day.

Retaining members is a key strategy in boosting recurring membership sales. In addition, members will provide constant feedback, allowing you to improve the workspace experience continuously.

Let's look at practical ways to ensure your members want to continue renewing their membership.

Create A Strong Sense Of Community

Do your members feel welcome? Have their needs been met?

Feedback must be solicited from the onboarding process, so members feel at home. This helps to create that strong sense of community and aids member retention.

As spaces grow, it's common to forget the social aspect of running a shared workspace. As a result, networking and social events slowly dissipate, and the office space begins to resemble a traditional corporate office.

Hiring a community manager may alleviate this issue. A community manager is someone who can put all of their energy into planning events, getting to know members, and connecting with them.

Cultivating community culture may also involve hosting social or professional events for members, which also helps to attract non-members (potential new leads!). In addition, members can organize their own events to encourage networking and community spirit.

Rethink Your Pricing and Membership Structure

Do members feel that they are getting their money's worth? This is an important question to ponder.

Constant feedback with your members will allow you to determine member satisfaction.

When structuring your pricing structure, consider the following to gauge which appeals most to members:

Price deals - offer low price options for the fully remote worker. Offer day passes or other flexible options.
Operating hours - Offer flexible scheduling such as evening hours or graveyard hours for those members who work in different time zones.
Specials - Determine perks and benefits to offer at each level of membership. A group medical insurance plan, child care, mentorship programs are popular ideas. Focus your efforts on those that will appeal to specific groups within your existing membership.

Try Different Membership Bundles

Create versatile membership bundles to allow members to be flexible. For example, they should have the ability to scale down their plans if they are not using them often or vice versa.

Also, not all of your members may not need access to the meeting room. Therefore consider having bundles which would suit their particular needs.

Offer bundles based on how the majority of your members work. This will allow you to determine the optimal solution to balancing members' needs.

Consider A Credit System

A system where members have access to conference rooms or meeting rooms without upgrading membership provides flexibility to your members.

Allow them to buy credits for specific services in advance, such as access to the meeting room, a guest pass, etc. This will also bring added cash flow to your business.

Offer Virtual Services

As mentioned, some of the common users of Coworking spaces are freelancers, remote workers, and entrepreneurs. Consider offering virtual services such as a virtual postal address, a receptionist, letter scanning, and meeting rooms in the virtual sphere.

These service add-ons require very low cost to maintain but can give tremendous value to your members, apart from the added revenue for your business.

Member Testimonials and Success Stories

member testimonials and success stories play a crucial role in shaping the narrative and attracting new members.

These stories not only serve as compelling marketing tools but also create a sense of authenticity that resonates with potential clients seeking a collaborative and supportive work environment.

Authenticity and Relatability

Sharing the experiences of current members through testimonials adds an authentic touch to the coworking space's marketing strategy.

Potential members are more likely to relate to the challenges, successes, and growth stories of their peers, creating a connection that goes beyond traditional advertising.

Authenticity breeds trust, a fundamental element in the decision-making process for professionals seeking the right coworking space.

Showcasing Diversity

Every member has a unique journey within a coworking space, and these stories offer a platform to showcase the diversity of professionals benefiting from the shared workspace.

Whether it's a startup entrepreneur, a freelancer, or a remote worker from a larger corporation, testimonials highlight how the coworking environment caters to a broad spectrum of professional needs and fosters a sense of inclusivity.

Addressing Pain Points

Testimonials often touch upon the challenges members faced before discovering the coworking space and how it addressed their pain points.

This transparency allows potential members to envision how the space could provide solutions to their specific needs, making it a relatable and appealing option.

Addressing common challenges creates empathy and positions the coworking space as a supportive community ready to help overcome professional hurdles.

Impact on Professional Growth

Success stories can focus on the tangible impact the coworking environment has had on professional growth.

Whether it's expanding a business, securing new clients, or achieving personal milestones, these narratives illustrate the tangible benefits of being part of a collaborative community.

Highlighting such success stories is a powerful way to communicate the practical advantages of joining the coworking space.

Leveraging Visual Content

Incorporating visual elements, such as images or video interviews with members, adds a personal touch to testimonials.

Seeing faces and spaces associated with success stories enhances the storytelling experience and makes it more engaging for potential members.

Visual content is highly shareable, allowing the coworking space to leverage social media and other online platforms effectively.

Building Trust Through Transparency

Trust is a cornerstone in the decision-making process for potential members. Member testimonials provide an opportunity for the coworking space to showcase its commitment to transparency.

Sharing both positive experiences and any challenges faced along the way demonstrates authenticity and underscores the willingness to be open about the coworking experience.

Integration into Marketing Campaigns

To maximize the impact of member testimonials, integrate them strategically into marketing campaigns. Feature success stories on the coworking space's website, in promotional materials, and across social media channels.

Consistent exposure to positive experiences reinforces the space's reputation and increases its visibility within the target audience.

Engaging Existing Members

Actively engage with existing members to encourage them to share their experiences. Consider creating specific campaigns or incentives to motivate members to contribute their testimonials.

Their participation not only strengthens the sense of community but also provides a continuous stream of authentic narratives to showcase the diverse and positive aspects of the coworking space.

Member Spotlights and Features

Go beyond written testimonials by featuring members in spotlights or dedicated sections on the coworking space's platforms.

This could include interviews, podcast features, or articles that delve deeper into individual journeys. This multi-dimensional approach adds richness to the storytelling, capturing the nuances and depth of each member's experience.

Utilizing Feedback for Continuous Improvement

Member testimonials can also serve as valuable feedback for the coworking space. Pay attention to recurring themes or suggestions mentioned by members, and use this information for continuous improvement.

Demonstrating a commitment to enhancing the member experience reinforces the idea that the coworking space is responsive to the needs of its community.

Data-Driven Decision Making

Staying ahead requires not only intuition but also a keen eye on data. Data-driven decision-making has emerged as a powerful strategy to boost coworking membership sales in 2024 and beyond.

Leveraging analytics not only enhances the understanding of member behavior but also enables coworking operators to make informed choices that resonate with potential clients.

Understanding Member Patterns

One of the primary advantages of employing data analytics is the ability to discern patterns in member behavior.

By analyzing usage data, such as peak working hours, popular amenities, and preferred workspace types, coworking spaces can tailor their membership offerings to align with the needs and preferences of their target audience.

For instance, if data indicates a high demand for collaborative spaces during specific times, operators can adjust membership packages to highlight these amenities during peak hours.

Optimizing Resource Allocation

Data-driven decision-making extends to the efficient allocation of resources within the coworking space. Understanding which amenities and spaces are in high demand allows operators to optimize resource distribution.

This may involve adjusting seating arrangements, enhancing specific services, or investing in additional resources that are particularly popular among members.

By strategically allocating resources based on data insights, coworking spaces can enhance the overall member experience, ultimately contributing to increased sales and member satisfaction.

Personalized Membership Packages

Data analytics empowers coworking operators to move beyond one-size-fits-all membership structures.

By studying member demographics, preferences, and usage patterns, coworking spaces can introduce personalized membership packages.

These tailored offerings may include specialized services, exclusive access to certain amenities, or flexible pricing models that cater to the unique needs of different professionals or businesses.

This level of personalization not only attracts a diverse clientele but also fosters a sense of value and exclusivity, which can significantly impact sales.

Strategic Marketing Campaigns

Data-driven insights play a pivotal role in shaping targeted marketing campaigns. Understanding the demographics, interests, and behaviors of the target audience allows coworking spaces to craft marketing messages that resonate.

Whether it's through social media campaigns, email newsletters, or other channels, data-driven marketing ensures that promotional efforts are directed towards the most receptive audience.

This not only optimizes marketing budgets but also enhances the likelihood of converting leads into actual memberships.

Forecasting and Planning

Data analytics is a valuable tool for predicting future trends and anticipating market demands. By analyzing historical data, coworking operators can identify seasonal trends, emerging preferences, and potential shifts in the market.

This foresight enables proactive planning, allowing coworking spaces to adapt their offerings and marketing strategies ahead of time.

Whether it's preparing for an influx of new members during certain months or adjusting services based on changing industry trends, data-driven forecasting provides a competitive edge.

Building Member Trust through Transparency

Transparency is a key element in fostering trust among potential members. By sharing relevant data about the coworking space's performance, member satisfaction rates, and success stories, operators can build credibility and attract a more discerning clientele.

Data-backed transparency not only instills confidence in the quality of the coworking space but also helps potential members make more informed decisions about joining.

Overcoming Challenges with Analytics

Data-driven decision-making is not without its challenges, including data security and privacy concerns. Coworking operators must prioritize ethical data practices, ensuring the anonymity and protection of member information.

Additionally, interpreting data accurately requires a skilled analytical team. Investing in training or hiring experts in data analytics is crucial to extracting meaningful insights and making informed decisions.

WeWork Marketing Strategy (How They Nailed It!)

Trailblazers in the shared space industry, WeWork have tailored a winning strategy which has aided in their massive sales boost. Here's how they nailed it:

Office Space Design

The space and design around shared spaces are key! There are easy ways to design layouts that epitomize community creatively. A few amenities WeWork used:

Wellness rooms - For meditation, prayers or a nursing mom
Mothers rooms - For new or nursing moms equipped with refrigerators and sinks
Enhanced cleaning services
Enhanced air system - in line with best practices, WeWork took steps to bring clean and filtered air throughout their spaces.

Employee Spotlight Staff

WeWork takes the time to showcase and recognize their most valuable asset; their staff. They created an avenue on their website to showcase their employees' personal and professional growth. In addition, staff shares inspirational testimonials that further show potential members and the community environment that WeWork embraces.

Social Media Activity

WeWork looks at a digital-first approach by leveraging multiple B2C tools such as social media platforms like Twitter, Facebook, LinkedIn, and YouTube.

For example, WeWork uses social media to introduce the brand to new people. In addition, videos and virtual reality help potential customers experience a WeWork workspace, even before its doors are open.

Crafting Content

WeWork's content strategy focuses on building community in shared workspaces. During the pandemic, the content strategy at WeWork was focused on engaging consumers with empathy.

They initiated #PrideStreetofWe to promote inclusivity. WeWork also created a microsite to support the pride parade.

Key Takeaways

Boost your coworking membership sales in 2024 with these strategies! We've even shared some of WeWork's best strategies to increase sales.

At the heart of it is identifying and choosing the right target market. Remember, your shared space must be able to satisfy your potential and current members fully.

Don't forget to use a good CRM system to generate and track leads, and don't be shy to use influencers and expand your presence on social media.

Finally, never forget your existing members and aim to create a community culture, ideally with a community manager.

Again, think out of the box, consider virtual services, a credit system, membership bundle flexibility, and of course, craft a pricing and membership structure that suits your members.