The popularity of coworking spaces is growing year by year. Some experts project that there will be approximately 42,000 coworking spaces worldwide by the end of 2024. Even more impressively, some resources predict that the number of people using coworking spaces will reach 5 million by the same year. Just in Stockholm, Sweden, the coworking market grew with 71012 sqm in 2022.
These impressive projections show the tremendous potential of coworking spaces as a business investment — especially for entrepreneurs prepared to invest in growth.
But the truth is that large-scale development requires leaders to think outside the box when identifying the growth opportunities most suited to their needs. Fortunately, you can draw inspiration from other niche brands. So, without further ado, here are the best growth strategies to take your coworking space to the next level.
Build Trust and Prove Your Benevolence
What is it that makes consumers choose one product or service over another? Although, in many cases, it may be the cost or convenience of said solution, research shows that 7 in 10 people will choose to support the businesses they trust.
So, if you wish to drive growth by getting your members to see your business as trustworthy (and worth giving their hard-earned money to), you must explore ways to show that you always have your customers’ best interests at heart.
There are, of course, many ways to do this. But the one tactic that is the easiest to implement is to show off social proof. Plus, this tactic has proven to be exceptionally effective in the ecommerce industry.
For example, if you check out a business like Shop Solar, you’ll notice that the right-hand side of the site’s hero section includes a “Reviews” flyout. And because 95% of people read reviews before investing in a product or service, this is a great way to show your brand’s audience that your business delivers great service and customer experience.
Alternatively, if you want to prove your coworking space business’ benevolence, don’t forget to highlight the perks you offer — whether they include wellness facilities, discounts on digital services, learning opportunities, or premium equipment.
This will show that you took the time to think about what you can give your members to benefit their well-being, aid their professional growth, and make them feel good in your coworking space.
Use Social Media to Its Fullest Potential
Why do people invest in coworking memberships? According to the Harvard Business Review, these office spaces empower people to thrive because they allow professionals to focus on meaningful work, offer great flexibility, and, most importantly, make workers feel like they’re part of a community.
And why do people go on social media? Well, data shows that 48.6% of users do so to stay in touch with friends and family. 22.9% want a space to share and discuss ideas with others. And 22.3% go on socials to make new contacts.
In other words, the thing that social networks and coworking spaces have in common is the alluring benefit of being part of a community.
So, do you wish to attract more members? Try doing so by using the power of user-generated content on social media to show the sense of community that you harbor in your organization.
You can take inspiration from successful ecommerce brands like GILI, which have built their reputation almost entirely through community marketing.
If you check out the brand’s social feeds, you’ll see that their posts consist mainly of user-submitted visuals sent in by people just as passionate about paddle boarding as the brand’s founders were. Moreover, by using its profile description to invite customers to mention its brand, GILI further proves its commitment to building a community of SUP fans, which is one of the reasons it has achieved impressive growth over the past few years.
When running a coworking space (or any subscription or membership-based business, for that matter), your primary growth strategy should consist of three steps:
1 – Attracting your target audience.
2 – Delivering an unmatched customer experience.
3 – Maximizing customer retention.
But the hard truth is that getting people to continue supporting your business is difficult. Especially in 2023, when 80% of consumers are willing to switch brands to ensure they get what they need. So, if you want to ensure the growth of your coworking space, you must do your best to nurture loyalty.
One excellent way to achieve that is to reward those customers who have been with you the longest.
For instance, skincare business Blume has branded its loyalty program as Blumetopia, which gives loyal customers a chance to earn exclusive perks like merch, free products, access to special promos, and always free shipping.
Sometimes, the best way to grow is to surround yourself with the right people. And when trying to transform your small coworking startup into a leader, you can make amazing headway by reaching out to fellow businesses.
According to the latest State of Remote Work report by OwlLabs, the number of employees who chose to work remotely grew 24% between 2021 and 2022. Moreover, 66% of employees stated that having the ability to work remotely would cause them to start looking for a new job.
In other words, people want the flexibility to work wherever they want. And if they wish to retain talent, employers will have to listen.
For business owners trying to achieve coworking space growth, this unlocks an excellent opportunity for expansion: partnering up with the right companies.
By reaching out to businesses in your area, you won’t just attract new members. You’ll build up your brand’s reputation as the go-to in your area by being prepared to think outside the box.
If you look at an example of how a niche brand did this, look no further than Herman Miller. The furniture design brand regularly collaborates with businesses operating in a variety of industries. The primary goal, naturally, is to help its clients create efficient working spaces.
However, Herman Miller also uses these opportunities to build brand credibility by transforming each collaboration into a case study. The brand actively measures how design changes affect workplace productivity, happiness, and employees’ feeling of being supported.
Of course, you don’t have to go as far as teaming up with employers to use their members as guinea pigs for your experiments.
However, if you can, it’s not a bad idea to highlight that your space is being used by certain companies — particularly those with a positive reputation for excellent results and high levels of job satisfaction. After all, if your space was a factor in making that happen, it’s something to be proud of.
Become the Wind in Your Members’ Sails
Finally, as you endeavor to grow your coworking space brand, don’t forget that one of the biggest benefits you can offer is support for your members — in whatever capacity they need.
So, if you wish to stand out from all your competitors, consider whether there are ways you can showcase that support and turn it into a driver of growth for your business. And the best thing is that being the wind in your members’ backs can come in many forms.
For example, if you have identified a specific pain point most of your customers have, you might be able to offer a solution. MarketBeat, a business that sells subscription-based investment research tools, realized that many people matching its target audience needed help calculating the different components of their investing portfolio.
For this reason, it created several pieces of free interactive content, all of which serve the purpose of helping young investors make the best possible investing decisions and gain access to valuable information they can use to build a successful portfolio.
Or, if you prefer to take inspiration from ecommerce brands, check out Gymshark. This business perfectly understands the hurdles its target audience often comes across when taking up running as a hobby. That’s why it organizes a run club. The event is completely free to anyone and supports the business’ potential customers in reaching their fitness goals. It helps them maintain a training level that suits their needs and (most importantly) gives them a safe space to work out.
When it comes to growing your coworking space business, there are many strategies you can use. But the one thing guaranteed to help you stand out from your competitors is thinking outside the box.
Take inspiration from brands in niches other than your own. And permit yourself to take chances — even if they seem out there.
Sure, growth is never guaranteed, no matter what strategy you implement. However, being different from everyone else is a great way to get your audience to notice you, which gives you a pretty good head start.