When a market gets crowded with competitors the game of business survival forces changes in the way they market themselves.
In the case of the over-saturation of Shared Workspace co-working facilities, the need for strategic target marketing is now a must.
What Does This Mean?
Shared Workspace, formerly known as CoWorking Space, has reached a saturation point and their global expansion does not seem to be letting up.
Nearly every vacant building or empty strip mall in Dallas either has a shared workspace business leasing a large amount of space. Even some of the building owners are now considering starting their own shared workspace. Now the hotel industry is looking to incorporating shared workspace into their facility.
This shared workspace phenomenon that features short term leases on very small executive suites has resulted in many of the shared workspaces finding it very hard to keep their offices filled. The reasons for their tenants leaving are many. The main two obvious reasons has to do with the pricy office lease rates and too many of the same type business service providers.
To overcome these growing issues shared workspace will have to get aggressive in using target marketing.
Who to market to is determined by surveying the shared workspace tenants to find out what kind of support businesses would be good for them to have an office close to them.
For example, a digital marketing agency usually needs video production services. Marketing to the shared workspace to videographers the availability of space for a small video studio draw their interest and would be a service that works with the marketing agency.
Another example of target marketing to support the shared workspace would be to offer office space to a web designer and graphic artist. Nearly every tenant of the shared workspace would need their services.
Even hairstyles and shoeshine businesses would be good for shared workspaces to work a deal on a shared workspace.
Keeping loyal and viable businesses as long term tenants is smart business for shared workspace facilities. Keeping businesses happy who have made a long term commitment is also the most important goal every shared workspace should have. Finding businesses that offer services these long term tenants need or want is a logical approach to staying in business.
Target marketing is made simple when it is clear what the target is. If Shared Workspace businesses are to survive over the next two years they need to consider developing strategies based on target marketing.
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