Today, someone referred me to a coworking space owner who is familiar with my ideas but thinks they are best suited for big, competitive markets like New York or Toronto.
It’s true, I often pick the hardest places to succeed in for most of my content and advice. I believe that if you can succeed where competition is tough, you can succeed almost anywhere.
However, there are indeed some differences in how you should approach your marketing when you have little or no competition.
In markets with little or no competitors, your challenge will be three-fold:
- Educate the market that you exist
- Tell them about the benefits of coworking vs. traditional leases or working from home
- Demonstrate how you deliver on those benefits (and for whom)
In a competitive market, people tend to be slightly more educated about coworking due to the volume of options and companies like WeWork spending millions to educate the masses.
Since people are choosing between many options, differentiation can be the key factor in these places.
But in a market with no competitors, your main goal is to build awareness of your company and then make it clear what benefits you bring to the table compared to reasonable alternatives.
You’re being compared to traditional leases or working from home, so that’s how you differentiate.
Coworking is still a relatively new idea in its current iteration, so no matter what market you’re in, you’ll be educating people on the benefits of the industry at large.
But if you’re in a market with no competitors, your main job should be those three points. The strategy shifts with the market.