https://www.youtube.com/watch?v=rF6B27tOp2o&t=1163s If you've been in the coworking industry for a while, there's a good chance you've come across Cat Johnson and her teachings. Cat has been in the industry for (I think!) over a decade and has been a pioneer in the area of marketing for …
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Interview with Liz Elom on the GCUC Community Podcast
GCUC Coworking Podcast · GCUC Community Podcast • Episode 44 • Kevin Whelan I recently had the pleasure of joining Liz Elam on the GCUC Community Podcast. We chatted all about the coworking/flex office industry at large, including things like: Why I started specializing in marketing for …
Aiming to be ubiquitous
One of the most practical ways to attract new members is to simply be more visible in more places—both online and offline. The broader your surface area, the easier it will be for people to find you. That’s the first step and it's critical—especially in crowded markets, but even in smaller …
A system for managing your marketing
For a lot of coworking spaces, marketing can feel like a black box. You're not sure what's working, who's doing what, or what to do next when things suddenly stop working. If you're very small, you might have it under control. You probably don't spend a lot of money and your marketing is …
What I see happening in coworking
The pandemic era was a hard period for many. But if you're seeing what I'm seeing, it's coming back. Slowly but surely, people are returning to their offices. And that's positive news! But we aren't out of the weeds yet. All you can do is keep showing up and making your business and …
Run your own race
When you look around at the coworking industry, coworking spaces are doing largely the same things right now. Everyone is looking around, seeing what others are doing, then trying out the same things. And that's not necessarily a bad thing—you can get lots of great ideas this way. Your members …
Webinar: Finances, Communications, and Marketing During Covid-19
This past week I've been talking to clients, members, and colleagues about what they're doing these days as the crisis unfolds. Almost unanimously, coworking space operators are all trying to figure out the same two things: How will I financially survive and navigate the next few months? …
The Definitive List of COVID-19 Resources for Coworking Spaces [Updated Regularly]
Last updated: May 12, 2020 With things moving so quickly these days, I wanted to give you a place to find information to help you get through these next few months. The more information you have, the easier it will be for you to know that to do. Below is a list of resources, articles, and …
Nurture your audience
As we shift gears from reacting to taking proactive steps, there's a little mindset I want you to consider: now is the time to build and foster your audience. Some of you are losing members left, right, and center. Others are able to maintain your members—at least for now—in part due to your …
Essential services
I just got off the phone with a support representative from my home internet provider. I'm in the process of hooking up wired ethernet to my computer instead of WiFi. Yay, faster more stable internet! Anyway, when I hung up, it got me thinking about how grateful I am for their …
A case for optimism
There's always a case to be made for optimism, right? We don't know how long it will take for things to return to normal, but there's one thing you can count on: things will get back to normal eventually. How fast? Who knows. But when that time comes, coworking will begin its second …
Marketing advice for coworking spaces during COVID-19
The coworking industry is in for some rough times in the coming weeks and months. All industries are. And while there's no one-size-fits-all advice I can offer you, I do have three thoughts that are generally applicable. Preserve cash to stay in business Keep building your marketing …
How to handle member communication during COVID-19
It's no secret that COVID-19 has taken over the news. You can't help but pay attention to it. And just like you, your members are also paying attention. You might even see slightly fewer members in your space depending on how things go. And that's okay. It's not forever. But during times …
What to do if you’re not sure what to do
Every so often, I get reflective and like to read a book that helps me focus on what's important. Maybe you do the same thing. One such book is Essentialism. I have it on Audible and listen to it at least twice a year. Maybe it's voodoo, but I always feel more focused and clear about what's …
Why you’re succeeding (or failing)
As far as movie-watching goes, this is a "high-fidelity" experience. The sound, screen, and overall experience are about as immersive as it gets. Definitely worth the inconvenience of driving, parking, waiting in lines, and paying premium prices for otherwise commodity goods (popcorn, …
This might be why your coworking space is struggling
This evening, I was walking two dogs: mine and my mother-in-law's. My dog, Luna, is two years old and very energetic. She loves long runs in the park and it takes a lot to tire her out. My mother-in-law's dog, Bailey, is nearly 15 years old. She's deaf, partially blind, and is super cute for …
A secret weapon for your sales copy
Writing website copy is hard. Explaining all the specifics of your coworking space without overwhelming people is a tough line to tow. On the one hand, you want to give them all the information they need to make a decision. On the other hand, people don't want to read long blocks of text …
Why you should work on your marketing daily
It's easier to do things daily than it is to do them weekly or monthly. It's counter-intuitive but it's true. When I exercise daily, it isn't even a thought. It's a habit. I make time for it and it gets done. No excuses. And it's the same with your marketing. If every day you publish your …
Should your marketing be “good enough” or perfect?
There are two ways to do anything: The "done is better than perfect" way, or The "anything worth doing is worth doing right" way And at different times, I advocate for either idea. Sometimes, done really is better than perfect. Giving a last-minute gift to a loved one is better than …
How important is design in your marketing?
Imagine your commercial real estate broker picked you up in a broken-down old beater to go look at a new location. The car was visibly dirty on the outside, the wheel wells were rusted, and when you got in, there were empty coffee cups everywhere. Would you trust that they are able to provide …
The lost art of social media
I don't claim to be a social media guru. There are plenty more qualified social media gurus out there than me, I'm sure. But I do know a few things. For one, I believe in showing up daily. Consistency is the key to building positive connections, no matter what channel you use. I also …
How to balance short-term and long-term thinking in marketing
Ever hear of the term "hangry"? I'm sure you have. It's when you get so hungry that you start to get a bit angry. Admittedly, I get like that sometimes. My wife and family will attest. 🙄 And when I'm hungry, I don't want food later. I want it now. As humans, our natural tendency is to …
Why you should actively seek critical feedback like your business depends on it
I've had more than a few bad haircuts in my day. I'm sure you can relate. I recall a time when the barber screwed it up badly. I was left with a way-too-short, hack-job of a haircut. People were calling me Forrest Gump for days. I'll never forget. The interesting thing is, despite all my …
Nobody wants to read your sh*t
Author, Steven Pressfield, has a great book called, Nobody Wants to Read Your Sh*t. The core premise of the book is—wait for it—nobody wants to read your writing. People are too busy. It's just true. It's been a while since I read the book, but the idea has stuck with me ever since. I'd like …
How to get business results with your blog
A lot of people struggle with their blogs. They want to know what to write about that will actually lead to business results (more members). The thing about blogging is that there is no silver bullet. There is no one article that will save the day. But you can get results with your blog if …
The first thing I notice when looking for a coworking space
I recently moved to a new city and I'm on the hunt for a coworking space to work from. It's fun being in the mindset of an actual prospective member again. I get to watch my internal dialogue during the buying process, which is like literal gold to me. It's like having an inside view into the …
How to generate “marketing gravity” for your coworking space
There's a concept in the consulting world known as "marketing gravity". I'm not sure who coined it, but the idea is pretty simple: the more marketing activity you generate, the more people you'll attract to your business. In other words, do more things and get more results. Pretty simple, …
What does this say about you?
The things you buy say something about you. The drink you order at the restaurant. The car you drive. The shoes you wear. The phone you use. They all send a message about your self-identity, to varying degrees. It's the same with your coworking space. When people choose your space, their …
How far would you travel?
There's a great little road-side restaurant in Southern Ontario called Dairy Freez. It's only open during the Summer and has been in operation since 1954. It's located in the countryside about 30 minutes from the nearest city. All summer long, the place is hopping. It's a destination. Or, as …
How marketing compounds like interest
Albert Einstein allegedly said that "the power of compound interest is the most powerful force in the universe." Whether he actually said that or not, you can't deny that compound interest is a powerful force. To give you some basic definitions (in my own words), interest is basically a return …
Momentum and inertia
Cough, cough, sneeze. Repeat. Last week, I had bronchitis. I spent most of the time coughing and sneezing. Luckily, I'm feeling better this week. But here's the thing: I haven't exercised properly since I got sick. I used to exercise 4-5 days per week. Now, the last thing I want to do is …
Values-driven marketing
Every community has a built-in culture, whether people are conscious of it or not. And the quality of that culture has a major impact on who joins and who stays. Since culture is driven by values, it means you–the leader–have a say in what your community becomes. The best communities have …
Why you should have a ‘Why Us’ page on your coworking space website
Last week, I gave a presentation in New York for the Global Workspace Association called, The Anatomy of a Perfect Coworking Space Website. If you're a Everspaces Nation member, you'll have seen a version of the presentation already in last week's webinar. If you're not, I highly recommend …
The tangible benefits of surveying your members
Surveys aren't that fun to read about. I get it. But stay with me. Running surveys can have a massive impact on your business. Over the last couple of emails, I've talked about: the kinds of surveys to run. the questions to ask. how to actually get surveys …
How to do surveys without annoying your members
In the last article, I talked about the four types of surveys you can use to improve your marketing and retention. The article began with this: People have a love/hate relationship with surveys. Nobody loves them and everyone hates them… unless you keep them short and/or incentivize the …
4 surveys to improve your coworking space’s marketing and retention
People have a love/hate relationship with surveys. Nobody loves them and everyone hates them... unless you keep them short and/or incentivize the completion. There are four main surveys that you can use to make everything about your business better–especially your marketing and …
How to choose a domain name for your coworking space
Picking a domain name for your coworking space is not a "forever-set-in-stone" decision, but it is one that you should take seriously. Over the years, I've bought and sold a few thousand dollars worth of domains. You're probably thinking I'm a bit crazy, but hear me out: your domain is …
Why retention is so important for your coworking space
Raising your retention rates by even 5% could increase your profit by 25% to 95%. Did you know that? Intuitively, it doesn't make sense, right? How could it? Here's a quote pulled from a study by the Harvard Business School: Ten years ago, Bain & Company, working with Earl Sasser of …
Marketing your coworking space when you have no direct competition
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 …
How to create a core strategy for your coworking space
You can have a core strategy for nearly anything. All you need is a goal and the ability to work backward from it by inspecting the ingredients that make it work. What is a core strategy? Having a core strategy means placing bets on the most important levers in your business. Everything you …
Which would you rather be?
A while back, I had pain in my knee from an old injury. It was enough that I needed to take some pain killers. I went to the drug store and found a wall of ibuprofen. Extra strength, regular, small, large, store brand, Advil, Motrin, other brands, you name it. The store had way more options than …
My stats in April (and some takeaways)
Last month, I set a goal to write and deliver value to you five days a week during the month of April. While I missed a couple of days, it averaged out to five, so I suppose I should be happy enough. In total, I wrote and published 20 emails. 14 of those were published on the website. My …
How to turn your website into a well-oiled sales machine
Imagine a prospect walks in off the street to tour your space. It just so happens, you are available to give them a personalized tour immediately. What do you do first? You ask them some questions. You find out what they want and need, and you let their responses inform the rest of your tour. …
Four-word positioning statement
If your members could only use four words to describe your business, what would they say? And if you had to do the same, what words would you use to describe your space? Good positioning makes it easy for someone to summarize your value proposition in just a few words. In other …
Do good things
In Toronto, black plastic containers are not accepted by the city for recycling. Apparently, black plastic can't be made into other colour plastics, whereas clear plastics can. As a result, there's a much smaller demand for it, so the city doesn't even recycle it. It all goes to waste. Now, …
The art of pre-selling anything
Imagine you could open the doors on a new service or location and have it be sold out the moment it becomes available. It's possible, and many have done it before. But it requires an intentional strategy. Let's look at an example. When big blockbuster films are being released, they start …
Start loose, then tighten
I saw a great thread by April Dunford on Twitter today about positioning. April is a marketing consultant for startups and her idea agreed with my 10+ years of marketing experience. Positioning a product (or company) when you have no customers (or very few) is different from …
Analyzing the website of a 99% full space
A few people replied to my email yesterday asking which coworking space I was talking about that is 99% full. I am ever so sorry to leave you in suspense! The space is called Shift Workspaces (Bannock St.) in Denver. Since we're talking about Shift already, let's look …
99% full
This is a story worth reading. Today, I toured a few coworking spaces in Denver on the last day of my GCUC trip. While the spaces were all very strong, one in particular stood out. This space was at 99% capacity. They were full. Let me walk you through the experience. From the moment …
How to start pre-selling your first location
I spoke with someone today who is considering starting a coworking space for personal care workers. First of all, I love the fact that she had a clear target market in mind. It makes it so much easier to connect with a specific type of person and I immediately thought of several …
Is there such thing as bad marketing?
I'm in beautiful Denver for GCUC. It's lovely this time of year. The weather is warm and the air is fresh. I was hungry for dinner, so I took a walk to find a restaurant nearby. I headed down 16th–which is the main strip–and there were plenty of restaurants to choose from. Then I saw this …
How to write words that get read online
When you went to school, your teachers taught you to write in a specific way. State your premise, tell them what you're going to say, say it, then tell them what you just said. The typical essay format. And that way of writing is great, but when it comes to writing for the web, long paragraphs …
Law of incremental change
You've been open for a while. You have filled some of your space, but you have offices left to sell. Maybe you're profitable, but you sure aren't laughing to the bank. You're in the dreaded middle zone. You're two or three key members away from losing money, so it's not like you can just …
Don’t make me think: a tip for designing a coworking space website that converts
There's a great book called by Steve Krug called Don't Make Me Think: A Common Sense Approach to Web Usability. It's mostly about designing websites that are intuitive to the user. It was first written in 2000 if you can believe that, but it's been updated since. The "don't make me think" …
Rivetingly remarkable
I recently saw a video on Today.com with The Riveter founder, Amy Nelson. I encourage you to stop and watch it (4 mins): The Riveter: How 1 workspace is redefining women in work Today.com is a big news platform. How did she get featured? Well, aside from the mega round of funding they …
Positioning the competition
Positioning is a marketing term that is deceptively important. Positioning basically means describing what your business offers, how you do it, or who you serve in relation to others offering a similar product or service in your market. You can do it in at least two ways: By positioning …
How to see your competitors’ Facebook and Instagram ads
Today I'm going to get a bit tactical; a quick tip to take with you over the weekend. I'm going to tell you how to look at any of your competitors' Facebook and Instagram ads. If you have been a subscriber for any length of time, you know I like to focus on strategy because it's the lever that …
Getting specific on who you serve (and why)
It's no secret that I love almost anything made by Patagonia. Firstly, the product quality is just great. The things I own have endured over the years and they even fix things when they wear out, at no cost. I also love that they are advocates for the environment. The CEO is famous for saying …
Nothing is for everybody
Franks Red Hot has been around since 1920. That's almost 100 years—an impressive legacy for any company. In 1964, the sauce became the "secret ingredient" in Buffalo Chicken Wings at the now famous Anchor Bar in Buffalo, New York. Thus began a new craze of flavour that has thrived ever …
How to create your own reputation
Your company's "brand" is what people say about your business when you're not around. It's your reputation. In most cases your company's brand or reputation is based on: What people think about your space. What people experience about your space. What people are told about your space …
Measuring success on social media
There's a quote that says, "If you judge a fish by its ability to climb a tree, it will live its whole life believing that it is stupid." And it's the same in marketing. If you judge an activity by its ability to generate new leads, you might be looking at it from the wrong angle. Let's take …
The Top of Mind Strategy
Being the first option that comes to mind when someone is looking for a coworking space is a big advantage. It's not always easy to do—especially when you have "competition"—but there are ways you can help it along. The first step is to be known for something specific, valuable, and unique. …
The myth of competition
Imagine two people are buying a mattress. We'll call them Melissa and Thomas. Melissa can practically sleep standing up. She's never experienced aches, pains, or discomfort in bed. She doesn't have any injuries or disabilities either. Thomas, on the other hand, has severe back pain due to …
I just bought a $479 ebook
Could your members move to your competition and get the same level of service from them? If so, you have a problem. And the problem gets bigger as your space grows if you don't fix it. The problem is commoditization. When you are easily replaced, you become a commodity. The more you become …
How to turn your coworking space features into benefits people buy
People don't buy features, they buy outcomes. There's an oft-quoted saying that, "People don't want to buy a quarter-inch drill, they want a quarter-inch hole." I disagree. The reality is they want the pride and joy of seeing a shelf full of books they love on their …
Using features AND benefits to make your marketing stronger
When you write marketing copy (i.e. words that sell), are you focused on what you offer or what your prospective members get? That’s the difference between features and benefits. Great sales copy uses both. Features are what you offer. Benefits are the positive outcomes they get. For …
How to create a marketing strategy for your coworking space
I get a lot of very specific questions about marketing from people I don't formally advise. Typical questions include topics like search engine optimization, web design, or some form of advertising. If I don't have a lot of background information, the answer always comes with this caveat: …
How to turn sales conversations into powerful marketing
If you think about it, marketing is just sales done at scale. In a sales conversation, the job of a salesperson is to start by determining the needs and wants of the prospect. Assuming they can deliver on those needs and wants, it's their job to communicate it properly. Simple, …
The second most powerful force in marketing
There's an oft-quoted saying (allegedly by Albert Einstein) that says, "compounding interest is the most powerful force in the universe.” Whether he actually said that or not, I'm not sure. But if there is a most powerful force in marketing, it's likely to …
How to make your coworking space less intimidating to potential members
As humans, we have mental blocks about some things. One such thing is that we've evolved to fear the unknown. After all, the unknown presents risk. What if that cave is full of mountain lions or if the water has sharks? The good news is, we now live in an age where those kinds of concerns …
How to out deliver the competition with the Plus One Principle
Some principles apply to almost all businesses, regardless of your industry. One of them is what I like to call the Plus One Principle. I'll give you an example. I buy my coffee beans from a specific coffee shop each month. They offer me a free cup of coffee with each bag I purchase. My …
4 steps to defining what makes your coworking space unique
In the last article, I talked about making yourself a "Category of One". In other words, it means knowing your uniqueness, delivering on it relentlessly, and using that message consistently in your marketing. How do you find your uniqueness? Allow me to walk you through the process. Step 1: …
The 3 principles of world-class marketing
If you ask me, world-class marketing is founded on three core principles. The principles are easy to understand, but doing them well requires thought and effort (like all important things). Luckily, it's something you can spend the rest of your business life working on. Here are the three …
11 things to do for free before you hire a marketing agency
Does your marketing allowance resemble more of a shoestring than an actual budget? There's still lots you can do to help fill your space. Even as you grow, there are plenty of things you can do for free without needing to hire an agency to do it for you. Below are just a few ideas that I've …
Strategy is making tradeoffs
When you run a coworking space, there are a million decisions to make. Every little detail becomes a choice. Should you install more phone booths or more desks? Should you focus on attracting freelancers or corporate clients? Should you advertise with Google or focus your limited resources …
Why people choose your coworking space (or not)
There are at least two coffee shops in my immediate area. One is two doors down from where I live and the other is about a five-minute walk away. When I buy coffee locally, I almost always go to the cafe a few minutes away (the one with the Nutella Lattes if you recall). If I did a blind …
How to make your competition irrelevant
Are you worried about the competition? Do you have competitors that could easily be interchanged with your coworking space? If so, you aren't being bold enough with your positioning. You're trying to play it safe and appeal to everyone, which is risky. Take it from someone who knows... …
Is your analytics a leaky ship?
For most people, Google Analytics is not a fun place to be. But if you aren't tracking key activities in Google Analytics, there's a good chance you don't know how well each marketing channel is performing. Since Google Analytics can be super daunting to people less acquainted, let's pick a …
Should you offer founding member pricing for new locations?
Should you offer early bird/pre-launch/founding member pricing when you open a new location? The answer is 100% up to you and situations vary. But I vote yes. In this email, I'm going to make a case for why you should offer founding member pricing (and how to do it). No - this is not for …
Ask these two simple questions to new members
Do you have a hard time articulating why people should sign up for your space vs. the competition? If you do (and even if you don't) I recommend adding a simple question into your onboarding process. Ask new members this question: Why did you choose [your coworking space]? This will tell …
Using a CRM to track the source of leads to your coworking space
My mother sells traditional Irish Aran Sweaters through her online store. Real merino wool, the whole deal. She used to have a brick and mortar store but turned it into an online store when she moved back to Toronto. Her sales, of course, have taken a hit since then. It turns out fewer people …
Podcast Interview: Demystifying Google Ads for Coworking Spaces
If you're in the coworking industry, no doubt you have heard of Jamie Russo before. If you haven't, you need to follow her work. Jamie is a coworking space owner, host of the Everything Coworking podcast, Executive Director of the Global Workspace Association, and helps coworking space owners …
The premise of your coworking space
When you first started your coworking space, you had a vision. Your vision must have been strong enough to compel you to get here today. I would argue that inside your original vision is the core of your brand. If your marketing feels conventional (read: slightly boring), my advice would be to …
Being Remarkable: The Waffle House Index
There's a massive restaurant chain in the US called Waffle House that is known for staying open 24/7. If you live there, it's likely you have heard of them. Over the years, Waffle House has built a reputation for never closing. Or at least, almost never closing. Waffle House stays open in even …
How to do influencer marketing for coworking spaces (the right way)
Coming up with content marketing strategies that actually attract new members is hard. There is the usual stuff, like doing member interviews, creating thought leadership, and sharing resources. But chances are you're seeing mixed results from those at best. So what about influencers? Can they …
How to get two ads to appear in Google search results
In the last article, we talked about how to compete with WeWork's insane budget. In that article, I mentioned that you can have up to two of your Google Ads showing at a given time on a Google search results page. Someone had a follow-up question asking how it's possible to have two ads …
Can you compete with WeWork’s SEO budget?
Someone asked me the other day how to compete with WeWork using SEO when WeWork has a budget of (presumably) $20k/month. My answer below applies both to search engine optimization (SEO) and pay-per-click advertising (PPC) because the idea is the same. The short answer is that if you're going …
How to compete with WeWork
Competing with a billion dollar company when your profits are in the thousands can be a frightening idea. Who would have the audacity to think they could compete with such a force? We all want to work in a place that matches the aspirational versions of ourselves. Our aspirations are—after …
Tracking your Acquisition Cost (AC) to help calculate the ROI of your marketing
Ok, so if you read the last two articles, you now know your Customer Lifetime Value (LTV). You also know your Allowable Acquisition Cost (AAC). Now comes the moment of truth. Is your marketing profitable? The only way to know whether your marketing is profitable is by calculating …
How to come up with an Allowable Acquisition Cost (AAC)
Yesterday, we talked about Customer Lifetime Value and why it's important. Today, we'll talk about how much you should allocate to acquire each new member. Knowing this number will make it a lot easier for your marketing team to do their job. You get to give them a goal to measure …
Knowing the lifetime value of your members
How much should you be spending on your marketing? The simple answer is: spend less on acquiring each new member than you will generate in profit over the lifetime of their membership. You knew that. But in case you missed it, the key word there is lifetime. You probably won't be …
10 features your coworking website should have before you start advertising
Advertising can be a highly lucrative way to attract new members. It can also be extremely expensive if you're doing it wrong. The first challenge is to get your ads shown in the right places, at the right time, to the right people. Then, you need to make them sure your ads are compelling …
Three Things Politicians Taught Me About Marketing
It's municipal election season here in Toronto, and tomorrow I will vote for a mayor and local councilor. Whenever election season rolls around, I like to think about the factors that are influencing me so I can incorporate those lessons into marketing. Political campaigns are—after …
How to think about choosing your next location
Take a look at the spider web on the left. You probably can't see it too clearly, but the web is mostly empty. The spider is not having a great night. Now, take a look at the web on the right. You'll see a happy and well-fed spider. The web is nearly full! And guess what? The webs are no more …
The “Be Everywhere” Strategy for Coworking Spaces
Imagine for a moment that you don’t own or operate a coworking space. Instead, you're looking to join one in your local area. What would you do? Chances are, you would start with a Google search. And when you searched, you would likely find a few things in the search results, …
These people are the best marketers of your coworking space
I get paid to consult and advise coworking spaces on their marketing. And over the years, I've gotten reasonably good at it! But whether I'm advising on or running the marketing for a coworking space, there's always one universal truth that needs to be known. The truth is that the best …
3 things to know about advertising
If you’re thinking about doing some Google AdWords or Facebook advertising, there are three general things to know before going into it: Don’t do it yourself - hire a professional Know your Customer Lifetime Value Know what your Allowable Acquisition Cost would be 1. Hire a …
What makes you different?
My number one goal is to help coworking spaces to stand out in competitive markets. Some people don’t see it yet, but the coworking industry will mature dramatically over the next 5 to 10 years. To give you an example, in Toronto (where I live), WeWork plans to open another 20 locations by …
Marketing to your members – part two
In my last email, I spoke about the concept of “marketing” to your current members to increase your retention rates. It might sound like a strange concept to market to your members, but think about it: Coca-Cola doesn’t continue spending $4 billion (more than 10% of their revenue) on advertising …
“Marketing” to your members
According to Harvard Business Review, acquiring a new customer is anywhere from five to 25 times more expensive than retaining an existing one. I’m willing to bet that the coworking industry is on the mid-to-high side of that range, given the recurring revenue model. And according to a Bain …