Remarketing Explained: Is It Right for Coworking Spaces?
You’ve probably heard of remarketing, but what exactly is it, and more importantly, will it work for your coworking space? Or would your ad dollars be better spent elsewhere?
In this article, we’ll break down what remarketing is and explore whether it’s the right fit for your business—or if another strategy might get you better results.
What Exactly is Remarketing?
Remarketing is a marketing strategy that helps you reconnect with people who have already shown interest in your coworking space, and generally have visited your website recently.
Let’s say someone visits your website, checks out a few pages, or even lands on your “Book a Tour” or “Contact Us” pages but doesn’t end up completing the action. Whether the prospect got distracted by a ping, or ding – or simply put off the decision for a later time, the fact is that you probably spent some energy getting them there in the first place. They could have come from Googling “coworking space near me”, found you through social media, or was referred to you by a friend.
Remarketing lets you re-engage with that user.
As if the user put their hand up, you now have a way to identify and target that person again with ads as they browse other websites or use social media. It’s a way to gently remind them about your business and nudge them toward taking action, like booking a tour or meeting space, getting in touch, or purchasing a self-serve product.
One of the greatest merits of remarketing is its ability to personalize the ad experience. So, if someone’s been browsing coworking spaces in your area, you can deliver ads that speak directly to their interests, bringing them back to your site when they’re ready to take the next step.
Is Remarketing the Right Tool for Coworking Spaces?
In theory, remarketing sounds like it should be an incredible tool for coworking spaces. But, as we know, the coworking industry is unique—and so are the best ways to market spaces.
So, there are a few considerations to make when it comes to remarketing.
Buyer Intent
Much like social media advertising, remarketing is heavily driven by impulse purchasing. Leveraging quick decision-making is the crux.
When someone sees an ad for a lower-priced item—think clothing, gadgets, or even a meal delivery service—it’s easy for them to act on a whim and make that purchase.
The reminder of something they already liked triggers that impulsive response, and because it’s a low-risk decision, they might just click “buy” without too much second thought.
So, remarketing is perfect for things that don’t require deep consideration or long-term commitment.
That said, all it takes is a quick glimpse at your coworking space’s sales cycle to know that your members’ buying process is typically more thoughtful and less impulsive.
Decisions involving memberships, higher-value services, or work-life implications generally require more research, planning, and often a careful weighing of options.
Someone considering a coworking membership of any tier likely needs to evaluate their budget, the amenities they need, their lifestyle, and whether it makes sense for their work style or business.
Remarketing can still be valuable here, but instead of triggering an impulsive decision, it might serve more as a gentle nudge to keep your offering top of mind as they work through their decision-making process.
Coworking-Specific Barriers to Purchase
There’s another coworking-specific consideration you need to make when it comes to remarketing, and it pertains to the reasons why members might not be signing up.
From our experience, if people aren’t taking action on a website, there’s probably a reason why.
It could be things like:
- Price
- Service availability and product mix
- Amenities
- Location
So, if they’ve visited your site and found a reason why they don’t want to book a tour or get in touch, remarketing to them could be a waste of your ad dollars—or, worse yet, it could annoy them.
Audience Size
Understanding your total addressable market—the maximum number of potential customers you can realistically reach with your advertising—is crucial to picking the right marketing tools for your coworking space.
Remarketing is great for companies and industries with wide reach, but it might not be as impactful for localized businesses.
Think of it this way.
For a SaaS company selling software or apps or a retailer that can sell and ship goods, customers can be virtually anywhere in the world.
This means their total addressable market is massive.
But coworking spaces—even those with multiple locations—are inherently local businesses. Each business serves a finite local audience within a defined physical proximity.
Typically, every location—no matter how many you have—is individually limited by geography, even if your brand isn’t. On average, members will commute a maximum of 20 to 30 minutes to their coworking space.
So, your total addressable market per location has a cap.
For single-location spaces, this might mean that there simply aren’t enough potential members in your area for remarketing to work effectively.
For multi-location operators, you might have more luck with remarketing than your single-location counterparts since members can come across your ad and, ideally, find a location near them.
Website Traffic Implications
Unlike most businesses, coworking websites generally have online member portals or booking platforms.
This means your website is frequently visited by members, so your traffic is boosted by existing members (read: those who already pay you and don’t need ads served to them).
The problem is that remarketing generally can’t tell the difference. So, there’s a good chance you’ll end up remarketing your coworking space to existing members and wasting money in the process.
Marketing Sophistication
Remarketing requires a significant level of marketing infrastructure in order to work effectively. So, it’s not as simple as just setting up remarketing ads and letting them run.
Getting your systems adequately set up for remarketing is a massive endeavor on its own—one where the proverbial juice might not be worth the squeeze, depending on the previously listed factors.
Picking the Right Advertising Platform for Coworking Spaces
There is no doubt that remarketing is an effective marketing tool. But when it comes to deciding whether remarketing is right for your coworking space, a few critical factors can help you weigh the potential return on investment (ROI), reach, and costs.
1. Cost-Effectiveness and ROI
Remarketing typically comes with lower upfront costs compared to other types of advertising, which can be tempting. But for coworking spaces, where the sales cycle is longer and more deliberate, you’ll want to consider whether those costs will pay off in conversions.
You’ll need to be confident that remarketing ads can truly guide prospects back into serious consideration. Look at your average conversion rate, the cost of your ads, and how much each member is worth to ensure you’re not spending more on ads than you’re gaining in new business.
2. Conversion Potential
Another key factor is whether your remarketing efforts will have the ability to convert leads into paying members. If someone didn’t initially convert due to a fundamental issue—like the cost of membership or location—remarketing is unlikely to change their mind.
But if they left your site because they needed more time to decide or were distracted, remarketing can give them the gentle nudge they need to come back and complete the action.
3. Ad Fatigue and Member Overlap
Remarketing can be tricky when your website sees a lot of traffic from existing members. If your ads are repeatedly shown to current members, it can lead to ad fatigue and wasted spend.
You’ll want to ensure you have systems in place to exclude these audiences from your remarketing campaigns so you’re not burning through budget on users who’ve already converted.
4. Marketing Infrastructure
The backend setup required for successful remarketing isn’t trivial. To avoid wasting time and money, your CRM and tracking systems need to be robust enough to manage these campaigns efficiently.
You’ll need to track potential members effectively, ensure you’re not retargeting existing members, and measure conversions accurately. Without the right infrastructure, remarketing can end up being more costly and time-consuming than expected, with limited payoff.
The Benefits of Google Ads for Coworking Spaces
If you’re unsure about any of the factors listed above, Google Search Ads might be a better option for your coworking space for a few main reasons.
1. Immediate Intent
Google Ads target people actively searching for coworking spaces, meaning they already have the intent to find a workspace. This is a bottom-of-funnel approach that captures leads at the exact moment they’re ready to make a decision.
2. Broader Reach
With Google Ads, you’re casting a wider net to capture new leads rather than relying on people who have already visited your site. This gives you a better chance of bringing in fresh traffic, especially for a local business like coworking.
3. Targeted Location-Based Ads
Google Ads allow you to pinpoint specific geographic locations, ensuring that you’re reaching potential members who are within commuting distance of your coworking space. This is crucial given the local nature of coworking.
4. Higher Conversion Potential
Since Google Ads appear when people are searching for terms related to coworking, they tend to attract users who are further along in their decision-making process, leading to higher conversion rates compared to remarketing, which often just re-engages undecided visitors.
5. Budget Efficiency
Google Ads can be more cost-effective because you’re paying to reach a highly targeted audience with a clear need for coworking space, rather than spending money trying to re-engage visitors who may not have been interested in the first place.
6. Less Ad Fatigue
With Google Ads, you avoid the risk of showing ads repeatedly to existing members or uninterested users, which can happen in remarketing campaigns, leading to better ad performance and a more optimized spend.
Advertising is one of the most essential elements of filling your coworking space and keeping it full. Making these decisions can be daunting. And that’s where Spacefully can help.
Want to learn how we can supercharge your lead generation? Book a free introductory call to learn how Google Ads can bring new members into your space starting today.
