You’re a coworking space operator and you want to bring in new members starting right now. In order to make that happen, you’re confident that you need to be advertising your space, but your budget is finite so you want to make sure you’re getting the best bang for your buck and you’re not sure where to start.
Does that sound familiar?
If so, you’re not alone. You’re one of the many coworking operators across the world who’s trying to figure out the best ad strategy and tools to get their space in front of the right people.
And while there are ample options available to you, the best place to start is the one that will offer the most efficient ROI right off the bat.
Here’s what you need to know to get underway today.
Push vs. Pull Advertising: What Are They and Which One is Better?
There’s an important concept to understand from the get-go—the difference between push and pull advertising strategies:
- Push advertising puts your coworking space in front of people wherever they might be, such as popping an ad into their LinkedIn feed
- Pull advertising is focused on attracting leads to your coworking space by displaying ads where people are already looking
But which is the better option?
While push advertising might catch the attention of a prospective lead, the odds are that it’s not a need they were proactively seeking to fulfill at that time. There’s also the chance that they might find unsolicited ads off-putting which can, in turn, have negative brand implications.
On the other hand, pull advertising—such as paid search—puts your space in front of an audience who are searching to fulfill an immediate need. It’s a bottom-of-funnel tool that reaches people when they already have the intent to purchase. It displays your coworking space ad to them when they’re searching for a coworking space.
What Are the Best Advertising Tools for Your Coworking Space
There’s no one-size-fits-all formula when it comes to advertising your coworking space. There are a ton of options available, like search ads, display ads, YouTube ads, Local ads, remarketing, and more!
But these can become incredibly expensive by nature due to their expansive reach and audience size. So, for the majority of spaces, especially single-location operators or those who are just getting their advertising efforts rolling, the search network is the ideal place to start.
Putting all your locations side-by-side, you’ll likely notice some similar traits. Do you use the same drinkware, telephone greeting or bathroom tile? Knowingly or unknowingly this starts to formulate your brand. While search ads can pinpoint users at the precise time they’re searching, they are still quite limited in terms of imagery. This is where display ads (images, videos, banners, animations, etc…) can create a deeper connection and spark brand loyalty.
Do you have a standout space that can spark brand loyalty? See if display ads can help amplify your Coworking brand.
What is the Search Network?
It’s a term that encompasses Google and a number of other smaller search engines where people might be conducting research on—among other things—coworking spaces. And, with 5.6 billion daily searches on Google alone, the search network is one of the first places people go to find information.
Paid search, such as Google Ads, offers an incredible results set: it knows where people are searching from and can even determine whether they’re seeking a specific service, like a private office or a hot desk. And paid search allows you to tailor your ads incredibly specifically beyond just the keywords users are typing by targeting potential coworking members by location, demographics, and audiences.
When is Push Advertising the Better Option?
There are certain specific scenarios where a push advertising strategy may be the more effective approach.
For instance, if your space offers a service or feature that’s incredibly unique, this could be a good way to show it off.
Or, if your space operates in a micro-market, a hyper-targeted display ad might be an effective tactic. The key consideration here is your total addressable market (also known as TAM): if, for instance, the population of your market is 60,000 people, your TAM might be 100 people. And even if you signed up 100% of your TAM—all 100 people—it still might not be enough members to fill your space.
In this instance, it might be worth exploring a different approach. But, generally speaking, you can expect for this to be costlier because you’re verging into the realm of mass media. And, similar to a billboard on the highway rather than a door-knocker in your local neighbourhood, this approach is bigger, brighter, and you’re also inevitably reaching people who will never become a member.
Want to know what your TAM (total addressable market) is for your target market? Google offers a few free tools like Google Search Console, Google Trends, and Google Keyword Planner to research and discover keywords and to measure search volume in your target market.
Looking for a done-for-you Google Ads forecast and action plan?
What’s the Right Way to Start Advertising for Your Coworking Space?
The truth is that there’s no cookie-cutter advertising strategy that will work for every coworking space. But, as a generality, there’s one method that offers the best odds of generating a significant ROI: paid search.
The search network puts your coworking space in front of the right people—based on your specific parameters—at the moment when they have an intent to purchase. This makes it incredibly budget-efficient, meaning you won’t have to spend a fortune to get quality results.
And, as a generality, Google Ads alone are more than sufficient to fill your entire coworking space if you have a long enough time horizon.
So, if you’re looking to start advertising and you want to give yourself the best odds of success, start with Google Ads. Evaluate your campaigns, hone in on what’s working, and stick to it.
If you’re feeling overwhelmed by the advertising process but you want to begin bringing in new members, Spacefully is here to help. We use our industry-specific expertise to help coworking spaces to attract new qualified leads. If you’d like to learn how we can supercharge your lead generation and help you bring new members into your coworking space, sign up for our Google Ads Blueprint today.